GRAEAE THEATRE COMPANY LIMITED (THE) IA Company Limited by Guarantee) FINANGIAL STATEPJtENT5 FOR THE YEAR ENDED 31 PIARCH 2025 COMPANY REGISTRATION NUMBER.. 01619794 CHARrfY REGISTRATIOPI NUMBER. 2845B9 GRAEae T H E A T A E C O *1 P A P4 Y Th8 Graeae Theatre Company Limited IA Cornpany Limited by Guarantee) CONTENTS Page Report of the Trustees 2-14 Independent Auditor's Report 15-18 SlalerT*nl of Financial Activities 19-20 Balance Sheel 21 Statement of Cash Flows 22 Notes lo the Financial Slalements 23-38 The Graeae Theatre Company Limit9d (A Company Llmlted by Guarantee) Report of the Twstees for the year ended 31 March 2025 Thè Trusl&es present their report and the financial Statements for the year ended 31 March 2025. The report has been prepared in accordance with the Charitie5 Act 2011 and is also the report of the directors for the purposes of the Companies Act 2006. The financial slalemenls have been prepared in accordance wlh the accounting policies sel out on pages 22- 24 therein and ￿mplY with the chariiable company s Memorandum and Artides of Association, applicable laws and Accounting and Rgporling by Charities-. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with tho Financial Reporting Standard applicable in Ihg United Kingdom and Republic of Ireland IFRS 1021. For the purpose of determining disclosure requirernenls the charity is classified as-. a larger charity Ihaving income over £500.0001 a small company (fewer than 50 employees, turnover less than £10.2millionl. Reference and adrninlstratlve details Chari number 284589 Com an number 01619794 Bradbury Studios, 138 Kingsland Road, London E2 8DY Re islered Directors and Trustees The directors of the charity are ils Trustees for the purpose of charity law. The Tnjstees who served during the year and since the year-end are as follows.. Samantha Tallow Sharon Marshall Jessi Parrott Lisa Ogunloyinbo Nathan Crossan-smilh Anthony Lee Andrea Waller Deborah Rees Ayzah Ahmed Robin Cantrill Fenwick Tom Ryalls Hannah Barham-Brown Chair, resigned 12 December 2024 Resigned 2 December 2024 Acting Chair from 12 December 2024 to 2 June 2025, then Viee-chair Resigned 19 November 2024 Chair, Appointed 2 June 2025 Vice Chair. Appoinl@d 2 June 2025 Throughout this report the word Trustees" refefs to the individuals and the word Board" refers to the Trustees acting as 8 body. ecrela Elizabeth Luxford Joint Chief Executive Officer and Artistic Direclor Jenny Sealey. OBE nd Executive Director Joint Chief Executive Offic Kevin Walsh Auditor Buzzacott Audit LLP, 130 Vvood Street. London EC2V 6DL CAF Bank Ltd, 25 Kings Hill Avenue, Wesl Malling. Kent ME19 4JQ Bankers The Graeae Theatre Company Limited IA Company Limited by Guarantee) Report of the Trustees for the year ended 31 March 2025 Structurei govfrrnance and management Governin document The charity is constituted as a company limited by guarantee and is governed by ils Memorandum and Articles of Association dated 10 De￿mber 1981 and updated in December 2011. There are currently nine members, each of whom agrees to contribute £1 in Ihe event of the charity being wound up. oint Trustees As sel out in the Artides of Association. the Board may al any lime appoinl any member of the company as a member of the Board, subject lo a maximLJrn of twelve members. Any member so appointed retains hislher office until the next Annual General IAeeting and is then eligible for re-election. Al each Annual General Meeting one-third of the members who have been longesl in office relirg. All retiring members are eligible for re-election subject lo the limits to terms of office set out in the Artides of Association. The charity aims for a BoarLI where 50010 or more of the Trustees identify as Deaf, disabled and neurodivergent (cUr￿n11Y 670/.1. Regular skills, audits are carried out and, when considering appointing new TnJslee8, thè Board has reg8rd to the requirement for any addition81 specialist skills needed. Trustee ind clion New Trustees are provided with an inform21ion pack lo brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the business pl8n and the recent financial perfomiance of the charity. Trustees are encouraged lo attend training courses about the responsibilities of being a tnjstee al 2 venue and limè convenient lo them. Trustees are also encouraged lo visit the charity's office lo meet employees and other Trustees outside the formal meetings. Trustees, Away Days are held from lime lo lime so that the company's key aims and objectives can be discussed and reviewed. Trustees are also encouraged lo attend productions and appropriate in-house Iraining events. anisation The Board meets, al least quarterly, lo manage the affairs of the company. Four Trustees must be present for the meeting to be quorale. Since the COVID19 pandemic, meetings have been in a hybrid of Zoom conferencing software and in-person meetings. To aid accessibility meetings are shorter, with more breaks, captioned, BSL inlerpreled and recorded. There is also a Finance ar)d General Purposes sub-committee which meets up to four limes a year. The purpose of the committee is to provide a greater level of scrutiny of, and support lo, company officers with a responsibility for financial management. During the capital project there was also a Capilal sub-commillee who met twice during the year arid were provided with a more in depth update on progress of the project. The Board has adopted the NCVO Charity Governance Code. This has fed into the formation of Gr8eae s Governan￿ Policy and Protocols which was formally adopted on 5 March 2023. The policy includes Board role descriptions. person specification and a Scheme of delegation of Board authority. The Joint Chief Executive offi￿rS are appointed by the Board lo manage the day to day operations of the charity. To facilitate effective operations, the Joint CEOS delegate authority, in line with the Board's scheme of delegation. for operational maliers including finance, employmenl, fundraising, and the artistic, training and educational output of the charity. The key management personnel for the period covered by this report are.. the Trust?gs. who are not paid, and the Joint CEOS and the Finance Direclor, whose remuneralDn is set by Ihe Board. with reference lo market rates for the theatre and charily sectors. Olhgr charities and related arties The charity does not have any subsidiary undertakings, The Charity collaborates from lime to lime with other organisations. particularly in the theatre sector, that rnay also be charities bul does not have any formal long term arrangement with any other charity except in relation lo grants received lor specific activities. The Graeao Thaatre Company Limited (A Company Limited by Guarant991 RgPQrt of the Trustees for the year ended 31 March 2025 Public benefit The objects of the charity, as sel out in the Arbcles of Association, are lo promote, maintain, improve and advance education, particularSy by the production of educational plays and the encouragement of the Arts including the arts of drama, opera. operella. dance, ballet, music, singing. literature, poetry. sculplLJre, painting, rnime and puppetry. The charity's particular purpose as a touring Ihe81re company is lo develop and promote disabled-led aC￿SsIble theatre for a wide-ranging audience. The tharity's main activities undertaken to further ils purpose are theatrical productions and Iraining, education and learning aclivilies. The Board has given due consideration lo the Charity Commission's published guidance on the Public Benefit requirement under section 17 of the Charities Act 2011 when reviewing the charity's aims and objectives and in planning fLJlure 8Ctivities. The Board considers that all of the charity's objectives deliver benefit to the public, as explained below. Oblectlves and activities Graeae's vision is lo create world-class accessible Ihealre, which breaks down barriers, challenges ableist precDnceplions and places Deaf. Dis8bled and neurodivèrgenl. artists centre stage I'hereon referred lo as Disabled artislsl. Graeae's mission is lo ignite artistic curiosity, pioneer a radical dramatic language, and champion accessibility. We do this by providing a diversity of platforms for new generation5 of artists, locally, nationally and internationally. through the creation of trail-blazing Ihealre. Graeae is a disabled-led human rights company, founded on the need lo tackle social injustice, discrimination and exclusion. It is fuelled by the pursuit of inclusion and artistic excellence and champions disabled peoplg in the arts. The company s strategic aims are lo.. Create worldryclass theatre.. produce and lour high quality, high impact Ihealre that is unmistakably Graeae's, providing a platform for the skill and excellence of Disabled artisis. Find new audiences.. for Graeae and lor the wider industry. Ensure the work has a la51ing impact across England, unleashing creativity In regions and Communities, working with groups that have little access lo art and Culture and on a variety of platforms. Champion accessibility.. through partnership5 with national and international organisalions creating, supporting and advising on accessible environments and practi￿. Nurture talent. work with national partners lo open up the arts for Disabled artists at all experience levels. Create new environments for Iheatre-makers lo Ihrive and build independence. Promote excellent governance and leadership across Ihe company, the theatre sector and other businesses. Oper) up routes lo leadership roles for those that have been denied them. Explore new creative horizons.. by scrulinising our practice and by representing a greater diversity of voices on stage. In promoting and producing world-class Iheaire, led by Disabled directors, writers and perfomers. Graeae seeks lo dismantle barriers lo employmenl in the arts. Despite legislativ8 progress and sIo¥￿Y shifting atliludes. there remains a lack of recognition of the talents of Disabled people. The progmmme of work seeks lo address this through