2024-03-31-accounts

Charlty Registration Number: 1118364 Company Reg15tration Number: 06002090 SHERMAN CYMRU CONSOLIDATED TRUSTEES, REPORT AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Azets Audlt Servlces Ty Denv Llme Tree Court Cardiff Gate Buslness Park Cardlff CF23 8AB

SHERMAN CYMRU Consolldated Trustees, Report and Group Flnancial Statements Year ended 31 March 2024 CONTENTS: OBJEcfivES AND AcfiviTIES.......................................... ACHIEVEMENTS AND PERFORMANCE.......................... FINANCIAL REVIEW.......... .14 INVESTMENT POWERS AND POLICY .................................... .15 KEY MANAGEMENT PERSONNEL.. .16 FUTURE PLANS.................................... .16 PRINCIPAL RISKS AND UNCERTAINTIES..... .17 STRucfuRE, GOVERNANCE AND MANAGEMENT................................................ .18 REFERENCE AND ADMINISTRATIVE DETAILS......................................... .. .20 OFFICERS AND PROFESSIONAL ADVISERS........................................... .20 RESPONSIBILITIES OFTHE BOARD OF TRUSTEES, ................................... .21 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SHERMAN CYMRU...................................22 STATEMENT OF FINANCIAL AcfiviTIES- CONSOLIDATED................................................. .26 SUMMARY INCOME AND EXPENDITURE ACCOUNT.. . ..27 BALANCE SHEET- CONSOLIDATED....................... ..28 BALANCE SHEET- CHARITY ONLY..................... . . ..29 STATEMENT OF CASH FLOWS- CONSOLIDATED..................... .30 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS...................... . .31

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 The trustees are pleased to present their annual directors, report together with the financial statements of the charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 IFRS 1021 {effective I January 2019}. OBJEcfivES AND AcfiviTIES OBJECTIVES The objects of Sherman Cymru are to promote and encourage art and In partlcular performing art for the benefit of the public by the developmenti production and presentation of new writing or works of any form, the provision of theatre facilities and the advancement of education of children, young persons and adults by participation in the experience of theatre, drama and the performing arts. Our Mlsslon: We make and curate exciting theatre for Cardlff audiences. We develop and nurture the work of Welsh and Wales based artists. We generate opportunities for the citizens of Cardiff to connect with theatre through relevant, inspirin8 and vlslonary engagement. Our Artlstlc Vlslon: Imagine a world made more equitable, more compassionate, more unified by the powerof theatre. We are driven to achieve this vision every day. We do this by creating and curating shared live theatre experiences that inspire people from all backgrounds across South Wales to make a better world, in their own way. We believe that access to creativity and self-expression is a right and we constantly strive to ensure everyone has the opportunity to be enriched by the art of theatre. Our focus on the development and production of new wrlting, and on nurturing Welsh and Wales- based artists makes us the engine room of Welsh theatre. We tell Welsh stories with global resonance through our Made at Sherman productions, created under our roof in the heart of Cardiff. We're a place for everyone, generatin8 Opportunities for the citizens of South Wales to connect with theatre through inspiring and visionary engagement.

SHERMAN CYMRU Consolidated Trustees, Report and Group Flnanclal Statements Year ended 31 March 2024 PUBLIC BENEFIT We have referred to the guidance contained in the Charity Commissioners, general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. The companvs strategic aims are: To create and curate exceptional, exciting, high quality theatre experiences in Welsh and English forthe enjoyment and stimulation of all ages and backgrounds As a truly bilingual organisation, to make a meaningful and impactful contribution to the Welsh Government's aim of reaching I million Welsh speakers by 2050 To grow and diversify our audience, increasing our annual average capacity by 8% from the pre-pandemic average of 67% to an average of 72% by the end of 2026127 To strengthen the Sherman's reputation as an Iconic, welcomlng public building and creative hub in the centre of Cardiff for the local and Wales-wide community To cultivate and nurture a new, diverse generation of theatre makers and arts leaders To work in partnership to engage young people, including those from socially excluded a nd disadvantaged backgrounds, in high quality, affordable activities in a wide range of theatre making disciplines to help develop their creative, social, personal and economic potential To ensure we have a fully supported workforce and leadership team which is as diverse as the city we represent To grow our digital understanding and capacity and develop newways of working that exploit modern technolo8ies for artistic, strategic, commercial, communication, and operational purposes To exploit the Sherman's work nationally and internationally for the purpose of building audiences, reputation, and where appropriate, commercial gain To reduce Sherman Theatre's long-term impact on the environment and to aspire to become a model of practice for other arts organisations To maintain a financially stable company a nd develop a commercially viable and sustainable income generation model which will grow year-on-year across the period of this plan Each aim has two or three key objectlves and three to five year outcomes all contained within the Company Business Plan, ACHIEVEMENTS AND PERFORMANCE th 2023-24 saw Sherman Theatre celebrate its 50 Birthday, marked by some significant co- productions, a large-scale community production and a number of celebratory events. Through these events and productions we re-engaged with lapsed audiences and engaged with new audiences which saw overall capacity increase from a pre-pandemic {2019-20) level of 65% to 67% in 2023-24, and for Made at Sherman productions, capacity increased from 67% in 2019-20 to 75% in 2023-24. In September 2023, we received the outcome of the ACW Investment Review and were awarded Multi-year Funding status continuing with the same level of annual investment each year.

SHERMAN CYMRU Consolidated Trustees, Report and Group Flnanclal Statements Year ended 31 March 2024 The theatre was nominated for Theatre of the Year at The Stage Awards 2023". a theotre moking work that Is bothfirmly rooted in it5 locol community but of a genuinely world-cla55 Standard." The Stage, December 2023 SHERMAN THEATRE PRODUCTIONS AND CO.PRODucfioNS 2023 saw Sherman Theatre celebrate 50 years since it first opened. Our programme for the year saw a number of exciting co-productions, new writing, stories rooted within our city and a large scale community production. Romeo & Julle by Gary Owen Our co-production with the National Theatre of Gary Owen's reimaginlng of Romeo and Juliet was initially meant to open in 2020 but had been postponed due to the pandemlc. It finally opened at the National Theatre in February 2023 and ran until l April 2023, subsequently transferring to Sherman Theatre where It ran from 13 - 29 April 2023. The run played to a capacity of 88% over 19 performances and reached 162Qk of the financial target. The production was written by Gary Owen and directed by Rachel O'Riordan and featured Rosie Sheehy, Callum Scott Howells, Catrin Aron, Anita Reynolds and Paul Brennan in the cast. "It's pocked with its own poetry, gorgeous as o shimmer of irldescent oil in dirty gutter woter. And O'Rlordan's production - lean, unsparing, fizzing with feeling - hlts us dead-on in the heort.. * The Stage RWCMD NEW: Mad Margot by Rebecca Hammond Our collaboration with Royal Welsh College of Music and Drama's NEW Festival was Mad Morgot by Rebecca Hammond, directed by Jac Ifan Moore. The production played at RWCMD as well as at The Yard in London. IMRIE by Nla Morals, a co-productlon with Fran Wen Our co-production with Fran Wen of Nia Morais's Welsh Language play Imrle played at Sherman Theatre in the Studio from 11 - 20 May 2023 prlor to a three week tour across Wales to: Pontardawe Arts Centre; Aberystwyth Arts Centre; Galeri, Caernarfon; Theatr Clwyd, Mold; Pontlo, Bangor; Torch, Milford Haven; The Riverfront, Newport; Ye Egin, Carmarthen; and Garth OIw8, Pontypridd. Elan Davies became the first Welsh language winnerof The Stage Debut Award for her performance in Imrie. A refreshing ond stirring piece of theotre." ** Thestage "Mae Imrie yn stori am hud a rhyfeddod i unrhyw un.- Entertoinment South Wales

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Staternents Year ended 31 March 2024 Housemates by Tim Green, a co-production with Hijinxln October 2023, Housemates, by Tim Green in a co-produrtion between Sherman Theatre and Hijinx, captivated audiences and played to nightly standing ovations. In the 1970$, just a few metres from the Sherman Theatre's doors, a revolution started. It was a revolution that rocked the world. It began when Alan, a young man born with Down's syndrome, crashed into the life of Cardiff U niversity student Jim. Alan had lived as a resident in Ely Hospital since childhood. all he wanted was to live in a house and be in a band. Jim wanted to make a difference in the world but didn't know how. Together with their friends, they embarked on an experiment that transformed how things were done, how people were treated and who got to tell you how to live. This was the beginning of the end of institutionalised care and the birth of Supported Living. Throughout the creation of this show, the brilliant minds of Hijinx's neurodivergent artists were not just consulted but deeply involved In shaping the story and taking charge In key productlon roles. 'A glorlously upllftlng play... A pmdurtlon that rudlates warmth. wlt and humanity." * The Stage . and astoundlng stOryJ entertalnlngly and movingly reallsed." The Guardlan Hansel and / a Gretel by Katle Elln-salt, with translatlon by Branwen Davles This is our regular Christmas production for younger audiences13-6 years) and their families, performed In Welsh and English with specific provislon for Relaxed Performances as well as a BSL interpreted performance. Hansel and / a Gretel was dlrected byloe Murphy, with design by Hayley Grindle, lighting design by Ceri James, and compositlon by Lynwen Haf Roberts and cast members, Elin Phillips, James Ifan and Mari Fflur. This production also toured to venues throughout SE Wales for three weeks in November 2023 prior to the full run in the Sherman Studio over the Christmas period. At the Sherman the production played to an overall audience of 7,496 {compared to 7,584 in 2022} reaching 82% of its financial target. The tour did very well, playing to over 1,500 people across South East Wales. Peter Pan by Catherlne Dyson, a co-productlon wlth Theatr lolo This was a co-production with Theatr lolo, with specialist support from NoFitState. Wrltten by Catherine Dyson with a new score by Gwyneth Herbert, and directed by Lee Lyford. This production continued the popularActor/Musician format and included spectacular flying sequences supported by the team from NoFitState. The run included a Relaxed Performance, two Captioned Performances, and a BSL interpreted performance. The cast featured Emily Burnett, Rebecca Hayes, Peter Mooneyi Kevin Mclntosh, Kieron Self, Rebecca Killick, Owen Alun, Alex Murdoch, and Lynwen Haf Roberts, with Edward Lee and Elinor O'Leary as apprentice actors. The production played to 15,677 people Icompared to 11,662 people in 2022}, and was hugely well received by audiences and critics alike. "Moglcal." ** The Guardian . a movingi thought-provoking show whlch wlll have you laughing out loud one minute and wiping a teorfrom your eye the next." Cardiff Mummy Says

