Registration Nllmber N1031527
Charity Number NKC104797
DLKKY 'I'HLA'I'KE TRIJ5T
Trustees, Report and Consolidated FiDanclal Statements
for tbe yeAr ended 31 March 2025

DERRY THEATRE TRUST
Trustees, officers and advisors
Martin Bradky
Mary McKenna
Martin Mullan
cait1￿) Ann¢ Kelly
Dolores O￿tIllY
Conal Casey
Shauna Cus8ck*
S¢an Fleming"
Niree Mcmorris
Brian Tierney
Appointed 04 July 2024
nominated by Derry City & Straban¢ District Council
Trustees of
- Derry Theatre Trust and
M Forum Trading Llmiled
Resigned 03 July 2024
Dlrectors of subsldiary company
Millennium Forum ProductioDS Limited
Martin Bradley
David McLaughlin
Key MaDagement Personnel
Chief Executive Officer
Finance Manager
Box 0￿]¢¢ Manager
Technical Manager
General Manager
D¢v¢lopi))¢nt & C￿ativ¢ En8ascm¢nt M(fftasor
Secretsry
Mary M¢Kenna
David McLaughlin
Elaine McParland
Lisa Heaney
Chloe Harkin
Paul M&%on
Cara M¢Cartn•y
HMRC Charity No.
Charity Commission No.
XR16635
NIC104797
Registered Office & Business Address
Newmarket Street
Londonderry
BT48 6EB
Independent Auditors
McDaid Mccullough Moore
Chartered Accountants and
Statutory Auditor
28142 Clarendon Street
Dery BT48 7HD
Bankers
Allied Irish Bank
Strand Road
Londonderry
BT48 7TN
Solicitors
Guckian Flenagan Solicitors
7 Limavady Road
Londonderry
BT47 6JU

DERRY THEAThE TRUST
Trustees, Report ind CoDsolldated FinanclAI Statements for tbe y¢ar ended 31 2025
ContsDts
Page
T￿￿tees, annual report (incoryorating directOTS report and strategic report)
Trustses, responsibility statsment
Ind¢pendent auditors, report
10-13
Consolidated statement of finan¢ial actAVities
14
Consolidated statem¢nt of financial position
Is
Company statement of flljancinl position
16
Consolidated statement of cash flows
17
Notes to the flnancial ststements
18.39
Page I

DERRY THEATRE TRUST
Trustees, responsibility statement
for the year ended 31 March 2025
Trustees, responsibilitles
The Trustees ar¢ responsible for preparing the Trustees annual report and the fmancial statements in
accordance with applicable law and regulations.
Company law requires the Trustees to prepare fmancial statements for each fmancial year. Under that law the
Trustees have elected to prepare the financial stAtementq in xccnrdance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company
law the Trustees must not approv¢ the financial stalements unless they are satisfied that they give a true and
fair view of the state of the affairs of the charitable company and of the incoming resources and application of
resources, including the income and expenditure, of the charitable company for that year. In preparing thes¢
financial ￿atements the Trustees are required io:
s¢lect suitable a¢¢ountins polici¢s r￿d apply them wnsistently
observe the methods and principles in the Charities SORP2019.
make judgements and estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been followed, subject to any material departU￿S
disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will Continue in business.
The Tni8tee.s are responsible for keepin£ adequate accountinR records that sutTicient to show and explain
the charitable company iransactions and disclose with reasonable accuracy at any time the financial position of
the Charitable company and to 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 ¢ompany and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Page 9

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DERRY THEATRE TRUST
Company No.N1031527
Consolidated statsmeDt of finaneial posfition
as at 31 Marcb 2025
2025
2024
Notes
Fixed assets
Intsngible assets
Tangible assets
13
14
6.833.380
7.066,130
6,833,381
7,066,131
Current assets
Stocks
Debtors
Cash at bank and in hand
16
17
18
23,670
245,298
3,363.749
22,974
J96,102
2,986,360
3,632,717
3,205,436
Creditors: amounts falllDg
due witbln one year
19
(2,125,119)
(1,978,876)
Iyet cllrreDt assets
1,507.598
1.226,S60
Total assels less curreDt
liabllitles
8,340,979
8,292,691
Funds
Restricted ￿ndS
Unrestricted funds
22
23
8,215.523
125.456
,223,026
69,665
Total charity funds
8.340,979
8,292,691
Th¢ financial statements were approv¢d and authorised for issue by the Trustees on 4 Sept¢mber 2025 and
were sign¢d below on its behalf by
Martln Brndley
Trustee
M#ry MeKenna
Trustee
The notes on P￿e8 18 to 39 forni an integral part of these flnancial statements.
Page IS