our productions which showcase the skills of Disabled performers. Productions, through the creative L*se of sign language, audio description, captioning and relaxed environments also open up theatre to Deaf. Oisabled and neurodiverse audien￿S, ensuring that all members of the public benefit from access lo the arts. WherÈ possible, ticket prices for Disabled audience members are subsidised and shows are toured lo venues across the UK which have a high standard of access for Disabled people. The Graeae Theatre Company Limited IA Company Llmited by Guarantee) Report ofthe Trustegs forthe year ended 31 March 2025 Professional development training programmes provide aC￿SsIble and inclusive opportunities for1earning. They are delivered for aspiring actors, directors and writers lo learn the skills they need lo work as professionals. Training programmes are significantly subsidised in recognition of the economic barriers often faced by Disabled artists and are open lo those artists throughout th8 UK. Graeae's outreach programme fuels the next generation of Iheatre-makors and audiences. Professionally trained Dis£bled artists and workshop leaders act as important role models for young participants. raising aspirations and proving that a career in the arts is possible for all. Through investrnenl in training and education. Graeae c8n effect change within the industry both for individuals and organisalions alike, from young people through lo professionals, lo ensure that there are equal opportunities for all people lo benefit from the arts. Th8 company ￿ntInueS to advocate equ81ity for all Deaf, Disabled and neurodivergent artists and their right I participate in all aspects of society. Despite the impact of the Equalily Act, in realily. access is still very uneven in the arts. Most spaces provide only limited levels of accessibilily, can cope with only a srnall number of disabled 8rt1sls and technicians al any one lime, and are capable of dealing with only 8 limited range of impairments. Graeae continues lo champion access in a number of ways.. by using Bradbury Studios as a model of best practice in inclusive design.. through authentic representation of disability in Ihealre.. through training and out￿aCh programmes arid through advocacy work with other organisalions. Graeae's strategic planning is underpinned by sound governan￿ and continual monitoring of work, measuring quanlitalively achievements against largels as well as qualilalively through feedback from audIen￿S and benefiuaries on their experience of Graeae's work. Achievements and performance 2023-26 Strate The slralegy established in 2023 conlinLJed apace in 2024-25 as Graeae continued to open up the cultural landscape for Disabled artists, participants and audiences counlrywicle. Ulilising 8 ballalion of allied arts venues and training partners through programmes such as Beyond. Write to Play and the young companies, Graeae worked lo dismantle the barriers faced by independent artists by building connections wtlh Ihealres. arts orgariisalions and training providers.. nurturing the next generation of arts leaders. The 23-26 strategy strives lo deepen engagement with Disabled artists by delivering an inlerseclional, Disabled-led tapestry of arl 2nd culture and bold, radical, crealively-stimulaling theatre. In particular, this has been delwered through deep partnerships in the North Wesl through cultural hubs in Merseyside (Liverpool Everyman and Shakespeare North Playhousel, and the East in partnership with Mercury Theatre, Colchesler. This cohesive approach helps create new pathways to culture for Disabled people as artists, participants and audiences. Graeae strives lo be Ihe"Nalional Theelre for Disabled People" and this strategy will lake the organisalion one step closer lo that goal. Productions and artistic 8Ctiv ies Graeae's cultural hubs outside of London dominated delivery during the year. Through artistic collaboration. artist and venue training we worked across multiple programmes.. Romeo and Juliet.. A new adaptation co-produced with Sh2kespeare North Playhouse and Theatre by the Lake. Beyond.. Unlocking resources and knowledge for Disabled artists with venues nationwide The Graeae Theatra Company Limited IA Company Lirnited by Guarantee) Report of the Trustees forthe year ended 31 March 2025 Write to Play.. Writer5 Teach Writing at Mercury Theatre". Crips With Chips al Liverpool Everyman Youth Hub.. nurturing r818tionships with young Disabled p8ople in the North Wesl ift partnership with local arts organisations In addition. Graeae invested in opening up the arts for young people and isolated artists-. Children's Company and Young Compony.. Mèeting most Saturdays, connecting with theatrè and c&devising stories for sharing with a wider audience Digital resources. How-to" guides, case studies, blogs and links to Graeae's history, all through the new website launched this year- ensuring there is a permanent support for artists that are finding their own route into the arts. Romeo and Juliet In September- October 2024, Graeae, Shakespeare North Playhouse and Theatre by the Lake produced a new adaptation of Shakespeare's classic text. The production reached 6.270 people in Prescol and Keswick and received rave reviews including 4 stars in the Guardian. Graeae's production had a Deaf and hearing cast, performing side by side. and wove BSL, captions and audio description into the slorylelling. For the first lime, captioning lealured a Short. animated summary of each scene, helping audiences Iranslate Shakespaare's language and follow the narrative. "An air of joyful abandon,. for all the play's tragic undertow, it is an exuberant show, always aware of ils own theatricality. "there is the dazzling impact of watching sets of actors play the same parts al once.. The Guardian *+** "Somehow this not only doubles the drama and emotion of Ihe scene bul also lends the production a kind of balletic movement that is simply breathlaking - not least when the four people performing the scene fr&quenlly switch partner5 and then brilliantly interact with the other actor playing the same part.. Cheshire Live **** Beyond Beyond is the arlisl development programme designed to connect disabled Ihealre-makers with venues alionwide. Partner venues Cast, Hull Truck Th8atre, Nottingham Playhouse, Derby Theatre, Octagon Theatre Bolton, Mercury Theatre, Shakespeare North Playhouse and LiverpcKJl Everyman collaborated lo offer opportunities to create and develop work for our cohort of 19 artists. Graeae has a responsibility to nurture a disability arts industry with many players. As such, Beyond was developed lo bridge relationships be￿een artists, leaders and national partner venues to unlock resources and leadership pathways for Disabled people. In MaTch 2025. the cohort came together at Bolton Octagon to celebrate the diversity of lalenl on offer and lo make new connections. Write to Play The long-running writer development programme continued lo support new stories, experiences and perspectives lo shine. The year culminated in a thrilling New Writing Festival, where rehearsed readings, workshops, panel discussions and networking sessions allowed writers to connect with their peers and mentor5 in the industry. The festival marked the end of this round of funding and a short break in delivery, befo￿ a new strategy came into force in July 2025.. The Graeae Theatre Company Llmited (A Company Limltad by Guarantee) Report of the Trustees forthe year ended 31 March 2025 Youth Hub Our Youth Hub work was co-led by Jodi-Alissa Bickerlon and Anthony Gough lour Associate Artist in the Northl. The Youth Hub delivered a workshop in June 2024 for Splice group, and additionally 30 people received free li¢keis lo R&J through our Youth Hubs. Children s Company and Young Company Three groups., two aimed at younger children aged 6+ lone national group Meeting online, and one in-person group meeting al Graeae HQ), and the third group aimed al 14+ lolalling 40 sessions delivered. The Young Company aged 14+ are continuing lo develop their professional path alongside life skills 2nd influencing Graeae's work through one of them becoming our Young Associate Artist who pe8r-facililales the 6+ in-person group and who also CDrnpleled a 2-monlh work placement with us. The Young Company perfomied their devised piece The Anchors and the Sails at Rich Mix in December 2024, and from February- July 2025 they had masterdasses delivered by different Deaf, disabled andlor neurodivergent industry professionals. The in-person 6+ group worked with Daryl & Co and through ¥ truly children-led process developed a story which was performed lo Graeae staff, their families, and friends at Graeae in July 2025. The 6+ online group developed stories and games throughout the year with Nickie Miles-wildin and Mis5 Jacqui. The group Gelebraled their lasl session in JLJIY with an online jDinl session with young people aged &13 from YEP x Ader Hey based in Merseyside, a group open lo Alder Hey Health Care Teams as Outpatients. Digital Rgsources In 2023 we invested in a new website, better understanding of social rnedia and a new audience strategy. This meant that in 24-25, Graeae has been working in a more connected way across all digital streams. Additionally, we have been able to invest in a bank of digital resources which will help transform careers for disabled artists. These include.. How lo write an autobiographical play How to become an actor How lo be an adminislralor in the arts And many more downloads, videos, blogs and interviews. We also supported the creation of The Access Manifesto., a 20 Stories High led project inspired by Maisie Gordon and Graeae Associate Ayzah Ahmed, who recognized the need for ongoing activism. They found that many arts spaces were failing not only them bul also the majority of disabled people they engaged with. They collected all of the thoughts, ideas, and provoc81ions lo develop a practical. slep-by-slep guide aimed al helping arts organizalions and venues lake