REGISTERED COMPANY NUMBER: 03874271 (Englaiid aiid Wale$) REGISTERED CHARITY NUMBER: 1120746 REPORT OFTHE TRUSTEES AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FUR'I'HL YEAR ENDED 31 MARCII 2024 FOR TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST {A COMPANY LIMITED BY GUARANTEE) Si)Iner Auditco Liniited Thc Bechivc Biiilding Beehive Ring Road Crawlcy Gatwick RH6 OPA TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PAge Report of the Trustees Report of the Independent Audltors 8 to 10 Consolldated Statement of Fln&n¢lal Aellvltles Consolldated Balance Sheet 12 Charlty Balance Sheel ConsolldAted Cydsh Floiv Statement 14 Notes to the Consolidated Cash Flow Statement 15 Notes to the Flnanelal Statemeiits 16 to 26 TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGISTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of Ilie charity for the purpose5 of the Companie5 Act 2006, present their report wilh the cot)solidated fiiiancial stateniei)Is of Ilie chai'ily and its subsidiary for Ihe year elided 31 March 2024. The trustees liave adopted the provisioiis of Accountin8 ai)d Repoiting by Cliarities-. Staleinent of Recoininended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVKS AND ACTIVITIES Purpose To operate, own at)d restore ilie Grad¢ I lisl¢d unique Victoriaii Theatre. Ihe Tyne Theatre and Opera Housc in Newcastle upon Tyne. Mlsslon A thcatrc for everyon¢, Vlslon By the end of the 2020s to be a r¢fvrbished iiidependeiit theatre hosting a variely of eiilerlaiiimeiil and events with wide appeal ¢0 Ilie local comiiiuiiity and beyoiid. The objects for which the Trust is establislied are.. a) to acquir¢, restor¢ and preserve for Ilie benefit of tlic public at larg¢ Il)e Grade Oiie Listed Buildiiig known as Tlie Tyiie Theatre and Opera House. b) tlie advancenieiil of public education in all aspects of Ilie dramatic arts by the presentation and production ot. plays and other expressions of draina iiicludiiig tlie coniinissioning of new works atld the mounting of public perfomiances aiid the mounlitig of classes, exl)ibilioi)s aiid dcii)onstrations of drainatic arts and Ih¢atre ie¢hnology', c) tl)e advancemeiit of public education in thcatrc Iccl)nology by tlie preservation, conservation aiid exhibilioli of Inachinery and techi)ology of thc perforining arts aiid thc intcrprelalion of such artefacts aiid their historical conlext, and d) 11)e advancenient of public education in all aspects of the ai'ls includin8 music aiid musi¢ theatre, drama, d¢¢oralive and visual arts, dance, ballet, cii'cus, music liall aiid comedy and variety perforinance. Our values Welcoming One T¢ani Pa5sionat¢ about pcrfonnaiice Collaborating witli our coininunilies T￿¢ lo our heritage Conimilted to SU51aiiiability Innovative and forward Il)inking Public benefit Tlic Trust's activities coi)tinue lo develop and focus on the preseNatiot) of the Grade One Listed theatre for the enjoynicnt of the public. The Trustees have had regards to the Charity Coinmission giiidan¢¢ on piiblic b¢n¢fJt. Volunteers The Charity places great value on the coiitributions IhpAI voliinteers make to the organisalion, We benefited greatly not only from ihe considerablc tiine, energy aiid expertisc given by the Board of Tnist¢¢s, biit other volunteers as well. Ov¢r the course of the year one show was organi5ed and perfonned by volunleeis,. School of Rock. Voliint¢¢rs also ass&sled with repair8 and decoration of the thealie building. Page I TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGISTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2D24 ACHIEVEMENT AND PERFORMANCE Charitable activities The year ended 31 March 2024 was largely a very positive one foT the Ttust. 