CoLwinston
CHARITABLE TRUST
(Registered Charlty No. 1049189)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RAWLINSON
& HUNTER

COLWINSTON CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS
Page
Annual Report of the Trustees
Independent Auditor's Report
Statement of Financial Activities (including income and expenditure account)
14
Balance Sheet
15
Statement of Cash Flows
16
Notes to the Financial Statements
17-26

Page 1
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their report and the independently audited financial statements of the Colwinston
Charitable Trust ("the Trust" or'the charity") for the year ended 31 March 2024. These have been prepared
in accordance with the accounting policies set out in Note 1 and comply with the charity's Trust Deed and
applicable law.
The financial statements comply with the Charities Act 2011 and where relevant, the Charities Act 2022,
the charity's trust deed dated 8 June 1995 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 issued in October 2019 ("Charities SORP
(FRS102)")
REFERENCE AND ADMINISTRATION DETAILS
UK Charity Registration Number:
1049189
Registered Office:
Eighth Floor. 6 New Street Square
New Fetter Lane, London EC4A 3AQ
Telephone Number:
020 7842 2000
Website:
)hww.colwinston.org.uk
Email Address:
colwinston.trust@ntlworld.com
Chairman:
Mathew Caradoc Thomas Prichard CBE (Founder)
Trustees:
Mathew Caradoc Thomas Prichard CBE (Chairman)
Martin Patrick Tinney
Sian Llinos Williams
Lucinda Mary Prichard
Rebecca Anne Evans CBE
Consultant Director:
Mrs Amanda Mcmurray (to 31 December 2024)
Ms Lianne Toye (from 1 January 2025)
Solicitors:
Geldards LLP
4 Capital Quarter
Tyndall Street
Cardiff CF10 4BZ
Auditors:
Rawlinson & Hunter Audit LLP
Eighth Floor, 6 New Street Square
London EC4A 3AQ
Accountants:
Rawlinson & Hunter LLP
Eighth Floor, 6 New Street Square
London EC4A 3AQ
Royalty Agent:
Adam Spiegel Productions Limited
First Floor, 11 Garrick St
London WC2E 9AR
Bankers:
Coutts & Co
440 Strand
London WC2R OQS
Tax District & Reference:
HMRC Charities - ref.. XR 58235
VAT Registration Number:
782 6507 06

Page 2
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Colwinston Charitable Trust is an unincorporated charitable trust bound by the proper law of
England and Wales and was established under a Declaration of Trust dated 8 June 1995. The
founder is Mathew Caradoc Thomas Prichard CBE, who also serves as a Trustee.
The Trust is based and administered in the United Kingdom and all of the Trustees are resident in
the United Kingdom. The Board of Trustees meet formally on a regular basis twice a year (usually in
May and November) to consider applications for funding and to review the assets and finances of
the Trust.
In accordance with the Governing Instrument, there shall be no fewer than three current Trustees.
The power of appointing new or additional Trustees vests in the serving Trustees at that time and
should be in accordance with the eligibility restrictions imposed under the Declaration of Trust.
The resources of the Trust have been unrestricted throughout the year and the Trustees have
complete discretion for their use in pursuance of its objectives. The management of the Trust is
conducted solely by the Trustees and the consultant director.
Pay Pollcy for Senior Staff
The Trustees and Consultant director comprise the key management personnel of the charity who
are in charge of directing and controlling, running and operating the charity on a day to day basis.
All Trustees give their time freely and no Trustee received remuneration in the year. Details of
Trustees, expenses and related party transactions are disclosed in the notes to the financial
statements. The consultant director is paid at a daily rate on a time spent basis.
Trustees, Responsiblllties Statement
The Trustees are responsible for preparing the Annual Report of the Trustees and the financial
statements in accordance with applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare the financial
statements for each financial year which give a true and fair view of the state of affairs of the charity
and of its incoming resources and application of resources forthat period. In preparing these financial
statements, the Trustees are required to:
select suitable accounting policies and then apply them consistently.,
obseNe the methods and principles in the Charity SORP 2019 (FRS 102);
make judgements and estimates that are reasonable and prudent"
state whether applicable accounting standards have been followed subject to any material
departures disclosed and explained in the financial statements., and
prepare the financial statements on a going concern basis unless it is inappropriate to presume
that the charity will continue in operational existence.
The Trustees are responsible for maintaining proper accounting records that disclose with
reasonable accuracy at any time the financial position of the charity and enable them to ensure that
the financial statements comply with the Charities Act 2011 and, where relevant, the Charities Act
2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.

Page 3
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF TH.E TR.USTEES lcontinued!
FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Disclosure of Information to Auditor
In so far as the Trustees are aware:
there is no relevant audit information of which the charity's auditor is unaware., and
the Trustees have taken all steps that they ought to have taken to make themselves aware of
any relevant audit information and to establish that the auditor is aware of that information.
Internal Controls
The Trustees have overall responsibility for ensuring that the charity has appropriate systems of
internal controls. They are also responsible for keeping proper accounting records which disclose
with reasonable accuracy at any time the financial position of the charity. The Trustees are also
responsible for safeguarding the assets of the charity and hence for taking reasonable steps towards
the prevention and detection of fraud.
The system of internal controls is designed to provide reasonable, but not absolute, assurance
against material misstatement or loss.
Risk Management and Governance
A risk assessment has been undertaken which comprises..
an annual review of the risks the charity may face;
the establishment of systems and procedures to mitigate those risks. and
the implementation of procedures designed to minimise any potential impact on the charity
should those risks materialise.
This continuing process will identify risk areas to which the Trust is vulnerable and highlight any
necessary safeguards that will need to be put in pla￿. No major risks were identified at the date of
these financial statements.
The Trustees have signed fit and proper declarations in line with HMRC guidance.
In addition. the Trustees have taken due consideration of Good Governance
A Code for the
Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered
to. These are:
Organisational purpose.
Leadership.
I ntegrity.,
Decision-making. risk and control.,
Board effectiveness.,
Equality, diversity and inclusion. and
Openness and accessibility.
The Trustees recognise that good governance plays an essential part in securing the future of the
charity and confirm that the said main principles of the Code are fo15owed by them in leading,
directing and managing the charity.

