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← Penrith Players Theatre

2025-06-30-accounts

Charity registration number 1054768 (England and Wales)

Company registration number 03167924

PENRITH PLAYERS THEATRE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

PENRITH PLAYERS THEATRE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr RA
Bird
MrJRostron
Mrs N M Binder
Mr
Mr M J Collingwood
Mrs LM Hodson
Mrs E J Johnson
Secretary MrJ Rostron
Charity number (England and Wales) 1054768
Company number 03167924
Independent examiner David Andrew Liddle BA(Hons), FCA
4 Mason Court
Gillan Way
Penrith 40 Business Park
Penrith
Cumbria
CA119GR

PENRITH PLAYERS THEATRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 30 JUNE 2025

The Trustees present their annual report and financial statements for the year ended 30 June 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

The main objects of the Charity during the year were the promotion, maintenance and advancement of public education in, and enjoyment of the Arts, particularly through the production of plays, musical entertainment and the encouragement of other performing arts including drama, dance, music, singing, literature and poetry.

As well as staging productions by Penrith Players visits from, and joint productions with, other theatrical companies are welcomed. The Charity also encourages other people, organisations and groups to use the facilities of the Charity for a small fee in order to widen the availability of the arts to the local community.

All of the Charity's assets are available and adequate to fulfil its obligations, artistic events, including plays and musicals, concerts and play readings.

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

The Penrith Players Theatre continues to be one of the foremost arts venues in the Penrith area. Run entirely by volunteers the Players has provided local people the opportunity to participate in theatrical productions whilst giving audiences access to an even greater number of arts based events than in previous years.

The Theatre staged a wide-ranging programme of events during the year. Whilst members of Penrith Players performed only four plays, two fewer than last year, they encompassed the ever-popular classical theatre, comedy and a modern play written by a successful local playwright.

Plug ‘n’ Play conducteda full programme of musical events showcasing local performers own material through a combination of open-mic sessions and more formal gigs. An increased number of musical acts chose to play at the Theatre during the year, including local operatic and rock choirs together with several tribute bands.

One of the aims of the Penrith Players is to encourage young people to enjoy and participate in all forms of the arts. The Junior section remains popular with young people in the area staged a very successful play shortly after the year end. Several local dance and theatrical organisations also used the theatre during the year to stage performances by young people from the area.

The Charity has to generate its own income to enable it to continue offering a theatrical and musical venue to its members, the local community and to third-party hirers. The Trustees, through the Theatre’s Council, have continued to take steps to increase membership of the Charity, generate more third-party income through greater community use of the Theatre and increase performances by the Theatre’s own members.

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PENRITH PLAYERS THEATRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

In January 2025 an Agreement was signed with Westmorland and Furness Council that gave the Theatre access to a £118,000 grant from the Borderlands Place Programme. Work is underway to install retractable seating that will make the Theatre area a more flexible space, which should increase its appeal to a wider range of organisations and musical acts. In addition, the bar area is being refurbished, new signage is being installed and ventilation works will make the Theatre a more comfortable place for its audiences to enjoy. This project will be completed by the end of September 2025, a milestone that will be recognised by an opening event to allow local people and those who have supported the project to see the changes first hand.

In 2026 the Trustees are hoping to invest further resources into renewable energy assets to further reduce the Theatre’s cost base and its dependence on fossil fuels, but it will dependent upon some grant support being available.

Financial review

Operating a theatre the size of the Penrith Playhouse is challenging in that the Charity does not receive any external funding for its day-to-day activities. All revenue is generated by its members’ activities and financial success is dependent upon the attendance of the general public at the plays, musical and other events presented and upon third parties hiring the theatre. Due to its wholly voluntary nature the Charity has been unable to generate large liquid reserves through its activities for some time. Since the current building was acquired in 1998, the Theatre has regularly made annual losses with any surpluses being invested in developing the property and additional theatrical equipment.

The hard work of the volunteers involved with the Theatre has enabled it to produce a significant trading profit for the third year in a row. This will allow it to continue improving the facilities available to its members and audiences whilst making it more environmentally sustainable. Income before grants of £118,000 (2024: £10,000) increased to £64,252 (2024: £57,158), whilst strong cost control resulted in a relatively small, 5% (£2,205) increase in overheads to £45,575 (2024: £43,371); the net result was a profit of £18,677 (2024: £13,787).

The Charity’s financial position remains strong. At 30 June 2025 it had funds of £342,076 (2024: £208,629), of which £190,804 (2024: £172,127) are unrestricted, £131,328 (2024: £15,778) are restricted, £19,944 (2024: £20,724) are endowment and net cash (excluding unspent grant of £78,069) of £91,295 (2024: £70,832).

Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to one year's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding or a major repair to the fabric of the Theatre, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been more than maintained throughout the year.

