ROYAL EXCHANGE THEATRE COMPANY LIMITED
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Next accounts due
2026-12-31 (in 7mo)
Last filed for 2025-03-31
Confirmation statement due
2026-11-12 (in 6mo)
Last made up 2025-10-29
Watchouts
Cash
£1M
-65.7% lowest in 6 filed years
Net assets
£5M
-14.1% lowest in 6 filed years
Employees
175
+25% highest in 4 filed years
Profit before tax
—
Period ending 2025-03-31
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
7 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
Net assets
6-year trend · vs Consumer Discretionary median
Accounts
6-year trend · latest reflected 2025-03-31
| Metric | Trend | 2020-08-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 |
|---|---|---|---|---|---|---|---|
| Turnover | — | — | — | — | £3,660,000 | £3,350,000 | |
| Operating profit | — | — | — | — | — | — | |
| Profit before tax | — | — | — | — | — | — | |
| Net profit | — | — | — | — | -£402,000 | -£752,000 | |
| Cash | £1,527,000 | £2,360,000 | £3,704,000 | £3,854,000 | £3,609,000 | £1,237,000 | |
| Total assets less current liabilities | £6,852,000 | £6,232,000 | — | — | £5,327,000 | £4,575,000 | |
| Net assets | £6,069,000 | £6,232,000 | £6,605,000 | £5,863,000 | £5,327,000 | £4,575,000 | |
| Equity | -£6,069,000 | -£6,232,000 | -£6,605,000 | £5,863,000 | £5,327,000 | £4,575,000 | |
| Average employees | — | — | 0 | 0 | 140 | 175 | |
| Wages | £4,532,000 | £1,070,000 | £1,808,000 | £2,209,000 | £3,121,000 | £3,458,000 |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2020-08-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 |
|---|---|---|---|---|---|---|---|
| Net margin | — | — | — | — | -11.0% | -22.4% | |
| Gearing (liabilities / total assets) | — | — | — | — | 27.6% | 27.3% | |
| Current ratio | — | — | — | — | 2.74x | 2.70x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- Menzies LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The trustees have considered all available information about the future for a period of at least 12 months from the date of approval. Forecasts are underpinned by guaranteed funding from key stakeholders. Trustees believe the theatre can continue in operational existence for at least the next 12 months.”
Group structure
- ROYAL EXCHANGE THEATRE COMPANY LIMITED · parent
- Royal Exchange Theatre Trading Limited 100%
- Exchange Productions Limited 100%
Significant events
- “In 2024/25, the theatre reached an audience of 86,350 through a critically acclaimed lineup of productions, including Oscar Wilde's The Importance of Being Earnest and Lynn Nottage's Sweat.”
- “In 2024/25, the engagement programme reached 8,526 participants through over 1,000 workshops and events, including award-winning Elders and Young Company programs.”
- “2026 marks the 50th anniversary of the Royal Exchange, with plans for a renewed artistic program focusing on artists and communities, aimed at re-establishing the theatre as a world-class artistic institution.”
- “Following Stephen Freeman's resignation, the Board of Trustees introduced a Co-CEO structure with Selina Cartmell as Artistic Director/Co-CEO and Chris Stafford as Interim Executive Director/Co-CEO.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
7 active · 87 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| FRASER, Rachel Anna | Director | 2025-01-14 | Apr 1985 | British |
| JOHNSON, Simon Martin | Director | 2025-09-24 | Dec 1975 | British |
| LOVEDAY, Alison Marie | Director | 2024-12-12 | Dec 1965 | British |
| MAHAPATRA, Rajeevendra Kumar | Director | 2025-09-24 | Sep 1972 | British |
| POWER, Benjamin James | Director | 2025-09-24 | Aug 1981 | British |
| STEVENS, Nick | Director | 2026-02-10 | Oct 1974 | British |
| TAYLOR, Joanna Katharine | Director | 2023-12-14 | Nov 1971 | British |
