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2025-08-31-accounts

REGISTERED COMPANY NUMBER: 02233315 (England and Wales) REGISTERED CHARITY NUMBER: 701310

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

FOR

WORCESTER THEATRES CHARITABLE TRUST LIMITED

CHARITABLE COMPANY LIMITED BY GUARANTEE

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025

Page
Company Information 2
Report of the Trustees 3 to 9
Independent Auditors' Report 10 to 12
Consolidated Statement of Financial Activities 132
Consolidated and Company Balance Sheet 14
Cash Flow Statement (including Notes to the Cash Flow Statement) 15
Notes to the Consolidated Financial Statements 18 to 29

Page 1

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

COMPANY INFORMATION FOR THE YEAR ENDED 31ST AUGUST 2025

DIRECTORS AND TRUSTEES: Dean Elliott Lord Richard Faulkner of Worcester Jonathan Fraser Chris Glover Josephine Hodges Roger Knight Dawn Long John Murfin (Resigned 31 December 2025) Alan Stuttard Alan Tidy CHIEF EXECUTIVE OFFICER: Sarah-Jane Morgan REGISTERED OFFICE: Huntingdon Hall Crowngate Worcester WR1 3LD REGISTERED COMPANY NUMBER: 02233315 REGISTERED CHARITY NUMBER: 701310 AUDITORS: Richards Sandy Audit Services Limited Thorneloe House 25 Barbourne Road Worcester WR1 1RU

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WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2025

The directors, who are also trustees of the charity, present their annual directors' report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31st August 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS

GOVERNING DOCUMENT

The charity is a company limited by guarantee which is governed by its Memorandum and Articles of Association, which were adopted on 21 March 1988. The Memorandum of Association was revised on 31 August 2004. The charity is registered with the Charity Commission. The charity registration number is 701310 and the limited company number is 02233315.

REGISTERED OFFICE

The registered office of the charitable company is:

Huntingdon Hall Crowngate Worcester WR1 3LD

PRINCIPAL OFFICES

The principal offices of the charitable company are:

Huntingdon Hall Crowngate Worcester WR1 3LD The Swan Theatre The Moors Worcester WR1 3ED

TRUSTEES (WHO ARE ALSO DIRECTORS)

The trustees, who are also directors, who held office during the year under review and up to the date of signature of these financial statements were:

Dean Elliott Lord Richard Faulkner of Worcester Jonathan Fraser Chris Glover Josephine Hodges Roger Knight Dawn Long John Murfin (Resigned 31 December 2025) Alan Stuttard Alan Tidy

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WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

CO-OPTED EX-OFFICIO MEMBERS

J Vale (Chairman, Friends of the Swan Theatre) L Hodgson (Worcester City Council appointee) D Broster (Heads of the School of Arts, Worcester University appointee) R Walker MP (Member of Parliament for Worcester)

LIMITED BY GUARANTEE

The charitable company is limited by guarantee and does not have an issued share capital. Each member is liable to contribute £1 each to the Charity's assets if it should ever be wound up.

QUALIFYING THIRD PARTY INDEMNITY

The charitable company's articles of association includes provision that, subject to the provisions of Companies Act 2006, the trustees to be indemnified out of the assets of the charitable company against claims made against them in regard to losses due to improper investments, fraud or negligence.

APPOINTMENT OF TRUSTEES

The trustees are appointed by the members in the annual general meeting. New trustees are appointed by the existing board of trustees, taking into account the way in which their skills will supplement and enhance those already available to the Board. New trustees are inducted by a series of meetings with the Chairman and senior staff of the charitable company.

CHIEF EXECUTIVE OFFICER

The trustees have delegated day to day management of the charitable company to the Chief Executive Officer who is supported by a management team. The Trustees receive appropriate training at trustees' meetings, as is deemed appropriate.

The Chief Executive Officer is Sarah-Jane Morgan.

The pay and remuneration of the Chief Executive Officer is agreed by the Chairman and Company Secretary having taken into consideration the figures for comparable theatres in this area.

PRINCIPAL ADVISERS

The company's auditors are: Richards Sandy Audit Services Limited Thorneloe House 25 Barbourne Road Worcester WR1 1RU The company's solicitors are: Harrison Clark Rickerbys Limited 5 Deansway Worcester Worcestershire WR1 2JG The company's bankers are: Royal Bank of Scotland Plc 5-9 St Nicholas Street Worcester WR1 1UR

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WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

ORGANISATION

Strategic decisions and the monitoring of performance against pre-determined criteria are carried out by the trustees at periodic meetings and by individual trustees with specific duties. The day-to-day management to achieve the strategic objectives is delegated to the Chief Executive Officer, who is supported by a management team.

SUBSIDIARY COMPANY

The parent company has one wholly owned subsidiary, Arts Enterprises Worcester Limited. This company operates a bar at both at the Swan Theatre and at Huntingdon Hall and also sells merchandise. All of the subsidiary's profits are is gift aided to this charitable company.

RISK ASSESSMENT

The charitable company regularly reviews the risks to which it is exposed and takes such action as it is possible to mitigate those risks.

The principal risks and uncertainties of the charitable company are:

The trustees regularly review management accounts of the monthly financial performance of the charitable company against budgets and make decisions to reduce planned future expenditure where necessary. The trustees make applications to various grant making institutions to secure additional funding to cover any forecast shortfalls.

OBJECTIVES AND ACTIVITIES

AIMS AND OBJECTIVES

The principal objects of the company for the year under review are:

The trustees confirm that they have complied with the duty in section 17 (5) of the 2011 Charities Act to have due regard to guidance on public benefit, when reviewing the charitable company's aims and objectives and in planning future activities.

ACHIEVEMENTS AND PERFORMANCE

Worcester Theatres Charitable Trust Limited continues to successfully run the Swan Theatre, a 350-seat proscenium arch traditional theatre space on the edge of the city and Huntingdon Hall, a 330-seat converted Methodist Chapel, right in the heart of the city. We are the only venue-based arts provider in Worcester offering both a professional cultural provision for the city and a performance home to many local community arts groups. Providing a wide range of entertainment at the venues, from folk, popular music, jazz, world music, spoken word, classic & modern theatre, popular music, tribute bands, traditional/contemporary dance, and children’s theatre. Worcester Theatres also produce our own productions, via the Worcester Repertory Company, we are the only venue-based organisation in Worcestershire to do this and we are proud of our ability to produce high standard professional productions for the city of Worcester and the wider county. These are performed both at our venues and at other venues/locations in the city.