2023-2024 was a positive year which saw the appoiiilineiil of the theatre's fii-sl CEO, delivery of a Successful heritagc Iheatre coiifereiice, which was funded by the grant awarded io the Trust by the Natioiial Lottery Heritage Fuiid. The grant also enabled a programnie of voluiiteer led archiving to begiii, which lias proved to be rewarding aiid lias resulted iii Ihe aniassing of detailed catalogue of the tl)¢atre's history. We were absolutely deligliled that our Performance Research Volutiteers were awarded tlie 2023 Heritage Alliai)¢e 'Heritage Hero, award. Spoiisored by specialist heritage insurer Ecclesiastical, the Heritage Heroe5 Awards are the Heritage Alliance's celebratioii of the outstanding contribution Britain's lierilage volunteers Inake to society. Tl)e awards were pres¢nled at tlie Heritage Alliance conference in London in Marcli 2024, whiclj coincidcd willi Heritage Day, a key event in the sector. Heritage & Developinent Project Manager Racliel Siiape ai)d volunteer Charn)ian Marshall received the award at a ceremony iii Londoii froni Ingrid Samuel OBE, liiterim Cliair of the Heri￿ge Alliai)ce. The theaire's eveiit pro8rainnie increased significaiilly in niimber and profile froin the previous year and Ilie panioiMin)e (Peter Pan) had a record breaking 53 show run. Of note was Ilie improvemei)t in secondary speiid during the pantomime, wliich increased by 340/0. Property update The Trust continues to develop Ih¢ir Maslerplan lor refjJrbishment aiid restoration of tlie Theatre. Over the last 12 moiillis, work has started on planiiin8 a niajor restoralioii of the Tyne Theatre & Opera House. Iii coiisequence, the architectural geiiealogy of our Grad¢ I lisied building Ilas beeti fi iially unravelled. A CCTV system was iiistalled ii) Ihe front of liouse spaces and at stage door. Thc curreiit solutioii is a leinporary Ineasure lo eiisure Ihat the Trust and subsidiary operatii)g company are beller able lo meet licei)sing objectives. A full assessmcnl of tlie stage house was undertaken which liighliglited a significant number of defects and safety issues. These w¢re asscssed by the new CEO and interim techni¢41 maiiager and have largely been addr¢ss¢d. We contiiiue lo upgrad¢ tlie auditoriurn 5ealiiig. It is a rolling proj¢cl over the next few years duriiig wl)i¢h tim¢ w¢ aim to reseat much of the auditorium. Upgrodes liave beeii eoinpleled to niake emergei)cy li8hiii)g more efficieiil and s¢rvi¢¢abl¢. The Trust has itivested iii a house PA system. Previously this important ￿VenUe generating le¢hnical equipmeiit was hired in for each show. Now tliat Ilie has iiivesled iii an in-house r¢sourc¢, tlie ability to general¢ additioiial hire revciiuc has beeii enlianced significantly. General repairs and upgrades have been carricd out by the Ihealre's rnainlenance staff and Master Carpenter. Maintenance Voluiiteers contiiiue lo demoiistratc their dedi¢atioii lo the upkeep of the theatre, by engaging in a Inyriad of preventive and reactiv¢ proj¢¢ls. Tyne Theatre & Opera House Llmlted The ex¢ellcnt team members of the operating cojnpaiiy coiiliniLe lo be slrenglhened and arc ￿llY coinmilted lo the aims and objectives of tlie Tnist, and to develop tlie range and qiialily of the product linder 11)e leadership of the theatre direclor and Ihe company directors. A new Chief Execulive Offjcer, and Fiiiaiic¢ Director were appointed aiid began lo r¢sl)ape and ready th¢ op¢rRling subsidiary for tli¢ nvm¢rous significaiit changes planned. There wer¢ 232 events in the year 2023124. The operating company einploycd an average of 115 team Inember diirins the year. Page 2 TYNE THEATRE AND OPERA HOUSE PRESERVA TION TRUST (REGISTERED NUMBKR: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE A nunibcr of significant strategic investineiit propositions were approved by the Tiuslees in the final quai1er, including the purchase of a thcalre PA, an elcctroiiic poiiit of sale sysleni, lo rcplace old fashioned cash registers. and imost notably, the procurernent of Spektrix, wliich will enable the operating conipany to briiig ticketing operalioi)s in housc. This key decision will liavc a signific&ntly positive iinpact on