SHERMAN CYMRU Consolidated Trustees, Report and Group Flnanclal Statements Year ended 31 March 2024 The Wlfe of Cyncoed by Matt Hartlev Originally commissioned in 2018, we staged The Wife of Cyncoed in the Studio in Spring 2024, directed by Hannah Noone and starring Vivien Parry. The production played to 100% of capacity, with both audience and critical acclaim. he Sherman Theotre has a proud legary of telling storiesfor the people of Cardiff, and this Is a grippingly good piece of theatre. Parr￿$ performance olone Is worth seelng, but coupled with Hartle)rfs superbly sharp dialogue thls a must-see produrtion... * The Morning Star PRODUCTIONS SUPPORTED BY SHERMAN THEATRE CHOO CHOOI (Or... Have You Ever Thought About • * *? (Cos l Have)) - Stammermouth Theatre 2023 Saw the second year of the Sherman Theatre's involvement with the Pleasance Edinburgh National Partnership scheme. Created to support individuals and companies from across the UK to take their work to the Edinburgh Festival Fringe, Sherman Theatre is now the Welsh partnerfor the Pleasance. We supported Stammermouth Theatre to take Choo Chool to the Fringe through offering rehearsal space, marketing, technical, producing, and fundraising support and preview performances at the Sheman in advance of the show heading to Edinburgh. The show was hugely successful and was awarded The Scotman's Frin8e First Award and The Mental Health Foundation Award. Sprlnkles by Katle Elln-salt In December 2023, we supported a production of Sprlnkles through a variety of in-kind sUPPOrt Includin8 rehearsal space, marketing and technical support. The show played on top of our set for Honssel and/a Gretel and ticket income was donated to a number of charitable organisations. CURATED PROGRAMME FAMILY WORK: In June, we presented Plnocchlo by Little Angel Theatre in the Studio for two performances. We were pleased to present Remarkable Rhythm, a dance theatre show for young people 7+ and their families by Krystal Lowe for 2 performances in the Studio over June half-term. We presented Birmingham Stage Company's Horrlble Hlstorfes.. Bormy Britain in the Main House in September 2023 for five performances. During the Easter Holidays, we presented Chorlie Cook's Favourite Book in the Main House for five performances. DANCE/pHYSICAL THEATRE: National Dance Company Wales returned in May 2023 with one performance of Pulse, as well as an evening to celebrate its 40th anniversary, Gathering. They a150 presented a Discover Dance matinee for children and young people and their families.

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 WELSH LANGUAGE WORK: In July, we presented Cwmni Theatr Arad Goch's production of Jemima, made for schools and families on our Main Stage for two performance5. In September 2023 Theatr Clwyd's new Welsh language adaptation of the hit show Fleubag played the Main House for four performances. We presented Rhinoseros by Theatr Genedlaethol Cymru in the Main House for four performances in October 2023. TheatrGenedlaethol Cymru then returned to the Sherman in the spring with four performances of le, le, le in the Studio in February 2024 and one scratch performance of Kiki Cymraeg in March 2024. NEW WRITING: Mode In (Indla) Brltaln by Rinkoo Barpaga- an award-winningl coming-of-age story performed in BSL played for two performances in the Studio in April 2023. We were delighted to present The Mistt7ke, an urgent new play by Michael Mears, following its hugely successful Edinburgh run, in September 2023. This played for one performance in our Studio. In October 2023, we presented a new play by Owen Thomas, Carwyn, in the Studio for three performances. Natlonal Theatre Wales presented Ferol Monster by Bethan Marlow in the Main House in February 2024. MUSIC/ COMEDY / CABARET: A programme of one-night comedy, music and cabaret events often brin8 In new audiences and also can drive ancillary sales across the café bar. The comedy programme featured a variety of well-known names.. Tom Davis: Work in Progress- Studio {April 20231 Tim Key: Mulberry- Main House Imay 2023} Nick Mohammed: MrSwallow- Main House (May 20231 Mark Steel: An Evening and a Llttle Bit of Morning With Mark Steel - Main House {May 20231 Suzi Ruffell: Snoppy- Main House {June 2023) Daniel Kitson Studio (June 20231 Josie Long: Re-Enchantment- Main House (September 20231 Jordan Gray: Is ItA BirdP- Studio (September 2023) Bridget Christie: Who Am IP- Main House (September 20231 Steve Hall and Steve Williams- Studio {November 20231 John Kearns: The Varnishing Days- Main House {February 2024) Miles Jupp: On l Bong- Main House (February 20241 Count Arthur Strong... And It's Goodnight From Him- Main House {February 20241 We also presented the following one-night events, which were a combination of cabaret, talks and an evening with style events: Danny Beord.. Live- Main House (June 20231 Caitlin Moran: WhatAbout Men?_ Main House (July 20231

SHERMAN CYMRU Consolidated Tru5tees' Report and Group Flnanclal Statements Year ended 31 March 2024 Richard Coles: Borderline Notionol Trinket- Main House1September 2023} Richard Herring: RHLSTP- Main House (March 20241 COMMUNITY AND AMATEUR: th As part of the 50 Anniversary celebrations, Sherman Theatre welcomed a vibrant network of Youth Theatre companies from across Cardiff and South Wales to take part in our Youth Theatre Festival in April 2023. Over three days young people from eight different youth theatre groups from across Wales and the South West participated in workshops, performances and social activities with Sherman Youth Theatre presenting Ghost Cities by Gary Owen. Throughout July we also had a number of events from the Creative Engagement team at the Sherman. Qursherman Players lour amateurgroupforages 18+1 performed The London Merchant, directed by Gareth Warren. Our final performances in July were by our integrated Youth Theatre group - 60 young people between the ages of 8 and 17 performed Stolen Storles on the stage of the Studlo. In February 2024, Sherman Youth Theatre presented The PeriodicL71s, written by Sian Owen and diretted by Alice Eklund. They performed in the Studio across three evenings in February 2024 and then again at the Sherman NT Connections Festival in April 2024. Love Cardlff,. 50 Years of Your 5torles The production of Love Cardlff,, 50 Years of Your Stories was a unique collaboratlon that not only shared the stories of flve different Cardiff communities but also the, largely unknown, background of the Sherman Brothers, Harry and Abe. They were the children of Russlan/Jewish immigrants, who rose from humble beglnnlngs to become influential community figures. Thelr profitable businesses made them very wealthy, but they were determined to share that 8ood fortune with the city they called home and their philanthropy led to the build ing of the theatre that bears their name. We worked closely with the Jewish History Assoclatlon of South Wales to construct an accurate and detailed timeline of the brothers, lives, which also acted as a plotted history of the city itself. The narrative ofthe Sherman brothers was rehearsed over the final three weeks ofthe project with two professional actors, one of whom authentically represented the Jewish community. It provided holding structure through which the stories of the other communitie5 could be explored in a fluid and reflective way. The result was a show that told the story of Cardiff and its communities, past and present, celebrating the richne55 of cultural diversity and the contribution of immi8rants, which has long been essential to the development and fabric of the city. Love Cordiff.. 50 Years OA Your Storles played for three performances in August 2023 to extremely enthusiastic and supportive audiences. There was a further performance as part of our Community Celebration Day activities, featuring younger performers from within Wauloh Cymru. In September, National Youth Arts Wales brought us a new version of Under Milk Wood/Dan Y Wenollt developed for the National Youth Theatre Wales Ensemble 2023, showcasing the best emerging talent in Wales.

SHERMAN CYMRU Consolldated Trustees, Report and Group Financial Statements Year ended 31 March 2024 The relationship between Sherman Theatre and Royal Welsh College of Music and Drama continued to grow and develop and throughout the year, as well as the Sherman involvement in NEW, the theatre also hosted two of the College productions. Our co-production of Mad Margot by Rebecca Hammond and directed by Jac Ifan Moore was performed at RWCMD and at The Yard, London. In June, their Musical Theatre students presented Women on the Verge of a Ne￿ouS Breakdown in the Main House. In March 2024, RWCMD Opera students occupied the Main House for a number of weeks leading up to their performances of an opera double bill: Gianni Schicchi by Puccini and La bella dormente nel bosco (The Sleeping Beauty) by Respighi, conducted by Carlo Rizzi and directed by Caroline Clegg. ARTIST DEVELOPMENT Building on the Impact achieved durin8 its pilot year a new programme of activity was introduced during this second year of Literary department activity. The programme, which will now form the core of all upcoming Llterary activity year on year, was developed in consultation with our writing community and focused on supporting writers from entry level through to R&D. Running over nine months the EXPLORE programme is an open access opportunity that comprises of monthly introductory workshops on writing for theatre. Three of the EXPLORE participants have gone on to be commissioned forsherman SHOUT/BLOEDD scratch nights and number of them have sent in full scripts to our Unsolicited Programme. The EXPAND programme is skills-based training strand to elevate the skills and craft of emerging artists. EXPAND is aimed towards creatives who already have a good grasp of what It takes to write a play. The application process required the participant to confirm they had already wrltten one full play but it did not have to be produced. Workshops are taught by creatlves from the industry {employing 10 freelance creatives) who have speclflc experlence In that field as well as some sesslons being taught by the Literary Manager and Artistic Director. Supporting three writers each year, EXPLODE is an R&D outcome-based development strand focused on elevating the capability of mid-career artists. During year two Mari Izzard, Connor Allen and Ciaran Fitzgerald were supported through placement on EXPLODE. Both Mari and Connor finished the year with a sharing of their work {employing five f reelance creatives). Due to ill health Ciaran was unable to complete the programme and will instead have the opportunity to join the cohort for 2024. Ongolng support for writers was provided via weekly PIT STOP sesslons and through opportunities to submit 5cript5 through our Unsolicited Scripts programme. Across the year the Literary department provided dramaturgical support for eight Made at Sherman productionsthat will be seen onstage during the 2023/2024 artistic pro8ramme. Amongst these is Serman's critically acclaimed co-production of Housemates with Hijinx and Tim Green, and IMRIE the debut Welsh language play of our writer in residence Nia Morals {co-production with Fran Wen). The department also continued to support Creative Engagement through the delivery of the Introduction to Playwriting programme, Youth Theatre festival workshops and Tales & Tea sessions. A project highlight was the introduction of SHOUT! a series of events showcasing new writing and amplifying the work of under-represented communities. Five SHOUTIBLOEDD scratch nights were held overthe course of the year, each one platforming a different community such as: LGBTQIA+, deaf, disabled and neurodivergent communities, refugee and asylum seekers and Elobal majority artists. When working with these communities the Literary Team offered one writer of each group the role of guest curator to support and aid the team in locating other creatives to take part. The