Structure, governance and management

Penrith Players Theatre is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 5th March 1996. It is registered as a Charity with the Charity Commission. The liability of each member is restricted to £1 in the event of the charity winding up. The Company's registered number is 3167924 and its charity's registration number is 1054768.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr RA Bird MrJ Rostron

Mrs N M Binder

Mr ID Baker Mr MJ Collingwood Mrs LM Hodson Mrs EJ Johnson

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PENRITH PLAYERS THEATRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Recruitment and appointment of trustees

Any member over the age of 18 can be nominated as a trustee. New trustees are made aware of their obligations and duties as trustees, are immediately appointed to the Council and attend the next meeting. They are introduced to the decision making process at that meeting. All trustees are encouraged to take up any training that may be available and which will enable them to perform their duties in a better manner.

Members and employees

Penrith Players Theatre employs only one person, a part time cleaner, therefore all activities are undertaken by its members on a voluntary basis. The Trustees are grateful to the members who freely give up their time to enable the organisation to achieve its objectives.

Organisational structure

All trustees are members of the governing Council and are responsible for the strategy policy and financial review of the Charity.

There is one sub-committee, the theatre committee which comprises of up to 3 Council members plus other members nominated from the membership. The Committee is responsible for the artistic activity of the Charity, with all other matters being dealt with directly by the Council.

The Trustees’ report was approved by the Board of Trustees.

MrJ Rostron Trustee

Mr RA Bird Trustee

15 October 2025

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PENRITH PLAYERS THEATRE

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF PENRITH PLAYERS THEATRE

| report to the Trustees on my examination of the financial statements of Penrith Players Theatre (the Charity) for the year ended 30 June 2025.

Responsibilities and basis of report

As the Trustees of the Charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, | report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination

giving me cause to believe that in any material respect:

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

David Andrew Liddle BA(Hons), FCA

4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR 15 October 2025

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PENRITH PLAYERS THEATRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

Charity information

Penrith Players Theatre is a public benefit entity and a private company limited by guarantee incorporated in England and Wales. The registered office is Penrith Playhouse, Auction Mart Lane, Penrith, Cumbria, CA11 7JG.

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”. The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.

1.2. Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds represent those assets which must be held by the Charity, principally fixed assets. The endowment is to be treated as expendable to the extent of the aggregate amount of its depreciation provided in the annual accounts, based on its estimated useful life.

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Local authority and lottery grants in respect of buildings and equipment are recognised in full in the SOFA as endowment fund income when they are receivable

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PENRITH PLAYERS THEATRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Straight line over50 years (endowment funds only)
Fixtures and fittings Straight line over 5 to 7 years
Technical equipment Straight line over 10 years
Central heating system Straight line over 10 to 20 years
Renewableenergyequipment Straightlineover10to20years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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PENRITH PLAYERS THEATRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

(Continued)

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition offinancial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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PENRITH PLAYERS THEATRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

2 Critical accounting estimates and judgements

(Continued)

The preparation of the financial statements requires the trustees 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.

Significant judgements

There are no judgements (apart from those involving estimations) that the Trustees have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and gifts 1,000 - 1,000 191 - 191
Grants - 118,000 118,000 - 10,000 10,000
1,000 118,000 119,000 191 10,000 10,191
Charitable activities
Charitable Charitable
income income
2025 2024
£ £
Play and music receipts 19,436 23,905
Sponsorship income 600 1,000
Bar sales 19,999 17,348
Subscriptions and fundraising 2,640 3,174
Premises hire 15,778 10,507
58,453 55,934

4 Charitable activities

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PENRITH PLAYERS THEATRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

7 Expenditure on charitable activities

Theatre Other Total Theatre Other Other Total
running running
expenses expenses
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Direct costs
Staffcosts 3,339 - 3,339 3,034 - 3,034
Depreciation and
impairment 2,450 2,805 5,255 1,496 2,220 3,716
Purchases 9,355 - 9,355 8,327 - 8,327
Rates & Water 2,437 - 2,437 2,137 - 2,137
Light& Heat 3,331 - 3,331 4,097 - 4,097
Repairs & Maintenance 2,063 - 2,063 3,536 - 3,536
Insurance 4,644 - 4,644 4,557 - 4,557
Licences 761 - 761 889 - 889
Office costs 510 - 510 488 - 488
Costs of Production 7,563 - 7,563 7,405 - 7,405
Visiting Company & Artist
Fees 2,986 - 2,986 3,577 - 3,577
General Expenses 601 - 601 198 - 198
Advertising and Programme
Printing 2,923 - 2,923 1,700 - 1,700
42,963 2,805 45,768 41,441 2,220 43,661
Share ofsupportand governance costs (see note 8)
Governance 2,257 - 2,257 1,206 - 1,206
45,220 2,805 48,025 42,647 2,220 44,867
Analysis by fund
Unrestricted funds 42,770 2,805 45,575 41,151 2,220 43,371
Restricted funds 2,450 - 2,450 1,496 - 1,496
45,220 2,805 48,025 42,647 2,220 44,867
Support costs allocated to activities
2025 2024
£ £
Governancecosts-charitableactivities 2,257 1,206

8 Support costs allocated to activities

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PENRITH PLAYERS THEATRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