Show 87 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| CLAY, Andrew Paul | Secretary | 2007-07-27 | 2010-06-28 |
| FREEMAN, Stephen Christopher | Secretary | 2020-11-04 | 2025-03-28 |
| GASPER, Fiona Sally Garfield | Secretary | 2010-07-19 | 2016-08-07 |
| JAMES, Barry Christopher | Secretary | 2016-08-07 | 2020-11-04 |
| KIRKPATRICK, Victoria | Secretary | 2025-03-28 | 2025-11-21 |
| WELLER, Patricia Ann | Secretary | — | 2007-07-27 |
| ARDITTI, Carol Ann | Director | 1998-10-16 | 2010-07-25 |
| ARMSTRONG, Rachel Elizabeth | Director | 2022-08-16 | 2025-06-29 |
| BERNSTEIN, Alexander | Director | — | 1994-06-07 |
| BLACK, Tania | Director | 2009-09-24 | 2018-04-20 |
| BRAY, Warren | Director | 1994-09-28 | 1995-05-31 |
| BROGAN, Wilfred | Director | — | 2006-07-19 |
| BURNS, Julian Delisle | Director | 1995-05-31 | 2004-05-17 |
| BUTTERY, John | Director | — | 1992-09-23 |
| CALDWELL, James Benedict | Director | 2015-03-27 | 2023-06-15 |
| CONNOLLLY, Michael | Director | 2006-08-11 | 2007-08-10 |
| COX, Alistair, Councillor | Director | 2009-09-03 | 2016-03-21 |
| D'SOUSA-LODHI, Afshan Tania | Director | 2023-12-14 | 2025-07-03 |
| DEAN, Rayna | Director | — | 1994-09-28 |
| DWEK, Joseph Claude | Director | 1992-12-09 | 1994-09-28 |
| EASTWOOD, Anne Mairi | Director | 2002-03-06 | 2004-06-29 |
| ELLIOTT, Marianne | Director | 2001-06-25 | 2002-11-30 |
| FOLKMAN, Peter John | Director | — | 2016-06-27 |
| GOLDSTONE, Anthony Stewart | Director | — | 1995-05-31 |
| GORDON, Anthony Noel | Director | 2007-12-17 | 2018-04-20 |
| GRAF, Charles Philip | Director | 1998-10-16 | 2005-04-24 |
| GREENAWAY, Sinead | Director | 2012-04-19 | 2019-07-18 |
| GREENE, Sally Anne | Director | 1995-05-31 | 2006-05-02 |
| GREENWOOD, James William | Director | — | 2002-01-21 |
| HANLON, Ellen Mary | Director | 2019-01-31 | 2025-06-15 |
| HARVEY, Kenneth George | Director | 1993-03-17 | 1998-03-30 |
| HATTON, Albert, Councillor | Director | — | 1994-09-28 |
| HENDERSON, Lee, Councillor | Director | 1995-09-19 | 1997-10-01 |
| HERSOV, Gregory | Director | — | 2004-05-21 |
| HODGKISS, Susan Katrina | Director | 2005-01-13 | 2006-09-19 |
| HUMPHREYS, Ann-Marie, Councillor | Director | 2013-07-15 | 2018-07-03 |
| HUSBAND, Thomas Mutrie, Professor | Director | 1993-06-23 | 1996-12-17 |
| HUTCHINS, Michael John Patrick | Director | 1995-03-03 | 2015-12-31 |
| HYTNER, Joyce Anita | Director | — | 2008-06-02 |
| JOHNSTONE, Susan Sara | Director | — | 1993-09-30 |
| KARNEY, Patrick Charles, Councillor | Director | 1992-09-23 | 1996-06-24 |
| KING, James | Director | — | 2016-06-27 |
| LANCASTER, David Anthony | Director | 2007-08-10 | 2009-09-03 |
| LEE, Paul Anthony | Director | — | 2015-06-25 |
| LEON, Anthony Jack | Director | 1994-09-28 | 2002-11-07 |
| LLOYD, Matthew David Nathaniel | Director | 1998-08-06 | 2001-09-30 |
| LONGMORE, Wyllie Murchison | Director | 2011-03-25 | 2014-08-30 |
| MALACH, Alyson Rosemary | Director | 2003-09-30 | 2006-09-09 |
| MAXWELL, James | Director | — | 1995-09-19 |
| MAY, Nicole | Director | 2017-09-18 | 2025-01-28 |
| MCKEITH, David William | Director | 2003-03-10 | 2008-10-01 |
| MITCHELL, Paul | Director | — | 1994-09-28 |
| MOHAMMED, Armoghan | Director | 2023-04-17 | 2025-01-06 |
| MURRAY, Braham Sydney | Director | — | 2004-05-21 |
| OGLESBY, Jean Davies | Director | 2008-10-03 | 2019-10-31 |
| PARSONS, John Frederick Paul | Director | — | 2002-12-16 |
| PENNI, Sally | Director | 2016-11-22 | 2023-06-15 |
| RAFFLE, Jennifer Maria | Director | 2009-12-18 | 2022-10-20 |
| RASHID, Aziz Din | Director | 2017-03-13 | 2023-06-15 |
| RATHBONE, Dorothy Anne | Director | 1996-09-17 | 1999-06-20 |
| RISBY, William Thomas, Cllr | Director | 2001-03-19 | 2009-02-17 |
