CoLwinston
CHARITABLE TRUST
(Registered Charity No. 1049189)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
RAWLINSON
& HUNTER

COLWINSTON CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CONTENTS
Page
Annual Report of the Trustees
1-10
Independent Auditor's Report
11- 13
Statement of Financial Activities (including income and expenditure account)
14
Balance Sheèt
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 2025
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 2025. 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 Reglstration Number:
Reglstered Office:
1049189
Eighth Floor, 6 New Street Square
New Fetter Lane, London EC4A 3AQ
Telephone Number:
020 7842 2000
Website:
www.colwinston.org.uk
Email Address
colwinston
colwinston.or
.uk
Chairman:
Mathew Caradoc Thomas Prichard CBE (Founder)
Trustees:
Mathew Caradoc Thomas Prichard CBE (Chairperson)
Martin Patrick Tinney
Sian Llinos Williams
Lucinda Mary Prichard (Vice Chairperson)
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
Rawlinson & Hunter LLP
Eighth Floor, 6 New Street Square London EC4A 3AQ
Adam Spiegel Productions Limited
First Floor, 11 Garrick St
London WC2E 9AR
Accountants:
Royalty Agent:
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 2025
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 seNing 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 Policy for Senlor Stsff
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 charty 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, Responsibilitles 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 A¢￿pted 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 resourcesforthat period. In preparing these financial
statements, the Trustees are required to..
select suitable accounting policies and then apply them consistently-
observe 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 charty 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 THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Disclosure of Infomiation 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 identrfy risk areas to which the Trust is vulnerable and highlight any
necessary safeguards that will need to be put in place. 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"
Integrity.,
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 followed 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 2025
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 charrties 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 think 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 UK production of Agatha Christie's The Mousetrap, the
Trust meets at least ￿lce 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.
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 fvnding
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 (continued)
FOR THE YEAR ENDED 31 MARCH 2025
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (continued)
ststement 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, aboLrt 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 UK 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 30,000 performances, has had by far the 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% share of net box office receipts generated pursuant to an agreement with
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 2025, the total London box office receipts for the Mousetrap
production at St Martin's Theatre, London were £8,562,465 (2024 - £8,471.775) and the charity's
12.5 /0 share amounted to £1,070,308 {2024- £1,058,972>.
It is dtfficult 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 performed 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 70
anniversary of the production which has generated a further revenue stream for the Trust. The tour
concluded in August 2024. There will be a 75th Anniversary Tour of The Mousetrap, opening in
Torquay during The Agatha Christie Festival in September 2026.
The interest in Agatha Christie works remains high and recently there have been a number of high
profile film and television adaptations.

Page 6
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES (continued}
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Income and Expenditure
Royalty Income. Voluntary Income and Deposit Interest
The Trustees are satisfied with the level of cash reserves, noting an increase in deposit account
interest receipts to £51,324 (2024 - £38,027).
The London play royalty income was £1,070,308 reflecting a 1.1 % increase from 2024 (£1,058,972).
The production tour resumed in 2022123 and ran through 2023124, concluding in August 2024.This
generated royalty income in the year of £179,195 (2024 - £492,388).
Curtain "payaway" receipts of £11,642 were paid to the Trust for the year {2024- £2,827).
The total income for the year was £1,312,469 compared to £1,592,214 in 2024. 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 £76,389 (2024 - £55,698).
Charitable Donations
Donations were made or committed during the year to 48 organisations, totalling £924,684 in
undiscounted grants {2024 - 44 donations totalling £1,087,571). All of the charitable activities for the
year are summarised as follows:_
Amugeddfa Cymru (National Museum of Wales) (reg. 5257741- A grant of £175,000 was
awarded over a three-year period to support the costs of the major retrospective exhibition of
works by Gwen John, of which £125,000 remained outstanding at the year end.
Agatha Christie Trust for Children (reg. 260295>- A grant of £50,000 was awarded to enable
the support of Vivo Biobank at Blood Cancer UK, supporting their research into childhood
cancer. The full commitment was cleared by the year end.
Mid Wales Opera {reg. 1043391) - A commitment of £50,000 spread equally over two years
was offered to support the Small Stages touring production. The full commitment remained
outstanding at the end of the year.
Buxton International Festlval (reg. 276957) - A grant of £50,000 was awarded in support of
the core costs for the 2025 opera season. The full commitment was cleared by the year end.
Engllsh National Opera (reg. 257210) - A grant of £40,000 was awarded to support the revival
production of The Marriage of Figaro, with seven performances between 5 February 2025 and
22 February 2025. The full commitment was cleared by the year end.
Longborough Festival Opera {reg. 1087303) - A grant of £40,000 was awarded to support
the production of Purcell's Dido andAeneas, featuring the Emerging Artists. The full commitment
was cleared by the year end.
Garsington Opera (reg. 1003042) - A grant of £40,000 was awarded to support the Emerging
Artists program, supporting the integration of new artists into Garsington Opera productions.
The full commitment was cleared by the year end.

