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2025-03-31-accounts

Company number: 01962950 Charity number: 294282

THE BARBICAN CENTRE TRUST LIMITED (A company limited by guarantee)

Financial Statements 31 March 2025

THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Contents

Chair’s letter ........................................................................................................................................................2 Chair’s letter ........................................................................................................................................................2
Reference and administrative information ..........................................................................................................4
Report of the Trustees (incorporating the Directors’ report) ...............................................................................5
1. Reference and administrative details ............................................................................. 5
2. Structure, management and governance ....................................................................... 5
3. Objectives and Activities for the public benefit ............................................................... 6
4. Grant Making Policy ....................................................................................................... 6
5. Achievements and performance ..................................................................................... 6
6. Approach to Fundraising ................................................................................................ 7
7. Financial review and reserves policy .............................................................................. 8
8. Future plans .................................................................................................................... 8
9. Statement of Trustees’ responsibilities in relation to the financial statements ............... 9
10. Small company provisions .............................................................................................. 9
11. Approval .......................................................................................................................... 9
Statement of financial activities ....................................................................................................................... 14
Balance Sheet ................................................................................................................................................. 15
Statement of cash flows................................................................................................................................... 16
Notes to the financial statements .................................................................................................................... 17
1. Accounting policies ....................................................................................................... 17
2. Donations: Grants and gifts income by fund ................................................................ 18
3. Grants Paid ................................................................................................................... 20
4. Expenditure on Charitable Activities ............................................................................. 20
5. Debtors ......................................................................................................................... 20
6. Creditors: amounts falling due within one year ............................................................ 20
7. Analysis of net assets between funds .......................................................................... 21
8. Movement of funds during the year to 31 March 2025 ................................................. 21
9. Status and members .................................................................................................... 21
10. Related party transactions ............................................................................................ 21

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CHAIR’S LETTER

It is with great pleasure that I present the Barbican Centre Trust’s accounts for 2024/25. All of us at the Trust are deeply grateful for, and inspired by, the wonderful community of our supporters who continue to enable the Barbican mission – to be a catalyst for creativity, sparking possibilities for artists, audiences, and communities.

Last year, the Barbican Centre welcomed over 1.5 million visitors, returning to the Top 20 most visited attractions in the UK. This achievement reflects the collective creativity, dedication, and collaboration of artists, creatives, partners, associates – and the hundreds of Barbican staff – who created such an inspiring and welcoming experience.

The myriad events the Barbican put on last year would not have been possible without generous support from trust and foundations, cultural institutions and embassy partners, corporate partners, major donors, Patrons and thousands of individual supporters donating onsite and while purchasing tickets. In 2024/25 combined income to the Trust and contributions to the Barbican Centre from corporate membership and sponsorships reached £2.2m.

With the funds raised the Barbican delivered another rich and thought-provoking, artistic programme.

Purple Hibiscus was the Barbican’s second site-specific public art commission responding to the iconic architecture and heritage of our brutalist building. From April to July 2024, more than 387,000 visitors engaged with this exceptional, free-to-visit commission – becoming the largest audience for a Visual Arts intervention in the history of the Barbican.

Cate Blanchett and Tom Burke returned to the stage in Thomas Ostermeier's hit production of Chekhov’s THE SEAGULL, while Finn Beames – the recipient of the Barbican-backed Oxford Samuel Beckett Theatre Trust Award – made his debut in the Pit, with Quiet Songs starring Ruth Negga. These shows formed only a small part of the Barbican’s theatre offer, which continues to be recognised as one of the strongest in London, and which attracted more than 267,000 audience members last year.

The Concert Hall and the Milton Court hosted more than 290 shows with emerging talent, radical ensembles, world-renowned orchestras, and outstanding bands and soloists. They also staged free concerts in the Foyer,and co-produced a spectacular show at St Paul’s cathedral. Highlights included Venezuelan superstar conductor Gustavo Dudamel returning to the Hall, leading both Los Angeles Philharmonic and the Simón Bolívar Symphony Orchestra. Maestro Dudamel, who has spent years advocating for young people, education and access in music, conducted a landmark performance of Beethoven’s Fidelio, in which the D/deaf actors of the Deaf West Theatre and musicians from LA Phil united onstage.

The cinemas showcased the best selection of films from more than 80 countries and regions: from international blockbusters, through intimate arthouse and international movies to the eclectic programme of the Outdoor Cinema, cinephiles could choose from more than 500 titles and 3,146 screenings. We also continued our successful programme of ScreenTalks with creators such as Alex Garland, Carrie Coon, Elizabeth Olsen, Jesse Plemons, Mike Leigh, Sean Baker, Steve McQueen, and Yorgos Lanthimos.

Alongside the artistic programme we remain committed to creating access, visibility and creative opportunities for underrepresented groups and communities. Our Public and Community programme engaged over 51,000 people, while family-oriented events brought joy to more than 22,000 children, parents and carers. Over the year more than 2,000 students and teachers from over 70 schools across London and beyond took part in our creative learning opportunities

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CHAIR’S LETTER (CONTINUED)

In other positive news, the Barbican welcomed the City of London Corporation’s approval of a £191m funding package to support critical repairs and upgrades in the first phase of the Barbican Renewal programme. This milestone sits alongside the launch of a major fundraising campaign to enable the restoration and refurbishment of key public spaces including the foyers, lakeside and conservatory, the largest of its kind in central London. The Trust will play a vital role in raising funds to open up these spaces to everyone, activating them with creative community and learning programmes, and major sustainability improvements across the site.

Finally, I would like to thank Farmida Bi CBE, who concluded her term as Chair in May 2025. Farmida provided exceptional leadership during the challenging post-pandemic recovery period and remains a close ally and a supporter of our work. Over her years on the Trust, Farmida played a key role in championing our fundraising efforts, cultivating donor relationships, as well as providing guidance and support to the charity. She also diligently served as a highly effective representative of the Trust on the main Barbican Centre Board.

Our immense gratitude also goes to Trustees Tony Chambers, David Kapur and Kendall Langford, who stepped down in May after providing outstanding service and support throughout their tenure.

Robert Glick OBE , Chair

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2025

Registered Company/Charity Name: Barbican Centre Trust Limited

Company number: 01962950

Charity number: 294282

Trustees:

Farmida Bi CBE (Chair) (until May 2025) Stephanie Camu Tony Chambers (until July 2025) Cas Donald David Farnsworth Robert Glick OBE (Vice Chair) David Kapur (until May 2025) Ann Kenrick Kendall Langford (until July 2025) Tom Sleigh (until May 2024) Claire Spencer AM (until July 2024) Sir William Russell Sian Westerman

Company secretary: Ebony-Gale Ward

Registered Office: Barbican Centre Silk Street London EC2Y 8DS

Auditor:

Moore Kingston Smith 9 Appold St London EC2A 2AP

Bankers: Lloyds Bank Plc City Office PO Box 72 Bailey Drive Gillingham Business Park Gillingham Kent ME8 0LS

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The Trustees (who are also the directors of the Trust for the purposes of company law), present their report and the audited financial statements for the year ended 31 March 2025. They have been prepared in accordance with the recommendations of the Statement of Recommended Practice– Accounting and Reporting by Charities (FRS102 SORP), updated in January 2019 and comply with applicable law.

1. Reference and administrative details

Reference and administrative details are shown on page 4 of the financial statements.

2. Structure, management and governance

The governing documents and constitution of the charity

The Barbican Centre Trust Limited (the Trust ) is a charitable company limited by guarantee incorporated on 21 November 1985 and registered as a charity on 7 May 1986. The company was incorporated with a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association (the Articles ).

The Trust reviewed its Articles in 2022, and a resolution was passed to modify the Articles in November 2022. The modified Articles were submitted to and filed at Companies House and the Charity Commission.

The Board of Trustees

The Trustees who served during the year to 31 March 2025, are listed on page 4.

The company’s Articles of Association provide that the following shall be ex officio Trustees:

Claire Spencer AM, CEO (until July 2024) of the Barbican Centre, David Farnsworth, Interim CEO (from November 2024) of the Barbican Centre, Tom Sleigh Chairman of the Barbican Centre Board (until May 2024), and Sir William Russell, Chairman of the Barbican Centre Board served as Trustees during the year.

In addition, the Articles provide that the Trustees who are elected Members or officers of the City of London Corporation shall not form a majority of the Board of Trustees.

Care is taken to ensure an appropriate mix of skills and knowledge among the Trustees. New Trustees are identified and appointed by the remaining Trustees. New Trustees receive an induction and ongoing Trustee training is undertaken when considered appropriate.

The Board reviews its own performance. The Trustees assess how the Board functions as a whole, and, where appropriate, make changes. The Board also reviews the individual performance of its members. The Chair reviews the performance of each member, their contribution and the possible further development of their skills. Following discussions with other Board members, the Vice Chair similarly reviews the performance of the Chair.

Management of the Trust

The Board met 3 times during the year. At these meetings the Trustees approve all the activities of the Trust. The Trust has no employees; the Barbican Centre (as a department of the City of London Corporation) provides certain services to the Trust. Trustees therefore consider themselves to be the ultimate decision makers for the Trust.

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS’ REPORT) (CONTINUED)

Risk management

The Trustees regularly review the significant risks of the Trust, assess their likely impact (probability and magnitude) and consider the best ways of managing the risk. The Board reviews financial performance and risks at each Board meeting.

Given its high public profile, negative press or social media coverage to the Barbican Centre could have an associated impact on the Trust. The Trust mitigates this potential reputational risk with a system of media policies coordinated between the Barbican Centre and Trust.

The Trust also ensures that the risk of an inability to meet financial commitments is mitigated by ensuring it never makes a grant until incoming funds have been received and keeping running costs to the lowest level manageable.

The Trustees are satisfied that all other risks have been identified and that systems are in place to manage those risks.

3. Objectives and Activities for the public benefit

The objectives of the Trust are:

To support, promote and encourage people in London, the United Kingdom and globally to discover and appreciate the arts through:

(1) artistic, cultural and educational activities generally;

(2) artistic, cultural and educational programmes and activities run by the Barbican Centre; and

(3) the maintenance and development of the Barbican Centre as a centre of the arts, culture and education

The Trust fulfils these objectives by raising funds and making grants towards the furtherance and enhancement of the arts and educational activities of the Barbican. This includes both revenue funding and capital projects.

By focusing on these areas we achieve our strategic priority of supporting and enabling a diverse range of projects, programmes and public performances at the Centre for the benefit of visitors and the wider community.

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities.

4. Grant Making Policy

The Trust has established its grant making policy to achieve its objects for the public benefit to improve and develop artistic taste and the knowledge, understanding, education and appreciation of the arts. Restricted grants are made to the Centre in accordance with the restriction identified by the donor. Unrestricted grants are made to support the wider needs of the Centre.

5. Achievements and performance

The trust has raised total of £2,285,769 (23/24: £1,002,167) from grants and donations, including £1,825,568 (23/24: £543,618) restricted to specific projects or activities and additional £460,201 (23/24: £458,549) of unrestricted funds, mostly from the Patrons scheme and Audience Giving.

The work of the Barbican Centre is underpinned by its mission of being London’s creative catalyst for arts, curiosity and enterprise and led by its core values of being joyful, inclusive, connected, daring and sustainable. The Barbican Centre receives a direct core contribution from the City of London Corporation alongside income generated from box office, commercial activities, and fundraising, including via the Barbican Centre Trust.

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS’ REPORT) (CONTINUED)

We are hugely thankful to the many trusts, foundations and cultural institutions that have supported our work over 2024/25. These include, but are not limited to, the City of London Corporation Community Infrastructure Levy Neighbourhood Fund, who supported our work with local communities; the Bagri Foundation and Henry Moore Foundation who supported Citra Sasmita’s Curve commission, Into Eternal Land ; and the John S Cohen Foundation and CHK Foundation who have supported our work with schools. We were also delighted to receive the support of Cockayne - Grants for the Arts, a donor advised fund held at the Prism Charitable Trust, and the Stanley Thomas Johnson Foundation, ahead of our Giacometti: Encounters series from May 2025-May 2026.

We are incredibly grateful for the ongoing support from some of our most committed and generous individual donors including Professor Henrietta Moore, Marcus Margulies as well as Trevor Fenwick and Jane Hindley. We also celebrated the most successful year to date with 43 new individuals signing up to become Patrons.

Last year was hugely successful for Audience Giving. Onsite donations picked up with increased activity around popular shows in the Centre and the new Conservatory commission as well as through gifts added to the tickets purchased online.

6. Approach to Fundraising

The fundraising approaches taken by the Barbican Centre Trust and Barbican Centre staff involve:

Gifts are solicited by Barbican Centre Trustees and Barbican Centre staff. There are no third-party professional fundraising organisations working on behalf of the Barbican Centre Trust.

The Trust is registered with the Fundraising Regulator, the independent regulator of charitable fundraising. The Barbican Centre Trust is also an organisational member of the Institute of Fundraising.

The Development department undertakes regular reviews of the Code of Fundraising Practice, and endeavours to keep abreast of changes in legislation, regulation and best practice in fundraising. Review of the Ethics Policies currently undergoing in the City of London will inform and shape Barbican Centre Trust Fundraising Policy.

Fundraising activities are designed to offer a positive experience and enhance relationships with individuals, grant makers and businesses. Any feedback is responded to and practices reviewed. Neither the Trust nor the Barbican received any complaints from donors or members of the public about its fundraising practices this year.

There are no Exemptions from disclosure.

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS’ REPORT) (CONTINUED)

7. Financial review and reserves policy

During the year the Trust received £2,662,523 (2024: £1,333,959) in grants, donations, gift aid disbursements and interest. Grants were made to the Barbican Centre totalling £1,552,339 (2024: £1,328,935). These figures exclude corporate membership and sponsorship income, which is received directly by the Barbican Centre.

The cost of providing Support Services to the Trust (including the cost of raising funds) amounted to £260,102 in 2025 (2024: £230,205) and is based on a portion of the salary costs of 15 (2024: 13) City of London Corporation employees. Support Services are recognised as ‘donated services’ and are included as donations within Incoming Resources and Charitable Activities within Resources Expended.

The Trustees consider it necessary only to retain a relatively low level of £60,000 of free reserves, to meet the low net expenditure on running costs. It is the policy of the Trustees to maintain sufficient reserves within the Trust to meet all future commitments in full, and this is supported by a further Trustee policy of only committing to grants once income has been received into the Trust.

The accumulated reserves as of 31 March 2025 totalled £1,217,266, of which unrestricted reserves were £306,949 (2024: £248,299). Restricted reserves were £910,317 (2024: £137,242). With unrestricted reserves held in excess of the reserves policy at the end of the financial year, the Trustees aim to expend these in line with the charitable objectives in the next financial year.

8. Future plans

As we enter the second half of the decade, the Barbican Centre’s focus turns to the shared goals, outlined in its strategic framework. Transformation of the building and major improvements to infrastructure will be accompanied by a refreshed approach to artistic programming and continued investment in people and culture.

With the appointment of Abigail Pogson as permanent CEO, the Barbican Centre enters a new chapter – one that reaffirms its role as a cultural leader in the UK and internationally.

Looking ahead, the Centre has exciting plans to engage new audiences and fuel the creative ambitions of the many artists and creatives it works with. The Trust will continue to support this work, and priorities for 2025/26 include:

  1. Excite and Engage Audience and Communities – Barbican 2023-2026 Audience Strategy aims to increase and diversify audiences, using data-driven insights to build the capability and culture needed to put audiences at the heart of what they do. The Director for Audiences will lead implementation, including testing new revenue models which will be reinvested in the programme and customer experiences.

  2. Revitalise our Place - The Barbican Renewal programme is our plan to ensure every part of the Centre’s iconic site is restored, revitalised and relevant for future generations.

  3. Invest in People and Culture; EDI strategy and Anti Racism Action Plan – they will continue this transformation into an organisation where everyone belongs; one defined by fairness, equity, and a workforce that reflects the diversity of our community.

  4. Fuel Creative Ambition - Through our renewed artistic vision, the Barbican will devise, commission, curate and present programmes that spark creative possibilities and transformation for artists, audiences, and communities; to inspire, connect and provoke debate in the unique cross-disciplinary context of London’s creative catalyst.

  5. Building an Enterprising Business - Reflecting changes to its operating model, the Centre will adapt to remain vibrant, sustainable, and resilient

  6. Working in Line with Our Values - Catalysing difference to inspire, connect and provoke debate.

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS’ REPORT) (CONTINUED)

9. Statement of Trustees’ responsibilities in relation to the financial statements

The Trustees (who are also the Directors of the Barbican Centre Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Agreed Accounting Practice (United Kingdom standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the results of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

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

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

10. Small company provisions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

11. Approval

Approved by the Board of Trustees on 6 November 2025 and signed on its behalf by:

Robert Glick OBE Chair

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BARBICAN CENTRE TRUST LIMITED

Opinion

We have audited the financial statements of The Barbican Centre Trust Ltd (‘the charitable company’) for the year ended 31 March 2025 which comprise [specify the titles of the primary statements such as the Statement of Financial Activities (incorporating the Summary Income and Expenditure Account), the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

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

We have nothing to report in this regard.