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WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

ACHIEVEMENTS AND PERFORMANCE (Continued)

We are supported with funding from Worcester City Council who value the impact we make upon the city in terms of our cultural provision. The company continues to be supported by an excellent Board of Directors with wide ranging and dynamic skills who complement and support the Chief Executive in the operation of the Charity. The organisation is delighted to employ a lean but highly skilled, motivated, and passionate staff, who are driven and determined to ensure the company succeeds at every level and are backed by a volunteer force of 150, who champion Worcester Theatres and our venues, whilst providing stewarding and staffing for the venues bars.

Swan Theatre

The Swan Theatre’s programme has continued to develop and evolve, with a focus on genres such as theatre, talks, tribute artists, family theatre, film and dance. Audiences have supported equally across the genres and engaged with our programme, as we continue to curate an exciting programme of events for the venues despite the ongoing challenges that patrons are seeing due to the economic crisis. The programming at the Swan Theatre also offers opportunities for a wider and more diverse sector of our community to engage with the arts and Worcester Theatres has seen excellent engagement, through project work at the venue, with minority groups and artists in the city and the wider county. Worcester Theatres also continues to provide a space for talent development to ensure the retention of both artistic and trained talent for the city.

The Swan Theatre remains a popular venue for our community user groups and we continue to have regular annual and bi-annual amateur hire groups who value using the Swan Theatre to enable them to fulfil their hobbies, engaging with the arts within a professional theatre environment. We continue to offer the main stage and associated smaller rooms at the venue for hire to community groups and small business owners, all of which contributes to our income across the year.

Worcester Repertory Company

Worcester Theatres are unique in the Worcestershire cultural landscape, as we are the only producing theatre venue. We are proud to make homegrown theatre via the Worcester Repertory Company (Worcester Rep), performing at our own venues, and venues across the city and beyond through our touring productions. We aim to cast as many professional West Midlands actors within our productions as possible and continue to retain local talent by working with local creatives and producing various artist development programmes. We continue to grow our creative partnerships to help nurture the performing arts during a time when funding streams are being withdrawn.

We are fortunate to have Imelda Staunton as the Patron of the Worcester Rep and Rufus Norris as Patron of the Swan Youth Theatre, both of whom have meaningful connections to the Rep & Swan Theatre. As we cherish the history of the building and of the Worcester Rep, we continue to strengthen its position within the city. The Worcester Repertory Company falls under Worcester Theatres management and shares the same staffing team. We also invite experienced and respected guest directors throughout the season to work with us, whilst still providing opportunity for local emerging directing talent.

This year the Worcester Rep produced, Animal Farm, Jack & the Beanstalk, Hansel & Gretel, and The Three Musketeers and welcomed total audiences of 22,670 just for our repertory work an increase on last year’ figures by 488 patrons (with the deduction of one show as this is deemed as a youth production this year). This reflects an increased engagement in our Rep work and is a promising step forward in our theatre work this year.

Outreach & Participation at the Swan Theatre

The Swan Theatre youth theatre has continued to thrive in the past 12 months, and we now see members reaching over 120, each of whom are learning new drama and performance skills, devising their own theatre, working on a range of dramatic scripts, and embedding lifelong skills such as public speaking, performance confidence, communication, building self-assurance and developing meaningful friendships outside of the classroom.

During the past year, and as a direct result of the economic crisis we have seen a continued increase in the demand for bursaries for our youth theatre. This increase, although a liability on our own funds, is fundamental to our ethos to ensure that there are no financial barriers to restrict engagement for families and young people. Worcester Theatres offer unlimited bursary places for a range of financial aid reasons, these are funded directly from Worcester Theatres funds, or via funding that we raise.

Young Rep Company

The Young Rep has become a valued part of our work and we have continued to provide opportunities for 16–24-year-olds to work in a professional theatre environment. This year the Young Rep have staged Brain Play (as part of the NT Connections Festival) and Animal Farm as part of our collaborative community production. The Young Rep provides a nurturing and welcoming environment, and offers places based on talent (via auditions) supporting young people to reach their full potential. We see a high proportion of our intake either studying performance at a higher education level, pursuing places at drama schools, or working in the industry during or post their time with us, with some members becoming paid professional actors in our Worcester Repertory Company after further training.

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WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

ACHIEVEMENTS AND PERFORMANCE (Continued)

Worcester Fringe

The Worcester Fringe did not run this year due to a lack of funding and change of personnel at the University of Worcester. It is hoped that we may be able to revisit the fringe or a similar event in the future.

Saucy

Our LGBTQ+ queer performance project for marginalised groups in the city and across the wider county, offers commissions and performance opportunities for local queer artists and a safe space for performers and audiences wishing to engage with queer theatre. We continue to source annual funds through grants from trusts & foundations, the National Lottery, Arts Council etc. to ensure we can continue to create opportunities for this community and support the ongoing development of this area of our work.

Youth Advisor Board & Future Arts Leaders Programme

This year we have brought together young people from the local community and given them the opportunity to make their mark on the artistic programme of WT & the wider landscape of Worcestershire. By working with our participants, we hope to give a voice to the young people within our organisation, become more responsive to their needs and reflective of their desires within our programming.

Huntingdon Hall

Huntingdon Hall remains a vital venue for the city. It is a venue which is well loved by all of the artists who perform there and for our patrons, many of whom are regular attendees to the venue. The Hall primarily supports our comedy, live original music, spoken word and tribute artists genres, although we do also see occasional theatre performances within the space. Much like the Swan Theatre, we have seen a solid response to programming over the year, with patrons enjoying the opportunities to engage with the arts at our venue. We have, however not been frivolous in our approach to programming, ensuring our organisation remains sustainable, often programming safely meaning we can ensure, solid support across the genres and in return the charities resources are well managed. In the last 12 months we have seen an increase in the professional hirers/artists wishing to use the venue. We are pleased to offer Huntingdon Hall on a hire basis as this provides a guaranteed income for Worcester Theatres.

The venue continues to be hired by Worcester Concert Club for Sunday matinee classical concerts and to the Heart of Worcestershire College to enable music students to experience performing in a professional venue.

Summary

The Charity has continued to see strong audiences for a robust and dynamic programme this financial year, this committed support enables us to continue working with a balanced programme of commercial and artistic strands, maintaining our offer to audiences as a dynamic mixture of professionally varied shows to allow a lively and vibrant presentation of events and cultural opportunities for creative engagement. Alongside this programme we continue to offer a series of engagement activities which enrich and develop the opportunities to engage with the arts in the city and county, reducing loneliness, supporting talent development and developing cultural creativity for the region. We have continued to see a strong engagement from a younger and more diverse audience and participation community supporting our continued efforts to deliver a varied and expanding programme for the city and wider county. The commitment from our patrons and hirers of both venues, which is particularly prevalent, defined and consistent, allows us to continue to present a year on year season of events which are often supported regularly by audiences wishing to engage with the venues, staff and products knowing that they will be able to find high quality products at an excellent value for money compared to other professional venues in the county. Additionally we are well known and praised for our ability to welcome audiences with additional needs and for supporting those who require help to access the arts both as participants, audience members or as young people looking to pursue a career in our industry. All these areas define us as an organisation and continue to remain priority areas of development alongside our commitment to high quality programmes for our venue capacity.