DERRY THEATRE TRUST
Company No.N1031527
Company statement of finaneial position
as at 31 March 2025
2025
2024
Notes
Fixed assets
Intangible assets
Tangibl¢ assets
13
14
6.832,007
7,056,231
6,832,008
7,056,232
Current assets
Debtors
Cash at bank and in hand
17
18
809,429
1.57 I,623
863,095
1,107.264
2,381,052
1,970,359
Credltors: amounts falling
due wlthln one year
19
(483.928)
(355,260)
Net current assets
1,897,124
1.615,099
Total Assels less current
118bilitles
8,729.132
8,671,331
Net assets
8,729,132
8.671,331
Funds
Restricted funds
Unrestricted funds
22
23
8,214,150
5 14,982
8.213.127
458,204
Totydl charlty funds
8,729,132
8.671,331
The financial statements were approved and authorised for issue by the Trustees on 4 September 2025 and
were signed below on its behalf by
MArtln Brndley
Trustee
Mary McKenna
Trnstee
The notes on pggeg 18 to 39 form All Illtogrnl port of th¢80 financial statements.
Page 16

DERRY THEATRE TRUST
CoDsolldated ststement of Cash flows
for the year ended 31 Mgr¢b 2025
2025
2024
Notes
Cash flow8 from operr•tAng Aelfvlllel
Net operating surplus before actharial chang¢s
46,288
106,101
Adjustmentsfor..
Depreciation
Defined benefit pension scheme service ¢ost
Other interest r+x¢ivable and similar income
Inter¢st payable and similar expenses
232,750
2,000
(152.843)
240,863
10,000
(72.560)
1,973
Changes in..
Stocks
Debtors
Creditors
(696)
(49,196)
146,243
(5.514)
31,322
149,512
Cash gon¢rnt•d from op•rAtlng *etfvltles
224.546
461,697
Other interest receivable and similar income
Interest payabl¢ and similar exFnses
152,843
72,560
(1,973)
Net Increase in cash ADd Cash equivalents in the year
Nct debt at l Aprll 2024
Net cash and casb equfvalents at 31 Marcb 2025
377.389
2,986,360
532,284
2.454.076
18
3.363,749
2,986,360
Page 17

DERRY THEATRE TRUST
Nots8 to Financial Stalements
for the year ended 31 March 2025
Accounting Pollcfies
1.1. Accountfing conventfion and basis of preparallon
The charity constitutes a public ￿nefit entity as defined by FRS 102. Derry Theatre Trust is a private
company limited by guarantee, registered in Northern Ireland. The address of the registered office is
Millennium Forum, Nei¥market Street. Derry RT48 6F.R
The group financial ststements have been prepated under the histori¢a] cost Coni'ention and in
accordance with the Charities SORP (FRS 102) for charities preparing their accounts in accordance
with the Financial Reporting Standard (FRS 102) applicable in the UK and Republic of Ireland (issued
in October 2019), the Companies Act 2006 and under Ihe Companies Act 2006 (Strategic Report and
Directors, Report ) Regulations 2013. The financial st*ments are prepared in sterling, which is the
functional curren¢y of the entity.
Accounting policies have been applied consistently in th¢ current and pre¢¢ding year.
1.2. Basls of Conyolfidgtion
The Group financial sl&tements compris¢ the financial statements of Derry Theatre Trust and its
subsidiary companies. M Forum Trading Limited and Millennium Forum Productions Limited. The
financial statements of the subsidiary companies are prepared for the same reporting year as the parent
company. using consistent accounting policies.
A subsidiary is an entity. controlled, either directly or itKlir¢ctly, by the Company, wheTe control is the
power to govern the financial and operating poli¢ies of the entity so as to obtain benefit from its
activities.
The directors have taken advantage of th¢ exemption available under section 408 of the Companies Act
2006 and not presented a separate statement of financial activities for the company.
1.3. Income
Income is included in the statement of financial activities when the charity is entitled to the income and
the amount can be quantified with re&sonable a￿uracy. Income represents theatre ticket sales, theatre
and room rentals, merchandise inwme. bar and confectionery sales and income from advertising,
marketing & sponsorship. exclwive of value added tax. Income also includes grant income from Derry
City & Strabane District Council, thc Arts Council and Arts & Business.
Income from theatre ticket sales, received in advance of a perfornlance, is deferred to the dat¢ of the
perforn)ance and match¢d against the cost of the relevant perfomwjce.
Capital grants are recognised in th¢ year of receipt in statement of financial activities and treated as
restricted funds with the related d¢preciation of the assets Gharged against the same fund.
The deferred development donation. is recogniscd when rec¢iv¢d, is a r¢strict¢d fund donation added to
the ticket costs to the patrons of the theatre and is used for Amprovements, development of shows,
¢nhancement expenditure and to fmance fijture refurbishment projects.
Page 18