Page 7
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW (continued)
Musi¢Fest Aberystwyth (reg. 11843281 - A grant of £40,000 was offered over two years to
give core support to the ambitions of the new Artistic Director. The full commitment remained
outstanding at year end.
Sinfonia Cymru (reg. 1058196) - A grant of £35,000 was awarded over a two year period to
support the Powys Schools project. £17,500 of the commitment remained outstanding at the
end of the year.
Theatr na nog (reg. 615903) - A grant of £30,000 was awarded to support the new production
for the schools, entitled The Fight, based on the life of Merthyr born boxer, Cuthbert Taylor. The
full commitment was cleared by the year end.
Mostyn Gallery (reg. 507842) - A grant of £20,000 was awarded to support the Another Thing
to Do project, with commissions for emerging or mid-career artists. The full commitment was
cleared by the year end.
Music Theatre Wales (reg. 1039757)- A grant of £20,000 was awarded to support a residency
in the Rhondda Valley, The Echoes Retum Slow. The full commitment was cleared by the year
end.
North Wales International Music Festival (reg. 509023) - A grant of £20,000 was awarded
support the festival's core activities. The full commitment was cleared by the year end.
Valleys Kids (reg. 1074840) - A grant of £20,000 was awarded to support the Visual Arts
programme in Rhondda Cynon Taff, Keep Loving Art- Keep Living Strong. The full commitment
was cleared by the year end.
Benedetti Foundation (reg. 049688) - A grant of £19,867 was awarded to support workshops
in Wales. The full commitment was cleared by the year end.
Oriel Myrddin Trust (reg. 1031498) A grant of £18,113 was awarded, over two years, to
support an immersive exhibition (Witch) of work by Clive Hicks Jenkins, to be held be￿een July
and December 2025. £5,713 of the commitment remained outstanding at the end of the year.
The Aloud Charity (reg. 1147922) - A grant of £15,000 was awarded in core support of the
charity. The charity runs inclusive and supportive choirs across Wales. The full commitment was
cleared by the year end.
Royal Opera House Covent Garden (reg. 211775) A grant of £15,000 was awarded in
support of the National Schools Program
Music, Dance, Design. The full commitment was
cleared by the year end.
Swansea City Opera (reg. 1067651) A grant of £15,000 was awarded to support
perforrnances in Wales of the production Shoulder to Shoulder, composed by Lenny Sayers, in
associations with Men's Sheds Cymru. £10,000 of the commitment remained outstanding at the
end of the year.
Natlonal Youth Orchestra of Great Britain (reg. 290598) - A grant of £12,000 was awarded
to support seven seats for young musicians from Wales, as well as the NYO Unite day held in
October 2024. The full commitment was cleared by the year end.
Green Man Trust {reg. 1156453) - A grant of £11,584 was awarded to support the Visual Arts
Programme in 2024. The full commitment was cleared by the year end.