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WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

FUNDRAISING ACTIVITIES

The charitable company makes appeals to both the general public for donations and to charitable trusts for grants. These activities include automated requests for donations from persons using the online ticket booking system, advertised benefits for persons signing up to one of the charitable company's various patrons schemes and the placing of donation boxes within the venues operated by the charitable company. The charitable company does not use either a professional fund-raiser nor a commercial participator. The charitable company is not bound by any voluntary standard or scheme for regulating fundraising activities. The charitable company has not received any complaints within the year relating to how it undertakes fundraising activities. The trustees do not believe that these activities are likely to cause neither vulnerable people and other members of the public to be at risk of suffering unreasonable intrusion on a person's privacy, unreasonably persistent approaches for the purpose of soliciting or otherwise procuring money or other property on behalf of the charitable company or placing undue pressure on a person to give money or other property.

FINANCIAL REVIEW

Incoming resources was £2,601,308 compared to £2,233,457 last year. The unrestricted fund net surplus for the year was £571,442 (2024 - unrestricted fund net surplus of £214,675).

At the year end the charity held free reserves (defined as the unrestricted reserves less unrestricted reserves held within fixed assets (see note 18)) of £1,333,248 (2024 - £779,839).

At the year end the charity held restricted funds of £141,529 (2024 - £143,017). Many of these relate to funds held to finance significant building improvement and renovation work.

RESERVES POLICY

The charity's reserves policy ensures that the charity hold an appropriate level of financial reserves to protect the Charitable Trust and its employees against any future uncertainties. Should for whatever reason the charity be unable to continue trading, the minimum level of reserves needed to cover closure costs has been estimated to be £235,000, including provision for the following estimated costs:

Total reserves at the year end were £1,511,899 (2024 - £926,203), including total restricted funds of £141,529 (2024 - £143,017). At the year end tangible fixed assets held had net book value of £44,260 (2024 - £19,194), including assets with book value of £7,138 (2024 - £15,847) that relate to restricted funds.

Unrestricted General Fund excluding fixed assets amounted to a surplus of £1,333,248 (2024 - £779,839), which is in excess of the level required by the reserves policy. This is partly due to the charity trustees deferring some decisions regarding expenditure during the period due to potential contribution from Worcester City levelling Up Funds which would have required match funding, drawn from the organisational reserves to add a platform lift, accessible toilet and enable a foyer refurbishment. There are also a number of additional projects that are in still in the planning stages and due to continued high building costs Trustees and are yet to confirm how best to allocate their current surplus of funding. There has been uncertainty around the investment into these including a number of ongoing capital investments and building improvements. These may include adding to the campaign to refurbish the sanitary facilities at both venues improving the facilities that we are providing for audiences and/or investing into improved accessible facilities at the Swan Theatre, so that everyone can access the arts in a meaningful way.

INVESTMENT POLICY

The investment policy is to invest surplus funds in interest bearing accounts with immediate access. The charitable company has insufficient funds to invest on longer term basis.

The charitable company holds a wholly owned trading subsidiary held for the purpose of generating income for use by the charitable company.

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WORCESTER THEATRES CHARITABLE TRUST L￿￿ED CHARITABLE COMPANY LIMITED BY GUARANTEE ISTERED NUMBER: 02233316 REPORT OF THE TRUSTE R THE YEAR ENDED T 2026 Corrfnu PLANS FOR ThE FUTURE The Charity continuos to Work to maintain rt$ rA)SrtI￿ and it'$ programme careful of current economi¢ climate In wtti¢h ts ¢wnty a￿1 $rt$ are c￿rentlY positioned, we are aware that many regional theat￿$ are facing pressures from the economic cri$k8 and rtying costs. partnered wrth funding CLrt5. Wor¢e$twTh8atr88 are avrare that ltrir own Current funding position from Worce51er Crty Goundl 1$ likely Ic chawe in th8 re%t IWe￿e months whkth will be chaI￿nging for organisalion and difficuY( lo replxe in a singular fundkng stream, If al all. As the management and board remain oplimisliG ab(wl the future, dw to a con515tenlty 5troNJ P21ron bas8, they are aware that they must pro¢e8d wrth cAre. Management remain ambitiou$ t¢ ¢ontinu8 to broaden antl diversfy the pr￿ramme where possib￿, •nsuring an equilbrium beMen the programmirwJ 1$ found lo ensure viabilty an(J artL%ii¢ bala￿. Worcester Theatre5 continue to programme productior￿, show& and ts)mmunrty hires for both Ihfr Swan Theatre aThl Huntingdon Hall for the next evJhteen rnonths arnl beyond in some case5. with o stra18gic and conspJ8red appro8Gh lo audn¢¢ dgvelopmenl and art&lic d8¥0￿pMenl. The charity Mll conlinLE lo maintain arnl look at ways to expand our work for young peopk. minorty groups taknled b¢al ¢reats"ves local&Y within Ihtr ¢ity of Wwcester, ensurww our #I￿adY successful progr8mme5 continue to receive funding to ensure IrEir success. We remain amb'liou$ lo dgvakp our engagernent wY¢h $¢hool$, Contin￿ to offer l¢)w Cost. free and bursary funded opportunities our youth the81r8 and Young Rep and ¢onlinue lo provide free acce$s to Ihe arts Ihrough CuY(ur8 Cafè and Knit and Natter $tyle a¢ts"viti8s. The develcprmnt of opportunitÈs fer adums aTyY young peoplè lo eNJage with tha arts through culrea¢h and parti¢ipatlon s￿h as WLYk8hopslcourses afid lenntlm8lhelty aCIN￿e5 wll ¢ontinue 0$ well a& rnore developed prqttt exploTations to expand our areas of creative engagwnent and to offer more ways for the ¢ommunty of Worcester to engage W cultu￿ aThJ gd craalive to ensure thatwor¢e$IerTheat￿ remain compelilwe and ¢uttvralty astuiefor those it serve5. STATEMENT OF TRUSTEES, RESPONSIBIUTIES The trustee$ Iwho are also the directors of WOr￿ter Theatres ChaTit8ble Trusl Ud ft the purpose$ of ccfflpary law) af• responsible fof prepa[¥￿ Ihe Repori of the TNslees financial $12temenls in accordt4)ee ilh appI￿ab￿ Lqw and United 'ngdom Accounting StsrKlard$ (Unrted ￿ingdoM GenOra1￿ A¢¢¢pW A￿oun￿￿ Practic81. Company Igw requlre$ the Iruslees lo prepare financral $latemenls for aach financkgl yearwhith give a tr￿ and fair View of the slate of affairs of Il ¢haril8bk company and qf incoming rasources and application of resour¢e$, includirg the incom• and eypendrture, ufthe eharite company for Ihal perK)d. It) prepar￿￿ those hnanckql statements, trustses are requir￿ lo.. $ele¢l $utsble accounting pdics and then aA)ty them con8islenlly.. observethe melhods arK1 principks in the Charitie5 SORP IFRS 1021,. make juthJemnts aThJ accounting eslirrwies that are reasonab￿ and prudent.. and prepare the finanryal 5talemenl$ on the going Cen￿rn ba515 Un￿$9 it 1$ inapproprL810 lo prgsurne thal the charilabty c(¥npany %ill continw in business. The trustee$ respos)sibJÈ for k8apirvJ proper accountithg re¢ord$ which fIl￿se with reasonable accuracy at any limg the financial posibon ol Ilw cha1ab￿ company and to enabk tIEm lo ensure that the finaTraal stalwnenls comply %Ylth tha Ccmpanies Act 20C6. They a￿ al$0 responsible for safgJuarding the as$8t$ ol ¢harit2bk company and for ta￿n9 roasonabla steps fe¥ the prevÈntion and detection of fraud and other wregularit1es. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDtTORS In so far a$ thg Irusteas are avrare al the t¥n& of approvlw our trusle•s' anThJal report.. there Is no rel￿an1 ￿fOrMatIOn. ￿irt9 Informal￿n needed by the O￿lI10r in ¢ot)n8ction with prep#rir¢J Ihelr reptt. olwhl¢h th8 group's auditor ￿ unatsre. and the tIU5tees. having made enquiries of felkjw direGlors and the groups audKor that th0y ought to ha¥e Indtvhjualty tak8n, have each taken 811 steps that helshe oblued 10 lake as 8 director in ord2w lo make themse￿85 aware ef any relevgnt 9￿j11 inlormgtK)n and 10 85tablk8h that ihe audttor 1$ ware of that infomiatK)n. Thls report h85 been prepared ￿ aGcordanr* %Mth Ihs provi5iorts of Part 15 of compan￿ Ad 20C6 relatiNJ to small ¢orryanies. Approved b order ol tts Board of Tru$le8s on........ . arnl SvJr￿J on ts b8half by. Pagg 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WORCESTER THEATRES CHARITABLE TRUST LIMITED FOR THE YEAR ENDED 31ST AUGUST 2025

