2024-03-31-accounts

REGISTERED COMPANY NUMBER.. 06693227 {England and Wales) REGISTERED CHARITY NUMBER: 1127952 REPORT OF THE TRUSTEES ANO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE NATIONAL THEATRE OF WALES ITRAOING AS NATIONAL THEATRE WALES) MHA LLP Chartered Attountants & St8lulory Auditors Elfed House Oak Tree Court Cardrff Gale Business Park CARDIFF CF23 8RS

THE NATIONAL THEATRE OF WALES ITFL4DING AS NATIONAL THEATRE WALES) AND SUBSIDIARY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report ofthe Tfuslees 1 to 10 Report of the Independent Auditors 11 to 13 Consolklated Statement of Financial Acts'vilies 14 Consolidated and Charity Balance Sheets 15 Cash Flow Statemonl 16 Notes to the Cash Flow Slalement 17 Notes to the FinandBI Ststemenls 181035

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES) (REGISTERED NUMBER: 066932271 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, whts are a150 director5 of the charity for the purposes of the Cornp3nies Acl 2006, present thelr Teport with the financial stalernents of the tharity for the year ended 31 March 2024. Th8 trustees have adopted the provisions of Ac¢ounting and Reportyn9 by Charitie5'. Statem8nt of Recommended Practi￿ applicabltr lo challti8s preparing thwr aco)unts in accordance wllh the F¢nancial Re￿rtIng Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 Jan￿ary 20191. EXECUTIVE SUMMARY The mosl notable event ol this fina￿la4 y8ar was the annOun￿ment in Seplembfrr 2023 that 100% of Ihe companls core funding from AJts Council of W81es IACW) would cease from 1 April 2024. Since ￿tS inception, The National Theatre of W81es I￿VI has received rnulli-year portfolio funding from ACW. therefore rernoval ol Ihls grant necessitated a complete and total revSew ol the operallng rnodel and strategy of NTW. At the b￿InnIng of thg calendar year 2024. followlng the outcom8 of an unsuccessful appeal to ACW in late Decernber 2023, th¢ Board and the Executive began an urgent restrktcturing 5XO9ramme, fo¢ussed inS1ially on reduciftg coststo enable the futu￿ viability ol the organisation. Annual staff costs have been red￿￿d by more than 80% and NTW1s now a remote workiro organlsation, having vac8tsd our office prernisg$ at the entt ol the finanaal year. Having reduced costs, the Board is now focused on developin9 and implemenllng a new strategy for NTW, which it plans to complete by March 2025. NTW is eligtrbl? for transition lunding, payable In instalments frorn ACW, up lo a rnaximum of 20% of the previous yg0rf8 full-year funding. totalling £407,000. Thertr arè restrictlons on this fvnding an(J Iherefore It can only be used to cover exceptbnal costs resulting frorn the bss of ACW lunding. and in the development and irnplementation of a new strategy forthè charity. At the tirne ofwriting. £181,000 has been received. Despite the core fundin9 Citl. NTW has continued to div8rsfy its income from other sources, ￿th over 50% ap￿￿2￿On success rate in 2023-24. The CompÈny has lundrai$ed £281,139 from attemativfr sourtes to continue to deliver TEAM o)mmunity and outreach pr(iecls across Wales In 202412025. n approving the fin8nci81 Ststements. the trustees have a reasonable expectstion the charity has adequate r8sourc85. and a stroThJ enough fundraising plpollne, lo continue to operate forthe foreseeable fvtttre, albell with 8 ￿duCed 5￿p@ of activity. Resources ￿11 now be focussed on communty outreach and arts education work throu9h Ihe TEAM (Theatrè, Education, Arts and Musi¢l programme. rather than larg04calè thaatrical produc1￿$. This work continues lo olign with the charitable objects of the