| ROBERTS CHERRY, Caroline | Director | 2008-10-03 | 2019-04-16 |
| ROSCOE, David | Director | 2017-03-13 | 2021-08-30 |
| RUIA, Rajendra | Director | 2003-09-30 | 2007-06-28 |
| SCOTT, Eva | Director | 2024-06-12 | 2024-09-26 |
| SCOTT, Robert David Hillyer, Sir | Director | — | 1994-11-23 |
| SHAH, Davina | Director | 2017-07-03 | 2022-04-14 |
| SHARP, Bernard, Councillor | Director | 2017-03-13 | 2018-07-03 |
| SHARP, Bernard | Director | 2009-09-03 | 2010-08-12 |
| SHAW, Sally Veronica | Director | — | 1996-12-17 |
| SHINDLER, Geoffrey Arnold | Director | 2003-01-21 | 2022-10-20 |
| SHORROCK, Mary Eileen, Councillor | Director | 1997-10-01 | 1999-05-21 |
| SIDDIQI, Nilofar Alderman | Director | — | 1992-09-23 |
| SINGH, Gurjeet | Director | 2024-06-27 | 2025-08-26 |
| SPELLER, Geoffrey John | Director | 1995-03-02 | 2001-12-01 |
| SQUIRES, Charles Ian | Director | 2025-07-24 | 2025-12-10 |
| STEPHEN, George Martin | Director | 1999-12-17 | 2004-07-01 |
| SULLIVAN, John Bernard, Councillor | Director | 2010-08-12 | 2013-06-28 |
| TAYLOR, Joanne Elizabeth | Director | 2022-02-09 | 2025-07-31 |
| TICKNER, Paull | Director | — | 1993-09-30 |
| TOREVELL, Martyn Philip | Director | 2013-09-20 | 2022-06-23 |
| UNGER, Michael Ronald | Director | 1993-09-30 | 1994-11-23 |
| VENABLE-GREAVES, Robert William Paul | Director | 2022-02-09 | 2023-12-14 |
| VOKES, Katharine Jane | Director | 2021-03-10 | 2023-12-29 |
| WHITMORE, Keith Arthur | Director | 1995-09-19 | 2016-06-27 |
| WILLIAMSON, Laurence John | Director | — | 2001-12-07 |
| WREDE, Casper Gustaf Kenneth | Director | — | 1998-09-28 |
Ownership
Persons with significant control
Filing timeline
Last 20 of 294 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-03-26 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-05 | AA | accounts | Accounts with accounts type group | |
| 2025-12-22 | TM01 | officers | Termination director company with name termination date | |
| 2025-11-21 | TM02 | officers | Termination secretary company with name termination date | |
| 2025-10-29 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-10-29 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-08 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-24 | AP01 | officers | Appoint person director company with name date | |
| 2025-09-01 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-22 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-24 | TM01 | officers | Termination director company with name termination date | |
| 2025-07-23 | TM01 | officers | Termination director company with name termination date | |
| 2025-06-30 | TM01 | officers | Termination director company with name termination date | |
| 2025-04-08 | AP03 | officers | Appoint person secretary company with name date | |
| 2025-04-08 | TM02 | officers | Termination secretary company with name termination date | |
| 2025-02-10 | TM01 | officers | Termination director company with name termination date | |
| 2025-01-23 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-09 | TM01 | officers | Termination director company with name termination date | |
| 2025-01-04 | AA | accounts | Accounts with accounts type group |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 14
- Capital events
- 0
- Officers appointed
- 4
- Officers resigned
- 7
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.
Year-on-year
FY2024 → FY2025 · period ending 2025-03-31 vs 2024-03-31
-
Turnover
-8.5%
£3,660,000 £3,350,000
-
Cash
-65.7%
£3,609,000 £1,237,000
lowest in 6 filed years
-
Net assets
-14.1%
£5,327,000 £4,575,000
lowest in 6 filed years
-
Employees
+25%
140 175
highest in 4 filed years
-
Wages
+10.8%
£3,121,000 £3,458,000
Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers