The trustees present their annual report and financial statements for the year ended 31 March 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
The charity’s objects are the management of the Georgian Theatre, Richmond, North Yorkshire, to restore and preserve the building, and to advance education by encouraging and promoting the study, knowledge, understanding and appreciation of Dramatic Art, in particular at the building known as "The Georgian Theatre" in the town of Richmond, North Yorkshire.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Georgian Theatre (Richmond) Trust Limited exists to preserve The Georgian Theatre Royal for the benefit of the nation and as a place of historical interest. The Georgian Theatre Royal is the only surviving example of an eighteenth-century country playhouse and as such is a living theatre museum.
Vision and Activities
The vision of the charity is to provide a range of opportunities for people across all age groups to experience, learn about and enjoy The Georgian Theatre Royal and to understand its historic context, its unique significance, and its contribution to modern day theatre. The significant activities undertaken to achieve this vision include the delivery of Youth Theatre sessions to 100 young people per week, providing the members training in all areas of theatre and stage craft. There are also lots of performance opportunities for young people, which include working with local schools, performing in the in-house pantomime, and partnership work with local organisations.
The Theatre further provides education through its purpose as a museum where it preserves and exhibits scenery, playbills, and information from eighteenth and nineteenth century theatre to educate and entertain the public. The Georgian Theatre Royal has Arts Council Museum accreditation, which is shortly due for renewal. For most of the year the Theatre’s dedicated team of volunteer guides offers up to 36 tours per week, allowing access to numerous visitors and groups, including tourists, students, societies, and members of the local community.
The charity’s mission is to build on past success in conserving and developing The Georgian Theatre Royal as a distinctive theatre with a far reaching and inclusive creative vision. This is achieved through imaginative and innovative approaches to learning, tourism and our Georgian heritage while continuing to provide a varied artistic programme.
The Georgian Theatre Royal produces an annual programme of both professional and community work that is both diverse and of high quality. The company provides an entertaining mix of acts and events across all art forms with accompanying outreach, workshops, and education activities where possible. The charity offers an opportunity to the community to participate in performances through the Youth Theatre, local schools, work experience programme and through local festivals in a historic theatre supported by professionals in the theatre business.
Achievements and performance
The principal aim of the 2025/26 financial year was to sustain and further develop the charity’s growth in earned income, thereby reducing reliance on support funding. Significant progress has been made towards this objective since 2016, with the gap between income and expenditure narrowing considerably.
Throughout the year, positive feedback was consistently received across all public areas of the theatre. The Georgian Theatre Experience tours continue to attract excellent reviews and industry recognition. For the third consecutive year, the Experience Tours were awarded the TripAdvisor Travellers’ Choice Award, placing them within the top 10% of attractions worldwide. Alongside strong audience responses to the live performance programme. Audiences enjoyed a diverse programme of performances from a wide range of companies, including Elysium Theatre Collective, Mikron Theatre Company, Lucy Adlington, and Dyad Theatre Company, among many others.
The theatre also continued its long-standing relationships with local amateur dramatic societies. Richmond Amateur Dramatic Society presented Antigone, Monstrous Regiment, and Bleak Expectations, while Richmond Operatic Society staged productions of Beauty and the Beast and Sweeney Todd. Both societies have already confirmed bookings for their 2026 productions. The Castle Players were retained as annual performers on the Georgian stage, presenting The Inn at the Top in 2025 and planning a further production for 2026. In addition, West Yorkshire Savoyards delivered a successful production of Iolanthe and have also confirmed their return for 2026
The Theatre once again hosted an excellent programme of productions from Richmond School and Sixth Form, including examination performances and presentations from the school’s drama club. In addition, a new partnership is being developed with Richmond secondary school SFX, which will include theatre tours, workshops, and performances staged at the Theatre.
This year’s in-house pantomime, Cinderella, was exceptionally well received by audiences and achieved record-breaking box office success once again. The production featured a combination of returning performers and newcomers to the Georgian stage, alongside members of the Young Company, who continued to demonstrate exceptional talent and commitment as a team of young local performers.
The Youth Theatre has remained highly active throughout the year, with members participating in regular sessions and a range of additional guest workshops. Their dedication resulted in the successful staging of six productions. The senior group explored some thought-provoking works, including Frankenstein and Dr Jekyll and Mr Hyde, while the junior group performed The Pied Piper for Henderskelfe. The Musical Theatre groups, which continue to be the largest section of the Youth Theatre, staged the highly successful production Back to Oz. The show ran for two nights and sold exceptionally well, reflecting the continued growth and popularity of the programme. Due to increasing demand, plans are underway to establish an additional Musical Theatre class in September. The Theatre is also exploring opportunities for Youth Theatre members to participate in drama festivals in the future, including the Edinburgh Fringe Festival.