DERRY THEATRE TRUST
Notes to FiDan¢ial Statements
for the year ended 31 March 2025
. continued
1.4. Expenditllre
Expenditure is recognised on an accruals basis as a legal liability is incurred and can be reliably
measured. Expenditure. where relevenL is exclusive of VAT.
Charitable activities expenditure comprises those costs incurred by the charity in the ddiverance of its
charitable activities. It 11cludes both costs that can be allocated directly to such a¢tivities and those
costs of an indirect nature necessary to support them.
Support Costs not directly related to theatrical perfonnances are allocated where possible to the
performance of that activity. Support costs include office costs, legal & professional costs and
admlnistrative payroll costs.
l.S. Conference licence
The conference lic¢n¢e is valued at cost le55 accumulated amortisation.
Amortisation is ¢al¢ulat¢d to write off th¢ cost in equal annual instalments over their ostimated useful
life of 5 years.
TAnglhle flxed assets and depreclation
Tangible fixed assets with a life expectancy of greater than one year. are initially recorded at cost and
subsequently stated at cost less any accumulated depreciation and impairnlent losses.
Depreciation is provided at rates calculated to write off the cost less residual value of ea¢h asset over its
expected useful life, as follows:
Buildings
Piazza development
Plant and machinery
Fixlur¢b, fittings
and equipment
straight linc over fifty years
2 % - 200/0 straight line
100/0-20 % straight line
200/0 straight line
Land is not depreciated.
Impalrment of assets
A review for indicators of impaim]ent is carried out at each reporting date, with the recoverable amount
being estimat¢d where such Indi￿torS exist. Where the carrying value exceeds the recoverable amount,
the asset is impaired accordingly. Prior impairn)ents Zre also reviewed for possible -.ev¢rsal at each
reporting date.
1.8. Leasing
Rentals payable under operating leases are charged agai1St ftncome on a straight line basis over the lease
term.
Page 19

DERRY THE.4TRE TRUST
Notes to Financial Statements
for the year ended 31 March 2025
. continued
1.9. Subsidiaries
Fixed asset investments reflect the company interest in the wholly owned subsidiar), companies M
Forum Trading Limited and Millennium Forum Productk)ns Limited.
Investments are measured at the lower of cost and net realisable value.
1.10. Stock
StoLk is valued at the lower of cost and net realisable value: in respect of Stocks. cost is calculated on a
first in f￿st out basis. Cost includes purchase price and transport costs less trade discounts and rebates.
Net realisable value is besed on selling price less any further costs of disposal.
1.11. Pension and other p05t- retirement benefits
The charitable company operat¢s a defined benefit pension scheme for employees. The assets of the
scheme are held separately from those of the charitable ￿Mpany.
Pension scheme liabiliti:s are m¢asur¢d on an actuarial basis using a projected unit method and are
discountcd to their present value using a discount rat¢ of 5.8Yo (31 March 2024 . 4.80/0).
Pension scheme assets are valued at nwket value at the balanrx sheet date.
Th¢ pension sch¢m¢ charg¢ in the Statement of Financial Activities is the current and past service cost
plus financing cost less employers contributions.
1.12. Forelgn currencles
Monetary assets and liabilities denominated in foreign currencies ar¢ translated into sterling at the rates
of exchange prevailing al th¢ balance sheet date. Transactions in foreign currencies are recorded at the
rate of exchange prevailing at the date of the transactions. All differences are taken to the Statement of
Financial Activities.
1.13. Funds
The funds of the charitable group & company consist of restricted funds and unrestricted funds.
un￿StrICted funds are funds available for us¢ by the charity at the discretion of th¢ trustees in
furtherance of the general objectives of the charity and have not been designated for other purposes.
Restricted funds are funds which aTe to be used in accordance with specific restrictions imposed by the
donors. The aim and use of each restricted fund is set out in the notes ￿ the flnancial statements.
1.14. Donated assets
Donated assets ate included in the financial statements at the lower of cost or net realisable value. The
trustees estimate of replacement Cost is based on existing market valuations for similar assets.
Page 20

DERRY THEATRE TRUST
Noles to Financial Statements
for the yegr ended 31 Mareh 2025
. continued
1.15. Going concern
The financial ststements have been prepared on a going concern basis &8 the trustees believe that
adequate resources are available to continue operations and no n￿terIal uncertainties ¢xists. The
TTUStees have considered the level of funds held and the expected level of income and expenditure for
twclv¢ nionthJ frorn authori8ins thoso r￿UnCl•l statements. The basis of their jiidgement. taking intn
account the current financial climate, include revenues expected from the 25126 programme, current
revenues versus budget and continued support from funding bodies.
1.16. Debtors
Debtors and prepayments are recognised at the settlement amount due after any trade dis¢ount.
1.17. Credltors
Creditors are recognised where the charity has a present obligation resulting from a past event that will
probably result in a payment to a third party and the amwnt can be reliably estimated.
1.18. JudgemeDts and k¢y sources of uneertalnty
In applying company accounting policies the Trusi¢es are rcquired to make judgements and estimates
on an ongoing basis about the carrying value of the company &8sets and liabilities. If revision is
required. the revision is iT¢ognis¢d in that period togeth¢r with futur¢ periods if necessary.
The depreciation charge in respect of tangible fixed assets is based on the estimated useful life of each
oup of assets. Revision of estimated useful life of each grouping will affect the estirnates charged in
the Statement of Financial Activities.
l.19. Financlal Instrnments
The group and company financial assets and liabilities are considered basic fmancial instruments. The
financial asset or liability is initially recognised at transaction value and re¢ognised only when the
company becomes a party to the contractual provisions of the inslrum¢nL
Page 21