Page 4
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Induction and Training
No special policies or procedures have been adopted for the induction and training of Trustees. all
of whom are nominated on account of their knowledge and expertise in the field of the charity's
operations. All Trustees are aware of their duties and obligations towards the maintenance of the
charity and the protection of its assets.
Conflicts of Interests
The charity aims to ensure that the Trustees are aware of their obligations to disclose any conflicts
of interest that they may have, and to comply with this policy to ensure they effectively manage those
conflicts of interest. Where board meeting decisions are made on charities where there is a conflict
of interest, those Trustees are usually excused from the decision making process. Please refer to
Note 11 for details of and transactions with Trustees and connected person.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Trustees have the power to hold the Trust fund and its income thereof to apply them to such
charitable purposes as the Trustees in their absolute discretion from time to time Ihink fit. The
Trustees were able to accumulate income for a period 21 years from the date of the Deed, and this
expired on 8 June 2016.
The terms of the Trust require the Trustees to apply income and capital for general charitable
purposes in whichever manner they see fit by way of distributing grants to UK Registered Charities
delivering high quality work across the arts. The funding is primarily directed towards the support of
activity that benefits Wales.
Funded through royalties received from the London production of Agatha Christie's The Mousetrap,
the Trust meets twice yearly to consider applications and make funding decisions. The Trust is
especially interested in projects that demonstrate excellence in the relevant field.
Collaborative projects that assist organisations to share costs, skills and expertise, and that extend
the range and reach of the activity to be funded are of particular interest. High quality projects that
help young people to better appreciate the possibilities the arts can offer are of particular interest. as
well as collaborative projects that extend the range and reach of the activity to be funded.
The majority of grants in the range of £5,000 to £20,000. Larger grants are generally awarded to
organisations delivering high quality artistic activity in Wales. where there is also a funding
relationship with the Trust that has been developed over several years.
The specific detailed grant making policy criteria adopted by the Trustees can be found on the Trust
website at www.colwinston.org.uk covering the following areas:_
Aims - What does the Trust seek to achieve?
Eligibility - What does the Trust expect from applicant organisations?
Priorities - What type of activity is the Trust most likely to fund?
Exclusions - What is specifically excluded, or is unlikely to be funded?
Grants - What amount can organisations apply for?
Procedure - How do you apply for a grant?
A list of all the grants and donations made and committed during the year, in pursuit of the Trustees,
objectives, are listed under note 3 of the financial statements.

Page 5
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (continued)
Statement of Public Benefit
As a grant-funder, the charity's activities will provide public benefit to the individuals and communities
who are beneficiaries of the charity's funded projects. The Trustees are aware of the Charity
Commission guidance on Public Benefit and confirm that they have complied with the duty in Section
17 of the Charities Act 2011 to have due regard to it. They consider the information which follows in
this annual report, about the Trust's aims, activities and achievements, in the areas of interest that
the Trust supports demonstrates the benefit to its beneficiaries and through them to the Public that
arise from those activities.
ACHIEVEMENT AND PERFORMANCE
The Trust derives its main income from the royalties from the London West End production of "The
Mousetrap" the murder mystery play written by Agatha Christie. The play opened in 1952 and has
been running continuously ever since, and with over 29,000 performances, has had by farthe longest
initial run of any play in history, and is the longest running show of any type in the world. The Trust
is entitled at present to a 12.5°/o share of net box office receipts generated pursuant to an agreement
with a commercial organisation. to whom the rights in the play were sold. The agreement is in place
until 11 January 2046.
During the year ended 31 March 2024, the total London box office receipts for the Mousetrap
production at St Martin's Theatre, London were £8.471,775 (2023.. £6,216,497) and the charity's
12.5 % share amounted to £1.058,972 (2023.. £777,062).
It is difficult to say with a high degree of certainty the future earnings potential of the Mousetrap
rights. Certainly there are many external factors that affect ticket sales (such as tourism levels,
peoples, leisure choices and indeed economic factors). It is a fact that the play has perforrned very
well for many years in the West End of London, and presently there is every sign that this trend will
continue for the foreseeable future. A UK tour began in the Autumn of 2022 celebrating the 70th
anniversary of the production which has generated a further revenue stream for the Trust.

Page 6
COLWINSTON CHARITABLE TRUST
ANNUAL REPOR_T OF THE TR.USTEES
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
Income and Expenditure
Royalty Income, Voluntary Income and Deposit Interest
The Trustees are satisfied with their level of cash reserves. with an increase in the current interest
rates raising the receipts of deposit account interest to £25,952 {2023 - £7,184). A further £12,075
(2023 £2,900) of interest was receivable in relation to the money market account operated in the
year.
The London play royalty income was £1.058,972 reflecting a 36.3 % increase from 2023 (£777.062).
The production tour restarted in 2022123 and continued into 2023124. This generated royalty income
in Ihe year of £492,388 (2023.. £342.867).
Curtain 'payaway" receipts of £2,827 were to paid the Trust for the year (2023 - £5,030).
The total income for the year was £1,592.214 compared to £1,135,043 in 2023. The Trustees
consider that the charity has sufficient funds to continue grant making with concentration on high
quality one-off projects.
Governance Costs
Total governance costs for the year were £55,698 (2023 - £44,698).
Charitable Donations
Donations were made or committed during the year to 44 organisations, totalling £1,087,571
excluding any finance income adjustment (2023 - 33 donations totalling £525,975). All of the
charitable activities for the year are summarised as follows:_
The Paignton Picture House Trust (reg. 1157934) - A grant of £150,000 was offered to support
the completion of the capital build and the reopening as an independent cinema and community
arts venue. The £150,000 commitment remains outstanding at the year end.
Amugeddfa Cymru (National Museum Wales) {reg. 525774) - An initial grant of £15,000 was
awarded, which was later increased by £100,000 to help cover the costs of restoring the historic
Garden Glasshouses at St Fagan's Castle. The commitment was cleared by the year end.
Garsington Opera (reg. 1003042) A grant of £100,000 was offered in support of the
Development of Garsington Studios. The commitment was cleared by the year end.
Theatr Clwyd (reg. 1189857) - A grant of £100,000 was offered for the development of the
theatre. One of the Creative Engagement Studios is to be designated as the'colwinston Studio"
The commitment was cleared by the year end.
National Dance Co Wales (reg. 326227) - A grant of £50,000 per year for two years (Jan 2024
Jan 2026) was awarded in support of the artistic programme. A commitment of £50,000
remains outstanding at the year end.
Go Live Theatre (reg. 1053434) A grant of £25,000 per year for two years was awarded in
support of the Theatre Openers programme for mainstream secondary schools and special
schools. A commitment of £25,000 remains outstanding at the year end.
Grange Park Opera (reg. 1068046) A grant of £50,000 was offered to support the
development of the dressing rooms and the Tree Top Studio at the Opera House in West
Horsley. The commitment was cleared by the year end.