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BARBICAN CENTRE TRUST (CONTINUED)

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s Responsibilities for the audit of the financial statements

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

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BARBICAN CENTRE TRUST (CONTINUED)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BARBICAN CENTRE TRUST (CONTINUED)

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

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

James Cross (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date: 17 November 2025 9 Appold Street London EC2A 2AP

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
Income £ £ 2024/25 £ £ 2023/24 Notes
Donations: income from grants and gifts:
Grants 3,300 1,589,967 1,593,267 - 336,115 336,115
Major Gifts 25,000 229,481 254,481 48,000 201,016 249,016
Memberships 228,083 6,120 234,203 190,056 6,487 196,543
Visitor Giving 203,818 - 203,818 220,493 - 220,493
Total income from grants and gifts: 460,201 1,825,568 2,285,769 458,549 543,618 1,002,167 2
Donations: other donated income
Donated Services 260,102 - 260,102 230,205 - 230,205
Gift Aid 53,394 9,886 63,280 54,695 15,748 70,443
Total other donated income 313,496 9,886 323,382 284,900 15,748 300,648
Other income:
Bank Interest 53,372 - 53,372 31,144 - 31,144
Total income 827,069 1,835,454 2,662,523 774,593 559,366 1,333,959
Expenditure
- -
Expenditure on Raising Funds 214,477 214,477 181,873 181,873
Expenditure on Charitable Activities 553,942 1,062,379 1,616,321 549,392 842,452 1,391,844 3,4
Total expenditure 768,419 1,062,379 1,830,798 731,265 842,452 1,573,717
Net income/(expenditure) for the year 58,650 773,075 831,725 43,328 (283,086) (239,758)
Transfers between funds - - - - - -
Net movement in funds 58,650 773,075 831,725 43,328 (283,086) (239,758)
Reconciliation of funds
Funds bought forward 248,299 137,242 385,541 204,971 420,328 625,299 5
Funds carried forward 306,949 910,317 1,217,266 248,299 137,242 385,541
----- End of picture text -----

All of the above results are derived from continuing activities.

The notes on pages 17-22 form part of these financial statements.

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

BALANCE SHEET AS AT 31 MARCH 2025

----- Start of picture text -----
2024/25 2023/24
£ £ Notes
Current Assets
Debtors 278,102 179,365 5
Cash at bank and in hand 955,263 221,662
Total Current Assets 1,233,365 401,027
Current Liabilities
Amounts falling due within one year 16,099 15,486 6
Net Current Assets 1,217,266 385,541
Net Assets 1,217,266 385,541
Funds
Restricted 910,317 137,242 7,8
Unrestricted 306,948 248,299 7,8
Total Funds 1,217,266 385,541
----- End of picture text -----

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

Approved by the Trustees and authorised for issue on 6 November 2025 and signed on their behalf by:

………………………………….. Robert Glick OBE Chair

Company registration number: 01962950

The notes on pages 17-22 form part of these financial statements.

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THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
2024/25 2023/24
£ £ Notes
Net cash provided by/(used in) operating activities 680,229 (401,610) (a)
Cash flows provided by investing activities
Interest receivable 53,372 31,144
Net cash provided by investing activities 53,372 31,144
Change in cash and cash equivalents in the reporting period 733,601 (370,466)
Cash and cash equivalents at the beginning of the reporting period 221,662 592,128
Cash and Cash equivalents at the end of the reporting period 955,263 221,662 (b)
(a) Reconciliation of net income from the reporting period to net cash flows from operating activities
Net income/(expenditure) for the reporting period
(as per the statement of financial activities) 831,725 (239,758)
Adjustments for:
Interest receivable (53,372) (31,144)
Increase in Debtors (98,737) (126,710)
Decrease/(increase) in Creditors 613 (3,999)
Net cash provided by/(used in) operating activities 680,229 (401,610)
(b) Analysis of cash and cash equivalents
Cash in bank and in hand 955,263 221,662
Total cash and cash equivalents 955,263 221,662
----- End of picture text -----

16

THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies

a. Basis of preparation

The accounts are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.

The Barbican Centre Trust meets the definition of a public benefit entity under FRS 102.

b. Key estimates, assumptions and judgements

The preparation of the financial statements requires the Trustees to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on the Trustees' best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. The Trustees consider that there are no key sources of estimation uncertainty.

c. Going Concern

The financial statements are prepared on a going concern basis which assumes the Trust will continue in operational existence for the foreseeable future. The nature of the Trust’s activities mean that it does not commit to making grants until such time as it has received funds from donors. The day to cost of running the Trust in the form of staff costs and office space are borne in the first instance by the Barbican Centre and not the Trust. The limited nature of the costs borne directly by the Trust are such that they can be met from the Trust’s reserves. The Trustees have considered the financial position of the Trust for a period of at least twelve months from the date of approval of these financial statements and are satisfied that there are no material uncertainties, over its ability to continue operating as a going concern.

d. Donated services

The value of donated services provided to the Trust is recognised in the statement of financial activities at their value to the Trust as determined by the Trustees in the period in which they are receivable and where the benefit is both quantifiable and material.

e. Income and expenditure

Donations and Grants receivable are recognised when receipt is considered probable, there is evidence of entitlement, and the amount can be measured reliably.

Expenditure on charitable activities comprises grants payable, an allocation of support costs provided by the City of London Corporation based on staff time and Governance Costs. Support costs are those functions that assist the work of the Trust but do not directly undertake charitable activities. Governance costs include the cost of the audit of the accounts, the costs of Trustees’ meetings and the cost of any legal advice to Trustees on governance and constitutional matters. Expenditure on raising funds includes costs incurred in generating income.

f. Restricted funds

Donations and other forms of voluntary income made for a specific purpose, as laid down by the donor, rather than to meet the general objects of the Trust are treated as restricted funds. Restricted funds are matched against the expenditure incurred for this purpose.

g. Unrestricted funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the Trust.

17

THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

h. Grants payable

Grants are included in the statement of financial activities in the year they become payable and have been communicated to a third party. This will not necessarily be the year the grant is awarded.

i. Debtors

Debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.

j. Cash at bank and in hand

Cash and cash equivalents consist of cash on hand and balances with banks, and investments in money market instruments which are readily convertible, being those with original maturities of three months or less.

k. Creditors

Creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

l. Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

m. Taxation

The Trust is a registered company and charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. The Trust is registered for VAT, during the year, the trust only received non charitable income that was Zero-rated for VAT.

2. Donations: Grants and gifts income by fund

Restricted income consists of multiple donations made by several generous funders towards specific Barbican Centre projects.

These included, but are not limited, to; Classical and Contemporary Music, Creative Collaboration, Theatre and Dance, the Visual Arts programme, and a cross-Centre project to support technology infrastructure.

18

THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Grants Received
Technology Infrastructure
Communities and Neighbourhoods
Classical Music Programme
Visual Arts Programme - Giacometti x
Creative Collaboration Programme
Visual Arts Programme - Citra Sasmita
Theatre and Dance Programme - Other (including MimeLondon)
Visual Arts Programme - Carrie Mae Weems
Visual Arts Programme - Other
Other Restricted Funds
Visual Arts Programme - Ibrahim Mahama
Theatre and Dance Programme - Mahabharata
Contemporary Music Programme
Grants Received - Restricted funds
Grants Received - All other unrestricted funds		 2024/25
2023/24
£
£
1,140,000
-
175,281
146,769
75,000
25,024
60,230
-
35,040
49,335
30,000
-
27,166
32,009
23,850
-
20,000
7,000
3,400
2,500
-
25,000
-
45,000
-
3,478
1,589,967
336,115
3,300
-
Grants Received - Total funds received 1,593,267
336,115
Major Gifts
Visual Arts Programme - Ibrahim Mahama
Visual Arts Programme - Pamela Phatsimo Sunstrum
Visual Arts Programme - Other
Contemporary Music Programme
Visual Arts Programme - Citra Sasmita
Classical Music Programme
Other Restricted Funds
Visual Arts Programme - Ranjani Shettar
Visual Arts Programme - Carrie Mae Weems
Major Gifts - Restricted funds
Major Gifts - All other unrestricted funds		 90,000
65,000
33,723
25,000
20,000
9,758
5,000
1,000
-
150,000
-
31,016
229,481
201,016
25,000
48,000
Major Gifts - Total funds received 254,481
249,016
Memberships
Theatre and Dance Programme 5,000
5,000
Visual Arts Programme - Other 1,120
1,437
Creative Collaboration Programme
Memberships - Restricted funds		 -
50
6,120
6,487
Memberships - All other unrestricted funds 228,083
190,056
Memberships - Total funds received 234,203
196,543
Visitor Giving
Visitor Giving - Restricted funds
Visitor Giving - All other unrestricted funds		 -
-
203,818
220,493
Visitor Giving - Total funds received 203,818
220,493
Grants & Donations - Total restricted funds
Grants & Donations - Total unrestricted funds		 235,601
210,980
460,201
458,549
Grants & Donations - Total funds received 2,285,769
1,002,167