SHERMAN CYMRU Consolidated Trustees, Report and Group Nnanclal Statements Year ended 31 March 2024 SHOUT model was also adapted forthe National Eisteddfod in the summer of 2023 wherethe entire event was delivered in Welsh. Project activity: 23 writers submitted unsolicited scripts and received feedback from the team. 42 writers met with the team through the weekly Pit Stops sessions. The team delivered one Sherman Scribblers session. In consultation with the 8roup, the decision was taken to incorporate this activity into the wider Literary programme moving forwards, with writers having the opportunity to take part in future EXPLORE or EXPAND workshops to develop their writing. Delivery of two Tales and Tea performances for older audience members. The Literary Team increased their support forthe Introduction to Playwriting IITP) programme, attending weekly workshop session with the young writers and leading on the dramaturgy for the Writers Room Commission, The Literary Team supported creative engagement around the upcomin8 autumn Made at Sherman production, Odyssey'84, meeting with colleagues at Big Pit to plan a future Tales and Tea session with older members of the local communitv. Providing dramaturgical support for five Sherman commissioned writers, alongside early stage dra maturgical conversations with a fu rther three writers. Supporting Sherman R&Ds for EXPLODE writers, Connor Allen, Mari Izzard, Ciaran Fitzgerald. Providing dramaturgical support to R&Ds of six pieces of new writing. Continued development of partnership with Bad Wolf, facilitating introductions with writers associated with the Sherman. Working wtth Eisteddfod Genedlaethol Cymru to get our Welsh lan8ua8e Iphlgenia yn Sblot ready for this year's Eisteddfod (Pontyprldd 2024). CREATIVE ENGAGEMENT Introductlon to Playwriting A core part of our Creative Engagement work is our Introduction to Playwriting programme supported by Moondance, Weekly sessions during the spring term of 2023 focused on the development of a new piece of writing for Sherman Theatre's 50th annlversary Youth Festival in Aprll. Performed by Sherman's Youth Theatre group 4 (ages 11-151, Ghost Storles was a new take on Gary Owen's Ghost Story (which premiered in Cardiff in 20041, incorporating brand new material written by our Introductlon to Playwriting participants. Gary also joined the group for a guest writer session. During the summer term the group explored writing audio dramas, receiving a brief to create their own plays based on real-life obseNation and lived experience. The audio dramas were performed by professional actors, directed by professional direttors, and recorded and professionally produced by Music Composer and Producer Branwen Munn and Sound Designer Christopher Young. They were launched in November 2023 as the Listen U IAct11 collection. During the autumn term the weekly sessions focused on autobiographical writing, with guest tutor Tori Lyons working with the group to write their own monologues. At the end of the term the Sherman Players {our non-professional acting group for ages 18+) performed the group's work, alongside monologues from the Sherman back catalogue, to a public and invited audience. The Writers Room commission launched in November 2023, seeking to pair a professional writer with the group to collaborate on the creation of a new play. Writers were invited to apply for the commission via open call out and a total of four writers pitched their ideas to the group. The group io

SHERMAN CYMRU Consolldated Trustees, Report and Group Financial Statements Year ended 31 March 2024 selected to workwith playwright Jennifer Lunn who began working with the group in January 2024 on the development of a new play to be performed by Sherman's Youth Theatre as their annual production in spring 2025. For group member Corb Davies it was an award-winning autumn term a5 he became the recipient of the Shakes eare Schools Foundation Whot ou Will award a new creative competition for children and young people to celebrate 400th anniversary of Shakespeare's First Folio. Writers were tasked with creating a new speech for either a major or minor character in a Shakespeare play. Corb's work created a new speech for Innogen from Much Ado About Nothing and won the 17-21 age group category. Sherman Theatre's Literary Manager, Davina Moss accompanied Corb to collect his award at a Celebration Gala at the Criterion Theatre in London on the 27 th of November. Across the term the group benefitted from attending performances of new writing at every stage of its development. This included Housemotes, SHOUT, Sprinkles, Peter Pan, and Scene/Chonge. October 2023- Hous ma es Sherman Theatre's autumn main house show/ co-production with Hijinx It was important that group had the collective experience of seeing such a diverse range of shows which they could then discuss during their weekly sessions, alongside seeing their own work being performed. They were also able to attend post-show discussions and Q&A5 With panels including writers, performers and directors. Community Productlon Following initial conversations with communitles over the preceding months, brokered by writer and Associate Artist Paul Jenkins, Love Cordlff," 50 Years of Your Storles officlally launched with a Community Meet& Greet in May 2023. This event saw representatives from our community groups come together at the Sherman to meet one another and hear about the plans for the project, Including how we would work together and how the community stories would be presented within the framework of the story of the Sherman Brothers, whose generosity facilitated the original construction of the building. The groups involved in the projett were: Kurdish All Wales Assoclatlon/KAWA (Large group, predominantly made up of refugees and asylum seekers) Cathay's Day Provlslon (Learning disabled and/or neurodivergent adults) Waulah Cymru (Multi-generational group, representing a five-hundred stron8 communlty of Pakistani heritage) Members of Cardlffs Deaf Community (Recruited through Deaf Hub Wales) The Welsh Ballroom Community (An LGBTQIA+ group who perform at olternative ball5 - 80% of the group have intersecting protected characteristics re5ating to both race and gender) Over a period of 12 weeks, we worked with these groups in a workshop format to explore what they wanted to say about their communities focusing on three key questions: How does your community define itself0 What does the city of Cardiff offer, or providefor your community/group? What doe5 your group/community give bock to the city? Each group worked in a slightly different way depending on their level of experience and specific needs. Where possible, a facilitator was recruited from within the community itself to lead the

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 creative process, as was the case with KA WA and both the Deaf and Ballroom communities. For Cathays Day Provision, we recruited a facilitator, with experience of working with neurodivergent adults and mentorin8, who could not only supportthe group but help to upskill the staff atthe local community centre, who were keen to develop tools and techniques fortheatre-making. As Waulah Cymru had an existing relationship with the theatre and had worked with the Creative Engagement team previouslyi their sessions were facilitated directly by the core creative team, Each group included a community catalyst who acted as a liaison point for disseminating information and communicating with the groups and many people attended sessions and contributed to the development of the work, even though they could not, or chose not, to participate in a final performance. A small team of BSL interpreters supported the work with the Deof Community and helped to ensure that the performance was accessible to d/Deaf audience members. In addition to the Involved and embedded work with our five selected communities, we wanted to ensure that this project provided an opportunity for even more of Cardiff's communities to be celebrated. To create thi5 platform, we devised a community celebration event, featuring an exhibition of our core communities, alongside images of other local groups, organisations and charities. We also commissioned a new piece of artwork by a celebrated local artist, that incorporated a collage of images shared by community leaders. The following organisations contributed to the event, which was attended by a diverse range of Cardiff residents and familles. Aubergine Café (Neurodivergent led} Cathays Community Centre Edible Cardiff Everyman Theatre EYST (Ethnic Youth Support Team) Foodbank Cardiff Forget Me Not Choru5 (Dementia Choir) Goldies (Choral performance group} Green Squirrel (Community Resilience Eco-Projectl Grow Cardiff (Gardening and Wellbeing group) Harris Hussain River Music Sahar Saki (Artlstl Samarpan Nrlthyalaya {Performer/Dancerl Sherman Players Sherman Youth Theatre St Andrews Church Stacey Blythe {Musicianl TGP Cymru (Children and Families Support Group) Theatre Café Unify Creative (Artisl YMCA Our Community Celebration Day involved workshops in Indian Dancing, Welsh Language Storytelling through Music, African Drumming and Persian Calligraphy. It also showcased intergenerational choir5 and culturally diverse musicians and dancers. There were drop-in activities in ourfoyer and there was a pop-up cinema showing community short films, submitted via an open call. We also provided a prayer room and a simple lunch for all visitors and contributors. More than 12

SHERMAN CYMRU Consolidated Trustees, Report and Group Flnanclal Statements Year ended 31 March 2024 150 people attended the event and the feedback wasvery p051tive in regard to how multi-cultural, welcoming and celebratory the event had been. There followed an evening of LGBTQIA+ curated activity, delivered in association with the Theatre Café and the Welsh Ballroom Community, including films, performances and panel-led Q&A's. The two partner organisations had not met previously, butwenton to collaborate, staginga subsequent event at the church which houses the Theotre Café a few weeks later. This demonstrates how the event at the Sherman supported the development of new relationships between communitv groups and organisations, something that many of our community partners commented on and felt very positive about. Our activities were fully accessible and supported by a BSL interpreter, which meant that the Deaf attendees from our core community activity could also participate in the discussions and impromptu performances, which featured as part of this special evening. The Story Project- Collaboratlon wlth The Walllch This is a two-year project which aimsto expand the reach of the arts in Wales and establish creative pathways for individuals within a culture of shared learning through collaboration between Welsh art makers and people with lived experience of homelessness, and to support the creation of work informed by real stories. Throughout 2023, Sherman Theatre supported the planning phase of the project, followed by a ten-week pilot project with the Cardlff group which culminated in a sharing at the Sherman Theatre of 13 December 2023. In February 2024, we began the first ten-week programme to enable the creatlon of a mini theatre company to create a short piece of theatre. Tales and Tea Through the Tale5 and Tea initiative we provide a daytime performance for audience members who prefer not to venture out to the theatre in the evening. The project aims to promote wellbeing through the opportunity to see a brand new piece of writing, share thoughts and feedback, chat and meet others in a supported, friendly environment. Each performance comprises of a rehearsed reading in either the Sherman Studio or Main House theatre, a post show Q&A session with the writer, dlrector, and cast, followed by tea, cake and an opportunity to socialise. The audience age ranges from 50 to 80+. Performances are held on a quarterly basis, both at Sherman Theatre and, where possible, in community venues. All performance5 have BSL interpretation and are relaxed, Dementia Friendly performances. We offer a subsidised ticket rate of £5 at the Sherman and offer our community based performances free of charge. The Tales and Tea season began with a preview performance of Katie-Elin Salt's festive play, th Sprinkles on the 15 of November. Sprinkles went on to be performed as a programmed script in hand reading in Decemberi performed on the set of our under 7s Christmas show in the Sherman Studio. th On the 26 of January, the Tales and Tea audience had the opportunity to experience an exclusive reading of our spring Made at Sherman production, The Wife of Cyncoed, written by Matt Hartley and performed by Vivien Parry, ahead of its world premiere performances in March. 13