significant strides toward making the arts more accessible for young auc1len￿S, participants, and artists. Capital Project In April 2025. following a major six monlh refil and refufbishment lo its award-winning offices and rehearsal space, Graeae reopened ils headquarters in East London. Under the name Bradbury Studios and located in Hoxlon. the redesigned space will enable more Deaf and Disabled artists lo produce and develop their work, build careers and share ideas. Bradbury Studios will now be the home of three organisalions. Graeae welcornes Access All Areas and Attitude Is Everything into the building to share Ihe space. These thrèe organisations, creatively led or co-led The Graeae Theatre Company Limitgd IA Company Limited by Guarantee) Report ofthfj Trustees for the year gnded 31 March 2025 by disabled people, bring a Collective 100+ years, experience in opening up the arts lo those who otherwise would not have access. With funding from Arts Council England. Bradbury Foundation and Foyle Foundation, the redeveloped building now offers the resources lo beller meet the needs of artists and organisalions whilst creating a more sustainable financial future. The facility provides the following- More spaces to develop work.. Two new small meeting spaces, with high Spec tech, soft sealing and meeting furniture, adjustable lighting and an induction loop.. perfect for writers and directors meetings or networking via zoom. Respite ancl prayer space.. A dedicated quiet and private space lo manage energy levels or conduct prayer. Adaptability.. A new larger meeting room al Ihe front of the building can be used as a Board room or rehearsal space. When not in use, the walls lo the room fold away and il becomes a large and inmling foyer- perfect for when rehearsals or conferences are in the main rehearsal room Affordable rehearsal space.. One of the few accessible spaces of this size in London with changing rooms, shower, hoist, lighting rig, sound system, sprung floor and dance mirrors as standard. Al the same time the redeveloped home allows Graeae to invest in ils own work and in its future. The Graeae Theatre Company Limited (A Company Llmlted by Guarantee) Report of the Trustees forthe year ended 31 March 2025 Achievements and perfomiance Icontinuedl Raisin funds The majority of the charity's incorne is provided by grants from Arts Council England and trom trusts and foundations. To secure these grants the charity has lo prepare detailed applications and subsequently, if successful, to provide repor15 to the funders on Ihe outcome of the relevant activities. The Board considers that the lime invested in fundraising activities is vital to maintsining good relationships with funders and increase the possibility of securing longer term and repeal funding. The main Individual funder remains Arts Council Eng12nd IACEI through the National Portfolio. The other funders which provided grants during the year are listed in note 2110 the financial slatemenls. In April 2023, Graeae received an uplift on their existing grant from ACE based on a new thTee-year strategic plan which in which Graeae would work towards being 'The National Theatre for Disabled People" The slralegy firmly establishes seclDr-change projects such a5 Beyond and Write lo Play as ￿ntral lo how the company operates, builds strong regional partnerships and enables Graeae lo invest in a more nalionalised workforce. Graeae aims lo achieve best practiGe in the way in which il communicates with funders, donors and other supporters. The majority of funding comes from organisalional funders (rather than individu8lsl, and we sel high standards in the way that we present our work. Every application and communication is assessed against standards of reP￿SentatIon, ernpowermenl and ownership and we only approach funders with a demonstrable commitment lo diversity and inclusivity. In communicating with individual supporters, we lake care with the lone and frequency of communications and the accuracy of data to minimise the pressure on supporters. Graeae Is règistered with the Fundraising Re9ulator and adheres to the Code ol Fundraising Practice. Graeae applies best practice lo protect supporters, data and has updated ils Data Nrtanagemenl Policy and Privacy Policy in line with GDPR. Graeae undertakes lo react to and investigate any complaints regarding its fundraising activities and to learn from them and improve ils service. The charity has rèceived no complaints about ils fundraising aclivilies. Plans for future periods 2023-26 will be the final year ol a three year strategy. However, current funding priorities including becoming the National Theatre for Disabled People will continue into the period 2026-28. Productions and other artisti activities Bad Lads will tour in Oclober-November 2025. A new play, wrillen by Mike Kenny and created from the leslimonies of ex-residenls. Bad Lads is the gripping and devaslaling true story of the boys held al Medomsley Youth Detenlion Centre in County Durham in thè 1980s. Sold to the public as a short. sharp shock. for wayward youth, Ihe re2111y hid Something much darker. At a tirne when the cry for accountsbility is louder than ver, Bad Lads demands remembrance and ca118 for justice for these working-class men. Crips ￿[th Chips is Graeae's new writing showcase. 11 will be performed al partner venues across the UK over the next three years and a digital offer will also be available. Wedding Fayre, a new musical 3d8plalion of Barlholomew Fayre is currently in development and will hopefully be on lour in 2026-27. Trainin cation and learnin Our inveslmenl in training and developing Disabled artis15 continues with: Fr8mAng the Future- The Esmée Fairbairn Foundation has supported Graeae over many years and we are delighted they will support a new initiative that builds on Ihe Suc￿sS of Write lo Play. Framing the Future supports writer developTnenl through nurluring skills. mentoring. networking, script-reading and opportunities lo share work with an audien￿. The Graeae Theatre Company Limitgd IA Company Limited by Guarantee} Report ofthe Trustges for the year ended 31 March 2025 Youth Programme- a mulli-slrand programme to develop the next generation of Disabled rxealive artists. Wider slrale for the lulure Graeae's strategy for 2022-26 firmly establishes Ils reputation as the national theatre for disabled people. Through partnerships in the Norlh INesl and East of England, the company will build a lasling presen￿ for Disabled people in the regions, opening up the arts for many people that have been denied the opportunity before. The strategy sees Graeae investing in training opportunities, collaborative productions and acknowledging its re5ponsibililies lo share skills, resources and connections with the wider disability arts sector. Graeae received an uplift from Arts Council England linked lo new activity in 2023-26, the conlinualion of the Beyond programme and investment in stsffing. In July 2025. il was confirmed there would be a 1.6110 inflationary increase in 2025-26 NPO funds and 8 confirmation that Graeae will remain in the portfolio in 2026-27 and 2027-28 Ilhough the level of funding is conditional on DCMS budgelsl. Ca IPro ecl As parl of the strategy lo tackle rising overhead5, there was 2 ￿VIeW of assets and their function in delivering against charitable objectives. Bradbury Studios was found lo be a vital resource for Disabled artists and the risk of losing il fDr the community would be 2 major set-back lo many careers and projects. Gr8eae successfully fundraised £590,450 to develop the space and open up more opfx)rtunilies for earning. while still delivering against charitable objectives. Building works commenced on sile on 8 January 2025 and Graeae were able lo move back in on 22 April 2025. Licensees followed soon after.11 is hopèd that the new funding model will help make the building a more affordable. accessible and dynamic home lo Disabled artists for the next 15 years. Capital project aclivilies carried out in 2024-25 were reflected in the accounts for the year. Subsequent works, including the inslallalion of furniture and IT infrastructure will be accounted for in 2025-26. The Gragae Theatr9 Company Limited IA Company Limited by Guarantee) Report of the Trustees forth8 year ended 31 March 2025 Financial review Income Total income for the year amounted lo £1,571,27612024: £1,338,023) of which £1,327.22912024.. £1.032,7301 related lo grants and donations receivable without which Graeae could not generate the range of productions and training, education and learning activity that il Ltndertakes. A list of those funders is on page 38. The charity's principal funding Sour￿ during the year was Arts Council England IACEI which provided core revenue funding of £769,10412024.. £769.1041. Funding towards a capital project was also received from ACE'S Capital Investment Programme1£415,967 of which was ulilised in the yearl and Foyle Foundation 1£25,0001. The charity received funds of £89.82012024.' £90,988) from the Access lo Work" scheme run by the Department of Work and Pensions. This scheme enables the charity lo reclaim some of the additional costs incurred in setting up and providing speryfic work-relaled access support. Income from charitable activities includes box office, venue fee and royalties of £42,59112CJ24.. £52,976) Theatre Tax Relief of £8,29312024". £20,766) and fees from training and wtsrkshops of £35,43612024'. £40,002). The charity also received income of £44,82612023'. £75,448) from trading activities (including the hire of office and rehearsal space and sales of books). Ex endilure Total expenditure has increased from £1,424,987 *or the year ended 31 March 2024 10 £1,474,378 in 2024-25. Excluding support Costs. expenditure in 2024-25 induded.. Romeo & Juliet direct costs of £149,477 Beyond direct costs of £23.958 New Writing direct cos18 of £53,167 Young Company ancl youth hubs direct costs of £38.316 Excluding support costs. expenditure in 2023-24 included.. High Times and Dirty Monsters direct costs of £35,598 Sell-Raising direct cosis of £146,238 Beyond direct costs of £10,411 New Writing costs of £103,552 Young company and youth hubs £55.283 Digital resources £86.819 Deferred roduclion costs Al 31 March 2025 there were no deferred production costs. Risk management The Board periodically reviews the major external risks lo which the charity is exposed and has established systems to mitigate those risks. a5 far as is reasonably possible. Inlernal risks are mitigaled via robust policies and Pro￿dureS covering all areas of management, human resources, financial probily, health and safety, environmental issues and diversity largels. 