Page 8
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW (contlnued)
Presteigne Festival of Music and Art Limited (reg. 1039968) A grant of £10,000 was
awarded to support the commission fee, music preparation and rehearsal costs for Julian Philip's
Melodys of Earth and Sky, as well as to support commissions for harp pieces from young
emerging composers. The full commitment was cleared by the year end.
Cowbridge Music Festival (reg. 1162524) - A grant of £10,000 was offered to support the core
costs of the festival. The full commitment was cleared by the year end.
Adverse Camber Productions (reg. 1196603) - A grant of £10,000 was offered in support of
the Story telling Project- stars and their Constellations, subject to the project being fully funded.
The full commitment remains outstanding at the end of the year.
The Nova Music Trust (reg. 1139138) A grant of £10,000 was offered to support the
production and presentation of Scenes from Under Milkwood in Wales. The full commitment
remains outstanding at the end of the year.
Welsh Chamber Orchestra (reg. 1083071) - A grant of £10,000 was offered to support the
project, Peter & the Wolf, subject to the full funding of the project. The grant will also support a
commission from Paul Mealor concerning the Mabinogi. The full commitment remains
outstanding at the end of the year.
National Theatre (reg. 224223) - A grant of £10,000 was awarded to support the costs of the
o Connections festivals held in AberysWth and Cardiff. The full commitment was cleared by
the year end.
Agatha Christie Festival (reg. 1165573) - A grant of £10,000 was awarded to support the costs
of the staging and production of three Spotlight events during the festival. The full commitment
was cleared by the year end.
Ballet Cymru (reg. 1000855) - A grant of £9,600 was awarded to commission composer Frank
Moon to write and record a score for the production of Daydreams and Jellybeans. The full
Commitment was cleared by the year end.
Opra Cymru Cyf {reg. 1188595) A grant of £8,800 was offered to support a tour of a new
Welsh language opera for children and families based on the myths around Gwyn ap Nudd and
Halloween. The full commitment remains outstanding at the end of the year.
Brecon Baroque Festival (reg. 1172155)- A grant of £8,000 was awarded to support the core
costs of the festival. The full commitment was cleared by the year end.
ORA Singers (reg. 1160228) - a grant of £8,000 was awarded to support a second year of the
Graduate Composers Scheme. The full commitment was cleared by the year end.
The Telling (reg. 1181802)- A grant of £8,000 was awarded to further work in Wales developing
an audience for early music. The full commitment was cleared by the year end.
Penarth Chamber Muslc Festival (reg. 1195835) - a grant of £8,000 was awarded to support
the core costs of the festival. The full commitment was cleared by the year end.
Bangor Music Festival (reg. 1126486) - A grant of £7,000 was awarded to support the core
costs of the festival. The full commitment was cleared by the year end.

Page 9
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW {contlnued)
International Guitsr Foundation (reg. 1050109) - A grant of £7,000 was awarded to support
programmes in Cardiff and Swansea to improve access to music making. The full commitment
was cleared by the year end.
University of Wales: Trinity St. David (reg. 1149535) - A grant of £7,000 was awarded to fund
the cataloguing and photography of the stained-glass panels held in the Stained Glass Archive
at Swansea College of Art. The full commrtment was cleared by the year end.
English National Ballet {reg. 214005) - a grant of £6,793 was awarded to support the provision
of the Dance forParkinson's programme in Wales. The full commitment was cleared by the year
end.
Hay Castle Trust {reg. 1144524> A grant of £5,600 was awarded to support an exhibition
th
celebrating 20 Century Welsh artists. The full commitment was cleared by the year end.
Cantorlon Menai (reg. 1015163) - A grant of £5,500 was offered to support the artistic costs of
the choir presenting Elgar's The Dream of Gerontius. The full commitment remained outstanding
at the end of the year.
Forget-me-not Chorus Ireg. 11518121 - A grant of £5,424 was awarded to support the With
Joy my Soul Sings project. The fijll commitment was cleared by the year end.
National Children's Orchestra (reg. 803026) - a grant of £5,188 was agreed to help subsidise
the places of four young musicians from Wales in the orchestra. The full commitment was
cleared by the year end.
Young Music Makers of Dyfed {reg. 1131853) - A grant of £5,000 was awarded to support
the core costs of the three strands of music making for young people in West Wales. The full
commitment was cleared by the year end.
Llandeilo Fawr Festival of Music (reg. 1138432) - a grant of £5,000 was awarded to support
the artistic costs of the festival. The full commitment was cleared by the year end.
Canolfan Gerdd Willlam Mathias (reg. 1084271) - A grant of £5,000 was offered to support
two elements of the Wales International Piano Festival. £3,000 was offered for the chamber
music concert and £2,000 was offered towards the commissioning fees of Guto Puw and Manon
Wyn Williams in a resetting of Madam Wen by W.D. Owen. The full commitment remained
outstanding at the end of the year.
Oxford Philharmonic Orchestra (reg. 1084256) - A grant of £2,215 was awarded to support
one masterclass held during the Oxford Piano Festival. The full commitment was cleared by the
year end.
Hay Music Trust (reg. 1168901)- A grant of £2,000 was awarded to support outreach activities
associated with the festival. The full commitment was cleared by the year end.
The Church of St Brynach, Nevern (reg. 1152541)-A grant of£1,500 was awarded to enable
the restoration of the William Sweetland organ. The full commitment was cleared by the year
end.