DERRY THEATRE TRUST
Notes to Flnancial Statements
for the year ended 31 March 2025
. continued
Donatlons
Unrestricted Restricted R￿tricted
iDcome
Income
¢apitsl
funds
funds
funds
2025
2024
Total
Total
Developmeni donatlon
212,342
212,342
217,560
212,342
212,342
217,560
Income from Charltable a¢tlYllles
Unrestrleted Rutricted Restrlcted
SDcom¢
Income
¢&plt*l
funds
fiinds
fund.
2025
2024
Total
Total
Derry City & Strabane District Council
Arts Council of Northern Ireland
Sundry grants
376,805
90,250
164.141
376,805
90,250
164,141
376,805
173,481
64,859
631,196
631,196
615,145
3,366,889 3,361,846
4,446
14,087
198,210
178,124
2.652
2,297
242,245
219,464
159,938
139,280
Box office
Donations
Perfonnanc¢ rentals
Programmelmerchandising
Costs recharged
Roomlpiazza rentals
3,366.889
4,446
198,210
2,652
242,245
159,938
3,974.380
631,196
4,605,576 4,530,243
Income from other tradlng actlvltles
FOH and bar income
Sponsorship income
Advertising income
Confectionery sales
Miscellaneous income
Rental income
440,702
74,908
11,967
129.932
4,392
83,643
440,702
74,908
11.967
129,932
4.392
83.643
417,781
67,730
)9.599
121,565
4.255
89.477
745,544
745,544
720,407
Group Investment income
2025
2024
Bank interest
152.843
72,560
Page 22

DERRY THEATRE TRUST
Notes to Financial Statements
for the year ended 31 March 2025
. continued
Costs of charitable activities - by actfvity
Charltliblg TrAdlng
activities
activilies
2025
Total
2024
Total
Production costs
Wages
Cost of sales - bar
Outside catering
Cost of Sales - eonfectionery
Marketing & advertising
Depreciation
Maintenance
Grant expenditur¢
Support costs (below)
2.626.224
845.049
2,626.2fj4 2,665,983
64,651 909.700
822,925
l61,414 161,414
154,262
87,189
74,032
51.003
57.022
142,028
133,218
4,674 232.750
240,863
581,989
466,329
72,638
28.942
9,530 805,082
791,093
87,189
51.003
142,028
228,076
581,989
72,638
795.552
5,378,745
291,272 5.670.017 5,434,669
Support costs
Core
tkeAtre
activltles
Trading
actlvitles
2025
Totsl
2024
Tothl
Administration wages
Staff training & welfare
Computer costs
Telephon¢
Rates
Light & heat
Cleaning
Insurance
Miscellaneous
Audit fees
Legal & professional fees
290,649
5.452
63,337
15,831
12.205
138,867
75.263
31,967
125,846
8,900
27.235
290.649
5,452
69,117
15,831
12,205
138,867
75,263
34,167
125,846
10.450
27,235
292 ?89
6,963
59,308
8,133
3,811
119,405
60,855
42,640
143,280
10,000
44.409
5.780
2,200
1,550
795,552
9,530 805,082
791,093
Support costs where ascertainaèle are allocated directly to the related aciivity.
Expenditure allocation between restricted and unrestricted is included in the funds notes.
Page 23

DERRY THEATRE TRUST
Not&4 to FiD2nclal Stalements
ror the year ended 31 March 2025
. continued
Group surplus
2025
2024
Net surplus is stated aft¢r charging:
Depr￿latIon of tangAblG a3￿ts
Loss on foreign exchange
Operating lease rentals
O￿lCe equipment
232.750
134
240.863
101
6,999
4,056
Audltors, r¢munerMlholl
2025
2024
Fees payable to the companies auditors for the audit of th¢ companies annual
financial ststements
2,000
Fees payable to the companies auditors for the audit of the subsidiary companies 8,450
10.450
1,800
8,200
10,000
In¢ome And Expelldlture a¢¢ount
2025
2024
Income per Statement of Financial Activiti¢s
less
Capital grant income
5.716,305
5,540,770
5,716,305
5,540,770
(5.670.017) (5.434.669)
106,101
Expenditure
Net surplus
46,288
Group Interest payable and slmllar charyes
2025
2024
Interest
1,973
Page 24