The Georgian Theatre Royal continues to play a vital role in the artistic, cultural, and social life of the communities it serves. The Theatre remains deeply appreciative of the ongoing support received from its Friends, as well as the strong partnerships developed with local attractions and community organisations.
The Theatre’s many achievements continue to be delivered by a dedicated and passionate team of staff and volunteers. The organisation currently employs eight members of staff and is supported by approximately 90 volunteers, all of whom work tirelessly to deliver the Theatre’s educational, cultural, and heritage activities. Their efforts are further strengthened by the guidance and commitment of an engaged and resourceful Board of Trustees. The continued success of The Georgian Theatre Royal is a direct result of the dedication, enthusiasm, and collective effort of everyone involved, whose shared commitment ensures that the charity’s objectives are consistently achieved. In recognition of their invaluable contribution, volunteers will shortly be presented with Long Service Awards.
The Statement of Financial Activities shows net expenditure for the period of £22,391 (2025: net expenditure of £95,804), including total investment gains of £21,786 (2025: net gain of £4,177). The unrestricted fund recorded net expenditure (before transfers and investment gains) of £56,068 (2025: £114,611). Total funds at 31 March 2026 were £976,075 compared to £998,466 in 2025, including restricted funds of £94,760 (2025: £95,369) and unrestricted funds of £881,315 (2025: £903,097).
The principal funding sources of the charity in the year were: Donations and voluntary income of £62,898, box office income of £321,787 and project grant income of £57,500. The grant income was primarily provided by Sylvia Crathorne Memorial Trust and Liz and Terry Bramall Foundation to finance the employment costs of the Chief Executive. The support of our grant providers and private donors is essential to supplement the Box Office income and enable the charity to provide a diverse and high quality programme.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use or invested in tangible fixed assets should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The balance held as unrestricted funds at 31 March 2026 was £881,315 of which £182,920 are regarded as free reserves, against unrestricted expenditure (excluding depreciation) incurred of £469,593 for the year. Therefore free reserves represented approximately 4 months unrestricted expenditure and the reserve policy was maintained throughout the year.
Investment Policy
The Board of Trustees have delegated decision-making on investment matters to the Chief Executive and the Hon. Treasurer who meet with the Trust's investment managers at least annually to discuss the performance. The Trust's Investment Policy is reviewed by the Finance Committee and approved by the Board of Trustees annually.
The cashflow forecast is reviewed regularly to ensure there is sufficient liquidity for operational needs. A significant part of the Trust's assets is invested through its investment managers for the long term on a total return approach, in a diversified range of assets classes. The aim is to generate a capital return over the long term and after expenses of at least the RPI in order to maintain the real value of the Trust's assets. The investment managers also aim to at least match the performance of the major benchmark indices and their own composite benchmark.
Risk factors
The charity’s fundraising campaign, A Living Theatre: Give for Then, Now and Tomorrow, continued throughout the year. While the majority of supporters have maintained their generous monthly contributions, donor numbers have shown a slight decline, prompting plans for a relaunch of the campaign in 2026.
Cash flow remains healthy and is expected to remain stable for at least the next two years. The Future Funding Group, a sub-committee of the Board, continues to play an active role in identifying and pursuing fundraising opportunities to address the projected funding deficit beyond 2026.
The importance of legacy giving was also highlighted during the year, and a dedicated legacies campaign is still underway through the Theatre’s brochures and promotional leaflets. Copies are available at the Theatre and have also been distributed to local solicitors in order to raise awareness and encourage long-term support for the charity.
The Trustees have continued to develop their long-term vision and strategic ambitions for the Theatre over the next decade. As part of this forward planning, consideration is being given to energy cost-saving initiatives, alongside a structured programme of repairs and maintenance to safeguard the building’s future sustainability.
The Theatre is shortly due to undertake a programme of capital works to address a significant roof leak that has been causing water ingress above the gallery door. Funding for these works has already been secured. In addition, a number of further maintenance projects, including building repairs and redecoration, have been identified, with finance already in place to support these improvements.
The Theatre is also progressing plans to secure ownership of the bar annex area, with the aim of completing this by Summer 2026.
A new quinquennial report will be required for the theatre in 2027.
There is a new business plan which is currently awaiting board adoption (2027-2030). The theatre aims to progress this vision by focussing on the following key areas:
Profile: Raise the profile locally, regionally, and nationally through the Artistic Programme, Partnerships and a solid Marketing Strategy.
People: Ensure we have enough people with the right skills on the Staff Team and amongst the Volunteers and Trustees.
Building: Maintain the historic building, improve Environmental Sustainability. Further explore the potential for purchase or lease of the bar annex area.
Financial Sustainability: Increase existing earned income streams, identify new ones, and focus on increasing regular giving, donations and legacies.