Page 7
COLWINSTON CHARITABLE TRUST
ANNU_A_L R_EPOR_T OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW (contlnued)
Buxton International Festival (reg. 276957) A grant of £50,000 was offered in support of
core costs for the 2024 opera season. The commitment was cleared by the year end.
Agatha Christie Trust for Children (reg. 260295)- A continuation grant of £40,000 was offered
to support their research into childhood Leukaemia. The commitment was cleared by the year
end.
Longborough Festival Opera (reg. 1087303) - A grant of £30,000 was awarded to support the
new production of La Boheme, which will integrate emerging artists into a core mainstream
production. The full commitment remains outstanding at the year end.
Royal Welsh College of Music & Drama (reg. 1139282) - A grant of £15,000 per year for two
years (total £30,000) was agreed to support the String Quartet in residence. The commitment
will be spread over 2024125 of £15,000 and 2025126 of £15,000.
Engllsh National Opera (reg. 257210)- A grant of £25,000 was awarded for the revival of The
Handmaid's Tale and the concert performance of Bartok's Bluebeard. The commitment was
cleared by the year end.
Benedetti Foundation (reg. SC049688) - A total grant of £16,000 has been awarded for
projects in Bridgend and Flintshire, to be disbursed in two tranches, each contingent on interim
reporting. The first tranche of £6,500 has been released, leaving an outstanding commitment of
£9,500 at the year-end.
North Wales International Music festival (reg. 509023) - A grant of £15,000 was offered as
requested to support the festival's core activities. The commitment was cleared by the year end.
National Youth Brass Band {reg. 1085724) - Karl Jenkins Commission - A grant of £15,000
was offered to cover the costs associated with commissioning the work. The commitment was
cleared by the year end.
Horatio's Garden (reg. 1151475) - A grant of £15,000, allocated over the 2023124 and 2024125
financial years, was offered to support the costs of maintaining the garden at the spinal unit in
Llandough. The first tranche of £10,000 has been released, leaving an outstanding commitment
of £5.000 at the year-end.
National Youth Orchestra of GB {reg. 290598) - A grant of £12,000 was offered to support
efforts to widen opportunities for young musicians from Wales. The full commitment was cleared
by the year-end.
Hay Castle Trust (reg. 1144524) - A grant of £11,275 has been provided to cover 50 1 of the
costs for Hidden Gifts- Refugee Artists in Wales, contingent on the Trust raising the remaining
500/0, which they successfully achieved. The full commitment was cleared by the year-end.
Fishguard and West Wales International Music Festival (reg. 517597) - A grant of £10,000
was offered in support of the artistic programme for the 2024 festival. The full commitment
remains outstanding at the end of the year.
Chapter (reg. 500813) A grant of £10,000 was offered to support the live art festival,
Experimentica, scheduled to take place in April 2024. The full commitment was cleared by the
year*nd.
MusicFest Aberystwyth (reg. 1184328) - A grant of £10,000 was offered to support the core
costs of Musicfest 2024. The full commitment remains outstanding at the year-end.

Page 8
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF TH.E TRUSTEES Icontinued!
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW (continued)
Art UK (reg. 1096185) - A grant of £10,000 was offered to support the costs of work in Wales
as part of a three-year project to document and provide public access to public murals across
the UK. The full commitment was cleared by the year-end.
Three Choirs Festival {reg. 204609) - A grant of £10,000 was offered to support commissions
by Welsh composers and contribute to core costs for the Festival in 2024. The full commitment
remains outstanding at the year-end.
Agatha Christie Festival (reg. 1165573) A grant of £8,500 has been awarded for Towards
Zero, a rehearsed reading of Agatha Christie's 'lost play, by the Festival Players to celebrate her
birthday. The full commitment was cleared by the year-end.
Wales Millenium Centre (reg. 1060458) - A grant of £7,500 was approved for the Airs & Hidden
Figures R&D (Marc Rees) to support the development costs of a project, which will be featured
in the 2024 Festival of Voice at the Wales Millennium Centre. The full commitment was cleared
by the year-end.
Opra Cymru {reg. 1188595) - A grant of £7,200 was awarded for a new children's and family
opera commission by Gareth Glyn, with the full commitment cleared by year-end.
National Youth Arts Wales (reg. 1170643) - A grant of £7,000 was offered to support a pilot
project aimed at developing string playing for 11-18-year-olds across Wales. The full
commitment remains outstanding at year-end.
National Manuscripts Conservation (reg. 802796) - A grant of £7,000 was offered to support
the restoration of the William Burges collection. encompassing drawings and paintings linked to
Cardiff Castle, Castell Coch, and other works associated with Burges, legacy. The full
commitment was cleared by the year-end.
ORA Singers {reg. 1160228) A grant of £6,000 was awarded to support the Graduate
Composer's Showcase in Cardiff, a new initiative aimed at nurturing early-career composers
with a passion for choral music. The full commitment was cleared by the year-end.
The Telling (reg. 1181802)- A £6,000 grantwas awarded for Vision, which explores Hildegard's
painful visionary experiences through music and drama. The project's full commitment was met
by year-end.
National Children's Orchestra of GB (reg. 803026)- A grant of £6,000 was offered to support
5 young musicians from Wales. The full commitment was cleared by the year-end.
Vale of Glamorgan Festival (reg. 519044)
a grant of £5,000 was offered to provide core
support for its activities, helping to sustain its artistic and operational efforts. The full commitment
was successfully fulfilled by year-end.
Young Muslc Makers of Dyfed (reg. 1131853) - A grant of £5,000 was offered to enable three
strands of music making in West Wales to continue through mentoring, masterclasses, and
performance. The commitment was fully cleared by the year end.
Llandello Fawr Festival (reg. 1138432) - a grant of £5,000 was offered to provide core support
for ils activities, helping to sustain its artistic and operational efforts. The commitment was fully
cleared by the year end.
Awards for Young Musicians (reg. 1070994) - A £5,000 grant was awarded to support young
Welsh musicians from low-income families, helping to provide them with greater access to
musical opportunities and development. The commitment was fully cleared by the year end.