Page 10
COLWINSTON CHARITABLE TRUST
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW (continued)
Reserves Pollcy
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 £313,246 (2024 - £437,977> was generated during the year, and as at 31 March 2025,
the Income Fund, both general and designated, of £1,972,071 was carried forward (2024
£1,224,201).
The total funds of the charity (unrestricted) at 31 March 2025 increased by £282,473 (2024
£407,278) to £2,383,508 (2024 - £2,101,035) with free reserves of £972,071 (2024 - £1,658,825)
and £1,000,000 being designated forthe 30" anniversary celebrations of the Trust. 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
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 designated
£1,000,000 fund which aims to celebrate innovation and excellence in the Arts. Trustees wish to
celebrate creative expression and the art of storytelling, be it through music, opera, performance,
visual arts, exhibitions, or in the written word. Applications for the fund will be received until July
2025 and considered at the November Trustee meeting.
There will be a 75th Anniversary Tour of The Mousetrap play, opening in Torquay during The Agatha
Christie Festival in September 2026.
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 2025.
Approved on behalf of the Trustees and signed on their behalf by:
Ma*hGW C T PriGhard
10.2Q:-,? CFJT,,
Mathew Prichard CBE
Chairperson
Date:
2 6 JAN 2026

Page11
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE
COLWINSTON CHARITABLE TRUST
Opinion
We have audited the financial statements of Colwinston Charitable Trust {"the Trust" or "the charity.) for
the year ended 31 March 2025 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 2025 and of rts incoming
resources and application of resources, including income and expenditure, 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 International 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 audtt evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the 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 infomiation
The Trustees are responsible for the other information. The other information comprises the information
included in the Trustee's 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 fi'nancial
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 whlch we are required to report 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 information 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 staternents 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 thereunder.
Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a 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 there is no single
ndividual 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
year.,
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
.uklauditorsres
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 auditor's 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 charty's Trustees as a body, for our audit work, for this report, or for the opinions
we have formed.
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
ligible lo act as an auditor in tenns 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 2025
Unrestricted Funds
Capital
Designated
Total
2025
Totsl
2024
Income
Note
Income from:
Royalties
Interest from bank deposits
1,261,145
51,324
1.261,145 1,554,187
51,324
38,027
Total income
1,312,469
1,312,469 1,592,214
Expenditure on:
Charitable activities
999,223
999,223 1,154,237
Total expenditure
999,223
999,223 1,154,237
Net income before other
recognised (losses)
313,246
313.246
437,977
Fair value movement of
reversionary interest
(30,773)
(30,773)
(30,699)
Net movement in funds
313,246
(30,773)
282,473
407,278
Transfer between funds
(565,376) (434,624)
1.000,000
Reconciliation of Funds:
Total funds brought
forward at 1 April 2024
1,224,201
876,834
2,101,035 1,693,757
Total funds carried
forward at 31 March 2025
£ 972,071
£ 411,437 £ 1,000,000 £ 2,383,508 £ 2,101,035
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 2025
Unrestricted Funds
2025
2024
Note
Fixed Assets:
Reversionary interest in The Mousetrap play
516
411,437
442,210
Current Assets:
Debtors
Cash at bank
114,958
2,438,197
270,090
2,073,521
2,553,155
2,343,611
Liabilities:
Creditors- amounts falling due within one year
{440,434)
(504,786)
Net Current Assets
2,112,721
1,838,825
Total Assets less Current Liabilities
2,524,158
2,281,035
Creditors- amounts falling due in more than one year
10
(140,650)
(180,000)
Total Net Assets
£ 2,383,508 £ 2,101,035
The funds of the charity:
Unrestricted Designated Funds
1,000,000
Unrestricted Capital Funds
411,437
876,834
Unrestricted Income Funds
972,071
1,224,201
Total charity funds
£ 2,383,508 £ 2,101,035
Approved on behalf of the Trustees:
Ma+h$w C T PriGhord
2 6 JAN 2026
Trustee
2 6 JAN 2026
Trustee
The notes on pages 17 to 26 form part of these financial slatements