the Trust aiid Opco's earning potential, as all booking fees inconie will coine to the tlieatre rallicr thaTI Ilie 11)ird party box office agency, wliich had becn the case foy the previous decade. The Trust's subsidiai'y coinpany, Tyiie Tlieatre & Opera House Limited ("the operaiing conipaiiy"), has enjoyed a successful year, The op¢rAling ¢onipany gencrated turnover of £1,398,745 (2023 £1,227,100) and profit before lax of £79,456 (2023 £202,205). Tyne Theatre Productions and Tyne Youth Company A successful produLlion of Dolly Parlon's Inu5ical 9 10 5 was staged iii March. A huge compaiiy of local amateur aciors, Inusicians, creative and production 51atr took over the theatre for our annual in-house amateur production, wliicli was well received by the patroiis, and attracted lols of positive reviews and oiiliiie commeniary. Tyiie theatre Productioiis have secured the rigl)Is to perform Jcsus Christ Sup¢rstar li) February 2025, whicli is expected lo be very popular. A significant inarkelitig and publicity campaigned will be lliobilised lo eilhaiice the profile of Ilie theatre and TTP. Tyiie Youth Company was Inobilised and lias proven popular with local coininuiiities. Approxiinately 85 students now regularly take parl iii weekly sessions, whicli are led by Trustee Sonia Hernandez. TYC applied for and secures thc youth amateur rights for the musical Legally Bloi)de, which will be perfornied in October 2024. Community and fundrAlslng Tours - Theatre tours rui) ¢acl) iiionth, Ivilh addilioiial sessions addcd as parl of Heritage Opei) Day. Public tours are held on the first Saturday of every Inoi)tl). Oulrea¢h in tlie year invited groups forin Ncwcastle College aiid various local scI)0015 foi. bespoke theatre tours. Th¢ theatre also accorninodated college inedia studeiits who had been la5ked with n)akiiig a documeiiiary filni about the theatre. The Trust conliiiues to engage with local cominunity groups seekii)g thc developn)ent of the Cily and proinolion of arts aiid education iii the region. Th¢ Theatre had a successful year for fiJndraisiiiB, geiieraling iiidividual fundraising of £8,224 The Trust continued to add a restoratioii donation pcr ticket which has been very success￿1 iii raising vital funds lo r¢slore the tlieatre. This fee will increase to £1.50 per iickct for the majority of shows from 2024, which will continu¢ to have a very positive impact on the Twsl's thtidraising income. A resloralion levy of £1 per tickel will be introduced for pantomime tickets for the 2024 pmdueliot). ThL. levy ha8 not previously been charged on pantomime tickets. We now Iiave 77 named seats in (hc auditorium aiid ended the financial year with 54"friends" memberships. Th¢ Chief Execiilive has be￿in positive discussion with olh¢r venues and ar15 organisations to ¢stablish mor¢ collaborative links across the city and wider region. An expression of interest has been siibinitled lo Newcastle and Gateshead Ciiltiiral Venues, with a view lo the dieatre bcconiing a fiill incmber as soon as possibl¢. Mindful that the Nonh East Conlbined h&s priorilis¢d tlie developmei)l of a ncw Culiurc and Creative Zone scheine, which includes "Clayton Strcel Co￿ldor, around thc Wesl End of Newcastl¢, the managejnenl and project developinenl telln￿ have ciiltlV8led positive working relationships with th¢ Creative Central N¢wcasile leaders to rapidly develop plans for the theatre to bccoiiie g¢ central hiib for local creatives. The Trust has seciired £0.5m ￿llding, a5 part of Crcalive C¢ntral NCL, a projecl funded by Ihe North East Combined Aiilhority to develop crealivily and culftire in tlie city. Page 3 TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGISTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHJEVEMENT AND PERFORMANCE Tlie Trust will iiow embaik on eiiabling works that are the first slage of an ambitious development project. The work will be carried out on the footprillt of wliat was known