organisatk)n. OBJECTIVES AND ACTMTIES National Theatre Wales was created in 2008. Our charitatjle obJ'•et5. as set out in our Article5 of Associalk)n, ar&.. To promote and assist In the a(Ivancement of the education of the public so far as this shall be ¢haritab19, and in particular. lo procure Ihe performance ol and I￿¢￿ase the understanding of th8 dramatic arts in 811 thelf fo￿￿, in Wales 8nd eÉs&where primarily through the medium of the English language. NTW has presented over a hundred powerful, nAtionally significant producbons. ranging from the inkn.mate to the epiG We have created work of lasting impact and global reputation, garne￿ng critul accjairn for notable w¢yk5 Such as The P8S51on 120111, Coriolanlu$l120121, Mametz120141, The Insatiable, Inflatable C8ndylion120151, City of the Unexpe¢ted120161, On Bear Ridge120191, Peiula120221. Clrcle of Fifths12022-241 and Feral Monster120241. NTW ha5 a150 delNered a range of Iheatre maker, participant and audience devebpment nitiats'ves which weave through one another and our productions. In this way, we deliver d9ep and wide-ranging impact for the sector and the people of Wales. Page 1

THE NATIONAL ThEATRE OF WALES IYRADING AS NAnoNAL THEATRE WALES) {REGISTERED NUMBER: 06693227) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Impact During 2023-2024. NTW engaged wEth over 15,000 rnember5 ofourcommunities across Wales and beyoTrJ- 19% olwho were children and young people. W8 organised 94 participatory 5e5sions, from school workshops to ￿￿[ding8 of community stories. NTWS digital reach 9rew further.. we welcomed ov8T 50.000 website visitor6 and 2.2 mS11ion peo￿8 engaged ocr055 digitaj thannejs. NTW supported Iheatre m8kers and creatives Wales through many programrnes, including residendesfor 15 artists fo￿Sed on co-creation. an emerying dramaturgs programme lo¥ eight artists and the ¢￿atIon ol TEAM Collectiv8 fo￿ed t)f ning &Stablishgd veatives. Emerglng and oarfy career creatives were glven development opporlunilies irKluding.' len earty career ¢￿a￿veS. aged 18- 28, taking part in OLtr new Young Colle¢live', 12 musi￿3￿5 learntng about rn8￿ng muslc for thèat￿ as part of Feral Fest and 12 young people storytellers connecting wth thgir cornrnunities to share storles In an exhib(tion of audio portraits. 18 artists ware undèr commission, including new Commissions this year. to create and devebp ￿alIve wort. 94% of these artists and theatre makers under CL)mmission were Irom under-rep￿Sented bad(gYounds within the 58ctor. NTW employed 27 membets of core st&ff an¢J a 3knlled freelance and voluntary workforce of 330 theatre makers and creatives. NTW produced and lou￿ 3 productions- all develop¢d wilh audieFKes and comm(M￿&S across Wale$. In line with its cornmilm8nt to sustainatde ways of working. 100% of produdion$ were delwered at the basllne18vel of Ihe Th88tr8 Green Book. meanlng 50% of materials hava ien used before and 65YD w511 go on to have a future life. Strate9y NTWS 2023.2￿27 Strategie Pl8nwas developed in 2023through a Mde-ranging consultation exerose Staff, OUTBoard, and TEAM Panel rnembers, theat￿ makets. collaborators and stakeholdets, rneMbe￿ ofour audienceand other Snterested part18S. Given the change In Irrws furjding position, this strategy is currenuy undergoing signilt8nt rtvEèw. th8refore reference t the previous str&tegy 18 fA)n&dered unhelpftd. With a ￿vIsed focus on the TEAM pro)ramm8 ofwork. NTW wll continue to dHmpion equality of•cc85s and fxnnection Ihrough Its work with communities and artists across Wales. Through TEAM- tyjr ￿tWOrk ofour comrnunity-based artists, activists 8nd lead8rs- we will wntinue to develop and deepen our partnerships with communities and indiv4dua15 across Wales and intemationally. We will conlif¥Je to catalyse change by boostin9 the power ol communttles, and channelling stories and experiences ihrough a neiwork of voices traditionally exduded from cultural aetivity. Publle benellt W8 have referred to the guidance contained in the Charity Commission'$ guidance ort public benefft when reviewkng our aim$ and obiectives and in plannitFg ourfuture adivSties. ACHIEVEMENTS AND PERFORMANCE The changed behawour of audiences irnpacted by COVID-19 and the costwof-livlng crisis meanteontinLkWS innovation has been reqvired to retai￿ existing and engage wsth new audlences. In 2023-24, N1Ws' Producing. Collaboralon and Audience teams w8re working more closely than ever to.. dlverslfy thèatre aud￿ne•S and cultNat8 younggr audiences (to benefit both touring venues and NTWI renew focu5 on box office and Sales aetNely d8v8lop new Work through grass.root5 Telatlonship5 wilh communthes ensu￿ the vol￿$ ol people in Wa18S 8re at the heart of the work we produce broaden rany& of - and increasg- opportunllies IOT freelancers and 8rtists aer058 Walès to work %￿th us. Page 2

THE NATIONAL THEATRE OF WALES (rRADING AS NATIONAL THEATRE WALES) IREGISTERED NUMBER: 066932271 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Productlons idstown K￿$tOWn was conrRived by artists Nlg•l Barrett and Loulse Marl. Borne out of the realisatlon th8 Covid-19 pandemic and the dimate emergency h8d profoundty 8ffeeted a 9gnerati(m ol child￿n, It airned lo proMd8 an experieno whth revived a Sense ol tr￿d￿rn and jgy. 2,630+ people W￿$Ited, rnany staying for the whole five hours, and returning day att£r day 36% of klds came back for m(xe than one day,. some We￿ there from start to opening tirne untsl doslng every day 86 freèlanc8 theatre makers from across Wal6s were ernployed. trained and supported to rnak8 Kidstown happen 8 accessibility 8858ion3 were held from BSL to ￿laXed sessions 23 'Kidstown Exp8rts' employed Irom each local area were on-site, helping the clwldren to un1￿k their reatiV8 Potential 1.23 million engaged via tel8vision and radio, IncludlNJ on 88C Ona's BBC Breakfast TV 800 packed lunches were given to child￿￿ 150,000+ ifflprgsslons on X If(Kmedy Twitterl during IiY9 iweeting 100+ suitcases We￿ filled with props, Costurnes and ¢raft materfals for th• ehrJdr8n to lum into all sorts of creatkJns- uslng mainly recycled and second-hand items Schools ￿SOurCeS for lQdstown were developed and piloted in collaboration V4ith 3 teachers and 70 year S pupils at Milton Primary School in NawporL Thèse w￿1 b8 dislributed to schods across Wales vla Hwb. Our partners and sponsors were in$trurnenlal In the project's suce¢ss: E15taddfod Genedlaethol Cyynru, Opgn NewtowF>. Oriel Davies Gallery in Newtown. Beaufort FC Football Club in Ebbw V818, Edensione Homes and Aaron & Partners Soliiitors and IKE Clrde ol Fiths is an Immèrslvg producuon comtAnlng film. muslc and thèatra. directsd by film and thealrevmaker Gav Porter. It premlered in June 2022 in C8rdiff. opening to crftical acclaim. Circle of Fifths was seen by 982 pe¢)plÈ across 14 shows and was wamily ￿Ceived. Tovring the work to sm811er theatre spa￿$ as well as outsid¢ of tradit4.onal theatre venues and in more rtsral cgmmunities. like a chapd in Chith. brought In new audiences. *** 'IAI beautilul and rnomng portrait of a pla¢e and ils people.. Guardian The tour also opened up opportunities for rxeabves and young peoplo across Wales, includ&ng shvwca&r@ ktal artists at IW TEAM Soc#al èvolEts. Fera Mon Feral