Page 9
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW (continued)
Bangor Festival of New Music {reg. 1126486) - A £5,000 grant was allocated to support the
artistic costs of the two-day festival in February 2024. The commitment was fully cleared by the
year end.
Taking Flight (reg. 1131762)
a grant of £5,000 was offered to support the "You've Got
Dragons" music theatre project, aimed at families and young people, touring venues across
South and North Wales in summer 2024. The commitment was fully cleared by the year end.
Beaumaris Festival (reg. 1072663) - a grant of £5,000 was offered to support the artistic costs
of the festival to be held in May 2024. The full commitment remains outstanding at the year-end.
Penarth Chamber Music Festival (reg. 1195835)- a grant of£5,000 was awarded, with £2,500
allocated for the costs of a professional administrator. This £2,500 will be held until the final
financial report is submitted and proof of expenditure is provided. As of year-end, the
aforementioned £2,500 remains outstanding.
Span Arts (reg. 1088723) - A grant of £5,000 was offered to support their Welsh and bilingual
arts programming, which aims to promote and celebrate Welsh culture through a variety of
artistic initiatives. The commitment was fully cleared by the year end.
Hijinx Theatre {reg. 1078358) A grant of £5,000 was offered to support the Hijinx Unity
Festival, scheduled to take place over two weeks in June July 2024. The full commitment
remains outstanding at the year-end.
Forget-me-not Chorus (reg. 1151812)- a grant of £3,096 was offered to assist with the musical
costs associated with the Demenstoria Revival project scheduled for April 2024. The
commitment was fully cleared by the year end.
Aberystwyth University (reg. 1145141) - A grant of £3,000 was offered for the recording of
two works by Aberystwyth composers Sarah Lianne Lewis and Claire Victoria Roberts. The
commitment was fully cleared by the year end.
Pendyrus Male Choir (reg. 1154554)
grant of £2,000 was offered to support costs
associated with the Centenary Music Festival to be held 24 26 May 2024. The commitment
was fully cleared by the year end.

Page 10
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW (continued)
Reserves Policy
Following the expiry of the Accumulation Period on 8 June 2016, the Trustees have absolute
discretion over expenditure and distributing resources in the form of charitable donations as they see
fit.
Net income of £437,977 (2023 - £547,450) was generated during the year, and as at 31 March 2024,
the Income Fund of £1,224.201 was carried forward (2023 - £786,224).
The total funds of the charity (unrestricted) at 31 March 2024 increased by £407,278 (2023
£504,278) to £2,101,035 (2023 - £1,693,757) with free reserves of £1,658,825 (2023 - £1,220,848).
The free reserves represent cash or liquid funds that can be spent on any of the charity's aims.
The charity has sufficient funds to meet all of its current charitable commitments.
PLANS FOR FUTURE PERIODS
A UK tour began in Autumn 2022 celebrating the 70th anniversary of the production and has
generated additional revenue for the Trust. These extra funds will allow the Trustees to expand their
reach and will look to award grants of a higher value and to a wider range of organisations until such
time as the funds are depleted. The Trustees do not plan to deviate from their areas of focus. The
charity holds sufficient funds to be able meet all its outstanding commitments at 31 March 2024.
To celebrate the Thirtieth Anniversary of The Trust and 30.000 performances of The Mousetrap
since the play opened on the 8th June 1952. the trustees are delighted to launch a special
£1,000,000 fund which aims to celebrate innovation and excellence in the Arts. We wantto celebrate
creative expression and the art of storytelling. be it through music, opera, performance, visual arts,
exhibitions, or in written word.
Approved on behalf of the Trustees and signed on their behalf by:
Matheiw Pr.oh3rd ,'Feb 28, 2025 14.55 GMT)
Mathew Prichard CBE
Chairman
Date..

Page11
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE
COLWINSTON CHARITABLE TRUST
Opinlon
We have audited the financial statements of Colwinston Charitable Trust ("the Trust" or Yhe charity") for
the year ended 31 March 2024 which comprise the Statement of Financial Activities (including Income and
Expenditure), Balance Sheet, Statement of Cash Flows 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..
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming
resources and application of resources, for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Charities Act 2011 and where
applicable, the Charities Act 2022.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial statements
in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Conclusions relating to going concorn
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 charity'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 Trustees Report and Financial Statements, other than the financial statements and our
auditor's report thereon. Our opinion on the financial statements does not cover the other information and
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 course of the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are required
to determine whether 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.

Page 12
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE
COLWINSTON CHARITABLE TRUST
Matters on which we are required to reporl by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts
and Reports) Regulations 2008 require us to report to you if. in our opinion..
the infomiation given in the Annual Report of the Trustees is inconsistent in any material respect with
the Financial Statements., or
sufficient accounting records have not been kept. or
the financial statements are not in agreement with the accounting records. or
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees, Responsibilities Statement set out on page 2, the Trustees are
responsible for the preparation of 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 charity'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 charity or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance
with the Act and relevant regulations made or having effect Ihereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as 8 whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in 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. The extent to which our procedures are capable of detecting irregularities.
including fraud, is detailed below.
Our assessment of the susceptibility of the charity's financial statements to material misstatement.
including how fraud might occur, is considered to be low. This conclusion was reached after the
consideration of the following..
due to the relatively simple business model and low number of transactions within the charity there are
comparatively few unexpected fluctuations in the reported results and balances and any such
unexpected items would be specifically enquired into by us. and
there are a number of individuals which comprise "management" and therefore Ihere is no single
individual who is likely to be able to override controls to effect a fraud.
We designed our audit procedures to respond to identified audit risks. including non-compliance with laws
and regulations (irregularities) that are material to the financial statements. Some of the specific
procedures performed to detect irregularities, including fraud. are detailed below..