19

THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

3. Grants Paid

Grant payments totalling £1,552,339 were made during the year (2024: £1,328,935), as follows:

Restricted
Unrestricted
Total		 2024/25
2023/24
£
£
1,062,379
842,452
489,960
486,483
1,552,339
1,328,935

The grants made by the Trust reflect the nature of the funds as received and their intended purpose.

4. Expenditure on Charitable Activities

----- Start of picture text -----
2024/25 2023/24
£ £
Grants to the Barbican Centre 1,552,339 1,328,935
Support costs for grant administration 49,324 54,957
Governance:
Audit Fees 14,658 12,552
-
Prior year over-provision (4,600)
Total 1,616,321 1,391,844
----- End of picture text -----

5. Debtors

----- Start of picture text -----
2024/25 2023/24
£ £
Gift Aid 115,793 108,019
Owed from the Barbican Centre 162,309 71,346
Total 278,102 179,365
----- End of picture text -----

6. Creditors: amounts falling due within one year

----- Start of picture text -----
2024/25 2023/24
£ £
Accruals 14,250 12,192
VAT 1,849 3,294
Total 16,099 15,486
----- End of picture text -----

20

THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7. Analysis of net assets between funds

----- Start of picture text -----
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Funds at 31 March 2025 are represented by:
Current Assets 323,048 910,317 1,233,365
Current Liabilities (16,099) - (16,099)
Total 306,949 910,317 1,217,266
Funds at 31 March 2024 were represented by:
Current Assets 263,785 137,242 401,027
Current Liabilities (15,486) - (15,486)
Total 248,299 137,242 385,541
----- End of picture text -----

8. Movement of funds during the year to 31 March 2025

----- Start of picture text -----
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
At 1 April 2023 204,971 420,328 625,299
Income 774,593 559,366 1,333,959
Expenditure (731,265) (842,452) (1,573,717)
At 31 March 2024 248,299 137,242 385,541
Income 827,069 1,835,454 2,662,523
Expenditure (768,419) (1,062,379) (1,830,798)
At 31 March 2025 306,949 910,317 1,217,266
----- End of picture text -----

Restricted funds relate to a range of activity across the Barbican Centre, including funds targeted at Barbican projects such as visual arts, theatre, dance, cinema, creative learning, community & music projects that work to pioneer learning and engagement in the arts, and learning and audience development initiatives that deepen relationships with Barbican audiences and communities.

9. Status and members

The company is limited by guarantee and therefore does not have a share capital. Each member has agreed that, in the event of the Trust being wound up, he or she will contribute £5 to the net assets per member. As at the signing of the accounts the number of members was 7 (2024:10). All the members are Trustees.

10. Related party transactions

During the year grants made to the Barbican Centre in furtherance of the activities of the Trust totalled £1,552,339 (2024: £1,328,935).

The Trust owed a net balance of £0 (2024: £Nil/£0) to the Barbican Centre at the year end. During the year, 8 Trustees donated a total of £39,631 (2024: 9 Trustees donated £40,500).

21

THE BARBICAN CENTRE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

The Trustees received no remuneration or benefits in kind (including direct re-imbursement or costs paid direct to third parties) during the year to 31 March 2025 (2024: £nil) and have not received any reimbursed expenses to 31 March 2025 (2024: £nil).

The following Trustees held the following positions at the Barbican Centre during the year ended 31 March 2025:

The Barbican Centre is a department of the City of London Corporation. The Barbican Centre provided support services to the Trust with a value of £260,102 reflecting the cost of staff time devoted to supporting the work of the Trust and the cost of recruiting new Trustees (2024: £230,205 for the same purposes).

22