Monster Is a new rnLt5ical ￿Iebratrng teenagers and LGBTQIA+ Wa185 written by B8than Mathjw. directed by Izzy Rabey and with music by Nicob T. Chang. From 15 Februaryto 22 March 2024, Feral Monster toured to Shemian Theatre In Cardiff. Aberystivyth Arts Centre. Pontio In Bangor, FfvJme3 in Llanelli (Theatrau Sir Garl and Theatr Brycheiniog in 8recon, with 15 perfomiance5. To h8V8 this (wportunity to have my vA>rk pruduc8d by a nafvon81 Iheatfft company and for the quaernoss of ft to b& cglebraled has bew so valuable for mé on 8 P8rs¢>n818nd pmfessional level. l am Iiopln9 It wlll opèn for me to ¢f&ate rn0￿ ¢weerlheètre. bofh in and out of W8les.' Bethan Martow, Feral Monster ￿ayWngfiI The show reached 821,463 people across live and dvjital activiti85. Feral Monster was watched by 2.538 audience rneMbe￿ across the tour. Show reports showed 'rapturous applause and che8ring' after each perfom)anco and a standing ovation at all venues. The show focus8d on CAJltivaty'ng theatre aud￿nCS of the luturè in linè wjth Ihe W811being of Fulur8 Generations Act.. 29% of audiences at Shemian Theatre We￿ under 25 years old. The BOK Office target was surpassed by 11% and addityonal grant income of £34,5¢)O was secured from a coTrorale spon80r and trust and foundallong. Access to the8lr8 was ￿￿ened through largeted, personalised inwte5 to key audienco grwps wh) don't usually atter the8tre, Induding free tickets. transport grants and discount codgs. Our collaborats.on learn Ofganisedvarious events and programmes to open up access and as 8udi8nce d8v81opmènttools. Partnership3 with Principalty BuSlding Souety and Jack Arts supported the work, whth was postbvely rev￿¥%￿d. Page 3

THE hlATIONAL THEATRE OF WALES (rRADING AS NATIONAL THEATRE WALES) (REGISTERED NUMBER: 066932271 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 * "Orun818ndsm8rt... The hope, angst and anger Mll appeal to anyone who ￿. or h8s ev8rbeen, 8dole$¢•nl." The Stagè 'A nwlng success... A Mus￿1 thèt breèlhlessly t8ckn everything >kn elasslsfft Io addiction to ngurodiveryenGe to the postmoGlem nuanc&s ofqu08r￿8nt1(y. .Thg intern9d￿n ofGlass w7h allol FwalAlons18rfs other issues is its mosl defining andsuccessful tr8il.' Buzz Magazine **'[AJresounding ¥Ch￿veMent... Imaglnabv8 andpac8y"_ IWA- Welsh Agenda *** 'Thares no short￿6 of smart id88s in 88th8n M8rtows drama of adolescent &wakenlng in rur81 W81es... Marty Langthome'È lighting is exquisite, as if the stage is a pulsating h88rt, fitto bursL'. The Guardian Entertalningbul 8150 thought-pmvoking... ￿th an inpres$ive cast. LGBTQYMRU Creatlve development Commissions and R&Ds NTW continued ts programme of commlssloning an¢J devdoprnènt which engaged a rdnge of Welsh artk8ts from mora established Creallves inlemalional profile through to the brightest voi¢es of an emergent generation. 94% 01 writers and artists under comrni55K)n were frorn an under-represented 9roup in the sector. This prograrnme has again mel and èxcèèded thè tsrgels set out in the 2022-2023 Strateglc Equaliues Han. Suppx)rfng Dramalurgs Thanks to support from the John Ellerman Foundation, NTW is developing dramaturgical tslent across W818s. Al the stsrt of 2023124, there were 141 applications in ￿sponSe to an open eall for dramaturgs tri support prcAluctions. coinrnis5ions and NTW. The following dyamaturgs wère selected because they shared lived experiences wlh the lead crèatives andlor Ihe themes of the showslcommis5ions, and th8 lead ¢reative3 We￿ part olthe selection process. which greauy benefitled the ￿eatsVes and the woth produced or devewd. Crealive ¢hals rw supF<Jrted 52 theatre makers, artists. and