Page 13
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE
COLWINSTON CHARITABLE TRUST
discussion with the Trustees involved in the risk and compliance functions including consideration of
known or suspected instance of non-compliance with laws, regulation and fraud.
the review of control accounts and journal entries for large. unusual or unauthorised entries;
the analytical review of the detailed Statement of Financial Activities for variances that are either
unexpected or felt not to be in accordance with our understanding of the charitable activities during the
obtaining and reviewing for completeness a list of entities and persons considered to be related parties
(as defined by Financial Reporting Standard 102) and reviewing the ledgers of the charity for previously
unreported related party transactions;
reviewing correspondence in respect of the donations to the charity during the year to ensure these are
accounted for correctly under the Charities SORP {FRS 102).
reviewing correspondence and agreements between the charity and its grantees, and discussions with
the management in relation to their compliance with laws and regulation.,
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our
testing., and
review of Trustees, meeting minutes for unrecorded transactions.
Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This
risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment. forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.or
.uldauditorsres
onsibilities. This description forms part of our
auditor's report.
Use of this report
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the
charity's Trustees those matters we are required to state to them in an auditorfs report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the charity and the charity's Trustees as a body, for our audit work, for this report. or for the opinions we
have formed.
2 8 FEB 2025
Rawlinson & Hunter Audit LLP
Statutory Auditor and Chartered Accountants
Eighth Floor, 6 New Street Square
New Fetter Lane
London, EC4A 3AQ
Date:
Rawlinson & Hunter Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 14
COLWINSTON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
(incorporating Income and Expenditure Account)
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted Funds
Income
Capital
Total
2024
Total
2023
Note
Income from:
Royalties
Interest from bank deposits
1.554,187
38,027
1,554,187
38,027
1.124,959
10,084
Total Income
1,592,214
1,592,214
1,135,043
Expenditure on:
Charitable activities
1,154,237
1,154.237
587,593
Total expendlture
1,154,237
1,154.237
587,593
Net income before other
recognised (losses)
437,977
437.977
547,450
Fair value movement of reversionary
interest
(30,699)
(30.699)
(43,172)
Net movement in funds
437,977
(30,699)
407,278
504.278
Reconciliation of Funds:
Total funds brought forward at
1 April 2023
786.224
907.533
1,693.757
1,189,479
Total funds carrled forward at
31 March 2024
£ 1,224,201
£ 876,834 £ 2,101.035 £ 1,693,757
There are no recognised gains or losses other than those included in the Statement of Financial Activities.
All the charity income and expenditure derive from continuing activities.
The notes on pages 17 to 26 form part of these financial statements

Page 15
COLWINSTON CHARITABLE TRUST
BALANCE SHEET
AT 31 MARCH 2024
Unrestricted Funds
2024
2023
Note
Fixed Assets:
Reversionary interest in 'The Mousetrap" play
516
442,210
472,909
Current Assets:
Debtors
Cash at bank
270,090
2.073.521
312.515
1,623,107
2.343.611
1,935,622
Liabilities:
Creditors - amounts falling due within one year
(504,786) (493,242)
Net Current Assets
1,838.825
1,442,380
Total Assets less Current Llabilities
2,281,035
1.915,289
Creditors - amounts falling due in more than one year
10
(180,000) (221,532)
Total Net Assets
£ 2,101,035 £ 1,693,757
The funds of the charity:
Unrestricted Capital Funds
876,834
907.533
Unrestricted Income Funds
1.224,201
786.224
Total charlty funds
£ 2,101,035 £ 1,693,757
Approved on behalf of the Trustees:
Matheiv Pricha rd (Feb 28, 2025 14..55 G MTI
Trustee
Lucinda P:"ILliard jFeb 28, 202J l.'1.'57 GMTI
Trustee
The notes on pages 17 to 26 form part of these financial statements

Page 16
COLWINSTON CHARITABLE TRUST
STATEMENT OF CASH FLOWS
AT 31 MARCH 2024
2024
2023
Net Cash Flow from Operating Activities
Net incoming resources
Less.. Investment income
Net amortisation on fixed assets
Decreasel(increase) in debtors
{Decrease)lincrease in creditors
407,278
(38,027)
30,699
42,425
{29.988)
504,278
(10,084)
43,172
(104,661)
171,513
Net cash generated from operating actlvities
412.387
604,218
Cash flows from investing activities
Investment income
38,027
10.084
Net cash generated from Investing activities
38,027
10,084
Net increase in cash for the year
£ 450,414 £ 614,302
Reconciliation of net cash flow to movement in net funds
Net cash resources at 1 April 2023
Increase in cash
1.623,107
450.414
1.008,805
614,302
Net cash resources at 31 March 2024
£ 2,073,521 £ 1.623,107
Analysis of net funds:
Cash at Bank
2,073,521
1,623,107
£ 2,073,521
£ 1.623,107
The notes on pages 17 to 26 form part of these fjnancial statements