as the Weslgate Music Hall from 1869, Grand Saloon from c. 1887 and Wiiiter Gardens Tea Rooni in Ilie Stoll Cinema years. At ihe heart of this overarching goal to re￿rb]sh and operate a sustaiiiable iiidepeiideiil venue, ar¢ plans to increase and 8lreiigilien tics with the local coniniuiiity. Iii addilion to hostiiig a variety of enlerlaiiiincnt, Ilic 'black box, iteralion of tlie Graiid Saloon will be ali adaptable space, able to iinprove access to and eiigageincnl WLilI cultural activity by serving as a hub for Jneetings, reliearsals, worksl)ops and more. Also included in phase one of the tliealre's inasterplan is tlie creation of a new ¢afé and bar iii the shop and foyer of Ihe former Bistro Bar. Named '1807, (tlie year the Ilieatrc opened), the café bar will be the new honie of the box office and will op¢n in November. The Trust match thnded a graiit of £5k froft) Thealr¢'s Trust to improve and enhance the theatre's emergeiicy liglilii)g syslenis. Tlie Trusl was awarded aiid mal¢hed a modest grant of £1 Sk by Crealiv¢ Ceiitral Newcastle lo begin enabling works lo transform the foriner Pit Bar into a mullifvnctioiial coininunity eo-creation space. which will double as an additional hospitality space. FINANCIAL REVIEW Fin*neial posltlon Thc total consolidated incoine this year was £1,723,519 (2023: £1,531,5S7) ai)d Ihe nel niovemenl iii ￿1)dS was £16,288 (2023.. £292,717). Tlie expenditure on raisiiig fuiids was £1,321,262 (2023.. £1,021,132) and cliarilable expetiditure was £369,863 (2023.. £216,741 } Al 31 March 2024, the Trust had coiisolidaled free reserves of £589,075 (2023.. £621,451) {cxcludiiig fixed assets and long lerni liabilitics). The Tiwsl has prcviously undei'taken lo budget for ali aiiiiual surplus from its operating account in order lo build financial reserve5 to ameliorate the fiiiaiicial risks associated willi loss of Iciiaiits oi- other operational impacts on ils financial security and to act as seed fuiiding for the restoration and d¥vclopinciit programme. Investment pollcy and obje¢tives In furiheran¢e of the aforeni¢iition¢d objects but not further or otl)erwise the Trust sl)all have the powers as d¢lailed wilhin the Memorandum of Association, Reserves poliey The TnEslees objective is lo maintain the charity for at least six moiiths in the event of signifieant logs of income or ui)foreseeii evet)i. This will allow lime for operatioiial changes lo be made wiihin the charily. Tlic plaii over the ¢omi1i8 years is to iiicrease the general reserves to cover co1￿MIlIn¢1)IS on repairs to the building. Currently Ihe coiisolidated reserves level is £1,360,639 Inade Lip of £9,785 reslricled res¢rves and £1.350,854 unrcslricled reserves. Going concern The Trustccs are satisfied tliat thc Charity is able to operate for the foreseeable ftiture, on the basis of reserve balanc¢s and forccast surpliises. STRUCTURE, GOVERNANCE AIYD MANAGEMENT Governing document The charity is controlled by its governing document. a deed of tnist, and constitutes a liiniled company, limited by guarantec. as defined by thc Companies Act 2006. Page 4 TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGISTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 21124 STRUCTURE, GOVERNANCE AND MANAGEMENT Recrultment and appolntment ol new trustees The directors of tlie coinpany are also charity Tnjstees for the purposes of charity law aiid appointed as such undcr th¢ requiremeiits of tlie Meinorandutii aiid Articles of Associatioii. lil accordancc with Articles of Association, tiew appointmertts are subject to coiifirniation at the Aiiiiual Geiieral Meeting of the Conipany. Deeision making The Trust has io liave six full board nieetings per aiiiiuiii witli delegatcd conimittees aiid sinaller working groups Ineeling as and wheii required. Boai'd n)eetings are held oli a bi-Inonil)ly basis usually face-to-face with i)iaybe one or two Iruslees on Teains. Several responsibilities are delegaied