The charity is a company limited by guarantee, and is governed by a Memorandum and Articles of Association.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The board of trustees has the power to appoint additional trustees as it considers appropriate.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trust members appoint a strategic board which currently consists of nine Trustees from a variety of backgrounds relevant to the governance of the charity. The board meets quarterly and has overall responsibility for the operation of the charity. The board is ultimately responsible for the strategic direction of the Georgian Theatre Royal and works through an agreed business plan, which has been drawn up in the first instance by the Theatre’s Chief Executive.
The Chief Executive leads a small staff team and has overall responsibility for their performance and management, who is held to account by the board through the provision of detailed reports at every meeting and the board works closely with her to ensure that the charity’s objectives are met, and resources deployed as effectively and efficiently as possible.
Members of the board receive induction from the Chair and Chief Executive, and the board receives occasional training in relation to its responsibilities and organisation. The Trustees are members of various sub-committees to provide a more detailed focus on specific areas, such as Finance and Future Funding. When required, a sub‑committee will be introduced to oversee a specific project, to provide greater focus and to ensure controls are in place around costs and income.
Pay and remuneration of the Chief Executive and staff are reviewed annually taking account of relevant comparators, the business plan and what is usually a challenging financial position.
In recent years the Chair and board have undertaken a review of the various kinds of skills and experience that are deemed relevant to the operation of the Theatre, and we believe we have been very successful in putting together members of a board who work well as a team in conjunction with staff and volunteers alike.
The trustees are indebted to the many volunteers for their commitment and support.
Members of the board receive induction from the Chair and Chief Executive and the board receives occasional training in relation to its responsibilities and organisation. The Trustees are members of various sub-committees to provide a more detailed focus on specific areas, such as Finance and Future Funding. When required, a sub‑committee will be introduced to oversee a specific project, to provide greater focus and to ensure controls are in place around costs and income.
Pay and remuneration of the Chief Executive and staff are reviewed annually taking account of relevant comparators, the business plan and what is usually a challenging financial position.
In recent years the Chair and board have undertaken a review of the various kinds of skills and experience that are deemed relevant to the operation of the Theatre, and we believe we have been very successful in putting together members of a board who work well as a team in conjunction with staff and volunteers alike.
The trustees are indebted to the many volunteers for their commitment and support.
As ever we remain especially grateful for the commitment, hard work and strategic leadership of our Chief Executive, Jo Mawhinney.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of The Georgian Theatre (Richmond) Trust Limited (the charity) for the year ended 31 March 2026.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Georgian Theatre (Richmond) Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Victoria Road, Richmond, North Yorkshire, DL10 4DW.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Management have developed the 2025 - 2028 Business Plan to guide the charity through the next three years and this is monitored closely by the Board and CEO. On the basis of their assessment of the charity's current financial position, the Business Plan, committed grants/donations and cash flow forecasts through to 31 March 2027 and beyond, the Trustees have a reasonable expectation that the charity will be able to continue in operational existence for the foreseeable future. As a result the financial statements have been prepared on a going concern basis.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are received for a particular purpose. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Grant income is recognised when receivable except when the donor imposes conditions which have yet to be fulfilled before the charity becomes entitled to use such income.
Deferred income also relates to Box Office and wedding income deferred to the period in which the event it relates to occurs.
Income from bar sales, guided tours and other trading is recognised when receivable by the charity.
Investment income is recognised when receivable by the charity.
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of raising funds comprise the costs associated with attracting donations and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Support Costs include Governance costs of £14,209, which includes fees of £1,000 payable for the independent examination of the accounts (2025: £5,150 payable for the audit of the accounts), and £13,209 (2025: £11,049) for other services.
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The company, by being a registered charity, is not liable to UK Corporation Tax or Capital Gains Tax so long as the income it receives is applied for charitable purposes. There is therefore no tax charge in the financial statements.
All listed investments are carried at their fair value. Investments in equities, fixed interest and other securities are all traded in quoted public markets for which market prices are readily available.
Income received and deferred in the current year amounted to £85,007 (2025 - £71,713) and the amount released from the previous period amounted to £70,713 (2025- £47,975).
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The Paul Iles Learning Centre Fund was established in 2012 by a legacy received from the estate of Paul Iles, a former associate director of the charity, to fund the development of a new Learning Centre at the Georgian Theatre.
The Liz and Terry Bramall Foundation and Sylvia Crathorne Memorial Trust Fund was established by grants from the two charities towards the recruitment and ongoing employment costs of the Chief Executive of the Georgian Theatre Royal.
A grant was received from the Trustees of the Normanby Charitable Trust for repairs to the heating system, work was ongoing at the year end.
Monies raised from the restoration levy charged on Box office ticket sales are allocated to the Restoration Fund which is used for restoring and maintaining the theatre.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
There were no disclosable related party transactions during the year (2025 - none).