SHERMAN CYMRU Consolldated TrustÈes' Report and Group Financlal Statements Year ended 31 March 2024 FINANCIAL REVIEW These accounts cover the period from l April 2023 to 31 March 2024. During the year the charity secured ongoing revenue investment from the Arts Council of Wales IACWI, Restrlcted Fund projects: I n addition, during the year the charity received grant aid from the following trusts and foundations for Restricted Fund projects: Paul Hamlyn Foundation for the Sherman 5 project £317,000 over four years12019- 20231 from Paul Hamlyn Foundation More & Better fund to support the development of the Sherman 5 initiative In agreement with funders, the initiative was extended to the end of July 2023 to take Into account the hiatus in activity du ring the pandemic. Funding therefore ceased on 31 July 2023. This major award for the charity has significantly helped drive forward the Sherman's social impact and underscore its commitment to audience development. During the year, the charity gratefully received the following restricted funds: Arts Councll of Wales (Creatlve Pathways) - £21,900 to support the continuation of the Literary Department between November 2023 and March 2024 whilst we awalted the outcome of the Investment Revlew. Arts Council Wales {Iphlgenia yn Sblot) £22,041 initlal payment for the production and tour of Iphigenia yn Sblot, which was also supported by Eisteddfod Genedlaethol Cymru. Davles M Charlty £5,000 to support a programme of Tales and Tea events aimed at reducing feelings of isolation and loneliness in older people. Garrlck Trust- £1,500 to support the development of an emerging designer. Moondance Foundatlon £40,170 - Second year of three year funding for continuation of Introduction to Playwriting initiative, working with young people aged 15- 18. National Lottery Heritage Fund - £24,809 - Second payment towards a large scale community production and associated activities. Unrestrlcted Income from Trading- predominantly from the commercial hirin8/letting out of our auditorium and rehearsal spaces and our bar and café, amounted to £255,161. Resources Expended: Expenditure totalled £3,055,655 in the year. Staff levels were 23 (including 2 funded posts). The Charity continues to hold a term loan with the Royal Bank of Scotland. Within the Balance Sheet given on page 28 and 29 the loan balance outstanding is split between creditor payments due within one year and creditor payments due after more than one year. Following the process to confirm the loan agreement under Section 12412) of The Charities Act 2011 during the 2014-year and the consequent change to the rate of interest paid, the company is pleased to report the diminishing level of the total loan. FUNDS: We closed the year with an in-year operating deficit in unrestricted funds of £74,978. 14

SHERMAN CYMRU Consolidated Trustees, Report and Group Flnancial Statements Year ended 31 March 2024 INVESTMENT POWERS AND POLICY Under its Memorandum and Articles of Association the charity has a ran8e of powers to invest its funds. Sherman Cymru Productions Ltd: On 30 September 2014the charity set up a wholly owned trading subsidiary called Sherman Cymru Productions Ltd. The charity holds the entire issued share capita l of l ordinary shares of £1 each in Sherman Cymru Productions Limited, a company incorporated in England and Wales, company number 9241356, set up to develop and produce the Production of Theatrical Plays. During this year, the company received £215,486 (2023: £132,435) under the Theatre Production Tax Relief. As at 31 March 2024 the charity was owed £215,486 from Sherman Cymru Productions Llmlted. At the year end the charity had no further investments other than monies held in interest earning accounts at Barclays Bank PLC and a holding account with Royal Bank of Scotland. TANGIBLE FIXED ASSETS Details of movements In tangible fixed assets are shown in Note 15 to the financial statements. RESERVES POLICY The trustees agreed at a Finance Committee meeting on 3 September 2024 to a reserves policy that general reserves, after excluding restricted funds and any transfers to designated funds, should be in the region of £300,000. The purpose of these reserves are to cushion the potential impact of any major unforeseen or unexpetted expenditure and to ensure that any significant shortfall in short-term income, e.g. the income generated from ticket sales, doesn't affect the charity's financial viability. The charity aims to achieve this level of general reseNes within the next three financial years. At 31 March 2024 the charity had free reseNes lexcludlng restricted funds and flxed assets) of £587,09912023: £588,437). Transfer5 and Reserves: A budget item was added in February 2015 ft)r Transfers. The practice of desi8natinE reserves continues. Allowing for the agreed setting aside of the £300k, forthe General Reserves Policy, would leave a balance of £287,099. The Trustees agreed to assign the free reserves to designated funds as outlined below: £7,099 to underwrite the Christmas productions and any shortfalls in ticketing income £75,(X)O for Digital Capture £IOO,000 Building Ma intenance (informalrecognition of the ever depreciating asset value) £IOO,000 Potential future Business Disruption £5,000 to support a dedicated Individual Giving Fundraising effort 15

SHERMAN CYMRU Consolidated Trustees, Report and Group Flnanclal Statements Year ended 31 March 2024 KEY MANAGEMENT PERSONNEL The executive team consists of the Artistic Director (leading on Artistic Policy) and the Chief Executive. The Senior Management team1SMTI comprises the above two Directors working with a team of five Senior Managersto deliverthe strategies, policies and aims of the companythrough its artistic programming. The Senior Management Team are.. Head of Finance & Administration, Head of Marketing and Communications, Head of Production and Planning, Head of Fundraising and Development, and Head of Operations. Trustees setthe remuneration for the executive team. The executive team review and recommend rates of pay, salaries and wages for the SMT and all staff through the HR & Governance Committee who will make recommendation to the Finance Committee before a full recommendation is made to the Board for ratification. Certain posts/roles are governed by union agreements- recognised unions are EQUITY, the union for actors, stage managers and creative teams (Designers, Lighting Designers, choreographers, Fight Directors, et al), and BECTU the union representing most theatre technicians and some FOH staff. The company is committed to paying the MRSL 2 rate for creative teams. Pension arrangements, annual leave terms, and all other contract terms are the same for all staff including the executive team. We do not operate a performance related pay scheme, nor do we have any bonus scheme. There are no incremental pay awards- although the Board undertake an annual review. Each year the Artistic Dlrector and Chief Executive and all staff participate In performance appraisals, the executive team appraisals being undertaken by the Chair of the Board. Durin8 the year the following remuneration was paid in respect of the Executive and Senior Management team. Annual Gross Employer Nl Employer Penslon Total 2024 Total 2023 £317,743 £35,042 £8,115 E360,900 £349,824 A company pay Increase was awarded for all posts up to and Includlng the Senior Management Team this f inancial year in response to the cost of living crisis. FUTURE PLANS Sherman Cymru's Business Plan is updated and re-issued annually, setting out plans for the forthcoming three years. Following the successful outcome of the Investment Review, we have secured multi-year funding for the next 3-6 years. That said there is ongoing about the level of funding that we will receive in the future. Despite this element of ongoing uncertainty, our core priorities over the next years are to ensure: 16

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 we produce and curate high quality work that is relevant to the citizens of Cardiff and beyond. This Vision is reflected acr055 all work at the Sherman and underpins all artistic decision-making. Strong, clear and forthright artistic leadership is supported by the ambition of the Executive and Senior Management Team {SMT} and a honed, skilled team of staff members empowered to fulfil the mission; the company is in the best possible position to take full advantage of the Theatre Production Tax Relief Scheme. parsimonious use of all the company's resources at all times so the company can achieve its aim to be more financially stable and less reliant on grants, and in the short-term to reduce the reliance on ACW advance grant; we invest in CPD for our staff to build a knowledgeable and highly skilled team driving forward the ambition of the company; we choose our partners and collaborators with care - ensuring buy-in to the company's ambltlon from all parties primarlly through confirming artistic compatibility and financial vlablllty of companles and projects before proceeding; we strengthen and add to the skills of the board of trustees through public advertising, and the re-introduction of the trainee trustee mentoring scheme, all with the aim to have board working to its optimum level of support; we respond to opportunities to tour the company's work further afield, ensuring that the best new work made in Wales is seen by audiences across the UK and when possiblelinvited, internationa Ily; we continue to ensure that we are looking ahead and developing a robust and resilient organlsation for the future. Thls includes constant a nalysis of our infrastructure and its fit for purpose; flndlng future proof solutions to meet our digital requirements; and striving to identify additional streams for income generation withi n our defined business model. we strive for continuous Improvement in minimising the impact of our work on our environment and prioritise sustainability across all areas of our activities. The company constantly seeks to improve, to set ourselves tar8ets, to aim high, to self-assess, to produce the highest possible quality and standard of work that it can. The impact of self- assessmentlevaluation both individually for members of staff, and collectively in evaluating the produced work, will lead to the highest possible achievements. The impact of having a pro8ramme of work that chimes wlth the cltizens of Cardiff should lead to widening access to the performing arts within our communitles and result In a hlgher number of first-time theatre attenders and attenders generally. PRINCIPAL RISKS AND UNCERTAINTIES The company's Risk Register is reviewed throughout the year, by all Committees, who each focus on a particular area and then make recommendation to the Board of Trustees. FNe areas of risk are considered: Governance and Management, Financial, Artistic, Organisational, Operational. All are assessed for both likelihood of occurrence and potential impact, severity of impact and overall gross risk, M itigating factors are then considered and recorded. In addition to this main risk register, we also carry out Risk A55e55ments of every Production we create, every production that we buy in, every activity we undertake to ensure we are providing as safe and risk-free an environment as possible for our audiences, customers, staff and participants. 17