11 The Graeae Theatre Company Limited (A Company Limited by Guarantee) Report of the Trustees for the year ended 31 March 2025 Risk management l¢ontinued} After rnitig21ion Ihere remains a level of residual financial risk which the Board manages by detailed monitoring of cash flow and fundraising targets alongside a reserves policy informed by the residual risks as discussed below. Princi al risks and uncert8inlies The Board is particularly concemed with risks that have the potential lo cause the charity lo cease operations and have sel in place policies to miligale those risks. These include.. Lack of strategy and fonvard planning leading to financi81 management difficulties. The ¢harily'5 management prepare three-year Business Plans, regularly updated, and annual budgets, reviewed quarterly by the Board against actual income and expenditure and monthly al a Departmental level. Longer lem) planning (five lo ten years) is challenging because the premises from which Graeae operates are subject to a five yearly rent review, which can have a material effect on overheads. Health and safely and environmental issijes The Joint CEOS monitor the charity's aelivilies. in Bradbury Studios and elsewhere. and ensures that appropriate policies are in pla¢e lo provide a safe working environment and to meet other legal requirements. Failure of an inGome source. The charity does not commit lo major projects until funds are confirmed and l or sufficient reserves are earmarked. Graeae has been confirmed as a National Portfolio Organisalion by Arts Council England for the 2024-25. 2025-26, 2026-27 and 2027-28 financial years and so the Board considers that the charity remains a going concem. Reserves pollcy Al 31 March 2025 reslficled funds amounted to £1,611,13512023.. £1,341,660} and uNreslri¢lod funds were £978,54712023.' £1,151.074). Designated funds Some unrestricted funds have been designated by the Board to address specific areas of financial risk. Financial management difficulties Annu818nd three year budgets are prepared by the charity and there are detailed budgets for individual productions and training projects. However, Ihealrical projeGls retain a significant level of risk around audiences, personnel, timing, and funding. In order that the Gharily Can maintain an ambitious programme and support important outreach opportunities the Board has designated a reserve lo assist with funding shortfalls.. Artistic fund £30.00012024'. £30,000). This fund will have the flexibility lo be spent across the artistic programme, including training, education and learning. The Esmee Fairb8irn Foundation has sijpported Gr8eae's new writing programffle sincg 2013. Their main grant 1£100,000 per year for two years) covered the period January 2023 to March 2025. A designated fund of £35,OOD was also spent in the year. The charity occupies leased premises that are subject lo an upward rent review every five years (the next review is in July 20281. 12 The Graeae Th8atre Company Limited IA Company Limltgd by Guarantee) Report of the Trustees forthe ygar gnded 31 March 2025 Reserves policy Icontinuadl Designated funds Iconlinuedl The Board is aware of the importance of investment in succession planning and skills. development and has designated a fund to SUgPQrt this investment". Strategic development fund £20,00012024.. £20,000). A small fflarkeling fund ha5 been retained dijring the year £2.00012024= £2,0001- It will likely increase in future years as the need for reinve51ment increases. Fixed asset purchases impact operational budgets over more than one year. The Board designates funds to cover the cost of purchasing and replacing fixed assets where these are not funded by specific grants.. Fixed asset fund £10,23312024.. £12,732). The relevant depreciation is offset against the fund each year. Building liability The charity has a responsibility for the health and safety of people working in and visiting Bradbury Sludi05. In order lo maintain a safe and pleasant working environment the Board has designated a fund for periodic equipment and building maintenance and for unplanned major repairs.. Sinking fund £100,00012024.' £100,000). Loss of income source The charity obtains financial sUPPOrt from the government's Access to Work Scheme. Not all acces5 expenses are mel by Ihe scheme. However, a previously established Access Fund12023- £25,000) was wound down in order lo properly reflect the irreclaimable access in the year in which il was incurred. Further details about thè designated funds can be found in note 14 ID the financial slalemefils. The Board is also aware that failure lo comply with regulatory requirements could have potentia1 for significant financial impact on the chaflty Ifinesl or closure bul considers that It is inappropriate to make specific financial provision for such matters. General funds After designaling funds to address particular risks the Board aims lo hold unreslricled general funds in the region of six months, operating costs. Unrestricted gerieral funds al 31 March 2025 amounted to £778.314 12024.. £951.3421- The average monthly operating cost dLJring the year (which excludes the direcl costs of produclions and training) was £87,33312024.. £77,5851. The balan￿ Df undesignaled general funds al 31 March 2025 based on past costs represents 9 months of operating costs12024". 11 monlhsl. In Ihe current economic climate, the Board is comfortable with holding this level of general funds. 13 The Graeae Theatre Company Llmited (A Company Limlted by Guarantee) Report of the Trustees forthe year ended 31 March 2025 Statement of Trustees. Responsibilities The Trtjstees (who are also directors of The Graeae Theatre Company Limited for the purposes of company lawl are responsible for preparing the Trustees, report and financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdorn Generally AC￿pIed Accounting Practice). Company law require5 the Trustees to prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financi81 statements, the Irvslees are required to.. select suitable accounting policies and then apply them consislenlly. observe the methods and principles in Accounting and Fleporling by Ch8rities.' Statement of Recommended Practice applicable to Charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. make judgements ancl estimates that are reasonable and prudent. slate whether applicable United Kingdom Accounting Standards have been followed, subject 10 8ny material departures disclosed and explained in the financial stalemenls., and prepa￿ the financial statements on the going concern basis unlèss il is inappropriate to presume that the charitable company will conlinue in operation. The Trustees are responsible for keeping proper aecounling records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each ol the Trustees confirms Ihal.. so far as the TTUStee is aware. there is no relevant audit infomialion of which the charitable company's auditor is unaware., and the Trustee has laken all the steps that helshe ought lo hav& taken as a Trustee in order to make himselflherself aware of any relevant audit Information and lo establish that the charitable company's auditor is 2ware of that infomation. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The Trustees are responsible for Ihe maintenance and integrity of the corporate and financial information inclLJded on the charilable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial slalements may differ from legislation in other jurisdictions. This report Was approved by the Board on 01 December 2025 and signed on its behalf by.. f, RY(4LLS Tom Ryalls Chair 14 The Graeae Theatre Company Limited (A Company Llmited by Guarantee) Independent audltor's report to the members of The Graeae Theatre Company Limited Opinion We have sudiled the financial slalements of The Graeae Theatre Company Limited Ilhe 'charilable company'l for the year ended 31 March 2025 which comprise the statement of financial aclivilies, the balance sheet and the st8lement of cash flows, and the notes lo the financial slalemenls including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland, (United Kingdorn Generally Accepted Accounting Practice). In Dur opinion, the financial stslements.. give a true and fair view of the slate of the d)aritable company s affairs as al 31 March 2025 and of ils income and expenditure for the year then ended., + have been properly prepa￿d in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accorfance with the requirements of the Companies Act 2006. Basis for opinion Vve conducted our audit in accordance with International Stsndards on Auditing {UKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable Company in accordance with the ethical requirernents that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqLJirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide basis for our opinion. Conclusions relating to going concern lrn auditing the financial stalemenls, we have concluded that the Injslees, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have perfomied, we have not identified any material uncertainties ￿lating to events or conditions that, individually or collects'vely, may cast significant doubl on the chanlable Company and charitable company s ability lo continue as a going concern for a period of at least twelve months frorn when the financial slalemenls are aulhorised lor issue. Our responsibilities and th8 responsibilities of the Iruslees with rospecl lo going concern are described in the relevant section5 of this report. 