Opinion

We have audited the financial statements of Worcester Theatres Charitable Trust Limited (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31st August 2025 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 21 to the financial statements, 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken during the course of the audit:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WORCESTER THEATRES CHARITABLE TRUST LIMITED FOR THE YEAR ENDED 31ST AUGUST 2025

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 Report of the Trustees.

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 Statement of Trustees Responsibilities set out on page 10, 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 group's and parent 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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we have:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011 (and related legislation), as well as laws and regulations relating to the employment and payment of staff including, but not limited to, the Employment Rights Act 1996, the National Minimum Wage Act 1998 and the Pensions Act 2008.

We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included reviewing the financial statement disclosures and sample testing of monthly payroll records for the calculation of gross wages, payroll taxes and pension costs.

Page 11

REPORT OF THE INDÉPENDENT AUDITORS TO THE MVIBERS OF WORCESTER THEATRES CHARITABLE TRUST LIMITED FOR THE YEAR ENDED 31sr AUGUST 2026 Bocause of the inh¢rpJt limrtalior& of an audit. there Is a that we ￿11 not delect all irregulafftk$, including those kJiDg to a materigl mk%sl8tement in the financi81 stsiements or non-compliantx with regulation. Thi5 ri%k in¢reas88 the rn0￿ that ¢tsmpliatKa with a law or WULql￿n is removed fvNn the event8 and tra￿a¢t￿n$ r8fl8ct8d in Ihe finantAal $talemenls, as wil be le$s Ilkely le become aware of instances of n0￿cOMplianC•. The v5k is also greator regartling Sryrfularits occurring due to frathj rather than er￿, a$ fraud invofves Sntynlional ￿ne8alMent. forgery, ¢ellu8ion, crni$s￿n er mi$reFYeseThlaticfi. A hjrther description of our respo￿[bir111es the audit of the financial $tattrn8nts is bcated on the Fin2ncBI ReportiryJ Couools b$rt8 al *%trw.fr¢.ow.W8uditorslaudit-assUran¢&4hKsla￿JitOr￿rè$pQnsIbIIltse$-f0r-th0-3udit. Thi8 description forn$ part ol our Report of t￿ Independent Auditors. Use ol our report This report i8 made selety to the charit8bte cempanY$ M￿terS, as 8 b(yJy. In ?¢cerdance with Chapter 3 of Part 16 of the Companies A¢t 20C6. Our audit work has been undprt¥ken so that we might Stale lo the Charitab￿ ¢ompanV$ rn8mbers Ih05e rnatte¥s we are r￿Uir&I to State 10 th￿ In an auditor5, reFx)rt aTrJ for no other purpose. To the fulle51 extent permitted by law, we do not arcept vr assume responsibility lo anyene olherthan the ¢haritatle company and Ihg charitable companys m8mb8rs a5 a body. for wr authtwk, lor Ihis wort, or for th8 opinvJn5 we have fomed. Molissa Jean Godwin ACA ACCA (Senitir Statutory AuditN) For and on bghaff of Richards Sandy Audrt S8Ni8s Limfted Istalubry Auditor5} Chartèred Certthed Accountsnls Thorneloe House 25 Bathurrvè Road Worcester WR1 1RU Dalo.. l2...c&. IG. pa￿ 12

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST AUGUST 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Charitable activities
Other trading activities
Investments
TOTAL INCOME AND ENDOWNMENTS
15
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL EXPENDITURE
16
NET INCOME / (EXPENDITURE)
TRANSFERS BETWEEN FUNDS
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Fund
£
390,648
1,694,809
446,405
22,569
2,554,431
131,807
1,851,182
1,982,989
571,442
15,742
587,184
783,186
1,370,370		 Restricted
Fund
£
46,877
-
-
-
46,877
-
32,623
32,623
14,254
(15,742)
(1,488)
143,017
141,529		 Total
2025
£
437,525
1,694,809
446,405
22,569
2,601,308
131,807
1,883,805
2,015,612
585,696
-
585,696
926,203
1,511,899		 Total
2024
£
225,487
1,540,713
433,282
33,975
2,233,457
129,175
1,897,582
2,026,757
206,700
-
206,700
719,503
926,203

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

STATEMENT OF FINANCIAL ACTIVITIES FOR THE INDIVIDUAL CHARITY

As permitted by section 408 of the Companies Act 2006, the charitable company has not presented its own statement of financial activities and related notes. The charitable company's net surplus for the year was £585,696 (2024 - net surplus of £206,700).