SHERMAN CYMRU Consolidated Trustees. Report and Group Financial Statements Year ended 31 March 2024 Liabillty of members Sherman Cymru Ltd is a company Ltd by Guarantee with no share capital. Clause 7 of the memorandum of association provides that every members, as defined by Clause l of the articles of association, is liable to contribute a sum not exceeding £1 in the event of the company being wound up whilst they are a member or within one year of ceasing to be a member. At the year- end there were 15 members. STRucfuRE GOVERNANCE AND MANAGEMEwr GOVERNING DOCUMENT Sherman Cymru is a charity limited by guarantee governed by its Memorandum and Articles of A550ciation dated 17 November 2006. The charlty Is reglstered as a charity with the Charity Commission. APPOINTMENT OF TRUSTEES As set out in the charitWsArticles of Association,trustees are either appointed at an Annual General Meeting, or may be co-opted by the trustees during the year. INDucfioN AND TRAINING PROVIDED FOR NEW TRUSTEES On election/appointment, each new trustee recelves an Induction pack, some key organisational policies, and pen pictures of existing trustees and key members of staff, New trustees are briefed by the Chalr and the Executive Team comprising of the Artistic Director and Executive Director on the charit¢s artistic activity and how the Board of Trustees and its Comm ittees work. All trustees are actively encouraged to see the charity's work and to discu55 the work they have seen either with fellow trustees, or with the charity's staff. In 2019120 the company reintroduced a scheme for Trainee Trustees with a view to particularly encouraging, training and 5UPPOrting people from diverse backgrounds to become trustees in the voluntary sector. However, the impact of Covid-19 has meant that scheme has been temporarily suspended. ORGANISATION The charity Is administered by the Board of Trustees, whlch can number up to 20 people, who meet on average every twelve weeks. At 31 March 2024, the Board had an Artistic Policy Committee, a Marketing and Fundraising Committee, a Finance Committee and an HR and Governance Committee. The membership of the Board of Trustees is set out on page 16. The Chief Executive 15 accountable for the management of the charity, delegating responsibility through a team of Senior Managers leading their relevant teams. The Artistic Director takes the artistic leadership for the charity. RELATED PARTIES There were three related party transaction with Trustees during the year.. Owen Thomas- Writer Fee £400,12023: £250} (see Note 241 Gary Owen- Royalty Fee (Romeo & Julie) - £13,784 Capital Law- Professional HR Advice- £1,193 {Huw Thomas, Trustee, is employed by Capital Law) 18

SHERMAN CYMRU Consolldated TTUStees' Report and Group Financial Statements Year ended 31 March 2024 Sherman Cymru commissioned productions of £526,374 12023: £347,880) to Sherman Cymru Productions Ltd during the period. As at 31 March 2024 the charity was owed £215,487 (2023: £132,436) from Sherman Cymru Productions Limited. All transactions were at arm's length. RISK ASSESSMENT Risk is regularly reviewed by the Board of Trustees as part of business planning processes, with financial risk reviewed and considered by the Board's Finance and HR & Governance Committees on an ongoing basis. AUDITORS The current Letters of En8a8ement to appoint Azets Audit Services as auditorsto the charity will be presented at the forthcomlng Annual General Meetin8. 19

SHERMAN CYMRU Consolidated Trustees, Report and Group Financlal Statements Year ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS OFFICERS AND PROFESSIONAL ADVISERS TRUSTEES Cerl Davies Rhian Head Nicholas Carlton Llinos Danlel Alex Hicks lftakhar Khan David Klng MBE Marta Minler Gary Owen Marc Slmcox Huw Thomas Loulse Thomas Owen Thomas Jane Tyler Helen Vallls (Chair- from 26 September 20221 Ilnterim Vice Chalr- from 26 September 2022} CHARITY SECRETARY Julla Barry REGISTERED OFFICE Sherman Theatre Sen8hennydd Road Cardiff CF24 4YE BANKERS Barclays Bank PLC 1- 5 Working Street Cardlff CFIO 2DP AUDITORS Azets Audlt Services Ty Derw Llme Tree Court, Cardiff Gate Buslness Park Cardiff CF23 8AB SENIOR STAFF Joe Murphy Artlstic Director Julia Barry Chief Executive Mandy Ivory-castlle Head of Production and Planning Kevin Burt Head of Operations Edward Newsome Head of Marketing and Communications Sally Shepherd Head of Finance and Administration Emma Tropman Head of Fundraising and Development 20

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 RESPONSIBILITIES OF THE BOARD OF TRUSTEES, The trustees (who are also directors of Sherman Cymru for the purposes of company lawl are responsible for preparing the Trustees, Report (incorporating the strategic report and direttors, report) and the financial statements in accordance with applicable law and United Kingdom Accountlng Standards, including Financial Reporting Standard 102: The Financlal Reporting Standard applicable in the UKand Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financlal statements for each financial year which give a true and lair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are requlred to: select suitable accountlng policles and then apply them consistently, observe the methods and principles Sn the Charlties SORP,. make Jud8ments and accounting estlmates that are reasonable and prudent; state whether appllcable UK Accountlng Standards have been followed, subjertto any materlal departures dlsclosed and explained In the flnanci31 statements, and prepare the financlal statements on the going concern ba515 unless it is Inapproprlate to presume that the charitable company w511 contlnue in buslness. The trustees are responsible for maintainlng proper accountlng records which dlsclose wlth reasonable accuracy at any tlme the flnancial posltion of the charltable company and enable them to ensure that the financlal statements comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the charltable company and the group and hence for taklng reasonable steps for the prevention and detettlon of fraud and other irregularltles. In 50 far as the trustees are aware.. there Is no relevant audlt Informatlon of whlch the charltable company's audltors are unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt informatlon and to establlsh that the auditors are aware of that Informatlon. The trustees are re5ponslble for the maintenance and integrlty of the corporate and flnancial information included on the charltable company's website. Leglslation In the Unlted Kingdom governlng the preparation and dissemination of financial statements may differ from legislation In other jurlsdictions. Audltor The current Letters of Engagement to appolnt Azets Audlt se￿ICe$ as audltors to the charlty wlll be presented at the forthcoming Annual General Meetlng. Dlsclosure of Informatlon to auditor In so far as the trustees are aware: Each of the trustees has confirmed that there is no Information of whlch they are aware which is relevant to the audit, but of which the auditor Is unaware. They have further conflrmed that they have taken appropriate steps to identify such relevant informatlon and to establlsh that the auditor Is aware of such informatlon. The trustees report, includln8 the strategic report, was approved by the Board of Trustees. Approved by the Boar of Trustees and signed on behalf of the Board Trustee ... Date: 23 septem .Cerl Davies er 21

SHERMAN CYMRU Consolldated Trustees, Report and Group Financial Statements Year ended 31 March 2024 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF SHERMAN CYMRU Oplnlon We have audited the financial statements of Sherman Cymru {the'parent charitable company'} and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated Statement of Financial Activities, the consolidated and parent Balance Sheet, the consolidated Statement of Cash Flows and notes to the financial statements, including 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 Financiol Reporting Standard applicable in the UK and Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). I n our opinion the financial statements: glve a true and fair view of the state of the group's and parent charitable company's affairs as at 31 March 2024, and of the group's incoming resources and application of resources, includln8 Its income and expendlture, 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 Companies Act 2006 Basls for oplnlon We condLJCted our audit in accordance with International Standards on Auditing IUKI IISAS (UKII 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 group and parent charitable company in accordance with the ethical requirements that are relevant to ou r audlt of the financial statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audlt evidence we have obtained is sufficient and a ppropriate to provide a basis for our opinion. Concluslons relatlng to goin8 concern I n 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 a ppropriate. 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 signif ica nt doubt on the group's or parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for i55ue, Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprisesthe information included in the trustees annual report, otherthan the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran￿ conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obta ined 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 Bive5 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. 22

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report (incorporating the strategic report and directors report) for the financial year for which the financial statements are prepared is consistent with the financia I statements. and the strategic report and the directors report including the trustees report have been prepared in accordance with applicable legal requirement5. Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course ofthe audit, we have not identified material misstatements In the strategic report and the dirertors, report Included wlthin the trustees report. We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable companvs financial statements are not in agreement with the accounting records and returns; or ertain disclosures of directors, remuneration specified by law are not made; or we have not received all the Information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement set out on page 21, the trustees (who are also the directors of the parent charitable company forthe purposes ofcompany lawl are responsible for the preparation of the financial statements a nd for being satisf led 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 group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basls of accounting unless the trustees either intend to liquidate the group or parent charita ble com pany or to cease operations, or have no realistic alternative but to do so. Audltor's responsibilitie5 for the audit of the financial statements We have been appointed auditor underthe Companies Act 2006 and report in accordance with this Att. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whetherdueto 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 IUKI 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 23

SHERMAN CYMRU Consolidated Trustees, Report and Group Flnanclal Statements Year ended 31 March 2024 m isstatements in respect of irregularities, including fraud. The extent to which our procedures are ca pable of detecting irregularities, including fraud. A further description of our responsibilities 15 available on the Financial Reporting Council's website at.htt www.frc.or Our-work Audit Audit-and-assurance 5tandards-and- uidance Standards-and- uidance-for-auditors Auditors-res onsibilities-for-audit Descri auditors-res onsibilities-for-audit.as x. This description forms part of our auditorfs report tion-of- Extent to whSch the audlt was consldered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregu larities, including fraud. We obtaln and update our understanding of the entity, its activities, its control environment, and likely future developments, Including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws a nd regulations, including fraud. In response to the risk of Irregularltles and non-compliance with laws and regulations, including fraud, we designed procedures which included: Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; Reviewing minutes of meetings of those charged with governance; Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection,. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with a pplicable laws and regulations,. Performing audit work overthe risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of sign ificant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 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. Thi5 risk increases the more that complia nce 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 of not detecting a material misstatement resulting from f raud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional om issions, misrepresentations, or the override of internal control. Use of our report This report is made solely to the charitable compan¢s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable compan¢s members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable 24

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 companvs members as a body, for our audit work, for this report, or for the opinions we have formed. ILX Aah £_. Andrew Howells Senior Statutory Auditor Azets Audit Services Chartered Accountants Statutory Auditor Ty Derw Llme Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006. 25