those aspiring to work In the Iheatre seetor through onethour $•Mlons. These Creative chats were taSlored to address Sndsvldual needs. providing attend8¢5 wilh support in vari¢xJs fo￿￿, such a$ signpos'ng, introductions, project discussions, and general gutdance. The Cornp8ny8 Creativg Development team rnet th ea¢h artlst, uffèring a welcorning 21rn0sphgre. Ma Zoom or In Ihe office. as wett as practkal assistance. In Nne with N7Ws' eommitment to fost8ring arbsb'c ¢onn8Ctions, the Company fac41itated neiworklng ¢)pportunitie5, knking artists wth relevant organisation5 and indivhyuals. c￿tIVe chats were paused In January d¥J8 to lh8 Cornpany l?awng the offlca premises and staffing changes. ArtistS4n-residenc¢.' Co-creatK)n Thanks to fvnding from the Esmée Faltbaim Foundation, NTW has suptK)rted 14 Welsh and Wales-based artists ovtrr 8 year to think about different ways of rnaking work and the different ways they can connect with their comrnunilles. The artists were recruited through an Open￿11 pro￿$$. They were involved in waek8nd residencies. workshops ¥￿th art15ts well-v8rs8d in cornmunity exph)ratlon And were glven a bur58ry to allow thern time to think deepty about what co-creation means to them. Collaboration Over 5,600 people from tomrnunitse5 across Wales took part in cre8tin9 thealre and engagement projects. Throu Cojlaboration. NTW engaged 2,871 children and youNJ people, whlch made up 19Yfj of our audi8n¢e. Page 4

THE NATIONAL THEATRE OF WALES (rRADING AS NATIONAL THEATRE WALES) (REGISTERED NUMBER: 06693227) REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 MARCH 2024 Sustalnablllty Reducing our carbon impact an(J raising aWa￿￿eSS of the rjimale crisis a￿ lundamental parts of what NTW doe$ and how it operates. Wth all productions, NTW now rneels Theatre Green Botsk'5 8as8iine standard of sustainatslity. meaning * least 50% of materials have been used befo￿ and 65Y4 have gone on to have 8 future lrfe. For some shows, 85% of materials had a previous life and 90% went on to hav8 a fuiure life. FundraF51ng There was 8 42% oppltation Su￿$ rate In 2023124, induding grdnts Secured from Esmèe Falrbaim F¢J￿I￿tion's Fundin9 Plus. the UK Government through the Shared Prosperity Funds administerEd by Cardiff Councill, PRS Foundation's Thg Open Fund and Maria Bjomson Memorlal Fund. The Company rèathèd out to businesses across Wales nd secured corporate sponsorship from the Pdnclpality Building Society and in ￿nd corporate 5UPPOrt frorn IKE& Jack Edenstone Hornes and Aaron & Partners Solicitors. Individu819iwng activity was okindled with rne5S8ging further embedded aCTOSS communlcath"orns, particularfy box office prwesses. resulting in inerea5ed donations. Rdation3hips were maintained vllh existing rnulli-annual fvnders, such as John Ellemian Foundation and Esrnée Fairbaim Foundation, and now ¥6lationships were cultivated to underpln core fundraising Èttwtbes in 2Q24125. Given the CUr￿￿t fvnding posthon. NTW Véill continue to cultivate exisbng relat￿nshIps, and expand ts ftJndin9 pipellng futher. Operatlons HR & Well-b8ing In Ihe first haifof the financlal yoar. NTW rontinued lo priorftise staff well&lng through varfous iniliauves. The C¢Jrnpanls FlexSble Working Policy enabled stsff to take a balanced approach to working arrang8rnents. A new Time Off in Lieu Pojicy has supported staff to improve how they are compeasat8d for overtimg worked, specifically during producbon-heavy periods. NTW c4)nb"nued Its eommitm&nt lo employee groth with tralning seSS￿n$ dellvered on a￿eSSIbI.11ty and safeguarding. Speethe tralning on marketing and lundraising, was