Page 13

WORCESTER THEATRES CHARITA8LE TRUST LIMITED REGISTERED NUMBER- 02233315 CHARITABLÉ COMPANY LIMITED BY GUAIUNTEE NSOLIDAT BALANCE SHEET EN Group 2025 GroLV 2024 Paront Parent 2024 2025 Note FIXEO ASSETS Tangibk fYA8d a55els Investments 44.2fj0 19,194 44,260 19,194 19,194 44,262 19,196 CURRENT AssErs Stocks Debtors C8sh at bank arxj In h￿d 9,199 337,857 1697713 1044,769 9,737 29.657 1498.023 1,537,417 10 483.259 1553 538 1036,795 170,021 1357 070 1.527,091 LIABIWIES ounts fal4ng du8 wiihin one ye 11 1577.1301 1630.4081 1569.1581 1620,C>841 NET CURRENT ASSETS 1487 639 907 009 1 467 637 907 007 TOTAL ASSETS LESS CURRENT LIABILITIES 1511899 1 S11899 The fund¥ ofthe charltsblt ¢ompany: unrestr￿ted Funds Re8tficted Funds 1.370,370 141,629 783,186 143.017 1,370,370 141.529 783,186 143,017 17 99 926.203 1511899 Th88• finBnGo1 $tat8m8nts have been prepared in accordancK ilh the provislons appli¢a)le lo char1(ab￿ wnyans subject to the small ccryan$ ￿lMo. Thgfinancial stalA￿lts M*re aFproved bythe BoArO olTrustees on...... nd were stsJned by on it5 bÈhaNby'. Jon or P8ge 14

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST AUGUST 2025

Notes to the
cash flow
statement
Cash flows from operating activities:
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities:
Interest received
Purchase of fixed assets
Net cash used in investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 Group
2025
£
214,902
214,902
22,569
(37,781)
(15,212)
199,690
1,498,023
1,697,713		 Group
2024
£
313,098
313,098
33,975
-
33,975
347,073
1,150,950
1,498,023		 Parent
2025
£
211,678
211,678
22,569
(37,781)
(15,212)
196,466
1,357,070
1,553,536		 Parent
2024
£
546,773
546,773
33,975
-
33,975
580,748
776,322
1,357,070

NOTES TO THE CASH FLOW STATEMENT

1 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period
(as per the statement of financial activities)
Adjustments for:
Depreciation charges
Interest received
Distribution of profits receivable from the subsidiary
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Group
2025
£
585,696
12,715
(22,569)
-
538
(308,200)
(53,278)
214,902		 Group
2024
£
206,700
11,748
(33,975)
-
(316)
521
128,420
313,098		 Parent
2025
£
585,696
12,715
(22,569)
(144,013)
-
(169,225)
(50,926)
211,678		 Parent
2024
£
206,700
11,748
(33,975)
(140,593)
-
377,871
125,022
546,773

Material non-cash transactions

In the parent charity's individual cash flow statement, distribution of profits receivable from the subsidiary of £144,013 (2024 - £140,593) was unpaid at the year end and has been accounted for as a material non-cash transaction.

2 ANALYSIS OF CHANGES IN NET DEBT

Group
Cash at bank and in hand
Parent
Cash at bank and in hand		 At the start
of the year
£
1,498,023
1,498,023
1,357,070
1,357,070		 Cash flows
in the year
£
199,690
199,690
196,466
196,466		 At the end
of the year
£
1,697,713
1,697,713
1,553,536
1,553,536

Page 15

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025

1 ACCOUNTING POLICIES

General information

The Trust is a charitable company limited by guarantee registered in England and Wales and has no share capital. In the event of the charitable company being wound up, the liability in respect of guarantee is limited to £1 per member of the charitable company.

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention unless otherwise stated.

The accounts are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Group financial statements

These consolidated financial statements incorporate the accounts of Worcester Theatres Charitable Trust Limited and its wholly owned subsidiary Arts Enterprises Worcester Limited on a line by line basis. Both Worcester Theatres Charitable Trust Limited and Arts Enterprises Worcester Limited prepare their individual company financial statements adopting accounting policies not considered different from those of these consolidated financial statements and prepared to a year end of 31st August 2025. All intra-group transactions and balances are eliminated on consolidation.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charitable company is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charitable company will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charitable company and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with Charities SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Legacies are recognised when probate is granted and there is sufficient information to measure them. Where there is insufficient information to reliably measure any outstanding legacies, these are instead treated as contingent assets (and details of any such legacies will be disclosed in the notes to these financial statements).

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charitable company. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Fundraising and trading income received during the period, but which relates to services provided during the next period are treated as being deferred income and has been included in creditors as receipts in advance.

Investment income is included in the statement of financial activities on a receivable basis.

Page 16

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

Donated services

The charitable company benefits from the use of the Swan Theatre effectively on a rent free basis. Due to the unique nature of the building, it is considered impractical to estimate a reasonable value of the donated services provided to the charitable company in regard to these arrangements and no income nor expenditure in regard to these arrangements have been included in the statement of financial activities.

The charitable company benefits from the use of Huntingdon Hall. Where rent is payable under the lease, but the landlord has waived the amounts payable, this has been accounted for as donated rental income.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Operating leases

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

Pensions

The parent company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

Taxation and deferred taxation

The charitable company is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Assets costing up to £3,000 are written off to revenue.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Impairment reviews are carried out annually.

Investments

In the parent charitable company's individual financial statements, the investment in the subsidiary is measured at cost less any accumulated impairment losses.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash at bank

Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 17

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

Financial instruments

The charitable company has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charitable company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.

Restricted funds

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Unrestricted funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Significant judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The most significant judgement that has had the most significant effect on the amounts recognised in the financial statements are the setting of depreciation policies for tangible fixed assets (which are stated in the accounting policies). The net book value and movements in the year of tangible fixed assets are disclosed in note 7 of the financial statements.

Significant judgement has also been applied in asserting that it is considered impractical to estimate a reasonably reliable value of the effectively rent free use of the Swan Theatre (see note 13). If a reasonably reliable estimate had been determined, then this amount would be recognised in both income (within donations and legacies) and expenditure (within charitable activities support costs).

There are not considered to be any key estimates or assumptions which give raise to significant risk of causing material adjustments to the carrying value of assets or liabilities.