DERRY THEATRE TRUST
Notes to Financial Statements
for the year ellded 31 Marcb 2025
. continued
Employees - Company and group
Number of employees
The average monthly numbers of employees
(including the chlef exeL￿tIVe) during Ui¢ yrat wrrG:
2025
2024
Front of House I Security
Technical
Administration
Box Office
Marketing
21
22
14
15
Development
62
63
Employee status
Full time employees
Part time employees
15
18
45
Employment costs
2025
2024
Wages and salaries
Social security Costs
Pension costs-other operating charge
1.004,082
72.96
123,307
927,467
66.155
121,592
1.200,349
1.115,214
PensloD
Ther¢ was a nil deficitlsurplus on the company defined benefit pension scheme at both J l March 2025
and 31 March 2024. This is principally because of changes to key assumptions used to calculate the
present value of schen]e assets, changes in asset returns and changes in demographic assumptions.
Refer to not¢ 20.
Page 25

DERRY THEATRE TRUST
Notes to Financi21 Statements
for the year ended 31 M*rch 2025
. continued
9.1. Key management personnel
2025
2024
Chief Executives emoluments
Remunerailon and oth¥r ¢￿VIu1￿¢￿iiS.
Pension contrlbutions
88.165
15,444
82,521
14,767
103,609
97,288
Emoluments of other employees did not exceed £60,000.
Key management persDnDel remuneration
Wago8 ond solaries (including pension contributions)
Social security costs
237,451
21,259
220,812
19,353
258,710
240,165
Remuneration of full tirne key management personnel is set by the Trustees, as adjusted by inflation.
Tru￿1¥¢>. i'eiiiuu¢i-atioA
The Trustees were not remunerated for their services during the year (2024 - £NIL).
One Truste¢ was reimbursed £3,000 in respect of mileage and subsistence expenses incurred during the
year (2024 - £3.000).
10.
Pension costs
Tlie group op¥rat¢s a defiiicd bcncfit pension schcm¢. The scheme and its assets are. held by
independent managers. Charges incurred in arriving at operating surplus for the year and the
statement of recognised gains and loss¢s for the year are shown in note 20 the accounts.
11.
Tax on ordinary activhles
No group charge to corporation tax arises in the year endcd 31 March 2025 (31 March 2024 - £ nil).
Derry Theat￿ Trust is a registered charity for tax purposes and the company policy of the subsidiary
Companies, is to gift aid any surplus to the parent company. D¢rry Theatre Trnst. As a result no
corporation tax liability arises.
Page 26

DERRY THEATRE TRUST
Not&q to Financial Statements
for tbe year ended 31 March 2025
. continued
12.
Suryllls for the year attributable to members,
The Trustees have taken advantage of the exemption available under section 408 of the Companies Act
2006 and not pro¥ented a soparate Ètatement of fAn9neial activities for the ¢hAritAble company.
The results of the parent undertaking for the year ended 2025 showed an operating surplus of £55,801
and an overall SUTplus of £57,801 after accounting for a surplus of £2,000 on the actuarial pension
(2024 showed an operating surplus of £115,109 and an overall surplus of £60,109).
13.
IDtangible fixed assets - Group and company
Conferenee IlceD¢e
Cost
At l April 2024
At 31 March 2025
Total
20,443
Amortlzatlon
At l April 2024
At 31 March 2025
20.442
Net book values
At 31 March 2025
At 31 March 2024
Page 27

DERRY THEATRE TRUST
Notes lo Flnaneial Stslements
for the year ended 31 Mareh 2025
. continued
14.
Tangible rued assets
Freehold
Fixtures,
land and
Pia7Wd PlaDt and fittings And
buildings development maehinery equipment
Croup
Total
C08t
At l April 2024
11,369,599
487,326 2.616,284
907,528 15.380,737
At 31 March 2025
11,369,599
487,326 2,616,284
907,528 15,380,737
Depreclatlon
At l April 2024
Charge for the year
4.657,147
207,392
255,957 2,521,137
7,702
880.366 8,314,607
17,656
232,750
At 31 March 2025
4,864,539
263.659 2.521,137
898,022 8,547,357
Net book VAlueJ
At 31 March 2025
6,505,060
223,667
95,147
9.506 6,833,380
At 31 March 2024
6,712,452
231.369
95,147
27,162 7.066,130
Freehold
Flxture5,
laDd and
Plazza
Plant and fittings and
buildings development mydchlnery equipment
Company
Total
Cost
At l April 2024
At 31 March 2025
11,369,599
487,326 2.616,284
864,898 15,338,107
I I,369.599
487.326 2,616,284
864,898 15,338,107
Dep￿lAtIOn
At l April 2024
Charge for th¢ year
At 31 March 2025
4.657,147
207,392
255,957 2,521,137
7,702
847,635 8,281,876
9,130
224,224
4,864,539
263,659 2,521.137
856,765 8,506,100
Net book VAlues
At 31 March 2025
6,505,060
223,667
95,147
8,133 6,832,007
At 31 March 2024
6,712.452
231.369
95.147
17,263 7,056,231
The cost of depreciable ￿ets included in land and buildings at 3 l March 2025 was £10,369,599. At
th¢ balance sheet date there was no material difference between carrying value and market value.
-I'he building cost of the theatre buijding includes thc build cost of th￿¢ r¢ntal units. Th¢ total cost of
these rentsl units is negligible compared to the total build cost.
Page 28