Page 16
COLWINSTON CHARITABLE TRUST
STATEMENT OF CASH FLOWS
AT 31 MARCH 2025
2025
2024
Net Cash Flow from Operatlng Activities
Net incoming resources
Less: Investment income
Net amortisation on fixed assets
Decrease in debtors
Decrease in creditors
282,473
(51,324)
30,773
155,132
(103,702)
407,278
(38,027)
30,699
42,425
(29,988)
Net cash generated f rom operating activities
313,352
412,387
Cash flows from investing activities
Investment income
51,324
38,027
Net cash generated from investing activities
51,324
38,027
Net increase in cash for the year
£ 364,676 £ 450,414
Reconclliation of net cash flow to movement In net funds
Net cash resources at 1 April 2024
Increase in cash
2,073,521
364,676
1,623,107
450,414
Net cash resources at 31 March 2025
£ 2,438,197 £ 2,073,521
Analysis of net funds:
Cash at Bank
2.438.197
2.073.521
£ 2,438,197 £ 2,073,521
The notes on pages 17 to 26 form part of these financial statements

Page 17
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES
General information
Colwinston Charitable Trust ("the Trust" or Yhe 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 wrf(h 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) ("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 - Reverslonary Interest
Fixed assets consist of the reversionary interest in the remaining 21 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
determined 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 charitsble 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 2025
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 Estlmation Uncertalnty
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 circumstances. 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 impaimient
(a) FutUFe 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 30/0 per annum
(long term average rate of inflation) at 31 March 2025 (2024 - 30/0) 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 grants 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 30/0 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 2025
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 frorn 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 to 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 2025 were £8,562,465 (2024 -
£8,471,775) giving the Trust royalty income of £1,070,308 (2024 - £1,058,972). 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 2025 these royalties
amounted to £179,195 (2024 - £492,388).
Curtain Royalty Profits
The charity is eligible to receive a 10°/o "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 profrts of £11,642 {2024 - £2,827) were receivable
relating to the period to 31 March 2025.
2025
2024
Summary
Royalties from the Mousetrap London play
Royalties from the Mousetrap Production Tours
Royalty profits from the "Curtain" production
1,070,308
179,195
11,642
1,058,972
492,388
2,827
Total royalties
£ 1,261,145 £ 1,554,187
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 2025
2025
2024
CHARITABLE ACTIVITIES
Grants made to charitable organisations:
National Museum of Wales
Buxton International Festival
Agatha Christie Trust for Children
Mid Wales Opera
Garsington Opera
Longborough Festival Opera
English National Opera
MusicFest Aberystwyth
Sinfonia Cymru
Theatr na nog
North Wales International Music Festival
Mostyn Gallery
Valleys Kids
Music Theatre Wales
Benedetti Foundation
Oriel Myrddin Trust
The Aloud Charity
Swansea City Opera
Royal Opera House Covent Garden
National Youth Orchestra of Great Britain
Green Man Trust
Agatha Christie Festival
Presteigne Festival of Music and Art Limited
Cowbridge Music Festival
Welsh Chamber Orchestra
National Theatre
The Nova Music Trust
Adverse Camber Productions
Ballet Cymru
Opra Cymru
ORA Singers
The Telling
Penarth Chamber Music Festival
Brecon Baroque Festival
Bangor Music Festival
University of Wales
International Guitar Festival
English Nattonal Ballet
Hay Castle Trust
Cantorion Menai
Forget-me-not-chorus
National Children's Orchestra
Llandeilo Fawr Festival of Music
Young Musi¢ Makers of Dyfed
Canolfan Gerdd William Mathias (WIHF)
Oxford Philharmonic Orchestra
Hay Music Trust
The Church of St Brynach, Nevern
Paignton Picture House Trust
National Dance Co Wales
175,000
50,000
50,000
50,000
40,000
40,000
40,000
40,000
35,000
30,000
20,000
20,000
20,000
20,000
19,867
18,113
15,000
15,000
15,000
12,000
11,584
10,000
10,000
10,000
10,000
10,000
10,000
10,000
9,600
8,800
8,000
8,000
8,000
8,000
7,000
7,000
7,000
6,793
5,600
5,500
5,424
5,188
5,000
5,000
5,000
2,215
2,000
1,500
115,000
50,000
40,000
100,000
30,000
25,000
10,000
15,000
16,000
12,000
8,500
7.200
6,000
6,000
5.000
5.000
11,275
3,096
6,000
5,000
5,000
150,000
100,000