Page 18

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

2 OPERATING SURPLUS

The operating surplus is stated after charging:
Operating leases
Depreciation
Auditor’s remuneration
Audit of the charity’s accounts
Other services		 Group
2025
£
16,684
12,715
17,490
17,884
35,374		 Group
2024
£
24,988
11,748
13,800
8,573
22,373		 Parent
2025
£
16,684
12,715
17,490
15,300
32,790		 Parent
2024
£
24,988
11,748
13,800
6,151
19,951

Auditor’s remuneration is stated inclusive of irrecoverable input VAT.

3 STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES

Gross salaries
Employer's N.I.
Pension costs
Total average employees		 Group
2025
£
514,082
38,323
11,898
564,303
27		 Group
2024
£
466,324
33,089
11,046
510,459
27		 Parent
2025
£
514,082
38,323
11,898
564,303
27		 Parent
2024
£
466,324
33,089
11,046
510,459
27

No employees had emoluments (excluding employer's N.I. and pension costs) in excess of £60,000, in either the current or previous financial years.

The trustees were not paid nor received any other benefits from employment with the Trust or its subsidiary, neither were they reimbursed expenses during either the current or comparative years.

Total remuneration (including employer's N.I. and pension costs) paid to key management personnel was £60,963 (2024 - £58,431) during the year.

The charitable company contributes to occupational and individual pension schemes which are defined contribution pension schemes and the amounts charged to the income and expenditure accounts for the year are as stated above.

4 INTEREST RECEIVABLE AND SIMILAR INCOME

Bank interest received Group
2025
£
22,569		 Group
2024
£
33,975		 Parent
2025
£
22,569		 Parent
2024
£
33,975

5 TAXATION

The parent charitable company is a registered charity and is not liable to corporation tax. The subsidiary company did not have a taxable profit.

Page 19

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

6 COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Charitable activities
Other trading activities
Investments
TOTAL INCOME AND ENDOWNMENTS
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL EXPENDITURE
NET INCOME (EXPENDITURE)
TRANSFERS BETWEEN FUNDS
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Fund
£
161,911
1,540,713
433,282
33,975
2,169,881
129,175
1,826,031
1,955,206
214,675
-
214,675
568,511
783,186		 Restricted
Fund
£
63,576
-
-
-
63,576
-
71,551
71,551
(7,975)
-
(7,975)
150,992
143,017		 Total
2024
£
225,487
1,540,713
433,282
33,975
2,233,457
129,175
1,897,582
2,026,757
206,700
-
206,700
719,503
926,203
7
TANGIBLE FIXED ASSETS
Swan Theatre &
Fixtures,
Huntingdon Hall
Fittings &
Improvements
Equipment
£
£
COST
At 1 September 2024
284,424
86,830
Additions
37,781
-
Disposals
-
-
At 31 August 2025
322,205
86,830
DEPRECIATION:
At 1 September 2024
270,846
81,214
Charge for the year
7,099
5,616
Eliminated on disposal
-
-
At 31 August 2025
277,945
86,830
NET BOOK VALUE:
At 31 August 2025
44,260
-
At 31 August 2024
13,578
5,616		 Motor
Vehicles
£
24,282
-
-
24,282
24,282
-
-
24,282
-
-		 Group
Total
£
395,536
37,781
-
433,317
376,342
12,715
-
389,057
44,260
19,194		 Parent
Total
£
395,536
37,781
-
433,317
376,342
12,715
-
389,057
44,260
19,194

Page 20

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

8 FIXED ASSET INVESTMENTS

COST
At 1 September 2024
and 31 August 2025
NET BOOK VALUE:
At 31 August 2025
At 31 August 2024		 Unlisted
investments
£
2
2
2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Arts Enterprises Worcester Limited

Registered company number: 02827118

Registered office: Huntingdon Hall, Crowngate, Worcester, Worcestershire, WR1 3LD Nature of business: running of a bar, sale of merchandise and the licencing of a restaurant.

Worcester Theatres Charitable Trust Limited owns the whole of the issued share capital in a trading company, Arts Enterprises Worcester Limited. This consists of two ordinary shares of £1 each.

The financial results of Arts Enterprises Worcester Limited for the year were as follows:

Turnover
Expenditure
(Loss) / profit for the year
Gift aid distribution to Worcester Theatres Charitable Trust Limited
Retained earnings for the year
Aggregate capital and reserves
STOCK
Group
2025
£
Goods held for resale
9,199
9,199		 2025
£
285,472
(141,459)
144,013
(144,013)
-
2
Group
2024
£
9,737
9,737		 2024
£
275,696
(135,103)
140,593
(140,593)
-
2
Parent
2025
£
-
-		 Parent
2024
£
-
-

9 STOCK

10 DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR

Trade debtors
Amounts due from Arts Enterprises Worcester Ltd
Other debtors
Prepayments and accrued income		 Group
2025
£
8,677
-
11,837
317,343
337,857		 Group
2024
£
1,206
-
1,171
27,280
29,657		 Parent
2025
£
8,677
146,150
11,837
316,595
483,259		 Parent
2024
£
1,206
141,112
1,171
26,532
170,021

Page 21

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

11 CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR

Trade creditors
Monies held as agent of third party hirers
Payments received on account
Social security and other taxes
Pension creditors
Other creditors
Accruals		 Group
2025
£
28,649
83,128
376,639
16,115
2,550
9,887
60,162
577,130		 Group
2024
£
59,793
93,824
401,046
14,085
2,215
8,781
50,664
630,408		 Parent
2025
£
27,919
83,128
376,639
11,023
2,550
9,887
58,012
569,158		 Parent
2024
£
56,884
93,824
401,046
8,670
2,215
8,781
48,664
620,084

Payments received on account

Payments received on account represents tickets sold before the year end for post year end performances amounting to £378,398 (2023 - £400,934) and venue hire revenue relating to post year end periods amounting to £112 (2024 - £112).

12 PENSION COMMITMENTS

The parent charitable company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity and once the contributions have been paid the company has no further payment obligations. Pension costs of £11,898 (2024 - £11,046) representing contributions payable by the company to the fund, were charged to the profit and loss account. At the year end creditors included an unpaid pension creditor of £2,550 (2024 - £2,215).

13 OPERATING LEASE COMMITMENTS

Lessee commitments

The following payments are committed to be paid within one year:

Expiring:
Less than one year
Between two and five years
More than five years		 Group
2025
£
1,944
4,698
-
6,642		 Group
2024
£
1,620
5,535
-
7,155		 Parent
2025
£
1,944
4,698
-
6,642		 Parent
2024
£
1,620
5,535
-
7,155

Annual rent payable in regard to Huntingdon Hall, under an agreement that runs until 2025, is dependent on the financial results of the charitable company for the previous financial period, up to a maximum of £10,000 per year. Future amounts of rent payable in regard to Huntingdon Hall have been excluded from the above operating lease commitment disclosure, on the basis that the amounts payable cannot be reliably measured.