und&rtak8n to devdop the s￿1[8 of staff speclallsing in the58 ar8as. Two staff undertCKJk Mental Health First ANI training by Cult Cyrnru. The Company SUPFX)rted stair5 physical and mental health by Introdudng a n6w eMpby￿ assistan(x programme from Wesffield Healtti. We fundèd eounselting for specific people before the Westfield Health wo9ramrne w8s intr(NJuced. In thg second half of the flnancial year, st8ff became ewafe of the fvnding srtuation. and that ￿d￿ndancIti3 would be necessary. A consultation process was inibated in 2024, CO￿ludIng Sn the new financial year. Governance In April 2023, Yvonne conn1￿¥ and Sharon Gllburd were 8nnoun¢ed as the new Colhairs, W￿l￿ a wami rerplion. To enhance tranSpa￿neY and rnanagement. NTW deployed an ytmjated Quarterly Reporting format for the Arts Council of Wales Revenue Funded Agreemen¢ and trustees, and a dynamic Risk Management System. empowering the Board to rn8ke informgd dewions with ielevant rnslght. P8ge 5

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES} (REGISTERED NUMBER: 0669322n REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW As of31 March 2024. the group's free reseNes amounted to £466.20712023.. £165.2181. This is after providing for£60,(KJO dilapidatkjns, This figure is above th8 guidelin8 level set in the group's Reserves Policy Isee later in the report) as due to the current posttion of the organis8tion, it was agreed to wrtte bad( the desfjgnated reseryes to free reserves. The group ha5 been utili5ing these free reserves to fvnd Its oppration into th8 n8w financial year of 202412025. However, as a result of ￿$SatiOn of funding from ACW, the￿ exists a material uncertainty which may cast Signifi￿nt doubt on the Company's abilityto continu9 85 a going Concem. This malerlal un￿rtaInty8[1ses duèto Ihe need to 8ecuresuftic48nt altemative fUnd￿g and successfully implement the new strategy to rnaintain financial sustainability. ReseNes pollcy In accordance with grK)d co￿￿rate govemanee and Charity Cc¥nrni5s10n guidelines, ihg group has afvrfays maintalned 8 tsrgel minimum level for free resetves. Tha group holds rèsèNas for Several re8sons.' they help provlde short-temi eash flow, to allow èxpendilure to be incurred ahead of income being received- Ihey provide contingency to help mitig818 th8 impact of unexpe¢tedlunforesaen expenditures,. they assist budget managemènt, by allowing pressures to be dealt wth, or investment in seNlces fnade. whilst a longer-temi sol¢Jtion is found.. and thty can help cornmibm8nts lo bg met in the event ol a ¢essatbn of fvnding. In summary, the hdding of reserves helps to provide liquidty, security and undervrriting. It provid88 transparencywhith in lum provides increased accounlabillty to frjnders and stakehold9rs and glves them confidence in the financlal managetn8nl of an organL%ation. In dofng so It makes a po3itwe c0ntrilxjti￿ to the ￿pU￿tIOn of the organisation in terrns of being seen to rnanaga funds properly and prudentsy. The groups Reserves Policy for this accounting period ￿ds setfolkJwing an evaluation process taktiig into account Several factors induding an assessrnenl ol three rnoRlhs' sp8ndin9. identified areas of financol rfsk and the'runrf costs. needed should the gmup cease trading due to aloss ol cKJre funding. The 18vel of free reserves as of 31 March 2024 is more than Ihe group's target figur8. bul the poltcy will be rewsed for 2024-25 in line wilh the new operating mod81. focu5sed on Ihe TEAM prograrnme, le￿Sed 31affing and operatrThJ e05ts. Pension The Company has tn place a 9￿up personal pension stheme, on 8 d8fined contribubon b85i$, administered by Roy81 London If0m￿dY Scottish Lrfel. The Cornpany makes agre￿ employer Mntributions ¢0 the Scheme. every month. These wwe at a rate equlvalent to 5Y• of gross salary Ihroughout 2023-24 as theywere in 2022-23. Durfng 2023-24 contributions wwe made for 811 eligible stsff joining the scheme. AS of31 March 2024. 