Page 21
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
CHARITABLE ACTIVITIES (continued)
(balance brought forward)
927,184
731.071
Theatr Clwyd
Grange Park Opera
Go Live Theatre Projects
Royal Welsh College of Music & Drama
Horatio's Garden
National Youth Brass Band of Great Britain
Fishguard and West Wales International Music Festival
Three Choirs Festival
ArtUK
Chapter
Wales Millenium Centre
National Manuscripts Conservation Trust
National Youth Arts Wales
Hijinx
Vale of Glamorgan Festival
Awards for Young Musicians
Beaumaris Festival
Span Arts
Taking Flight
Aberyswth University
Pendyrus Male Choir
100,000
50,000
50,000
30,000
15,000
15,000
10,000
10,000
10,000
10,000
7,500
7,000
7,000
5,000
5,000
5,000
5,000
5,000
5,000
3,000
2,000
Grants made to charitable organisations:
927,184
1,087,571
Finance (expense)lincome written back on long term commttments
(4,350)
10,968
Sub-totsl
922,834
1,098,539
Support costs (note 4)
76,389
55,698
Total charitable activities
£ 999,223 £ 1,154,237
SUPPORT COSTS
Consultant director's remuneration and expenses
Accountancy and related administration fees
Auditor fees (governance cost)
Bank charges
Reclaimed VAT on accountancy fees
47,155
17,364
13,200
485
(1,815)
26,000
18,336
12,600
485
(1,723)
76,389 £ 55,698
Auditor remuneration for the year ended 31 March 2025 totalled £11,000 net of VAT.

Page 22
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
REVERSIONARY INTEREST IN "THE MOUSETRAP" PLAY
Under a Deed dated 10 January 1996, a reversionary interest in the fi'nal 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 terms:_
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 under 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) 210/0 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) 12.5 % of net receipts thereafter.
2025
2024
REVERSIONARY INTEREST
Value of reversionary interest as at 1 April 2024
442,210
472,909
Amortisation of reversionary interest
{30,773)
(30,699)
Value of reversionary interest as at 31 March 2025
£ 411,437 £ 442,210
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.
2025
2024
DEBTORS
Adam Spiegel Productions Limited - London royalties due
Adam Spiegel Productions Limited- tour royalties due
Agatha Christie Ltd- Curtain royalties due
114,958
114,232
154,746
1,112
£ 114,958 £ 270,090