Total rent payable in the year amounted to £16,684 (2024 - £24,998).

No rent is payable in regard to the Swan Theatre. Worcester City Council is currently planning to transfer ownership of the Swan Theatre to the charity for a nominal fee.

Lessor commitments

During the year the charity received rent of £5,500 (2024 - £5,500) from Elgar School of Music in regard to the sub-let of part of Huntingdon Hall. The lease agreement with Elgar School of Music is subject to 6 month's notice and the charity's minimum contracted lease income of this arrangement of £2,750 (2024 - £2,750).

14 RELATED PARTY TRANSACTIONS

There were no related party transactions in either the current or previous financial years.

Page 22

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

15 INCOMING RESOURCES

Donations and legacies
Donated services and facilities
Grants received - Worcester City Council
Grants received - Friends of The Swan / Huntingdon Hall
Grants received - National Lottery
Grants received - other
Donations received from individuals
Patron scheme
Legacies
Charitable activities
Performance income
Performance sponsorship
Theatre tax credits
Hall hiring fees
Youth Theatre
Rent - Elgar School of Music
Holiday activities & food programme
Classes
Sundry other activities
Other trading activities
Raffle
100 Clubs
Commission
Sundry
Advertising
Box office booking fees
Sale of food, drinks and merchandise
60th Anniversary event
Investment income
Bank interest
TOTAL INCOMING RESOURCES		 Unrestricted
Funds
2025
£
10,000
117,416
-
-
9,410
7,511
1,278
245,033
390,648
1,529,310
6,250
2,837
106,087
23,669
5,500
16,741
4,065
350
1,694,809
3,844
2,230
6,874
6,774
200
136,466
285,472
4,545
446,405
22,569
2,554,431		 Restricted
Funds
2025
£
-
19,528
-
18,550
3,350
5,449
-
-
46,877
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
46,877		 Total
Funds
2025
£
10,000
136,944
-
18,550
12,760
12,960
1,278
245,033
437,525
1,529,310
6,250
2,837
106,087
23,669
5,500
16,741
4,065
350
1,694,809
3,844
2,230
6,874
6,774
200
136,466
285,472
4,545
446,405
22,569
2,601,308		 Total
Funds
2024
£
-
121,563
1,710
-
34,056
55,491
2,665
10,002
225,487
1,403,036
3,750
1,171
90,089
21,705
5,500
12,548
2,120
794
1,540,713
5,419
2,520
5,563
3,264
190
140,630
275,696
-
433,282
33,975
2,233,457

Page 23

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

16 EXPENDITURE

Raising funds
100 Club prizes
Cost of food, drinks and merchandise held for resale
Charitable Activities
Direct Costs
Wages and salaries
Subcontractors
Artist fees and other event expenses - general
Artist fees and other event expenses - pantomime
Technical expenses
Youth Theatre
Holiday activities & food programme
Outreach projects
Performing Rights Society fees
Classes
Depreciation
Support Costs
Wages and salaries
Administration subcontractors
Credit card charges re ticket sales
Brochure and ticket printing
Advertising
Telephone
Postage and stationery
Computer expenses
Photocopier
Property rent payable
Repairs and renewals
Sundry expenses
Insurance
Water
Electricity and gas
Bank charges
Professional fees
Bad debts
Auditors remuneration
Auditors remuneration for non audit work
TOTAL EXPENDITURE		 Unrestricted
Funds
2025
£
1,180
130,627
131,807
239,785
17,695
711,965
109,981
6,314
17,632
6,092
2,762
36,226
2,920
4,006
1,155,378
324,518
2,983
78,182
26,716
11,465
5,764
28,026
9,790
66
10,000
91,645
7,615
14,000
3,064
37,836
5,605
3,355
(200)
17,490
17,884
695,804
1,982,989		 Restricted
Funds
2025
£
-
-
-
-
-
22,774
-
-
-
-
-
-
-
8,709
31,483
-
-
-
-
1,140
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,140
32,623		 Total
Funds
2025
£
1,180
130,627
131,807
239,785
17,695
734,739
109,981
6,314
17,632
6,092
2,762
36,226
2,920
12,715
1,186,861
324,518
2,983
78,182
26,716
12,605
5,764
28,026
9,790
66
10,000
91,645
7,615
14,000
3,064
37,836
5,605
3,355
(200)
17,490
17,884
696,944
2,015,612		 Total
Funds
2024
£
1,260
127,915
129,175
216,527
13,951
829,009
99,937
6,776
22,165
12,649
5,097
35,034
94
11,748
1,252,987
293,932
13,208
81,124
26,342
12,060
4,920
32,836
-
9,126
10,000
57,899
6,616
10,827
3,080
45,792
5,788
660
8,012
13,800
8,573
644,595
2,026,757

Page 24

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

17 RESTRICTED FUNDS

Lighting
New equipment
Outdoor projector and screen
Satellite dish and projector
Swan Studio & Huntingdon Hall project
Accessibility fund
Adult Arts Programme
Dance floor
Foyer redevelopment
Gxrls On Fire
Inclusive community fund
New lighting
Our shoes project
Outreach and participation fund
Restoration fund
Saucy
Save our loos
Youth advisory board
Worcester Pride		 As at 1
September
2024
927
1,984
1,218
10,920
798
3,258
2,056
6,000
1,702
389
3,280
-
3,000
3,850
83,826
-
19,100
709
-
143,017		 Income
-
-
-
-
-
1,000
-
-
-
796
-
15,742
-
-
671
18,550
5,128
-
4,990
46,877		 (927)
(1,642)
(1,218)
(4,522)
(400)
(1,140)
(919)
-
-
(736)
(1,470)
-
-
(3,850)
-
(10,100)
-
(709)
(4,990)
(32,623)
Expenditure		 Transfers
from / (to)
unrestricted
reserves
-
-
-
-
-
-
-
-
-
-
-
(15,742)
-
-
-
-
-
-
-
(15,742)		 As at 31
August
2025
-
342
-
6,398
398
3,118
1,137
6,000
1,702
449
1,810
-
3,000
-
84,497
8,450
24,228
-
-
141,529