15 The Graea9 Theatre Company Limited IA Company Llmlted by Guarantee) Independent auditorfs report to the members of The Graeae Theatre Company Llmited Other Infomiation The trustees are responsible for the other informalion. The other information cornprises the information included in the annual report, trustee report and financial slalemenls. other than the financial slalemenls and our auditor's report thereon. Our opinion on the financial st8lemenls does nol cover the other information and. except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audil of the financial slalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with th8 financial slalemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements. we are required lo delermiNe whether there is a material misstatement in the financial statements or a material misslalemenl of the other information. If, based on the work we have perfom)ed, we conclude that there is a material misslatemenl of this Other information. we are required lo report Ihal fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. • the information given in the trustees, report, which is also the directors. report for the purposes of company law. for the financial year for which the financial slalemenls are prepared is consislenl with the financial staternents.. and • the trustees, report, which is also the directors, report for the purposes of comp8ny18w. has been prepared in accordance with applicable Segal requirements. Matters on which we are required to report by exception In the light ol the knowledge and understanding of the charitable company and ils environment obtained in the (x)urse of the audit, we have not identified material misslalemenls in the Iruslees, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us., or • the charitable company financial statements are not in agreement with the accounting records and returns. or certain disclosures of IruslÈes' remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit., or + the Iruslees were nol entiued lo take advantage of the small companies, exemptions from the requirement lo prepare a strategic ￿port. The Graeae Theatre Company Limited IA Company Limitgd by Guarantee) Independent auditor's rpport to the members ofThe Graeae Theatre Company Llrnited Responsibilities of trustges As explained more fully in the Iruslees, resporssibililies slalemenl sel out on Page 14, the trustees (who afe also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the charitable Company's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern a￿d using the going concern basis of accounting unless the Iruslees either intend to liquidate Ihe charitable company or to cease opeTalions, or have no realistic alternative bul lo do so. Auditor's r8sponsibilltles for the audit of the financial statements Our objecliv&s are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misst21emenl, whether due to fraud or emr, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenlwhen il exists. Misslalernents can arise from fraud or error and are considered materi81 if, individually or in the aggreg8te, they could re8sonably be expected lo influence the economic decisions of users taken on the b2sis of these linancial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fr2ud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. To address the risk of fraud through management bias and override of controls. we-. Performed analytical procedures lo identify any unusual or unexpected relationships., Tested and reviewed journal entries lo identify unusual transaGlior)s", Tested aulhorisalion of expenclilure., Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias,. and Investigated rats'onale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but werg not limited lo.. Ensuring that the engagement team collectively had the appropriate competen￿. capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations,, Identifying the laws and regulations applicable lo the charitable cx)mp8ny through discussions with management, and from our commercial knowledge and experience of the sector., Ensuring that the identified laws and regulation5 were communicated within the audit team regularly and the team remained alert lo instances of non-compliance throughout the audit", Focussing on specific laws and regulations which we Considered may have a direct material effect on the accounts or the activities of the charity. These included bul were not limited lo relevant financial reporting standards, the Charities Act 20118nd the Companies Act 2006.. Agreeing financial slalemenls disclosures lo underlying supporting documenlalion.. Reading the minutes of Iruslee meelings., and Enquiring of as lo actual and potential liligalion and claims. 17 Thg Graeae Thèatre Company Limited IA Company Llmited by Guarantee) Independent auditor's report to the members of The Graeae Theatre Company Limlted There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliarice with laws and regulations lo erTrquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misslalements that arise due lo fraud can be harder lo detect than those Ihzl arise from error 8s they may involvè deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely lo the ch8ritable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work h8s been undertaken so that we might slate to the charitable companls members those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, wè do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our 8udil work, lor this report, or for the opinions we have fomed. Catherine Biscoe {Senior Statutory Audilorl For and on behalf of Buzzacott Audit LLP. Slalulory Auditor 130 Wood Street London EC2V 6DL Date.. 4 December 2025 18 The Graeae Theatre Company Llmlted {A Company Llmlted by Guaranteel Statement of Financlal Activities Ilncorporating an income and expend5ture account) For the Year Ended 31 March 2025 Total Funds 2025 Notes Restricted Unrestricted Funds Funds Income from: Donations and grants Charitablè activities Other trading acb'vilie5 Investments Total Expenditure on- Raising funds Charitable activities Total Net Income (expenditure} Transfers between funds Net movement in funds 503,235 89,820 823,994 86,320 44,826 23.081 978,221 1,327,229 176,140 44,826 23,081 1,571,276 593,055 27,732 214,110 241,842 351,213 81,738 269,475 163,129 1.069,357 1,232,486 {254.2651 81,738 172.527 190,861 1,283,467 1,474,328 96,948 10 14 96,948 Reconciliation of funds: Total funds brought forward Total funds ¢arrled foNiard 14 14 1,341.660 1,611.135 1,151,074 978.547 2,492,734 2,589.682 The Statement of Financial Activities includes all gains and losses recognised in the above financial year. All income and expenditure derive from continuing activities during the above finanei81 year. 19 The Graeae Theatre Company Limited IA Company Limited by Guarantee) statement of Financial Activities lincorporating an income and expenditure account) For the Year Ende(131 March 2024 Total Notes Restricted Fund5 Unrestricted Funds General Designated Funds 2024 Income from: Donalions Charitsble activities Other trading activities Investments Total Expenditure on: Raising funds Charitable activities Total Net income lexpenditurel Transfers between fund$ Nèt movement in funds 188,762 90,988 843,968 113,744 75,448 25,113 1.058.273 1,032,730 204,732 75,448 25,113 1,338,023 279.750 98,071 255,869 353,940 174,1901 83,011 157,201 218,074 812,800 1.030,874 27,399 140,669 168,068 316.145 1.108,842 1,424,987 186,9641 40,173 40,173 140,1731 57,658 97,831 10 14 86,964 Reconciliation of funds.. Total funds brought forward Total funds carried forward 14 14 1 498,861 1,341,660 783,274 951,342 297,563 199,732 2,579,698 2,492,734 20 The Graeae Theatre CoTnpany Limlted IA Company Limited by Guarantee} Balance Sheet at 31 March 2025 Notes 2025 2024 Fixed assets.. Tangible assets Heritage assets 1.582,554 1,300 1,251,701 1,300 Total fixed assets 11 1,583,854 1.253.001 Current assets: Debtors Cash at bank and in hand 12 647,509 561,611 145,244 1,161,353 Total current assets 1,209,120 1,306,597 Liabilities.. c￿dItOrS.. amounts falling due within one year 13 203,292 66,864 Nel currenl assets 1,005,828 1,239,733 Total net assets 2,589.682 2,492,734 The funds of the charity: Restricted Funds Unrestricted Funds Oesignaled General 14 1,611,135 1,341,660 14 14 200,223 778.314 199,732 951,342 Total charlty funds 2,589.682 2,492,734 Approved by the Board on 01 December 2025 , ,Il¥+XLS Tom Ryalls Chair Company no. 01619794 21 The Graeae Theatrg Company Limited IA Company Limited by Guarantee) Statement of Cash Flows For the Year Ended 31 March 2025 Notes 2025 2024 Cash flows from operatlng activities.. Net cash (used in) generated by operating activities 206,200 16,196 Cash flows from investing activities Interest received Purchase of tangible fixed assets Ngt cash (usgd in) generated by activities 23,081 416.623 393,542 25,113 1,241 23,872 Change in cash and cash equlvalent5 in the year Cash and cash equivalents at 1 April 2024 Cash and cash equivalent5 at 31 March 2025 1599,7421 1,161,353 561,611 7,676 1,1 53.677 1 161.353 A Reconciliation of net income to net cash flow from operating activitiès Net (expenditure) income for the reporting period Adjustments for- Depreciation charges Sale of fixed assels Interesl received {Increasel l Dec￿ase in debtors Increase I (Decrease) in creditors Net cash (used inj operating activities 96,948 186,9641 85,770 87,842 123,0811 {502,2651 136,428 206,200 125,113) 78.833 70,794 16,1g6 No separate reconciliation of nel debt has been prepared as there is no difference between the net cashlldebll of the charity and Ihe above cash and cash equivalents. 