Page 17
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
General information
Colwinston Charitable Trust ("the Trust" or.the Charity.) is a charity registered in England and Wales
(charity number 1049189).
The Trust was established for general charitable purposes and operates as a grant making charity,
supporting charitable projects. organisations and individuals with grants of varying sizes and
durations.
The Trustees can apply the income and at their discretion all or part of the capital of the Charity in
promoting the objects in any part of the world as the Trustees may, at their discretion, think fit.
The address of the registered office is given on page 1 of these financial statements.
Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in
accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102) ("Charities SORP FRS 102") issued in October 2019, the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland (FRS 102). the Charities Act 2011, where
relevant the Charities Act 2022 and UK Generally Accepted Accounting Practice. The Trust
constitutes a public benefit entity as defined by Charities SORP FRS 102.
These financial statements have been prepared on a going concern basis under the historical cost
convention. modified to include the revaluation of investments.
The principal accounting policies adopted are as follows:_
Functional currency
The financial statements are presented in sterling (rounded to the nearest £1) which is the functional
currency of the charity.
Fixed assets - Reversionary Interest
Fixed assets consist of the reversionary interest in the remaining 22 years of the 45 year term of
copyright relating to a play known as"The Mousetrap" written by Agatha Christie which was assigned
by the owner and accepted by the Trustees, as a gift to the Trust. The reversionary interest is
recognised at amortised cost less impairment and re assessed on an annual basis.
Incoming Resources
Royalty income is recorded by reference to the period to which it relates, which itself is the
detemiined by the date when performances occur, net of VAT. Income from interest bearing deposit
accounts is recorded as and when receivable. All incoming resources are included in the Statement
of Financial Assets when the charity is entitled to the income and the amount can be quantified with
reasonable accuracy.
Status of Funds
As at the year end. the entire resources of the Trust were unrestricted and the Trustees have
complete discretion on the application of these in pursuance of the Trust's objectives.
Taxation
The charity is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged
against the category of resources expended for which it was derived.

Page 18
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES (continued)
Resources Expended
All expenditure is recognised on an accruals basis once there is a legal or constructive obligation to
make a payment to a third party. Costs of raising funds comprise the investment management costs.
Grant expenditure are grants payable to charitable entities.
Charitable activities comprise of grants and donations made during the year together with the
recognition of certain commitments made by the Trustees. The Trustees regard all grants to be
material for the purposes of these financial statements. These are expended through the Statement
of Financial Activities when the offer is conveyed to the recipient.
Governance costs relate to the general running of the Trust as opposed to the management functions
inherent to generating funds. Such costs include the independent examiner's fees and costs
associated with constitutional and statutory requirements.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the amounts reported. These estimates and judgements are continually
reviewed and are based on experience and other factors, including expectations of future events
that are believed to be reasonable under the circUmstan￿s. There were no judgements (apart from
those involving estimations) that management has had to make in the process of applying the entity's
accounting policies and that have a significant effect on the amounts recognised in the financial
statements.
Review of the reversionary interest for impairment
(a) Future sales receipts from "The Mousetrap. play-.
The reversionary interest's amortised cost at the year-end is reviewed for possible
impairment based on future royalty receipts over the life of the copyright of "The Mousetrap"
play. Future royalty income receivable is based on a 12.5 % share of the estimated future
net box office receipts for "The Mousetrap" play performed at St Martin's Theatre, London.
Future box office receipts are estimated based on actual annual box office sales to date. A
decrease in future box office sales would result in a lower valuation while an increase would
result in a higher valuation of the reversionary interest at the year end.
(b) Discount rate..
The Trustees have assumed an applicable discount rate (interest rate) of 3°/0 per annum
(long term average rate of inflation) at 31 March 2024 (2023 - 3 % ) to discount the future
cash flows relating to anticipated box office receipts to the present value. A higher discount
rate would result in a lower value of the Reversionary interest. A lower discount rate would
result in a higher value of the Reversionary interest in these financial statements.
Charitable granÉs falling due after more than one year
The charity has estimated the grant payment dates based on their expectation of when the
recipient will call on the cash. A longer period would result in a higher discount and a lower
liability value being presented as a liability in these financial statements. A shorter period
would result in a lower discount and a higher liability value being presented as a liability in
these financial statements.
The discount rate used is a rate of 3 % and is regarded by the Trustees as providing the
most current available estimate of the cost of money reflecting the time value of money to
the Trust.

Page 19
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES {continued)
Going Concern
The financial statements have been prepared on a going concern basis as the Trustees believe that
no material uncertainties exist. The current uncertainty in the global economy, including cost inflation
factors, have increased financial pressure on charities. The Trustees have however considered the
contingency plans in place, the level of funds held and the expected level of income and expenditure
for twelve months from the date of signing of these financial statements. The Trustees are satisfied
the forecast income and reserves are sufficient to cover all of the budgeted expenditure to be able
to continue as a going concern. The Trustees therefore consider the adoption of the going concern
basis in preparing these financial statements continues to be appropriate.
Commitments
Commitments are recognised when the charity has an obligation at the Balance Sheet date as a
result of a past event. It is probable that an oufflow of economic benefit will be required in settlement
and the amount can be reliably estimated.
Grants payable (note 3) are recognised at present value, where settlement is due over more than
one year from date of the award, there are no unfulfilled conditions under the control of the Trust
performance that would permit the Trust lo avoid making the future payment(s), settlement is
probable and the effect of discounting is material.
ROYALTY INCOME
Mousetrap Royalties
Total London play box office receipts for the year ended 31 March 2024 were £8,471,775 (2023 -
£6,216,497) giving the Trust royalty income of £1,058,972 (2023 £777,062). This is based on a
12.5 % share of net box office receipts for 'The Mousetrap. play performed at St Martin's Theatre,
London during the year in accordance with the Agreement with Mousetrap Productions Limited (see
note 6).
In January 2012, the Trustees entered into variation of contract with Mousetrap Productions Limited
regarding the UK tour of the production. It was agreed that the Trust would receive 10 /(* royalty for
any productions occurring after 1 September 2012. During year ended 31 March 2024 these royalties
amounted to £492,388 (2023 - £342,867)
Curtain Royalty Profits
The charity is eligible to receive a 100/0 "payaway" of the net profits received by Agatha Christie Ltd
in relation to the rights sold to them for the literary work, the "Curtain" by reference to a Deed of
Acquisition dated 6 September 2011. Royalty profits of £2,827 (2023 - £5.030) were receivable
relating to the period to 31 March 2024.
2024
2023
Summary
Royalties from the Mousetrap London play
Royalties from the Mousetrap Production Tours
Royalty profits from the "Curtain" production
1,058,972
492,388
2,827
777,062
342,867
5,030
Total royalties
£ 1,554,187 £ 1,124,959
The Trustees are registered for VAT with the registration number 782 6507 06. The amounts shown
as receivable by way of royaltieslprofits in the Statement of Financial Activities are net of VAT.