DERRY THEATRE TRUST
Yotu to Financial Ststements
for the year ended 31 March 2025
. continued
15. Group inforniatioD
Company
M Forum Tradin¥ Littiil¥d Millriiiiiuiii Fonun Productions Limitcd (both compan￿$ limited by
guarantee) are wholly owned subsidiaries of Derry Theatre Trust, whose registered offices are at
Newmarket StreeL Derry B T48 6EB. D¢rry Theatre Trust controls the voting rights of both companies.
Subsidlvdry undertaklngs
Country of
Incorporatlon
Npdture of
& company no. buslness
Company
Subsldlary undertaklngs
M Forum Trading Limited
Northern Ireland Operating a
N1050180
theatre for Arts &
Entertainment
purposes
North=rn Ireland Producing
N1631011
external touring
perforniances
Millennium Forum Productions Lid
The aggregate amount of capital and reserves and the results of these undertakings for the last relevent
financial year were &$ follows:
R¢Jults
for the year
Reserves
M Forum Trading Limited
Millennium Forum Productions L
(389,527)
(988)
Income for M Forum Trading Limited for the year amounted to £4.772.044 (2024 - £4,630,084) and
expenditure for the year amounted to £3,654,190 (2024 - £3.683,793). Nonnal company policy of M
Forum Trading Limited is to gift any oFerating surplus to Derry Theatre Trust £l,117.854 (31 March
2024 - £946,291).
tncome for Millennium Forum Productions Ltd for the year amounted to £nil (31 March 2024 - £nil) and
c,osts for the. ye.ar amnijnted tn £9118 (31 March 2024 - £482).
Page 29

DERRY THEATRE TRUST
Not&8 to Financial StstemeDts
for the year ended 31 ￿reh 2025
. continued
16.
Stockg
2025
2024
Group
btocks
23,670
22,974
The replacement value of stock does not materially differ from cost.
17.
Debtors
Group
Trade debtors
Other debtors
Prepayments
2025
2024
129.243
78,418
37,637
89.171
65,980
40,951
245,298
196,102
Company
Trade debtors
Amounts owed by M Fc¢um TradinR Limited
Other debtors
Prepayments and accrued income
47,044
708,346
43,497
10,542
29,089
777,135
43,789
13,082
809,429
863,095
18.
Casb and ¢8sh equlvalents
Group
2025
2024
C&8h at bank and in li￿ld
3,363,749
2,986.360
3,363,749
2,986,360
Company
2025
2024
Cash at bank and in haThl
1,571,623
1,107,264
1,571,623
1,107,264
Cash and cash equivalents on the balance sheet Compri￿ bank accounts.
Page 30

DERRY THEATRE TRUST
Notes to Flnancial Slatements
for the year ended 31 Mareh 2025
. continued
19.
Credltors: amounts falling due
witbin one year
2025
2024
Group
Trade credliors
Deferred income
Other tsxes and social security costs
Other Creditors
Accrued expenses
657.488
I,067.92J
70.071
105,481
224,154
817,520
768,614
198,748
193,994
2.125,119
1,978,876
2025
2024
Company
Trade creditors
Deferred income
Other taxes and social s¢¢urity costs
Accrued expenseg
261,790
5,667
24,328
192.143
220,803
12,917
21,759
99,781
483,928
355,260
S¢¢llrlty . Company
Charitable company property Is secur¢d by :_
Debentures in favour of (l) The Millenniurn Commission and (2) The Depathent for Social
Development on the Trus¢s Land contained in folios LTr62853 and LY3478 County Londonderry.
Page 31

DERRY THEATRE TRUST
Notes to Financial Statements
for the year ended 31 MArch 2025
. continued
Group and company
20. The charitable company operates a funded defined pension plan with benefits earned up to 3 1 March
2015 linked to fmal salary and benefits after 31 Mawh 2015 linked to a car￿r average revalued earnings
basis. The assets of the scheme are held separately from those of the charitable company. The pension
sch¢mG 13 a multi-omplo>'or d¢fined benefit scheme administered by NILGOSC.. The qcheme operAteq nn
a roll forward approach of calculating pension scheme assets and liabilities by making adjustments to the
results of the l&st full valuation (31 March 2022).
20.1 Prlncipal lletuarlaj ajsumptfions were .
2025 2024
Salary incr¢ase rat¢
Pension increase rate
CPI inflation
Discount rate
Pension contributions are determined by Aon, a member of the Institute of Actuari¢s, on the basis of the
actuarial report in April 2025.
20.2 The fair value of the scheme assets, the present value of the scheme liabilities and the resulting position is:
Value at
31103125
Value at
31103124
Equities
Bonds
Property
Other
Unrecognised asset
Total market value of &ssets
Present value of scheme liabilities
1,464,085
694,820
336,775
1,049,320
(970.000)
1,450,840
717,120
322,040
830,000
(348,000)
2.575,000
(2.575,000)
2.972.000
(2,972,000)
Surplus l (deficAt) in the sCh¢￿e
Page 32