22 The Graeae Theatre Company Limited IA Company Limited by Guarantee) Notès to tha Flnanclal Statèm•nts For the Ygar Ended 31 March 2025 ACCOUNTING POLICIES (al Basis of preparation These financial stalemenls have been prepared lor the year lo 31 March 2025 under the historical CDSI convention with items recognised al cosl or transaction value unless otherwise slated in the ielevanl accounb'ng polici8s b8low or the notes to these financial statemeats. The financial stal8menls have been prepared in accordance with Accounting and Reporting by Charities-. Statement ol Recommended Practice applicable to charilies preparing their linanaal 5talernents in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republlc of I￿larn￿ IFRS 1021 (Charili¢s SORP FRS 1021. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011 and the Companies Acl 2006. The charity con51itules a public benefit entily as defined by FRS 102. The financial statements are presented in slerfing and a￿ rounded to Ihe nearest pound. Ibl Crltlcal accountlng estlmates and areas of judgement Preparation of the financial statements requires the trustees and management lo rnake significant judgements and estimates. The items in the financial 51at8ments whère these jud9emgnts arld estimates have been made include.. estimating the allocatioll of SUPPDrt costs b8tW8gn activ*lies', estimating the useful economic life of tangible fixed assets., estimating the value ol donated services and gifts. assessing the appropriatene59 01 delerring produclitsn costs under policy If}131 on page 24. Icl Assessment of golng concern The trustees have assessed whether the use of the going concem assumption is appropriate in preparing these li￿anCIal stalements. The Iruslees h8ve made thi5 assessment irT respect of 8 period of one year from the dale ol approval of these financial statements. The trustees ol the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubl on the ability of the charity to continue as a going concem. The trustees are of the opinion that the charity will have sufficient resource5 to meet its liabilities a5 they fall due. Idl In¢ome 111 Donations and legacies, induding grants which are not conditional on deltvering ￿rtain levels of activity, are recognised when these are receivable unless Ihe donor has specified that the donation or gr8nt rel8te5 to a future period or that certain pre-conditions musl be luifilled before use. In these cases amounts received are recognised in the relevant period or when the pre-conditions have been met and unbl then are treated as defer￿d income. Donations and grants for particular purposes are identified as restricted funds. 121 Income from box office and venue fees is included in income in the period in which the relevant production lakes place. 131 Thettie Tax Relief daimable by th8 charity is recognis&d as incom8 in the year in which the elegible expenditure is incurred. 141 Other income is recognised on a receivable basis when there is legal entitlement lo receipl. 151 Incomo relating to ientals in a Subsequent period is Ire8ted as deferred incorne_ 161 The value of donated services and gilts in kind provided to the charity are ￿cogniSed as incotll8 at th8ii open m8rkel value in the period in which they are receivable. where the benefit lo the charity can be reliably measured. An equivalent amount is Included as expenditure under the relevanl htsading in the Statement of Financial Activities or capitalised as appropriate. 23 The Graeae Theatre Company Limlted IA Company Limited by Guarantee) Notes tts thè Flnanelal St8tèm•nts For thé Year Ended 31 March 2025 Icontlnuedl ACCOUNTING POLICIES Icontinued} lel Expendlturè 111 Expenditu￿ is accounted lor on an accruals basis. 121 Expenditure on raising funds comprises those costs incurred in Èttrading donations, grants and trading income. plu5 a pioportion of the underlying Support cc>sts ol the company. 131 Expenditure on charitable aclivi1185 comprisas thosè cosis incurr8d on pr{￿uctiOns, other a￿StIC aclivilies. training and outreach programmes, and grants made to organisalions and individuals. It InGludes both costs that Gan b8 allocated directly lo those activities plus 2 proportion of the underlying 5UPPOrt C0515 of the company. 141 Core staff costs. tsffice administrative expenses and premises costs are allocated to the costs of raising funds and charitable activities on an estimale of lime spent by staff supporting these aclivilies. 151 Governance costs, which comprise costs diwclly allribulable ID the management of the charily's assets, organisalion81 procedures and the necèssary18gal procedures lor compliance with ststutory quirements. are included within administrative expenses. lfj Productions 111 For productions occurr+ng wholly wthin one financial year box office and venue fees are recognised in thal year and costs are reco9nised as incurred. Typically cos15 are incurred in advance of income being generated. 121 Where a production spans the year-end and is expected lo be loss making. the expected loss is recognised in full in the year in which the loss is forèsèÈn. 131 Where production s81 up cost5 have been incurred prior to the year-end but the production has nol yet opened, the sel up costs are carried forward al the balance sheet dale as deferred produGtion costs until such b.me as the production opens. 141 Where Graeae Theatre Company Limited acts as a financially contributing co-producer only that contribulion is recognBed in the year it is granted. Igl Tanglble fixed assets Tangible fixed assets are stated al cost less accumulated depreciation. Assets costing less than £500 are not capilalised. Depreciation is provided on a straight line basls to write off the assèts over their anticipated useful economic lives, as follows. Leasehold property Computer equiprllenl offi￿ equipment, production equipmenl, motor vehicles 30 yèars 2 years 4 year5 Assets under development, being the accumulaled costs ol designing and building bespoke equipment, are included under tangible fixed assets but are not depreciated until the assets are brought into use. 11 a decision is made to discontinue development then the accumulated costs are written off in the year that decision is made. Ihl Heritage asset Heritage assets are works of art which are held and maintained principally for their Contribul￿n to knowledge and ctjlttjre. Heritage assets are not depreciated. lil Debtors Debtors are recognised at their settlemenl amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted lo the present value of the future cash receipt where such discounting is material. Other debtors incluLle an estimate of Theatre Tax Relief claimable by the ¢harty. 24 Notes to the Finaneial Statements For the Year Ended 31 March 2025 l¢ontlnuedl ACCOUNTING POLICIES Icontinuedl til Cash at bat7k and in hand C85h al bank and in hand represents such accounts and instrument5 that are aVa￿table Dn demand or have a maturity of less than three months from the date of acquisition. Ikl Creditors and provisions Creditor5 and provisions are recogni5ed when there is 8n obligabon at the balance sheet dale as a result 013 pasl event, il is probable that a Iran5fer ol ecDntsmi¢ benefit will be required in $8ttlefflenl, and the amount of the settlement can be estirnated reliably. Creditors and provistons ale recognised 8t the amount the charity anticipates il will pay to settle the debt They have been discounted to the present value of the future cash payment where such discounting 45 material. 11 Fund structure General funds ￿present th058 monies which are fresly available for applicab'on towards achieving any charitable purpose thal falls within the charity's obiecls. Designated lunds compris8 monies set aside out of unre5tri¢ted general funds for specific future purposes or projects. Restricted funds comprise il monies raised for. or their use reslrieted lo. a speciflc purpose. or conlributions subject lo donor imposed conditions, and also ill the net book value of langib5e fixed assets is included in re51rictEd funds where those assets are funded through reslricled grants or donations which require ltte charity to hold those assets on an ongoing basis for 8 specific purpose. Im) Operdting lease ¢ornmitrn8nts Rentgls payable under operating leases ar8 chargecI against expenditure as incurred tsverthe lease 18rm. Inl Pension commitments The company conlribules to a defined contribution pension scheme on behalf of Its employees. The assets of the schetne are held separately from Ihose of the company in an indepetKlelltly administered fund. The pension costs charge represenis contributions paid and payable in Ihe ye8r by the company. lol Forelgn cuffenGles Monetary assets and liabilits-ps denominaled in foreign currencies are translated into sterling al the rates ol exchange prevailing at th& balance sheet dale. Transactions In foreign curreneies are recorded al the date ol the transactions. All differences are taken lo the Statement Of Financial Activities. (pl Financlal instruments The charity only holds basic fin8nci81 instruments as defined in FRS 102. The financial assets and financial liabilitiès ol the charity and thèir measuremenl basi5 are a5 follows.. Financial assels - other debtor5 are basic financial Instruments and are debt instrum8nts m8asured al amortised cost. Lisied inveslrn&nis are a basic financial Instiument as detailed above. Prepayrnents are noi financial instruments. Cash 81 bank classified as a basic financial instrument and is measured al lace value. Financial liabilities ac¢rua15 ènd other creditors are financial instruments. arKI are measured at amort15eiJ cost. Iql Taxation The ¢ompany 15 a iegislered charity and Is therefore not liable for corporalion lax on income derived from its charitable aclivilies, as it falls within the variou5 exewnplions av8ilable to ￿9]stered charities. Irl Grant making Gran15 to organisations and individuals are accounted lor when the award is made. 25 The Graeae Yheatre Company Llm(t•d IA Company Limited by Guarantèel Notes lo the Financial StatemeTrtS For the Year Ended 31 March 2025 Icontinuedl INCOAIE FROM DONATIONS GRANTS 2025 Totsl Restrlcled Unrestrlcted 2024 Total Restrlcted Vnre5tricted Arts Counul ErKJland IACEI- Nalional