Page 20
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
CHARITABLE ACTIVITIES
Grants made to charitable organisations:
Paignton Picture House Trust
Amgueddfa Cymru (National Museum Wales)
National Dance Co Wales
Garsington Opera
Theatr Clwyd
Go Live Theatre Projects (formerly Mousetrap Theatre Projects)
Buxton International Festival
Grange Park Opera
Agatha Christie Trust for Children
Longborough Festival Opera
Royal Welsh College of Music & Drama
English National Opera
Benedetti Foundation
North Wales International Music Festival
Horatio's Garden
National Youth Brass Band of Great Britain
National Youth Orchestra of Great Britain
Hay Castle Trust
Fishguard and West Wales International Music Feslival
Three Choirs Festival
MusicFest Aberystwyth
Art UK (Public Catalogue Foundation)
Chapter
Agatha Christie Festival
Wales Millenium Centre
Opra Cymru
National Manuscripts Conservation Trust
National Youth Arts Wales
National Children's Orchestra
ORA Singers
The Telling
Llandeilo Fawr Festival of Music
Penarth Chamber Music Festival
Young Music Makers of Dyfed
Hijinx Theatre
Vale of Glamorgan Festival
Awards for Young Musicians
Bangor Music Festival
Beaumaris Festival
Span Arts
Taking Flight
Forget-me-not-chorus
Aberystwyth University
Pendyrus Male Choir
Artes Mundi Prize Ltd
Opera Rara
Mid Wales Opera
Sinfonia Cyrnru
Aesop Arts & Society Limited
Artichoke Trust
150,000
115.000
100.000
100,000
100,000
50,000
50,000
50.000
40,000
30,000
30.000
25,000
16,000
15.000
15,000
15,000
12.000
11,275
10,000
10.000
10,000
10,000
10.000
8,500
7.500
7.200
7,000
7,000
6,000
6,000
6,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
3,096
3,000
2,000
40,000
50,000
5,000
15,000
10,000
10,000
4,000
7,500
10,000
7,500
5,000
5,000
100,000
45,000
30,000
25,000
15,000
15,000

Page 21
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
CHARITABLE ACTIVITIES (continuedl
(balance brought forward)
1,087,571
399,000
The Aloud Charity
Presteigne Festival of Music and Art Limited
Opera Ventures
Mostyn Gallery
Canolfan Gerdd William Mathias (Wales International Harp Festival)
National Opera Studio
Peak Cymru
Brecon Beacons Music Trust
Cowbridge Music Festival
Sistema Cymru - Codi'r To
The National Botanic Garden of Wales
Theatr Brycheiniog Cyf
Cosrnic Music
Llandaff Cathedral Festival 2022
Royal Philharmonic Society
15,000
15,000
12,500
12,000
10,475
10,000
10,000
7,500
7,500
6,000
5,000
5,000
5,000
3,000
3,000
Grants made to charitsble organisations:
1,087,571
525,975
Finance income arising on new long term grant commitments
Finance income written back on long term commitments
(10,968)
27,888
10,968
Sub-total
1,098,539
542,895
Support costs (note 4)
55,698
44,698
Total charitable activities
£ 1,154,237 £ 587,593
SUPPORT COSTS
Consultant director's remuneration and expenses
Accountancy and related administration fees
Auditor fees (governance cost)
Bank charges
Sundry expenses
Reclaimed VAT on accountancy fees
26,000
18,336
12,600
485
20,600
11,988
12,000
397
200
(487)
(1,723)
55,698 £ 44,698
Auditor remuneration for the year ended 31 March 2024 totalled £10,500.00 net of VAT.

Page 22
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
REVERSIONARY INTEREST IN "THE MOUSETRAP" PLAY
Under a Deed dated 10 January 1996, a reversionary interest in the final 45 year term of copyright
relating to a play known as "The Mousetrap" written by Agatha Christie, was assigned by the founder
and accepted by the Trustees, as a gift to the Trust.
During the year ended 31 March 1998. the Trustees entered into discussions with Mousetrap
Productions Limited {MPL) with a view to exploiting maximum benefit from this future interest. All
royalties under the reversionary interest assigned to the Trustees as described above commenced
from midnight on 11 January 2001. The agreement will expire on 11 January 2046.
As a result of the discussions, the Trustees entered into a formal agreement with MPL dated
23 March 1998 on the following lerms'.-
i) to grant sole and exclusive licence to MPL with effect from midnight on 11 January 2001 to all
rights in The Mousetrap that had originally been assigned to the Trustees ursder the reversionary
interest.
ii) in consideration of that licence. MPL would loan to the Trustees on an interest-free basis, an
amount of £1,370,000.
iii) MPL will also pay royalties to the Trustees commencing on 12 January 2001. In the first instance,
these will be applied to repay the amount of the loan in ii) above. The rate at which these
royalties will be paid is as follows-_
a) 21 % of the net receipts (as defined in the Agreement) until such time as the loan has been
repaid.
b) On the next £30,000 of net receipts, no royalties are payable.
c) 12.50/0 of net receipts thereafter.
2024
2023
REVERSIONARY INTEREST
Value of reversionary interest as at 1 April 2023
472.909
516,081
Amortisation of reversionary interest
(30,699)
(43,172)
Value of reversionary interest as at 31 March 2024
£ 442.210 £ 472,909
The amortisation charge on the reversionary interest in 'The Mousetrap" play is based upon the
royalties received from the London showings during the year, historic royalties received, and
projected future cashflows from the remainder of the royalty agreement in place.
2024
2023
DEBTORS
Adam Spiegel Productions Limited - tour royalties due
Adam Spiegel Productions Limited - London royalties due
Agatha Christie Ltd - Curtain royalties due
Interest receivable - money market account
154,746
114,232
1,112
195,509
109,416
4,690
2,900
£ 270.090 £ 312,515