14 ‘Tangible fixed assets

‘Tangible fixed assets
Freehold land Fixtures and Technical Central heating Renewable Total
and buildings fittings equipment system energy
equipment
£ £ £ £ £ £
Cost
At 1 July 2024 161,406 69,053 67,045 22,986 27,400 347,890
Additions - - 8,834 - - 8,834
At 30June 2025 161,406 69,053 75,879 22,986 27,400 356,724
Depreciation and impairment
At 1 July 2024 64,232 66,661 59,161 22,986 (63) 212,977
Depreciation charged in the
year 930 886 1,897 - 2,322 6,035
At 30 June 2025 65,162 67,547 61,058 22,986 2,259 219,012
Carryingamount
At 30 June 2025 96,244 1,506 14,821 - 25,141 137,712
At30June2024 97,174 2,392 7,884 - 27,463 134,913

The depreciation charge for the year of £6,035 comprises £2,450 charged to Restricted Funds, £780 charged to Endowment Funds and £2,805 charged to Unrestricted Funds.

Barclays Bank PLC hold three legal charges over the Company from November 2000 for the land and buildings it owns.

15 Stocks

15 Stocks
2025 2024
£ £
Consumables 1,375 1,542
16 Debtors
2025 2024
Amounts falling due within one year: £ £
Trade debtors 853 369
Other debtors - 58
Prepayments and accrued income 37,274 4,195
38,127 4,622

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PENRITH PLAYERS THEATRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

19 Endowment funds

Endowment fundsfunds (Continued)
Previousyear: At 1July2023 Resources Transfers At30June2024
expended
£ £ £ £
Expendable endowments
EndowmentFund 28,857 (859) (7,274) 20,724

The Trustees confirm the funds were always intended to be restricted funds and the transfer is to reflect the true nature of the funds 20 _ __—iRestricted funds

The restricted funds of the Charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1July2024 Incoming Resources Transfers At30 30June2025
resources expended
£ £ £ £ £
Audio & Lighting grant 5,841 - (1,690) - 4,151
Solar panel grant 9,937 - (760) - 9,177
Westmorland & Furness Council
refurbishment grant - 118,000 - - 118,000
15,778 118,000 (2,450) - 131,328
Previous year: At 1 July 2023 Incoming Resources Transfers At30 30June 2024
resources expended
£ £ £ £ £
Audio & Lighting grant - - (1,433) 7,274 5,841
Solar panel grant - 10,000 (63) - 9,937
- 10,000 (1,496) 7,274 15,778

The Trustees confirm the funds were always intended to be restricted funds and the transfer is to reflect the true nature of the funds

In January 2025 the Theatre signed an agreement with Westmoreland and Furness Council that enabled it to draw on grant funding of £118,000 for the purpose of acquiring and installing new retractable seating, improving auditorium lighting, refurbishing the bar, replacing external signage and installing additional ventilation. The agreement requires the grants to be included in the accounts as restricted funds.

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PENRITH PLAYERS THEATRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

21 ~~ Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1July2024 Incoming Resources At30 30June 2025
resources expended
£ £ £ £
General funds 172,127 64,252 (45,575) 190,804
Previous year: At 1July 2023 Incoming Resources At30 30June 2024
resources expended
£ £ £ £
General funds 158,340 57,158 (43,371) 172,127
22 Analysis ofnet assets between funds
Unrestricted Restricted Endowment Total
funds funds funds
2025 2025 2025 2025
£ £ £ £
At 30 June 2025:
Tangible assets 104,440 13,328 19,944 137,712
Net current assets 86,364 118,000 - 204,364
190,804 131,328 19,944 342,076
Unrestricted Restricted Endowment Total
funds funds funds
2024 2024 2024 2024
£ £ £ £
At 30 June 2024:
Tangible assets 98,411 15,778 20,724 134,913
Net current assets 73,716 - - 73,716
172,127 15,778 20,724 208,629

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PENRITH PLAYERS THEATRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

23 ~—~ Financial commitments, guarantees and contingent liabilities

In the year ended 30 June 1998, the Company received a £30,000 grant from Eden District Council in respect of the purchase of the new theatre. The Council reserves the right to seek recovery of the grant should the organisation cease operating. Furthermore in the event of the premises not being utilised as part of the strategic cultural plan for the provision of facilities for the Penrith Players or the community the building will be sold and the entire grant will become repayable.

In January 2025 the Theatre signed an agreement with Westmoreland and Furness Council that enabled it to draw on grant funding of £118,000 for the purpose of acquiring and installing new retractable seating, improving auditorium lighting, refurbishing the bar, replacing external signage and installing additional ventilation. The agreement requires the grants to be included in the accounts as restricted funds.

Furthermore, the Agreement includes obligations on the Theatre to complete the project by 30 September 2025, unless otherwise agreed by both parties, and increase attendances to a pre-defined level by 31 March 2031. Failure to achieve both objectives could result in the Council demanding repayment of the grant. At the date of signing these accounts the Trustees are confident of delivering the project and the increased attendances and for that reason have not made any provision for repayment of the grant in the accounts.

24 ‘Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

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