Portfol ACE- Capital Invesimenl Programme Other 9￿MIS reGewed (see nDle 211 Donat￿n$ 769.104 769.104 415.967 125.283 16,875 769,104 769.104 415,967 87.268 38.015 16,875 188.762 36,250 38.614 225,012 3B,614 Total voluntary Fncom• 503,235 823.994 1,327,229 188.762 843.968 1,032,730 Graeae a National PortfolD Organ18alK)n INPOI with Art5 Council England. Funding conlribules lowards CO￿ cosls arn1 the 1mplernenlaiK￿ of ils businegs ￿an Additional ACE irtome was recelved this year towards a capitsl projecl. Thts resliicled funds. INCOME FROAI CHARITABLE AcTIV￿lEs 2025 Total Restricted Unre81rieted 2024 Total R05trlcted Unrestrlcted VÈnufy f88s and royallies Fees tra￿ing. WDrk5tW5 arKJ othwartlslc Thealre Tax RelEf IrrRI Access lo Work 42,591 35.436 8.293 42,s91 35.43e 8.293 89,820 52.976 40,002 20.766 52,976 40.002 20.766 90.988 89.820 90.988 Total incomo from tharitable activit188 89,820 86,320 176.140 90,988 113,744 204,732 INCOME FROM OTHER TRADING ACTWITIES 2025 Total Restrlcted Unre8tr1¢ted 2024 Total Restricted Unrestrrcted Income from hire of space arKI equipment Salès ol mérchandise and Other Income 23,386 21.440 23.386 21.440 48.820 26,628 48.820 26,628 Total inGome from other tradlrry actsvltle8 4826 44,826 75,448 75.448 INCOME FROM INVESTMENTS 2025 Total Rpstrictsd Unrestricted 2024 Total Re5tri¢ted Unrestricted Interest on depowl accoun15 23,081 23.081 25,113 25,113 Total incomE frorn investment¥ 23.081 23.081 25.113 25,113 26 The Graeae Th9atr8 Cornpany Limited IA Company Limited by Guarant9•1 Note5 to th& Fillanc131 Statpments For the Year Ended 31 March 202S Icontinuodl EXPENDITURE ON R￿sING FUNDS 2025 Total RestriGted Un¥E$trlcted Re5tricled Llnrestrlcted 2024 Total Expendilure on raising grants and donations E¥p8nditure on dlgitgl infrasiruclure E¥perKJilure on other Iiading aciivthe5 Support cosis for raislw fJnd5 53.478 53,478 17.533 6,657 17,533 66,657 84.321 34.428 130.739 84.321 34,428 116,989 10.199 109,651 119.85D 13.750 Total expenditur• on raising funds 27,732 163,129 190,861 98,C171 218,074 316.145 In 2022-24 the company was award8d fundiDg from the B1￿mb￿9 Digllal Accelerator Programme lo b8 Lised in the deveknpmenl of its websrte and audiences. Expenditu￿ against thi% programme is ￿D￿ded as restr￿le￿ dwJital infraslnKture in expen¢fiture on raisrng fund& EXPENDrruRE OM CHARITABLE ACTivYfiES 2025 Total R88tricted Unrestricted 2024 Total Re$triGt£d Unrestrlctéd ProdLrctions and other arti%lic Supwn o)$15 f￿ produclvns 8nd otherarti5ti Training. e￿l￿alK)n aThJ learr¥ng ITELI Support costs for TEL 3.000 32,787 134,489 43,834 161,200 348,559 95.347 464.251 164.2 381,346 229,836 508.085 190,059 333.572 5.745 323,597 1￿,059 372,777 184,376 361.630 39.20S 178,631 38,033 Total expenditure on charltable a¢tJvltie$ 214.110 1,089.35Y 1,283.467 255,869 852.973 1,108.842 27 The Graeae Theatre Company Limited IA Company Limited by Guarantee Notes to the Financial Statements For the Year Ended 31 March 2025 IcontÉnuedl ANALYSIS OF SUPPORT COSTS Support ¢os1$ 8re allocaled by m8nagement estimates of the proportion of staff lime spent supporting the three main activities. as follows.. Raising Productions Training funds and other ediJc81ion artistic and learning Total 2025 IOOO/o location for year ended 31 March 2025 12Y. 38V. 50/. Staff Prèmises Administration 61,022 40,536 18.292 192,235 130,308 58,803 255,256 174,214 78,615 508.513 345,058 155,710 119.850 381,346 508,085 1,009.281 Total 2024 100° Allocation for year ended 31 March 2024 15% 430 Staff Premises AdrninistratlDn 65,530 49,530 15,679 186,845 141.226 44.706 181,258 137,003 43.369 433,633 327.759 103.754 130,739 372,777 361,630 865,146 ANALYSIS OF STAFF COSTS Em lo ee 2025 2024 Salaries and wages Social secuiily costs Pension Gosts Settlement Payment 520,054 51.109 36,564 10.000 507,649 44,145 34,889 Total employe@ costs 617,727 586,683 The company operates a defined contribution pension scheme. Al 31 March 2025, there were 16 employees12024.' 171 with rptir8menl benefits accruing under this scheme. The average head COLJnl Inumber of staff employed) on the payroll durin9 the year (including casual and parl-lime staff) was 17.5512024.. 17.251. The average number of ILJII-tsme equivalenl emplr>yees on the payroll during the year lincluding casual and part-time staff) was 1412024.. 131. 28 The Graeae Theatre Company Llmited IA Company Limited by Guarantee) Notes to the Finan¢ial Statement5 For the Year Ended 31 March 2025 Icontinuedl ANALYSIS OF STAFF COSTS Iconlrnuedl There were two employees during the year with emoluments lexcluding pension contributions) above £60,00012024'. two).. Jenny Sealey1£66.6251, Kevln Walsh1£62,9621. The key managerllent personnel 8re the trusle8S, the Joint Chief Executwe Officers, the Deputy Art151ic Director and the Finance Director. The trustees were not paid during Ihe year or the prior year. The salary and pensions paid for the othèr key management pe150nnel in respect ol their services to the charity are shown below. 2025 Tolal Salary Pension Managernent Personnel 4 roles 214,316 24,764 14,567 253,647 253,647 2024 Total Salary Pension Management Personnel 3 roles 178,750 20,902 12,303 211,955 211.955 Pay multiples of lull lime equivalent earnings lor monthly paid staff at the start of the financial year Highest lo median Highest to lowest 2025 2024 Non- In addition to ernployges paid through the payroll the company contracts with specific individvals to provide 5ervic8s in relation to the company's actiwtos. These Individuals include actors. musicians. director5, choreographers. designers, stage m8nagers. duty managers, practitioners, facilitators, access support wtsrkers, interpreters, fundraisers. tllarkeling consultants and financial consultants. The total costs associated wilh these additional individuals is-. 2025 2024 247,451 295,849 Settlement Payment A seltlement was reached on 5 August 2024 as a r8suIt of ¢oncilliation action through acas. 10 NET INCOME BEFORE TRANSFERS 2025 2024 N8t income before transfers is slated after charging.. Depreciation Auditor's remuneration Istatulory audit) 85,770 22,225 87,849 15,180 29 The Graeae Theatre Company Limlted IA Cornpany Llmited by Guaranteel Notes to the Flnancial Ststements For the Ygar Endod 31 March 2025 IcontlnuEdl 11 FIXED ASSETS Herltagè assEts Cornputer Equipment Producllon OffJ¢e Equipment Equipment Lèasehold Property Totjl COST Al l Aprli 2024 Addl1￿)n5 Di5POS81s Al 31 M8rth 2025 1,300 61.969 658 124.326 120,031 2.443,033 415,967 2.750.659 416.623 11,955 3.155,327 11.955 108,076 124,326 2,859 000 DEPRECLATION Al 1 April 2024 Charge for the year DIspos21s Al 21 March 2025 60,728 776 124.328 112.544 3,559 11.955 104148 1,200,060 81.435 1,497,658 85.770 11,955 1,571,473 61.504 124,326 1,281,495 NET 800K VALUES Al 31 March 2025 1,300 1,121 3.928 1,577.505 1 583,854 At 31 March 2024 1,3W 1.241 7,487 1,242.973 1,253.001 The heritage asset 15 a paindng of Nabil Shaban by Eleanor Johnson which was dDnaied to the ¢ompany in N0ve￿ber 2016. 12 DEBTORS 2025 2024 Trade debtor5 Other debtors pr&paym8nts Deferred pri)duct￿n c051s 13.513 608.668 25.330 36.797 88,774 19,673 647,509 145,244 13 CREDITORS.. AMOUNTS FALUNG DUE wtTHIN ONE YEAR 202S 2024 Trade creditor5 Oth8r taxe5 and social securty Other credilors and accruals 68.676 11,413 123.203 11,985 15.976 38.903 203.292 66,864 The company operates a defined conirrtjulion Schemè for its employees. There were ¢ontriLiubons due in creditors or £4.748 al 31 March 2D2512024.. E4,2101. The Graeae Theatre Cornpany Llmiiod IA CoTnpArty Limited by Gvarantepl Note$ to tho Flnaficial Slatoments For Ihe Year Ended 31 March 2025 Icontinuadl 14 MOVEMENTS IN FU14DS At 31 Marth 2U24 Income Exptrndlturg Transfers Transfers to General from General At 31 March 2025 Restri¢t•d d5 Leasehold prowiy Lessthld prowly improvemen15 Equipmenl graThlÈ ACE Translorming leadership Cross proiecl graqts Produclions and other artistic activities Training, educalion and learning Acces5 to Work 1.237.728 181.3741 1.155.3Y 415,967 415.967 1,492 1,128 8.166 25.719 117.5331 13.(NJOI 1134.4891 186.8201 3,000 87.268 66.820 78.721 29.500 Total rostrlcted funds 1.341,660 593,055 124J,8421 181,7381 1,611,135 Unrestricte nds Desi9natad funds New writsng Ivn 35,ODO 30.000 138.8241 3.824 30.000 3.000 2,000 20,000 10.233 35.000 100.000 Train1ng, education 8nd I￿a￿4n9 arkeliry fund Slraiegic devdopmeni rund Fixed a5sel lut Producllons and Other arts51ic aGtsvilies Sinking fund 12,8811 5,881 2.000 20,000 12,732 12.4991 35.000 100,(M)O Totsl designated lunds G•noral funds 199.732 951.342 12.4991 84.237 44,705 144.7051 200.233 778,314 978.221 11.190,7811 Total unr•stricled 1,151,074 978,321 11.232,4861 81,736 978,S47 Tot•1 funds 2.492.734 1,571,276 11,474.3281 2,589,682 Summary ol Iransfers betwe￿ ￿Stricted funds and unresiricled tunds Deprpualion of zssels puich25ed with restricted funds 181.7381 81.738 31 Th6 Graeae Theatre CompaTry Limlted IA Comp4oy Limited by Guaranteel N¢t•$ to tho Fln8n¢lal Statemen13 For the Year Endod 31 March 2025 Icontinuedl 14 MOVEMENTS IN FUNDS At 31 March 2023 Incomè Expendlturo Transfers Transfers to General frDm General At 31 March 2024 Restricted fund Leasehold property Equiprnenl grenls Cros$ project granls Productiorps and other ar1151ic activities Training. erfucalion afid reaming Access lo Work 1.318,861 3.37a 85.040 1,237.728 1.492 25.719 25.000 184,3211 91,590 163.762 90.988 76.721 190.9B81 Total rostrlcted fvnds 1.498,B61 279,7SO 1353.9401 183.0111 1,341.860 Unipstrlcted hjnds Designated funds New wriling lun 35.000 40.000 20,000 lo,￿0 20,￿0 17.563 25.000 100,000 35.000 30.000 Training. education and learnin9 Markeling fund Strat4iC developmenl fund Fixed asset fund Ac*ss lund Sinking fund Lgasehold property op8rat￿nal fund Leasehold property Capital fund (lo.￿0> 114.2551 18,OiXII 15,7451 20.000 12,732 {4,8311 125.0001 I￿,000 30.