Page 23
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
CASH AT BANK
Cash with Coutts & Co - on reserve account
on current account
- on money market account
623,235
259,329
104,058
259,814
500,000
882,564
1,190,957
863.872
759.235
Cash on client monies account with Rawlinson & Hunter LLP
£ 2,073,521 £ 1,623,107
2024
2023
CREDITORS - Amounts falling due within one year
Charitable commitments to:
Welsh National Opera Limited
National Dance Co Wales
Longborough Festival Opera
Go Live Theatre Projects (formerly Mousetrap Theatre Projects)
Opera Rara
Royal Welsh College of Music & Drama
Sinfonia Cymru
Mid Wales Opera
Musicfest Aberyswth
Fishguard International Music Festival
Three Choirs Festival
Benedetti Foundation
National Youth Arts Wales
Hijinx Theatre
Beaumaris Festival
Horatio's Garden
Penarth Chamber Music Festival
Artes Mundi Prize Ltd
Agatha Christie Trust for Children
Peak
Presteigne Festival of Music and Art Limited
Cosmic Music
Royal Philharmonic Society
180,000
50,000
30,000
25,000
15,000
15,000
12,500
10,000
10,000
10,000
10,000
9,500
7.000
5,000
5,000
5,000
2,500
180,000
5,000
15,000
12,500
10,000
50,000
25,000
10,000
10.000
5.000
3.000
Charitable commitments (balan￿}
401,500
325,500
HM Revenue & Customs - VAT
Audit fees
Accountancy and related administration fees
Consultant director's fees and expenses
Mousetrap Charitable Trust - miscredited royalties
Independent examiner's fees
76,298
12,600
11.988
2,400
123,586
12,000
10,302
2,400
17,354
2,100
£ 504,786 £ 493,242

Page 24
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10. CREDITORS - Amounts falling due in more than one year
2024
2023
Charitable commitments:
Paignton Picture House Trust
Opera Rara
Royal Welsh College of Music and Drama
Welsh National Opera Limited
Sinfonia Cymru
Mid Wales Opera
150,000
15,000
15,000
28,702
170,985
12,136
9,709
£ 180,000
£ 221,532
No adjustment (2023: £10,968) has been made against the long term commitments to recognise the
net present value of future commitments as the present value was significantly similarto the amounts
committed. See further details on page 18.
11. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS
No Trustee received any remuneration during the I￿0 years to 31 March 2024.
No transactions occurred bel￿een the Trust and Trustees during the two years to 31 March 2024.
In accordance with the Trustees, Conflict of Interest policy (see Part 2 of the Trustees. Report), the
following charitable donations were made to organisations over the last two years where a related
party connection has been identified and is hereby disclosed. The positions that each Trustees may
hold elsewhere is not dependent on funding from charity.
Commitments
2024
2023
Balance
at
31.3.24
Charity
Reg no.
Connected
Person
Position
The Aloud Charity
1147922
Forgel-me-not Chorus
1151812
Penarth Chamber Music Feslival 1195835
Welsh National Opera
221538
Rebecca Evans
{11 see below
Rebecca Evans
(1) see below
Rebecca Evans
(21 see below
Rebecca Evans & (31 & (4) see
Mathew Prichard
below
Rebecca Evans
{51 see below 25,000
Mathew Prichard
Director
8,500
7,500
James Prichard {6) Trustee
40,000 50,000
Alexandra
Clementson16)
15,000
3,096
5,000
5,000
2,500
180,000
English National Opera
257210
Agatha Chrislie Festival Ltd
1165573
Agatha Christie Trust for Children 260295
Trustee
(1) Rebecca Evans acts as an Ambassador for The Aloud Charity and the Forget-me-not-chorus.
(2) Rebecca Evans acts as a patron for the Penarth Chamber Music Festival.
(3) Rebecca Evans performs in productions held by the Welsh National Opera
(4) Mathew Prichard acts as an Honorary President of the Welsh National Opera
(5) Rebecca Evans performs in productions held by the English National Opera
(6) James Prichard and Alexandra Clementson are children of Mathew Prichard (trustee)
12. ULTIMATE CONTROLLING PARTY
The ultimate controlling party are the Trustees

Page 25
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13. FUND RECONCILIATION
Balance at
1 April
2023
Balance at
31 March
2024
Gainsl
(losses)
Income
Expenditure
Unrestricted Funds:
Capital Fund
Income Fund
907,533
786.224
(30,699)
876.834
1,224,201
1,592,214 (1.154,237)
Total Funds
£ 1,693.757
£ 1,592,214 £{1,154,237) £ (30,699) £ 2,101,035
Balance at
1 April
2022
Balance at
31 March
2023
Gainsl
{losses)
Income
Expenditure
Unrestricted Funds:
Capital Fund
Income Fund
950.705
238,774
(43,172)
907,533
786,224
1,135.043
(587,593)
Total Funds
£ 1,189,479 £ 1.135,043 £ (587,593) £ (43,172) £ 1,693,757
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Income
Fund
Capital
Fund
Total
2024
2024
Intangible assets
Debtors
Cash
Creditors (amounts due within 1 year)
Creditors (amounts due in more than 1 year)
442,210
442,210
270,090
2,073,521
1504,786)
(180,000)
270.090
1,638.897
(504,786)
{180,000)
434,624
Total Funds
£ 1,224.201
£ 876,834 £ 2,101,035
Income
Fund
Capital
Fund
Total
2023
2023
Intangible assets
Debtors
Cash
Creditors (amounts due within 1 year)
Creditors (amounts due in more than 1 year)
472,909
472,909
312,515
1,623,107
(493,242)
(221,532)
312,515
1,188,483
(493,242)
(221,532)
434,624
Total Funds
£ 786,224
£ 907,533
£ 1,693,757

Page 26
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
15. FINANCIAL INSTRUMENTS
The carry amounts of the charity's financial instruments are as follows:
Financial assets
Measured at fair value through SOFA..
Intangible fixed asset reversionary interest
Cash at bank
442,210
2,073,521
472,909
1.623,107
Measured at amortised cost..
Debtors
270,090
312,515
Financial liabilities
Measured at amortised cost
Accruals and other creditors
amortised cost..
26,988
44,156
The income, expenses, net gains and net losses attributable to the charity's
financial instruments are summarised as follows:
Income and expense
Measured at fair value through SOFA:
amortised cost:
Change in fair value of reversionary interest
(30,699)
(43,172)