DERRY THEATRE TRUST
Noles to Financial Statements
for Ihe year ended 31 Marcb 2025
. continued
An analysis of the movements in th¢ pension results for the year are shown below:
Group and company
Pension brought forward
Totsl operating charge
Totsl fmance cost
Actuarial gain
Unrecognised asset
Employer contributions
Pension carried fonyard
65,000
(125,000)
5,000
293,000
(348,000)
110,000
(164,000)
3,000
644,000
(605,000)
122,000
The employers, contribution into the scheme during the year ended 31 March 2025 amounted to
£121,30II employers, contribution rate of (31 March Z024 - £111,592 - at a Contribution
rate of 19.50/0). The employers, contribution for the y¢ar ejded 31 March 2026 is estimated at
£85,000 (190/0).
Page 33

DERRY THEATRE TRUST
Notes to Finanelal Statements
for Ihe year ended 31 Marcb 2025
. continued
20.3 Analysis ofthe amount cnarged io operating Surplus/(de￿cItj
2025
2024
Current service cost
Return on pension scherne assets
Interest on pension scheme liabilities
Total operating charge
(J 64,000) (125,000)
162.000
136,000
(159,000) (I 31.000)
(161,000) (120,000)
20.4 Analysis ofamoun¢ recogni5ed in Stalemenl ofiolal recognised gains and losses
2025
2024
Acttjarial (deficit) / gain on pension scheme assets
Actuarial Eain on the scheme liabilities
Unrecognised asset
Gain l (Deficit)
(37.000) 175,000
644,000
118,000
(605,000) (348,000)
2,000
(55,000)
20.5 Hislory ofexperience gains and losses
A history of experfience gains and losses is shown below:
2025
2024
2023
2022
2021
Difference between the expected
and actual return on schemc asscts:
amount (£)
percentage of scheme assets
Exp¢ri¢n¢¢ gains and IosKs
on scheme liabilities:
amount (£)
percentage of the present value
of the schem¢ liabilities
Total amount recognised in Ststement
of total recognised gains and losse￿.
amount (£)
percentag¢ of the present value
of the schemc liabilities
(37,000) 175,000 (369,000) 154,000
{l)ts/o
(13)0/0
(5)0/
453,000
(16)0/0
644.000 (230,000) 1,580,000 353.000 (872,000)
(25)0/0
(8)0/•
(62) %
(9)0/
(21)%
(644,000) (55,000) 1,211.000
507,000 (419,000)
(25)%
(9)0/0
(42)0/0
(12)0/0
(12)%
Pgge 34

DERRY THEATRE TRUST
Notes to Flnanelal Statements
for the ytAr ended 31 M*rch 2025
continu¢d
21.
Flnancl81 commltments - offlc¢ equlpment
At 31 March 2025 the gtoup had annual commiknents u51der non-canc¢llable operating ]e&8¢s as
follows .
2025
2024
Expiry dats .
Within one year
Between one and five years
394
1,509
394
394
1,903
PAge 35

DERRY THEATRE TRUST
Notes to Financial Statements
for the year ended 31 Mareh 202
. continued
22.
Re8trlcted funds - Group
2024
Income Expenditure
2025
Restricled capltal fuDds
Capital projects
Donation
6,848,362
95,000
(219,845) 6.628.517
95,000
6,943.362
(219.845) 6,723,517
Restricted Income funds
Development donations
Derry City & Strabane District Council
Arts Council for Northern Ireland
Other grants
1,279,664
212,342
376.805
90,250
164,141
1,492,006
(376.805)
(90,250)
(164.141)
1.279.664
843,538
(631,196) 1,492,006
Total group restricted funds
8,223,026
843.538
(851,041) 8,2l5,523
Re8trlcted funds - Company
2024
In¢ome Expenditure
2025
Reslrlcted capltal funds
Capital projects
Donation from Arts Council
6,838,463
95,000
(211,319) 6,627,144
95,000
933,463
(211,319) 6,722,144
Restricted income funds
Development donation fund
Deny City & Strabane District Council
Arts Council for Northern Ireland
Sundry grants
1.279,664
212,342
376.805
90,250
91,503
1,492,006
(376,805)
(90,250)
(91,503)
1,279,664
770,900
(558.558) 1,492,006
Tolal eompany rn8tricted funds
Purpose of restrlcted funds
Core grants received from Deny City & Strabane District Council and Th¢ Arts Council of Northern Ireland
are annual operating grants contributing towards the operating costs of the theatre. These grants are fully
utilised in the year. The Nation￿ Lottery Community Fund (£30.417) and Jobstart (£21.086) provided
employment grants. The Foyl¢ Foundation (£40,000) provid¢d assisLqnce in connection with the auditorium
refurbishment.
8,213,127
770.900
(769.877) 8.214,150
Capitsl project fund grants are the originaj capitsl funding from donors The Millennium Commission, The
Arts Council of Northern Ireland, Derry City Council, DSD and Tara Consultants, towards the building costs
of The Millennium Forum. This funding is reduced annually by the related depreciation charge on the assets
of the company.
Pgge 36