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 STATEMENT OF FINANCIAL AcfiviTIES- CONSOLIDATED Total funds 2024 Total funds 2023 Unrestrirted funds Restricted funds Note Income and endowments from: Donations and legacies Charitable activities Other trading activities Other Totol Income and endowment5 1,239,504 872,234 219,745 146,749 2,478,232 115,981 1,355,485 872,234 219,745 146,749 2,594,213 1,485,578 623,971 141,700 160,891 2,412,140 115,981 Expenditure on: Raising funds Trading costs Charitable attivities Totol expendlture 53,655 278,335 2,221,220 2,553,210 53,655 278,335 2,723,665 3,055,655 49,323 215,400 2,346,483 2,611,206 502,445 502,445 Net movement in fvnds 12 174,9781 1386,464) 1461A421 1199,0661 Total funds brought forward 21,22 1,194,002 3,174,235 4,368,237 4,567,303 Totalfunds ¢arriedforward 22,23 1,119,024 2,787,771 3,906,795 4,368,237 The notes on pages 31 to 48 form part of the financial statement 26

SHERMAN CYMRU Consolldated Trustees, Report and Group Financlal Statements Year ended 31 March 2024 SUMMARY INCOME AND EXPENDITURE ACCOUNT 2024 2023 Total income of continuing operations 2,594,213 2,412,140 Total expenditure of continuing operations (3,055,655) (2,611,206) Net surplus/deficit for the period {461,442) 1199,066) There are no recognlsed galns and losses forthe financial year other than the deficit on the income and expenditure account of -£461,442 after depreciation char8es of £301,870 Total income comprises £2,478,232 for unrestricted funds and £115,981 for restricted funds. A detailed analysis of income by source is provided in the statement of financial activities. Detailed analysis of the expenditure is provided in the statement of financial activities and notes 7- The summary income and expenditure account Is derived from the statement of financlal activities which, together with the notes to the flnancial statements, provides full information on the movements during the year on all the funds of the companv. The notes on pages 31 to 48 form part of the financial statement 27

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 BALANCE sHE￿- CONSOUDATED 2024 2023 Note Flxed assets Tangible assets 15 3,574,775 3,876,645 Current assets: Stocks Debtors and prepayments Cash at bank and in hand 17 18 25,681 383,062 466,444 875,187 33,260 280,519 744,666 1,058,445 Liabilitles: Creditors: amounts falling due within one year Trade creditors Other creditors 52,420 338,002 390,422 64,341 293,913 358,254 19 Net current assets Total assets less current liabilities 484,765 4,059,540 700,191 4,576,836 Creditors: amounts falling due after more than one year 20 (152,745) 1208,599} Net assets 3,906,795 4,368,237 The funds of the charity: Restricted Funds U nrestricted funds: Total charlty funds 22 21 2,787,771 1,119,024 3,906,795 3,174,235 1,194,002 4,368,237 23 The financial statements have been prepared in accordance with the special provisions relating to com pa nies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements were approved by the board of directors on 23 September 2024 and signed on its behalf, Trustee ............. Jane Tyler Company No. 06002090 (England and Wales) The notes on pages 31 to 48 form part of the financial statement 28

SHERMAN CYMRU Consolidated Trustees, Report and Group Flnanclal Statements Year ended 31 March 2024 BALANCE SHEET- CHARITY ONLY 2024 2023 Note Flxed assets; Tangible assets Investments 15 16 3,574,775 3,876,645 Current assets: Stocks Debtors and prepayments Cash at bank and in hand 17 18 25,681 383,062 466,444 875,187 33,260 280,519 744,666 1,058,445 Llabllltles: Creditors: amounts falling due wlthln one year Trade creditors Other creditors 52,420 338,002 390,422 64,341 293,913 358,254 19 Net current assets Total assets less current liabilities 484,765 4,059,541 700,191 4,576,837 Creditors: amounts falling due after more than one year 20 (152,745) 1208,5991 Net assets 3,906,796 4,368,238 The funds of the charity: Restricted Funds Unrestricted funds: Total charity funds 22 21 2,787,771 1,119,025 3,906,796 3,174,235 1,194,003 4368,238 23 The financial statements have been prepared in accordance with the special provisions relating to companles subjett to the small companies regime within Part 15 of the Companies Act 2006. The financial statements were approved by the board of dlrectors on 23 September 2024 and signed on Its behalf. Trustee ........... . Jane Tyler Company No. O 002090 (England and Wales} The notes on pages 31 to 48 form part of the financial statement 29

SHERMAN CYMRU Consolidated Trustees, Report and Group Rnanclal Statements Year ended 31 March 2024 STATEMENT OF CASH FLOWS- CONSOLIDATED Note 2024 2023 Net cash provided by operating activities 27 (283,321) {33,8841 Cash flowsfrom Investlng actlvltles.. Purchase of property plant and equipment Net cash provided by (used in) investlng actlvltles 396 396 Coshflowsfromfinanclng octlvltles.. Repayments of borrowing Net cash provlded by (used In) financing actlvltles 152.471) 152,471) 152,9551 {52,9551 Chan8e In cash and cash equlvalents In the reportlng perlod (278,222) 113,5531 Cash and cash equlvalents at the beginning of the reporting perlod 744,666 731,113 Cash and cash equlvalents at the end of the reportlng period 27 466,444 744,666 The notes on pages 31 to 48 form part of the financial statement 30

SHERMAN CYMRU Consolidated Trustees. Report and Group Flnanclal Statements Year ended 31 March 20Z4 NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS ACCOUNTING POLICIES Sherman Cymru is a private company limited by guarantee incorporated in England and Wales registered office Senghennydd Road, Cardiff, CF32 4YE. The following accounting policies have been used consistently in dealing with items which are considered material in relation to the cha ritvs financial statements. Basis of Preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Fina ncial Reporting Standard a pplicable in the UK and Republic of Ireland IFRS 1021 {effective l January 2019) (Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of I reland IFRS 1021 and the Companies Act 2006. Sherman Cymru meets the definitlon of a public benefit entlty under FRS 102. Assets and liabilities are inltially recognised at historical cost or transaction value unle55 Otherwise stated in the relevant accounting policy notels). Roundlng Figures contained in the financial statements have been rounded to the nearest pound. Presentatlon of the accounts on a going concern basls The charity reported a net deficit on unrestricted funds of -£74,978 In the year. This charity Is monitoring resu Its on a frequent basis, The trustees are of the vlew that on this basls the charity is a going concern and there are no material uncertalnties about the charlty's ability to continue as a 80ing concern. Debtors Trade and other debtors are recognlsed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or slmilar account. Creditors and provlslons Creditors and provisions are recognlsed where the charity has a present obligatlon resultlng from a past event that will probably result in the transfer of funds to a third pa rty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are norma15y recognised at their settlement amount after allowing for any trade discounts due. Flnanclal instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initia Ily recognised at transaction value and subsequently measured at their settlement value. Liabilities policy Liabilities are recognised in the Statement of Financial Activities as they become payable. 31

SHERMAN CYMRU Con501idated Trustees. Report and Group Flnanclal Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS I. ACCOUNTING POLICIES {Contlnued) Pensions The charity operates a defined contribution scheme forthe benefit of its employees. The assetsof the scheme are held separately from those of the charity. Contributions payable are charged to the profit and loss account in the year they are payable and are charged against unrestricted funds Group flnancial statements These financial statements consolidate the results of the charity and its wholly-owned subsidiary Sherman Cymru Productions Limited. The particular accounting policies adopted are described below. Fund accountln Unrestricted funds are funds which are available for use at the discretion of the charity's members in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or wh ich have been raised by the charity for particular purposes. The costs of raisin8 and administering such funds are charged against the specific fund. Investment Income and gains are allocated to the appropriate fund. Incomlng resources Trading activities (included with in activitles in furtherance of the charity's objectives) comprise recelpts from performances held during the year and other related income. Monies received in advance of the next financial period are carried forward in the balance sheet. Tangible fixed assets Tangible fixed assets are depreciated at cost in equal annual instalments over their estimated useful lives as follows: Major leasehold Improvements General building improvements Fixtures and fittings Vehicles IT equipment All other equipment 25 years 10 years 5 years 5 years 3 years 5 years Basis of apportlonment Support costs and management and administration have been allocated to the following categories on a staff cost basis: Tradlng Costs Bar and front house costs Fundraising activities Support costs have been allocated to governance costs based on the percentage of governance costs to total costs in the year. 32

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ACCOUNTING POLICIES (Contlnued) Stocks Stocks are stated at the lower of cost and net realisable value. Grants Revenue grants receivable are accounted for in the period to which they relate. Capital grants are credited to restricted funds on a received basis and released to the income and expenditure account over the remaining lives of the assets to which they relate. Script commissions Script commission payments to writers and development costs are treated as prepayments untll the accounting period In which the production takes place. Where it is decided not to take a commission Through to production any commissionlng payments and accrued development costs are written back to the financial year in which that decision is made. Development Income Development income is accounted for in the period in which the related expenditure occurs. Taxation As a registered charity, Sherman Cymru Is entitled to the exemption from taxatlon In respect of Income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to Its charltable objects purposes only. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of charity's accounting policies, the trustees are required to make judgements, estimate5 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 assumptlons are reviewed on an ongoing basls. 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. 33

SHERMAN CYMRU Consolidated Tru5tees' Report and Group Financial Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS INCOME FROM DONATIONS AND LEGACIES - GROUP AND CHARITY Unrestricted funds Restrlcted funds Total funds 2024 Total funds 2023 Fundralsing Recurrent gmnts.. Arts Council of Wales Other grants.. Arts Council of Wales Other 15,577 15,577 10,578 1,165,461 1,165,461 1,167,014 58,466 21,900 94,081 115,981 80,366 94,081 1,355,485 153,593 154,393 1,485,578 1,239,504 INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted funds Restrlcted funds Total funds 2024 Total funds 2023 Ticket sales.. Sherman Cymru productions In House Visitlng Companies Communities and Engagement Touring: Sherman Cymru productions Co-productions Communities and Engagement: Participant fees Project income Development & New Wrlting Hires Publishing HMRCTheatre Tax relief 286,279 242,683 6,030 286,279 242,683 6,030 160,708 259,130 7,252 13,259 41,532 13,259 41,532 12,750 29,812 29,812 35,735 451 35,416 1,285 215,487 872,234 451 35,416 1,285 215,487 872,234 471 13,915 1,574 132,436 623,971 34