Page 23
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
CASH AT BANK
Cash with Coutts & Co - on reserve account
on current account
631,647
258,844
623,235
259,329
890,491
1,547,706
882,564
1,190,957
Cash on client monies account with Rawlinson & Hunter LLP
£ 2,438,197 £ 2,073,521
2025
2024
CREDITORS - Amounts falling due within one year
Charitable commitments to..
National Museum of Wales
Paignton Picture House
Mid Wales Opera
Musicfest Aberyswth
Sinfonia Cymru
Opera Rara
Royal Welsh College of Music
Adverse Camber Production
The Nova Music Trust
Welsh Chamber Orchestra
Swansea City Opera
Opra Cymru
Oriel Myrddin Gallery
Cantorion Menai
Canolfan Gerdd William
Welsh National Opera Limited
National Dance Co Wales
Longborough Opera
Go Live Theatre
Mid Wales Opera
Fishguard International Music Festival
Three Choirs Festival
Benedetti Foundation
National Youth Arts Wales
Hijinx Theatre
Horatio's Garden
Beaumaris Festival
Penarth Chamber Music Festival
100,000
75,000
25,000
20,000
17,500
15,000
15,000
10,000
10,000
10,000
10,000
8,800
5,713
5,500
5,000
10,000
12,500
15,000
15,000
180,000
50,000
30,000
25,000
10,000
10,000
10,000
9,500
7,000
5,000
5,000
5,000
2,500
Charitable commitments (balance)
332,513
401,500
HM Revenue & Customs - VAT
Audit fees
Consultant director's fees and expenses
Accountancy and related administration fees
55,124
24,726
14,283
13,788
76,298
12,600
2,400
11,988
£ 440,434 £ 504,786

Page 24
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
10. CREDITORS - Amounts falling due in more than one year
Charitable commitments..
Paignton Picture House Trust
Mid Wales Opera
Museum Wales
Musicfest Aberyswth
Opera Rara
Royal Welsh College of Music and Drama
Discount arising on long term grant commitments
75,000
25,000
25,000
20,000
150,000
15,000
15,000
(4,350)
£ 140,650
£ 180,000
11. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS
No Trustee received any remuneration during the years to 31 March 2025.
No transactions occurred between the Trust and Trustees during the two years to 31 March 2025.
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 kno 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
2025
2024
Balance
at
31.3.25
Charity
Reg no.
Connected
Person
Position
The Aloud Charity
Forget-me-not Chorus
Penarth Chamber Music Festival
English National Opera
Agatha Christie Festival
Agatha Christie Trust for Children
1147922 Rebecca Evans
{1) see below 15,000
1151812 Rebecca Evans
{1) see below
5,424
3,096
1195835 Rebecca Evans
{2} see below
8,000
5,000
257210 Rebecca Evans
{5) see below 40,000 25,000
1165573 Mathew Prichard Director
10,000
8,500
260295 James Prichard (6} Trustee
50,000 40,000
Alexandra
Clementson {6)
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 paty are the Trustees

Page 25
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13. FUND RECONCILIATION
Income and
transfers
between
funds
Balance at
1 April
2024
Balance at
31 March
2025
Gainsl
(losses)
Expenditure
Unrestricted Funds:
Capital Fund
Income Fund
Designated Fund
876,834
1,224,201
(434,624)
747,093
1,000,000
(30,773)
411,437
972,071
1.000,000
(999,223)
Total Funds
£ 2,101,035 £ 1,312,469 £ (999,223) £ (30,773)
£ 2,383,508
Balance at
1 April
2023
Balance at
31 March
2024
Gainsl
{losses)
Income
Expenditure
Unrestrlcted 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
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Income
Fund
Capitsl
Fund
Designated
Fund
Total
202S
2025
Intangible assets
Debtors
Cash
Creditors (amounts due within 1 year)
Creditors (amounts due in more than 1 year)
411,437
411,437
114,958
2.438,197
{440,434)
(140,650)
114,958
1,438,197
(440,434)
(140,650)
1,000.000
Total Funds
£ 972,071
£ 411,437
£1,000,000
£ 2,383,508
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
(504,786)
(180,000)
270,090
1,638,897
(504,786)
(180,000)
434,624
Total Funds
£ 1,224,201 £ 876,834
£ 2,101,035

Page 26
COLWINSTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
15. FINANCIAL INSTRUMENTS
The carry amounts of the charity's financial instruments are as follows..
Financial assets
Measured at fair value through SOFA:
Cash at bank
2,438.197 2,073,521
Measured at amortised cost:
Debtors
Intangible fixed asset reversionary interest
114.958
411.437
270,090
442,210
Financial liabilities
Measured at amortised cost
Accruals and other creditors
52,797
26,988
The income. expenses, net gains and net losses attributable to the
charity's financial instruments are summarised as follows=
Income and expense
Measured at amortised value through SOFA..
Change in amortised value of reversionary interest
(30,773)
(30,699)