DERRY THEATRE TRUST
Notes to Financial Stgtemellts
for the ye2r Ènded 31 March 2025
continued
The development donation fund is a donation added to ticket costs to be used for improvements, development
of shows, enhancement expenditure and to finance future refurbishment projects.
Other grants received during the year from Arts & Business. Derry City and Strabane District Council, The
AII). Cvwiknil of Noitiiciii Ircland, Enkalon, Publi¢ H¢alth Agcncy ond Tho Community Fund contrlbuted
towards various projects undertaken by the Millennium Fow including Interact Youth Arts Festival and
Education Programmes during the year.
23.
Unrestricted fuDds- Group
Actuarial
penslon
Income Expendlture surplus
2024
2025
Total Unrestricted funds
69,665 4,872,767 (4,818.976)
2,000
125,456
U nrestrlcted IuDds - Lompany
Actuarlal
pension
Income Expendllure Surplus
2024
2025
Tothl unrestrlcted fund8
458,204 1,303,441
(1,248.663)
2,000
514,982
Purposes of unre8trlcled funds
Unrestricled funds are funds that are utilised at the discretion of the Trustees in furtherance of the objectives
of the charitable grouplcompany. Included in company unrestricted funds is gift aid fron] the subsidiary
company, M Forum Trading Limited ar,d rental in¢on]e. Included in group unrestricted income is all Ancome
and costs from the subsidiAry trading companies. M Forum Trading Limited and Millennium Forum
Productions Limited.
Page 37

DERRY THEATRE TRUST
Not￿ to FiDallcfial Statements
for the ye2r ended 31 Mareh 2025
. continued
24.
Company limlted by gllarantee
The charitable Company Is Ilmlrcd by guaraniee noi havlng a share C4ipiial.
Every member of the charitable company undertakes to contribute to the &ssetslliabilities of the
charitable company in the event of the same being wound up while he/she is a member, or within one
year after helshe ceases to be a member, for payments of the debts and Jiabilities of the charitable
Company Contracted before helshe ceases to be a member. and of the costs, Charges and expenses of
winding up and for the adjustment of the rights of the contributories amongst themselves, such amount
as mayb¢ Kquir¢d not exc¢¢ding on¢ pound.
25.
Analysis of changes in Del debt
Openlng
b¥dlaDee
Cash
flows
Closing
balance
Group
Cash at bank and in hand
2,986,360
377,389
3,363.749
Openlng
balaDce
Cash
flows
Closffing
balance
Company
Cash at bank and in hand
1,107,264
464,359
1,571,623
26.
Re131ed party transa¢lions
Derry City & Strabane District Council nominat¢ retired councillor Shauna Cusack and current
councillors Sean Fleming, Niree Mcmorris and Brian Tierney to the board of Trustees. The Council
provided funding during the year of £413,200 (31 March 2024 - £387,294).
Transactions with the Chief Executive officer, David McLaughlin, during the year. amounted to
£21,931 in respect of pantomime royalties and mileage (2024 - £20.959).
Transactions with Martin Bradley, Trustee and Chairnian. during the year amounted to £3,000 (2024 -
£3,000) in of mileage & subsistence expenses.
Martin Mullan is a director of Grove Theatre. Room rental income received during the year £9,129
(2024 - £7,026). £2.013 was outstanding at the balance sheet date.
Caitlyn Anne Kelly is the proprietor of McCr¢a School of Music. Room rental income received during
the year was £4,975 (2024 - £2.037).
Page 38

DERRY THEATRE TRUST
Notes to FinanciAI Ststements
for the year ended 31 Mgrth 2025
. continued
27.
AnAty8ls of net assets betsyeen funds for the group l company
Unrestricted Restricted
funds
funds
Total
2025
Consolldated fund bahn¢es at 31 March 2025
Fixed assets
Net current assets
138,453 6,694,928
(12,997) 1,520,595
125,456 8,215,523
6,833,381
1,507,598
8,340.979
Unrestrlcled Reslrlcted
funds
funds
Total
2024
Con$olld&ted fund balances At 31 March 2024
Fixed assets
N¢t current assets
153,188 6,912.943
(83,523) 1,310,083
69,665 8,223,026
7,066,131
1,226,560
,292,6Y I
Unrestrieted Restrlcted
funds
Tunds
Total
2025
Company fund balAnces at 31 March 2025
Fixed assets
Net current assets
138,453 6,693,555
376,529 1.520,595
6.832,008
1,897,124
514.982 8.214,150
8.729,132
Unrestricted Restrlcted
funds
fuDds
Total
2024
Company fund bala￿e8 al 31 March 2024
Fixed assets
Net current assets
151.358 6,904,874
306,846 1,308.25J
7,056,232
1.615,099
458,204 8.213,127
8,671,331
Page 79