Page 25

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

COMPARATIVE ANALYSIS OF RESTRICTED FUNDS

Lighting
New equipment
Outdoor projector and screen
Satellite dish and projector
Swan Studio & Huntingdon Hall project
Accessibility fund
Adult Arts Programme
Booming Voices
Dance floor
Foyer redevelopment
Gxrls On Fire
Inclusive community fund
Open day
Our shoes project
Outreach and participation fund
Restoration fund
Saucy
Save our loos
Shower room
Worcester Fringe
Youth advisory board
Youth projects		 As at 1
September
2023
1,856
3,626
2,436
15,843
1,198
3,858
3,000
7,803
6,000
1,702
-
7,000
1,050
3,000
17,821
45,958
-
12,597
5,000
3,292
1,273
6,679
150,992		 Income
-
-
-
-
-
-
-
(3,686)
-
-
735
-
-
-
-
48,212
2,362
6,503
-
2,500
-
6,950
63,576		 (929)
(1,642)
(1,218)
(4,923)
(400)
(600)
(944)
(4,117)
-
-
(346)
(3,720)
(1,050)
-
(13,971)
(10,344)
(2,362)
-
(5,000)
(5,792)
(564)
(13,629)
(71,551)
Expenditure		 Transfers
from / (to)
unrestricted
reserves
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 As at 31
August
2024
927
1,984
1,218
10,920
798
3,258
2,056
-
6,000
1,702
389
3,280
-
3,000
3,850
83,826
-
19,100
-
-
709
-
143,017

Transfer between funds

During the year the charity purchase new lighting costing £37,781, which was partly funded out of restricted funding received for this purpose totalling £15,742. On purchase of the asset, the related restricted funding was released to unrestricted funds.

Nature of individual restricted funds

The lighting fund relates to fixed assets held originally purchased by funding provided by the Rowlands Trust for the purchase of theatre lighting. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

The new equipment fund relates to fixed assets held originally purchased by funding provided for the purchase of a stair lift, new lights and a new stage. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

The outdoor projector and screen fund relates to fixed assets held originally purchased by funding provided by The Kildare Trust for the purchase of an outdoor projector and screen. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

The satellite dish and projector fund relates to grant funding received from the Foyle Foundation and the Roger & Douglas Turner Charitable Trust to fund installation equipment at the Swan Theatre to allow live broadcasts to be viewed there. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

The Swan Studio and Huntingdon Hall project fund relates to fixed assets held originally purchased by funding provided by (among others) The Foundation for Sport and the Arts for the renovation and improvement works to the existing Swan Theatre and Huntingdon Hall. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

Accessibility fund relates to funding received in regard to a project to make performances more assessable to audience members with who may experience anxiety, mental health issues or have additional support needs.

Adult Arts Programme fund relates to funding received in regard to a 2 year project in support of our Adult Arts Programme.

Page 26

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

17 RESTRICTED FUNDS (Continued)

Nature of individual restricted funds (continued)

Booming Voices fund relates to funding received in regards to a 10 week programme providing young people with the opportunity and skills to explore poetry. At the project end the unspent grant income was refunded to the donor.

Dance floor fund relates to funding received to instal a new dance floor at the Studio.

Foyer redevelopment fund relates to funding received to redevelopment of upstairs foyer area of the Swan Theatre.

Gxrls On Fire fund relates to running afternoon sessions for girls aged between 14 to 18.

Inclusive community fund relates to funding received relating to an inclusive community project.

New lighting fund relates to a grant from Worcester City Council to purchase additional theatre lighting.

Open day fund relates to funds received to run an open day.

Our shoes project fund relating to funding received relating to an emerging artist development project.

Outreach and participation fund originally related to monies received to be used to fund a scheme whereby performance tickets were given out free to qualifying individuals. When the scheme ended the original donor consented that the remaining funds be used to support the activities of the charity's outreach and participation department.

Outreach projects fund relates to funding received to fund various community group activities organised by the charity.

The restoration fund relates to various grants and donations received to fund ongoing renovation work at the venues operated by the charitable company.

Saucy fund relates to funding received to support the charity's LGBTQ+ arts programme Saucy.

Save our loos fund relates to donations collected from the general public to finance a refurbishment of the venues' toilet facilities.

Shower room fund relates to funding received to instal a shower room at the Swan Theatre.

Worcester Fringe fund relates to funding received to support the charity's Worcester Fringe event.

Worcester Pride fund relates to funding received to support performances undertaken by the charity during Worcester Pride Festival.

Youth advisory board fund relates to funding received relating to a 12 month development project for young people to gain experience and make decisions that will affect the cultural landscape of Worcester Theatres.

Youth projects fund relates to various grants received to fund activities relating to the youth theatre group run by the charity.

Page 27

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

18 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

FIXED ASSETS
Tangible fixed assets
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
LIABILITIES
Amounts falling due within one year
NET CURRENT ASSETS
COMPARATIVE ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
FIXED ASSETS
Tangible fixed assets
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
LIABILITIES
Amounts falling due within one year
NET CURRENT ASSETS		 Unrestricted
Funds
2025
£
37,122
9,199
328,857
1,572,322
(577,130)
1,370,370
Unrestricted
Funds
2024
£
3,347
9,737
29,657
1,370,853
(630,408)
783,186		 Restricted
Funds
2025
£
7,138
-
9,000
125,391
-
141,529
Restricted
Funds
2024
£
15,847
-
-
127,170
-
143,017		 Total
Funds
2025
£
44,260
9,199
337,857
1,697,713
(577,130)
1,511,899
Total
Funds
2024
£
19,194
9,737
29,657
1,498,023
(630,408)
926,203

Page 28

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025 (Continued)

19 ANALYSIS OF CHARITABLE COMPANY'S NET ASSETS BETWEEN FUNDS

FIXED ASSETS
Tangible fixed assets
Investments
CURRENT ASSETS
Debtors
Cash at bank and in hand
LIABILITIES
Amounts falling due within one year
NET CURRENT ASSETS		 Unrestricted
Funds
2025
£
37,122
2
474,259
1,428,145
(569,158)
1,370,370		 Restricted
Funds
2025
£
7,138
-
9,000
125,391
-
141,529		 Total
Funds
2025
£
44,260
2
483,259
1,553,536
(569,158)
1,511,899

COMPARATIVE ANALYSIS OF CHARITABLE COMPANY'S NET ASSETS BETWEEN FUNDS

FIXED ASSETS
Tangible fixed assets
Investments
CURRENT ASSETS
Debtors
Cash at bank and in hand
LIABILITIES
Amounts falling due within one year
NET CURRENT ASSETS		 Unrestricted
Funds
2024
£
3,347
2
170,021
1,229,900
(620,084)
783,186		 Restricted
Funds
2024
£
15,847
-
-
127,170
-
143,017		 Total
Funds
2024
£
19,194
2
170,021
1,357,070
(620,084)
926,203

20 FUNDS HELD AS AGENT

The charity sold performance tickets as agent of third party hirers in regard to current year performances totalling £349,860 (2024 - £293,824). At the year end the charity had creditors totalling £78,178 (2024 - £93,824) in regard to monies held as agent of third party hirers.

21 FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Page 29