SHERMAN CYMRU Consolidated Trustees, Report and Group Financlal Statements Year ended 31 March 2024 NOTESTO THE CONSOUDATED FINANCIALSTATEMENTS 5. INCOME FROM OTHER TRADING ACTIVITIES Unrestricted funds Restrlcted funds Total funds 2024 Total funds 2023 Bar and Front of House receipts 219,745 219,745 219,745 219,745 141,700 141,700 6. INCOME FROM OTHER SOURCES Unrestricted funds Restrlcted funds Total funds 2024 Total funds 2023 Other income 146,749 146,749 146,749 146,749 160,891 160,891 7. EXPENDITURE ON RAISING FUNDS Unrestrlcted funds Restrlcted fund$ Total funds 2024 Total funds 2023 Fundraising activitles 53,655 53,655 53,655 53,655 49,323 49,323 8. EXPENDITURE ON TRADING COSTS- GROUP AND CHARITY 2024 2023 Bar and front of house costs Bar and café sala ries Bar and café purchases 127,858 119,248 247,106 31,229 278,335 103,864 86,973 190,837 24,563 215,400 Other Front of House salaries and costs Total bar and Front of House costs 35

SHERMAN CYMRU Consolidated Trustees, Report and Group Knancial Statements Year ended 31 March 2024 NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS 9. EXPENDITURE ON CHARITABLE AcfiviTIES- GROUP AND CHARITY Staff costs Other costs Deprecla- tion Governanc Total 2024 Total 2023 Unrestrlcted Artistic Marke ting Management & Administratlon Supprt Costs 836,297 559,868 48,641 1,444,806 1,269,796 188,680 209,175 11,216 409,071 368,077 130,149 69,858 7,760 207,767 178,913 103,215 1,258,341 25,047 863,948 6,023 73,640 25,291 25,291 159,576 2,221,220 104,644 1,921,430 Restricted Production & Performances Marketing Management & Administration Support Costs Other costs 128,933 499 107,311 415 236,244 914 93,397 11,543 193 2,358 4,251 136,234 160 116,805 3,538 228,229 353 257,145 7,789 502,445 1,660 244,994 73,459 425,053 137,982 137,982 Total Charitable Actlvlty Costs 1,396,323 1,000,182 301,869 25,291 2,723,665 2,346,483 Included in governance costs above are the following governance costs.. Unrestrlcted funds Restrlcted funds Total funds 2024 Total funds 2023 Audit Legal Salary Support costs 13,000 1,877 7,314 3,100 25,291 13,000 1,877 7,314 3,100 25,291 13,325 630 6,858 2,604 23,417 36

SHERMAN CYMRU Consolidated TTUStees' Report and Group Financial Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSE5, AND THE COST OF KEY MANAGEMENT PERSONNEL- GROUP AND CHARITY None of the trustees received any emoluments from the company during the year (2024: £nill. Two members of the Executive and Senior Managementteam received remuneration within the £60,000 £69,999 bracket {2023: Two). Pension contributions were £3,82112023: £3,807). 2024 2023 Employee costs durln8 the year: Wages and salaries Employe¢s National Insurance contributlons Employerfs Pension contributions 865,039 74,394 21,639 961,072 874,841 77,803 20,233 972,877 Employee costs shown above relate to staff paid through payroll. Note 9 contains amounts paid to freelance contracted staff and relates only to staff engaged in charitable activities. 11. STAFF NUMBERS 2024 No. 2023 No. Average number of persons employed: Production staff {temporaryl Permanent staff 12 23 35 14 24 38 Key Management Personnel During the year the following remuneration was paid In respect of the Executlve and Senior Management team. Annual Gross Employer Nl Employer Penslon Total 2024 Total 2023 £317,743 £35,042 £8,115 £360,900 £349,824 12. NEf INCOME/(EXPENDITURE) FOR THE YEAR- GROUP AND CHARITY 2024 2023 Net incoming resources after charging: Auditors, remuneration Depreciation 13,000 301,870 13,325 309,027 37

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS 13. TAXATION- GROUP AND CHARITY As a registered charity, Sherman Cymru is entitled to exemption from taxation in respect of income and capital gains received with section 478-489 of the Corporation Tax 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only. 14. CALLED UP SHARE CAPITAL- CHARITY ONLY The company Is limited by guarantee. All members of Sherman Cymru have guaranteed to contribute, In the event of windlng-up, an amount not exceedlng £1 each. There were 15 members {2024: 15 members) at 31 March 2024. 15. TANGIBLE FIXED ASSETS- GROUP AND CHARITY Long Leasehold Property Improvements Flxtures and equipment Motor vehlcles Total Cost or valuatlon at l Aprll 2023 Additions 7,035,361 281,051 40,000 7,356,412 Disposals At 31 March 2024 7,035,361 281,051 40,000 7,356,412 Accumulated depreciatlon at l April 2023 Charge for the year Eliminated on disposal At 31 March 2024 3,194,877 292,502 257,557 1,368 27,333 8,000 3,479,767 301,870 3,487,379 258,925 35,333 3,781,637 Net book value At 31 March 2024 3,547,982 22,126 4,667 3,574,775 At 31 March 2023 3,840,484 23,494 12,667 3,876,645 Long leasehold land and buildings with a carrying amount of £3,547,98212023: £3,840,484 have been pledged to secure borrowings of the charity. The charity is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. 38

SHERMAN CYMRU Consolldated Trustees, Report and Group Flnancial Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16. INVEsfMENTS- CHARITY ONLY On 30 September 2014 the charity set up a wholly owned trading subsidiary called Sherman Cymru Productions Ltd. The charity holds the entire issued share capital of l ordlnary shares of £1 each in Sherman Cymru Productions Limited, a company incorporated in England and Wales, company number 9241356, set up to develop and produce the Produrtion of Theatrical Plays. A summary of the trading results is shown below. Year ended Year ended 31 March 2024 31 March 2023 Summary profit and loss account: Income Administrative expenses Operating loss HMRC Theatre Tax Relief Result for the period 526,374 {741,861) 1215,487) 215,487 347,880 1480,3161 1132,4361 132,436 The assets and Ilablllties of the subsldlary were: Total assets Amounts falling due within one year 215,487 1215,486} 132,436 1132,4351 Aggregate share capltal and reserves 17. STOCKS- GROUP AND CHARITY 2024 2023 Bar and Front of House Production Publications Other stocks 6.743 8,642 9.315 981 25,681 9,463 10,915 11,914 968 33,260 39

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18. DEBTORS Group 2024 Charity 2024 Group 2023 Charity 2023 Trade debtors Other debtors Taxation and Social Security HMRC Theatre Tax Relief Intercompany balance Prepayments Accrued Income 42,144 38,095 42,144 38,095 37,772 45,820 37,772 45,820 215,487 132,436 215,487 56,181 31,155 383.062 132,436 64,491 56,181 31,155 383,062 64,491 280,519 280,519 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 Charitv 2024 Group 2023 Charity 2023 Other credltors Taxation and Social Securlty Deferred revenue income General accruals Bank Loan Accruals for Redevelopment costs 23,248 104,427 154,459 55,868 23,248 104,427 154,459 55,868 28,528 136,066 68,609 52,485 8,225 293,913 28,528 136,066 68,609 52,485 8,225 293,913 338,002 338,002 Deferred income relates to income received in advance and which relates to future financial period. Charity & Group 2024 2023 Balance as at 1st April 2023 Income received in the year Released to income Balance as at 31 March 2024 136,066 74,387 1,277,986 1,771,933 11,309,625) 11,710,254) 104,427 136,066 40

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 20. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Group 2024 Charity 2024 Group 2023 Charity 2023 Bank Loan 152,745 152,745 152,745 152,745 208,599 208,599 208,599 208,599 The bank loan is secured over the assets of the charity and Is repayable in equal monthly Instalments. Repayable by Instalments Total 2024 Total 2023 Within one year Between 2 and 5 years After 5 years 55,868 152,745 52,485 208,599 208,613 261,084 21. UNRESTRICTED FUNDS- GROUP AND CHARITY General funds Capltal Total funds Funds 2024 Balances Brought Forward Surplus/deficit for the year Movement for the year 588,437 (74,9781 73,640 587,099 605,565 1,194,002 (74,978) 173.6401 531,925 1,119,024 Deslgnated Funds Designated Capital funds, relates to the investment in fixed assets, Designated Revenue Funds comprises:_ £7,099 to underwrite the Chr15tmas productions £5,000 to support Fundraislng and Development £75,000 for Digital Capture £IOO,000 Building Maintenance (informol recognition of the ever depreciating asset value) EIOO,000 Potential future Business Disruption 41

SHERMAN CYMRU Consolidated Trustee￿ Report and Group Financlal Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Prevlous ear General funds Capital funds Total Funds 2023 Balances Brought Forward Surplus for the year Movement for the year 593,142 181,9991 77,294 588,437 682,859 1,276,001 {81,9991 (77,294) 605,565 1,194,002 22. RESTRICTED FUNDS- GROUP AND CHARITY The income funds of Sherman Cymru included In restricted funds comprise the following unexpended balances of capital grants and donations applied for the Building Refurbishment and Redevelopment. The cost of which are being depreciated over the useful life of the asset. Balance at 01/04/23 Incomlng resources Balance at 31103124 Expendlture Capltal Bulldlng Refurbishment and Redevelopment Foyer Refurbishment Arts Council of Wales- Publlc Art Foyle Foundatlon/Garrick Trust-Translt Van 2,891,782 20.695 2,437 12,667 2,927,581 1209,190} 111,0401 2,682,592 9,655 2,437 4,667 2,699,351 (8,000) 1228,230) Revenue funds Arts Council of Wales (Creative Pathways) Arts Councll of Wales Icreatlve Pathways) Art5 Council of Wales (Housemates) Arts Council Wales {RAMPSI Arts Council Wales (Iphigenia yn Sblot) Davles M Charity D'oyly Carte Esmee Falrbalrn (Covid Support) Fenton Arts Trust Garrick Trust Gibbs Trust Go Wales Innovate Trust Hodge Foundation Legacy- A Kellaway Moondance Foundatlon National Heritage Natlonal Theatre Connections Festival 2024 Old Vic Paul Hamlyn Foundation 2019 4,017 26,916 19,186 83,986 (3301 (48,816) 119,1861 183,9861 3687 21,900 22,041 5,219 22,041 3,004 12,215) (4,450) (333} (2801 1687) (2,000) 4,450 4,533 280 4,200 1,500 813 2,000 967 967 (7) (2,358) {1,246) (21,379) (52,613) (3,3471 2,358 1,246 34,593 27,804 40,170 24,809 53,384 13,3471 3,671 3,671 30,640 246,654 3,174.235 342 115,981 115,981 130.9821 (274,215) 1502,445) 88,420 2,787,771 Total Restrlcted Funds 42