(KIO 134.4281 4.428 Yotal de3i9nated funds G•noral lunds 297.563 7￿,274 140,1731 11,030.8741 162.0661 145.097 4.428 4.4281 199.732 951.342 1.058.273 Total unrestrlrt8d funds 1,aBO,837 1,OSB.2T3 11,071,047) 83.011 1,151,074 TDt81 funds 2,579,698 1,338,D23 11,424.9861 2,492,734 Sumrnary of Iransfers belween restricted fund5 and unres1rlc￿d ￿ndS Depreciation of assets purchased wilh rF51riGled fund5 83.D11 83.011 The Graeao Theatre Company Limited IA Company Llmited by Guarantee) Notes to the Flnancial Statomonts For the Year Ended 31 March 202Slcontinuedl 14 MOVEMENTS IN FUNDS Icontinu•dl Restricted fund5 L68seholtl property fund The 1&8sehold property fund was s81 up in 2007-08 lor funding received in the development ol the Bradbury Siudios. The building was acquired under a 30-year lease. An annual depreeialion charge wa5 appli8d during the year. Leasehold property Improvements During th6 year. Graeae undertook a capital project.. investing in a new layout which would allow for more disabled-led organisalions to be ba58d on site and to iTnprove access lor its many visitors and staff. The overall cost of the capital project will be c.£590,450, Incurrèd ovèr the period November 2024 October 2025. During the year 2024-25, the physical build was completed. incuring costs of £345,071. Income for this was received trom Arts Council England's Capital Project Grants Fund. Works were capitalised during the year ènd will be depreciated in future years. Equipmenl grants These funds reprèsent grants recelved to contribute to Ihe cost of purchasing. developing or Tnaintaining specific assets. No grants were received during the year12024.. £nill. During thè year £149212024.. £1.8781 was applied lor depreciation on the assets purchased, maintenanc8 Costs, and costs incurred on equipm8nt no longer being developed. Crc>ss project grants These are grant5 that support a range of Grae8e's activities. During 2024-25 Graèae spent against the £150,000 grant received from Bloomberg Philanthropies as part ol their Digilal Acc&ler8tor Programm& In prewous years. £17.533 was spenl in 2024-25. 12ts23-24. £88,8191 Productitins and other artistic activities The￿ was one restricted prodLl¢tion grant lor £3,000 received and expended in 2024-25 12023-24.. £01 Training. education and learning Grants lot8llino £78,76812024.. £152,434) were received in the y88r to eontribute lo the costs of the youth programme. Beyond project and other workshop activities. R85tricled funding of £64.694 from Esrnee Fairbaim was carried forward and spent in the year. 11 was combined with unrestricted funds In Ihe delivery of the Write to Play programme. All funds for this programm8 were spent in the year, though a new schedule of work is planned lor 2025-26. A grant of £8.500 w85 rec6ived in the year from Esme8 Fairbairn Foundation toward5 Staff developm8nt in DEI and leadership. Access to Work The company receives fund5 from the Department of Work and Pension's "Access to Work scheme. The scherne enables the corrpany to reclaim some ol Ihe additional costs incurred in setting up and providing work-relaled access support. 33 Notes to thè Financial Statements For th8 Y&ar Ended 31 March 2025 Icontinuedl 14 MOVEMENTS IN FUNDS Icontinuodl- Unroslricted funds General funds General funds represent those funds that are unrestricted and are not designated for other specific purposes. New Writing fund Esmee Fairbaim have supported new writing al Graeae for many years. In 2023-24 they gave thè organisation a restricted grant of £107,500 for activity to be carried out until March 2025. This, combined with £35,000 of unreslricled grants and £3.824 of other unreslrided income, as spent during the year. New activity is planned for 202>26, bLJI funding for this is recewed in July 2025, $0 does not feature in the funds for this year. Productions, Artistic activities & Artistic Fund The artistic fund allows the company lo develop a more strategi¢ and ambitious programrne in the future. The Board has agreed to maintain the fund al £30,000 lo support activity in future years where Thatch funding may be hard tD secure. The second of two yearfs unreslricled funding from Garfield Weston Foundation of £35,000 was brought lorward lo 2025-26 to support the development ol Bad Lads. Training, eduGal￿n and leaming fund Two grants towards the Beyond prografflme. lotalling £3,000, were brought forward lo 2025-26. Marketffng fund The marketing fund is available lo support marketing and publicity costs ot future projects. This fund is maintained at £2,000 at 31 March 2025. Strategic Development Fund The strategic development fund supports investment in succession planning, skills development, strategic advice 2nd fundraising aclivilies. This fund was not ulilised during 2024-25 due lo existing audience development grants and a staff training grant received mid year. Al 31 March 2025 the Board has agreed lo keep this fund at £20,OOD for the purposes of the development of our new fundraising programme and corporate workshop strategy. Fixgd 85Set fund The fixed asset fund Is lo cover the cost of purchasing and replacing T￿ed a55els where these are not funded by specific grants. During the year £4.03212023.' £4,838) was ulilised in respect of depreciation on assets and £1,533 of new assets were capilalised Dutside of ihe scope ol the capiial project. Sinking fund The sinking fund has been sel up lo cover equipment maintenance, general wear and lear of the building and unplanned maintenance. The fund was not utilizéd during the year.12024'. £01 The Board has agreed io maintain this fund al £100,000 al 31 March 2Q25 34 The Graeae Theatre Company Limitèd IA Compaw)y Llmlted by Guaranteel Note5 to the Financial Statements For the Year Ended 31 March 2025 Icontlnuedl 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Total Restricted Unrestricted Unrestricted Gen8ral Designated Fixed assets Current as5els Current liebilitias 1,572,321 109.710 170,8961 1,300 909,410 1132,3961 10,233 190.000 1,583,854 1,209,120 1203.2921 At 31 March 2025 1,611,135 778,314 200,233 2,589,682 2024 Total Restricted Unrestricted Unrestrictèd General Designated Fixed assets Current assets Current liabilities 1,237,728 113,448 19.5161 1,300 1,007.390 157.3481 13,973 185,7S9 1,253,001 1,306,597 166.8641 At 31 M8rch 2024 1,341,660 951.342 199,732 2,492,734 16 CAPITAL COMMITMENTS The capital project, which started in 2024-25. continues into 2025-26. The overall budget lor the project is £595.450, which is Covefed through two orants (Arts Council England's Gapital Investment Progratnme £445,450. Foyle Foundation £25,000) and a donation (Bradbury Foundation £120,000). At 3113125, £345.071 was spent against the project, leaving £250.379 left lo spend. Overall project costs of £470.568 were committ6d al year end. including the £345,071 already spent. 35 Thè Graeae Theatre Company Limlted IA Company Limited by Guaranteal Notès to the Flnancial Statements For the Year Ended 31 March 2025 lcontinuedl 17 OPERATING LEASE COMMITMENTS At 31 March 2025 the chanty was committed to making the following p8yments under non- canc¢ll8ble operating leases.. 2025 2024 Land and buildings - operating lease5 payTnents duo In under one year Later than one year and not later than two years Later than two yeaTS and not later than five years Later than five years 120,000 120.0(K) 120.000 120.0 360,000 360,000 995,507 1,115,507 1,595,507 1.715,507 Plant and machinery . operating lease5 payments due In under one year Later than one year and not later than two years Lsl&r than two years and not later Ihan live years 2,000 2,000 1,000 5,000 The lease agreement lor the premlses at Bradbury Studios is subject lo a quinquennial rent review. (see also noie 191. The next review is due al 18 July 2028. The company renewed a lease on a store in Erith for one111 year. expiring on 28 April 2025. Contracts for printer provision and Maintenan￿ were wound down during the year and replaced once the Gapilal project was complete. 18 LEGAL CHARGE On 24 Nov8mb@r 2008, Ihe corllpany signed a lease rglalin9 lo premises al Bradbury Studios, 138 Kingsland Road, London, E2 8DY for a term 0130 years expiring 17 July 2038. The lease premium paid was £1,000,OQO plus VAT of £175,000. Arts Council Eng12nd IACEI provided a grant lo cover the cost of the preFnium and othtrr costs relating lo the premises. 11 was a condition of the grant that ACE have a fixed and floab.ng security over the assets of the company. The charge is also dated 24 November 2008. 36 The Graeao Theatre Cownpany Limited IA Company Lirnitod by Guarant8el Notes to the Financlal Statement5 For the Year Ended 31 Mar¢h 2025 Icontlnuedl 19 RELATEO PARTY TRANSACTIONS Tru5te8 8X enses 2025 Nathan Cros5an-Smith Samanlha Tallow 203 go oam NiemDer Ayzan Anmea Is also engagea In a Ire81ance ¢apac51y as Youn9 A5sociaie. Ayzah came through Graeae'5 Young Company and is now starting life as 8 professional artist. It is important that the next generation ol artists are represented ori Graeae's Board. The paymen1$ for work delivered are linked to running workshops for the next Young Company cohort and are not renurneralion for her responsibilities as Board Member. Ayzah received £910 for work delivered in the period. No Tru5t8es were renumeraied for attendarn￿ at Board meetings or work undertaken by th8 Trustees 37 The G¥aeae Theatre Cornpany Llmitgd IA Company Limited by Gljaranteel Notes to th8 Financial Statements For ÈhÈ Year Ended 31 March 2025 Icontlnuedl 20 OTHER GRANTS RECEIVED 2025 Total Restrl¢t¢d Unrestrlcted 2024 Total Restrlcted Unrestricted Note 2- income from doTration5 Garfield Weston Bloombèrg Oji181 Accelerator Programme City Bridg& Foundation Esmée Fairbairn Foundation Kèith Howard Fourvjabon Beyood Htsll Projecl Funding Katie Bradford Art5 Trust Theatre Partr*r5- m￿roOursar￿s British cl￿nCil 8anulade5h WOW Liverpool Everyman Backstage Trust Mackinlosh FOl￿dat￿n Chapm8n Trust 35.000 35,000 35.000 35.000 25.000 56.012 1CQ,000 3,000 3.000 1.000 1,750 250 25.(M)O 56.012 100.000 3.000 3,000 54,018 8,500 54.018 8.515 3.000 3.000 I,0(M) 1,750 250 750 20.000 2,000 2,WO 20,000 2,000 2.000 B7,268 38,015 125,283 188.762 36.2SO 22S,012 21 POST BALANCE SHEET EVENTS None 38