to the co?lliDilt¢¢s'. Building, Rcpairs, and MainlLnaiice TynL TIILiilrc ProduLlion Lind Tyiie Youth CoiMpai)y Fiiiance Hunian Resources Legal Heritage Key minagement remuneratlon Tlie Board have coiisidered who the Key Maiiagenieiil P¢rsoniiel (KMP) ar¢, Iliose overseeing coiitrolliiig aiid operatiiig Ilie activities of Ilie Charity 011 a day-to-day basis. The pay of tlie KMP 15 reviewed aiinually usiiig beiicl)marking against other charities withiii the industry and pay levels are sel using budgetlforecast and aflordability factors, The board then agree any uplift to rcmuncralion. Induellon and tralnlng of new trustees Trusiees are giveii appropriate iiiduclion oli appoiiilinent aiid will be provided with access lo appropriate Irainiiig during their appoinlinent lo Ilie board. Risk management Tlie Trust has identifLed key risks as follows and developed a nianagement plan ID aineliorate tliose risks: Key Rl$k R¢li&nce on aiinual surpluses from the operating compai)y for fiiian¢ial suslaiiiability Severltyllmpact High Rlsk ManagFement ActlThns A licence lo operate 15 in place with p¢pp¢rconi rent. B¢tter ihan aiilicipat¢d fiiiancial p¢rfoi'niancc to dal¢ by the operating conipaiiy has been observed. To reduce reliance on the operating compaiiy, the Trust is active iii ils own fundraisin activities. Coiitiiiue lo develop and expand relatioi)sliips with surrounding Jieighbours aiid coinmunilies. Los,8 of theatre licei)se or limilalion on iisage. Mediuni MaiiitaiLI and upgrade Iiealih and safcly polici¢s, proceduTe5 and infraslructiir¢ as a ro riale. Nuiiierous fiindraising iiicom¢ s1reali￿ are in operation, including Tyne Tl)ealr¢ Production5, resloralion levy on tickets, friends income, naine a scal incom¢, collection buckets in the th¢atr¢ and the Theatre's Tnisl Kickstarter scheii)¢. Liniiied fiindraising opportunities for major refurbishment of Ihealre. Mediuni The Trust is also succ¢ssfiilly workiLig with a Ihird-party consultant lo idei)li ant fundin ortunities ali ned to biiildin -related ro ects. Routine maint¢nanr¢ and r¢gular checks are carried oiit. Major maintenance eniergency reqiiireinei)I discovered in the tlieatre. High A programme of capital exp¢ndiNre and repairs continues lo ¢volve to ensure lil riorit r¢ uir¢Jii¢nrs are addressed on a case-b -cas¢ basi5. Page 5 TYLYE THEATRE AND OPERA HOUSE PRESERVATION TRUST (REGJSTERED NUMBER: 03874271) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTIiA TIVE DETAILS Reglstei'ed Company number 03874271 (England and Wales) Reglstered Charity number 1120746 ReElstered offlce 117 Westgale Road Newcastle upon Tyne Tyn¢ aiid W¢ar NEI 4AG Trustees A P Butland R Dougal K Fadden (appointed 2613120241 R J Graham (appointed 261312024) l R Harris S M H¢ri)aiidcz Laffey (appoiiited 131712023) J Lamb (resigned 291712024) J W Lloyd J Richai'dsoii R Singh (appointed 261312024) B N Spcker C M Squires (appointed 261312024) M J Wilmol J J Dougal Cl)ief Finaiicial Officer (resigned 1111120231 LOCBI Authorlty Representatlves CounLillor M Mafemba (appoinl¢d 13 July 2023) Councillor A Walker (appointed 13 July 2023) Treasurer Vacant Senior Managen)ent TeAm J Hig8ins (CEO) J L Johnson (Theatre Director) (I'esigned 241512024) Company Secretary A P Biitland Senlor Statutory Audltor Lesley Stabl¢r BA(Hons} FCCA Auditors Sunier Audit¢0 Liinited The Beehiv¢ Biiilding Beehive Ring Road Crawley Galwick RH6 OPA Bankers HSBC l O Gyey Street Newcastle iipon Tyne NEI 6JG Pag¢ 6 TYNE THEATRE AND OPE114 HOUSE PRESERVATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Tyne Theatr¢ and Opera House Preservation Trust for the purposes of coiiipany law) al'e responsible for preparing the Report of the Trustees and the finaiicial statements in accordance with applicable law and United Kiiigdom Accounting Standards (Uiiiled Kiiigdom Generally Accepted Accounting Practice) including Fillancial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Irelaiid" Cotnpany