SHERMAN CYMRU Consolidated Trustees, Report and Group Flnancial Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. REsfRicfED FUNDS GROUP AND CHARITY (continued) Arts Councll of Wales (Creatlve Pathways) Support for the continuation of the Literary Programme responding to a gap In Wales, theatre ecology, laylng foundations for a permanent Literary Department to create world-class, bi-lingual new wrlting for Cardiff, Wales, and everyone. Arts Councll of Wales (Creatlve Pathways) To support the contlnuation of the Llterary Department between November 2023 and March 2024 whilst we awalted the outcome of the Investment Review. Arts Councll of Wales {Housemates) A grant to support the R&0 phase of our Co-creatlon with HlJinx Theatre Companyi working with neuro-diverse actors. Arts Councll of Wales {RAMPSI A Connect and Flourlsh grant to support a development year of the RAMPS Cymru inltlatlve across the tlve partner organisations,. Sherman Theatre, Theatr Clwyd, Pontio, Torch Theatre, and Royal Welsh College of Muslc and Drama. Arts Councll of Wales {Iphlgenla yn Sblot) A grant to support the productlon and tour of "Iphigenla yn Sblot" which wlll also be supported by the Elsteddfod Genedlaethol Cymru. Davles M Charfty A grant to support a programme of Tales and Tea events almed at reducing feellngs of Isolation and lonellness in older people. D'oyly Carte A grant to contrlbute towards the costs of the Sherman Youth Theatre Festlval 2024. Esmee Falrbalrn-covld Support A grant received to support the organlzation whilst It worked through the uncertaln tlmes of Covld, utllized to support the Heart of Cardiff'programme. Fenton Arts Trust A grant to support trainee As51Stant Direttor and trainee Deslgner on Youth Theatre production of "Ghost Cltles". Garrick Trust A grant to support the development of an emerglng designer. Gibbs Trust Match fundlng for the ACW grant for Housemates Go Wales Agrant to support a technical apprentice in the production department, Hodge Foundation A grant to support the Chrlstma5 Schools Appeal in 2024. 43

SHERMAN CYMRU Consolidated Trustees, Report and Group Hnanclal Statements Year ended 31 March 2024 NOTE5 TO THE CONSOUDATED FINANCIAL STATEMENTS 22. RESTRICTED FUNDS GROUP AND CHARITY Icontlnued) Legacy- A Kellaway A legacy donation to support the work of the Creative Engagement team utilized on Youth Theatre Festival 2024. Moondance Foundatlon Year 2 of a three year funding for the continuatlon of the Introduction to P13ywritin8 inltiatlve, working wlth youn8 people aged 15- 18. Natlonal Lottery Herltage Fund To support a large scale communlty production and assoclated actlvities in the Theatre's 50th annlversary year. Natlonal Theatre Contrlbution towards the National Theatre Connettlons Festival hosted by Sherman Theatre and involvlng schoo15 and youth theatre groups. Old Vlc Match fundin8 to support the work of the Llterary Department. Paul Hamlyn Foundatlon A More & Better grant to support the contlnuation and enhancement of the Sherman 5 inltlatlve untll 2024. 44

SHERMAN CYMRU Consolldated Trustees, Report and Group Flnanclal Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23. RESTRicfED FUNDS GROUP AND CHARITY Icontinued) Prevlous ear Balance at 01104/22 Incoming resources Balance at 31103123 Expenditure Capltal Bulldlng Refurbishment and Redevelopment Foyer Refurbishment Arts Councll of Wales- Publlc Art Foyle FoundatlonlGarrlck Trust-Tran51t Van 3,100,972 35,238 2,437 20,667 3,159,314 (209,190) 114,5431 2,891,782 20.695 2,437 12,667 2,927,581 8,000) 1231,733) Revenue funds Arts Council of Wales Icreatlve Pathway51 Arts Councll of Wales Icreatlve Pathways} Arts Council of Wales {Housematesl Arts Council Wales {RAMPSI Darkley Trust D'oyly Carte Esmee Falrbalrn IITPI Esmee Fairbairn (Covld Support) Fenton Arts Trust Gibbs Trust Go Wales Innovate Trust Hodge Foundatlon Legacy- A Kellaway Lloyd Webber Foundatlon Moondance Foundatlon Natlonal Herltage National Theatre Connectlons Festlval 2020 National Theatre Connectlons Festival 2024 Old Vic Paul Hamlyn Foundation 2019 Philip Carne Stage One Producers 18,594 3,020 44,742 15,075 90,756 2,500 4,500 (17,597) 117,8261 110,4171 (6,770) (2,500) (50) 114,8651 14,6681 (2,720) 4,017 26,916 19,186 83,986 14,528 4,450 14,865 9,201 4,533 3,000 2,000 967 437 2,000 967 (430) 12,6421 5,000 2,358 1,246 1,246 1,546 (1,546) (5,577) 40,170 27,804 34,593 27,804 35 2,999 10,000 52,840 1,024 1,706 131,988 3,291,302 1351 12,999) (6.329) (93,619) (1,024) 11,706 193,320) 1425,053) 3,671 30,640 71,419 307,986 307,986 246,654 3,174,235 Total Restrlcted Funds 45

SHERMAN CYMRU Consolidated Trustee￿ Report and Group Financlal Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23. ANALYSIS OF NET ASSEfs BETWEEN FUNDS Unrestrlcted Funds Designated Capital funds General funds Restrlcted lunds Total 2024 Group Fixed assets Net current Iliabilitiesl/assets Long Term liabilities 875,424 1190,754) (152,745) 531.925 2,699,351 88,420 3,574,775 484,765 1152,745) 3,906,795 587,099 587,099 2,787,771 Charlty Fixed assets Investments Net current Iliabilitiesllassets Long Term liabilities 875,424 2,699,351 3.574,775 1190,754) {152,745) 531,925 587,099 88,420 484,765 (152,745) 3,906,796 587,100 2,787,771 See notes 21 and 22 for a breakdown of funds. Prevlous ear Unrestrlcted funds Restrlcted funds Total 2024 Group Fixed assets Net current assets Long Term liabilities 949,064 453,538 1208,5991 1,194,003 2,927,581 246,654 3,876,645 700,192 1208,5991 4,368,238 3,174,235 Charlty Fixed assets Investments Net current assets Long Term liabilities 949,064 2,927,581 3,876,645 453,538 1208,599} 1,194,004 246,654 700,192 1208,5991 4,368,239 3,174,235 24. RELATED PARTY TRANSAcfioNS- CHARITY ONLY Sherman Cymru commissioned productions of £526,374 {2023: £347,880) to Sherman Cymru Productions Ltd durlng the period. As at 31 March 2024the charitywas owed £215,48712023: £132,436) from Sherman Cymru Productions Limited. All transactlons were at arm's length. There were three related party transactions during the year: Gary Owen- Writer and Royaltie fee for"Romeo andJulie- £13,784 Owen Thomas- Contribution to Sherman Scribblers and 50, Anniversary £400 {2023: £2501 Capital Law- Professional HR Advice £1,193 IHuwThomas, Trustee is employed by Capital Lawl 46

SHERMAN CYMRU Consolidated Trustees, Report and Group Financlal Statements Year ended 31 March 2024 NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS 25. OPERATING LEASES - CHARITY ONLY At 31 March 2021 the charity was committed to making the following payments under non- cancellable operating leases: 2024 2023 Plant and equipment; Fall due within l year Fall due within 2-5 years 19,305 21.698 41,003 14,989 4,716 19,705 26. PENSIONS- GROUP AND CHARITY Sherman Cymru is fully compliant with Auto Enrolment and operates a qualifyin8 workplace pension scheme with Legal & General. Contribution during the period were £21,63912023: £20,233). The outstanding balance at the year-end was £4,01512023: £4,348}. 27. RECONCILIATION OF NET INCOMEIIEXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Income/{expendlture) for the reportlng perlod las per the Statement of Flnanclal Activities) 1461,441) 1199,064) Adjustmentsfor.. Depreciation charges Ilncrease)/decrease in stocks Ilncreasel/decrease in debtors Increase/ldecreasel in creditors Net cash provlded by/(used In) operatlng artivltles 301,870 7,579 {102,543) (28,785) (283,321) 309,027 1,308 {91,835} 153,320) 133,8841 Anal sls of Cash and Cash E ulvalents Cash in hand Total Cash and Cash Equlvalents 466,444 744,666 744,666 Analysls of Net Debt: At I Cashflows April 2023 At31 March 2024 Cash Bank loans falling due within one year Bank loans falling due after more than one year 744,666 1278,222) 466,444 152,4851 13,383) (55,8681 (208,5991 55,854 (152,745} 483,582 1225,751) 257,831 47

SHERMAN CYMRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2024 NOTES TO THE CONSOUDATED FINANCIAL STATEMEN 28. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES - 2023 Total funds 2023 Unrestrirted funds Restrirted funds Income and endowments from: Donations and legacies Cha ritable activities Other trading activities Other Totol Income and endowments 1,177,592 623,971 141,700 160,891 2,104,154 307,986 1,485,578 623,971 141,700 160,891 2,412,140 307,986 Expendlture on: Ra ising funds Trading costs Charitable activities Total expendlture 49,323 215,400 1,921,430 2,186,153 49,323 215,400 2,346,483 2,611,206 425,053 425,053 Net movement Infunds 181,9991 {117,067) {199,0661 Reconciliation of Funds Total funds brought forward Totalfund5 carrledforward 1,276,001 1,194,002 3,291,302 3,174,235 4,567,303 4,368,237 48