law requires Ilie Iruslees lo prepare financial statenienls for each financial year which give a true and fair view of Ihe state of affairs of the charitable coinpany and L)f the illcomiffig resources and application of resources, including the incoiiie and expenditure, of the charitable company for Ihal period. In preparing those financial slateinents, the trustees are rcquired lo select suitable accounting policies and then apply Iliein consist¢ntly' observe the methods aiid principles in the Charity SORP. make judgements and estimates that are reasonable and prudent; prepare the finaiicial slalemeiits on Il)¢ going concerii basis unless it is iiiappi-opriale to presum¢ that the charilable company will coiitiiiue iii busiiiess. The trLLgtees are responsiblc for keeping proper accountiiig records wliich disclose wilh reasonable accuracy at any lime the finaiicial position of tlie charitable company aiid lo enable them to ensure that the financial staterneiils coinply with the Coii)p&i)ies Act 2006. They are also responsible for safeguarding the assets of Il)e charitable compaiiy and hence for lakii)g reasonablc steps for Ihe prevention and detectioii of fraud and other irregularities. In so far as the trusiees are aware,, Iliere is no relevaiit audit inforinatioii of whicli the charitable coinpaiiy's auditors are unaware, and Ilie trustees liave taken all steps ihat they ought to have taken lo makc Ihen)selves aware of aiiy relevant Audit iiiformalion aiid lo establisli that th¢ auditors are aware of that infornialion. AUDITORS Tlie auditors, Sumer Auditco Limited, will be proposed for re-appoinlmenl at tlie fortlicomiiig Aiinual General Meeting. This irport lias beeii pi'epared in accordaiice with th¢ 5p¢cial provisions of Parl 15 of Ilie Compai)ies Act 2006 relaliiig to small companies. Approved by order of the board of ITUStee5 011 3 Oclobei. 2024 aiid sign¢d on its behal f by.. M J Wilmol - Truslee Page 7 REPORT OF THE INDEPENDELYT AUDITORS TO THE MEMBERS OF TYNE THEATRE AND OPERA HOUSE PRESERVA TION TRUST Opinion We have audited tlie financial statcmeiit5 of Tyiie Theatre and Opera House Prescrvalion Trnsl (Ihe 'parenl charitable ¢ompany') and ils subsidiaries {the 'group') for the year ended 31 March 2024 which Comprise the Consolidated Sialenient of Finaiicial Activities, Ilie Consolidated aiid Pareiit Cl)aiilable Coinpaiiy Balance Sheet, tl)e Consolidated Cash Flow Statement and iiotes to the fiiiai)¢ial stateinenls, including a SUTnmary of significaiil a￿OUntIng policies. The fjnancial reporting fi'ainework that has beeii Applied in their preparatioii is applicable law and Uiiited Kiiigdom Accounting Standards {United Kingdoiii Gei)erally A¢¢¢pted Accounting Practice), including Fiiiaiicial Reporting Slai)dard 102 'The Fiiiancial Reporting Standard applicablc in tlie UK aiid Republic of Ireland,. In our opinion Ilie financial stalements: give a true aiid fair view of the state of the group's aiid of the parent charitable ¢ompany'5 affairs as al 31 March 2024 and of the group's incoiiiing resour¢¢s and application of resources, including its incoine and expenditure for the year then ended,. liave been properly prepared in accordance witli Uiiiled Kiiigdotn Generally Accepted Accounting Practicc, Tncluding Financial Reportin8 Standard 102 'Tlie Financial Report ing Standard applicable iii the UK and Rcpublic of Ireland and have been prepared in accordaiice willi Ilie requireniei)Is of the Companic$ Aci 2006. B9$1s for opinion We conducted our audit iii accordance with Iiiten7ational Staiidards on Auditing (UK) (ISAS (UK)) and applicable law, Our respoiisibilities uijder Ihose standards are further described in the Auditors, respoiisibilities for the audit of the financial slatemenls section of our report. We are indepeiideiit of the group and parent charitable company in accordance willi the ethical requ1￿me1]IS tliat are relevant lo our audit of Ilie fJn