17 staff We￿ Members oflhe CompBny pension ¥cheme. equalin910 all those eligi￿e to b8 SO then. Three employs were not a rnern￿r of th8 scheme. due to being %wthin thelr poslponement pertod, and whoioined the 5ch8rn8 after their postponement during Ihe 2023-24 financial year. The Company also makes contributions to th8 defined contribution scheme 8dminisiered by Aviva on behalt of Equity. where it employs actors and Stage rnanagers who are members of the scheme. Per industy coTrditlons of service, and autonrolmenl gutdelines, the Company contributed the 8qulval8nt of 5% in the 2023-24 Iln8n¢ial year, the same a¥ in 2022-23. where it was applicable to do so. Scheme members contributed at 8 rate of 3Yo. Page 6

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES) (REGISTERED NUMBER: 066932271 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS NTW has fundrai5ed £300.904 from olhersour￿s (Shared Prosperity Fund. John Ellem7an Foundation. Esmée Faithim) lo continue to delNer Iheatre, educatiC￿, arts and rnu5ic (fEAMI proje¢t8 across Wales from 140rf12024- 31 March 2025 as it transitions. Convotsation8 ar8 8lre8dy tsking place to estsbllsh a fundlng pipellne into Ihe fin8ncial year2025-26. the tnjstees have a asonabte expectsbon the Charity has kd8quate r850urc&s to continue ts opera￿orts for the foreseeable fubJr•. TrAnS￿On fundsng will olso support wth ¢xceptional costs as the organlsation pivots and restructures. Actlvities su￿eSS￿j1IY frJndra15ed for and planned for the year 2024.25.. Skllls developmont ond ne￿￿￿.buildlng for emerging and mld-career theatre-makers and creative freelancers, induding a serfes of commlssions and events call&d Th8 City So¢ials,' Schools, prf4ects, improving the skn'lls. resilience and confidence of teachers and pupils in Ca¥diff'. Young Collective, 8 programme for 10 young creatrves to develop confidenc6, nètworks and leadership skills,. D8veloping 9 cornmunty arts leaders through TEAM Collective. whkh puts people at the heart ofthealre. mak'ng.. 6 ¢ommunlty projects to impn>ve wellbe6ng, sknlls and confvjence., development a new Fxoduction, written by one of Wales, most crftically acclalmed theatre talènts Seiriol Daw¢s. in ￿llabOratIon wjth Sherman Theatre. Card6ff. Given the change In lunding. th8 truste8s realise Ihe importance of fo¢uslng on a swpè of wovk can be athi8ved with funding from trusts and foundations. TEAM has shown itsew to be successtul In ac￿SsIng such funds for its work. Operating costs hav8 b8en ￿dUCed to enabte an O￿an1$ab"on of this scope to SUCC8ssfully operaL8 tn Ihe cuThent fundiwJ landscap9. con￿MIng the stagiNJ of scal8 theatric81 work, stralegic alternatives a￿ belrKJ exFAored ￿￿th the se(tor, thou9h il 18 accepted this is no longera focus for Ihe tharity due to exlreme funding constraints. STRUCTURE. GOVERNANCE AND MANAGEMENT Gov¢min9 do¢um¢nt The Natwèl Theatre of W8188 lfftl was incorporated as a company Ilmlted by guarantee and not hawn9 8 Sha￿ capital on 9 S8p18mber 2008.11 is wistered as a charity ￿th the Chailty Cornmis5ion 8nd regarded a5 Such by HM Revenue and Customs. Rocruotment and appolntrnent of new tru$t¢es NTW wa5 8Stablished with 8 core fundln9 wmmitment fTr)m the Arts Council of Wales and the Welsh Government. Thes8 bodEs adVe￿Sed and appointed achairfollowed by eightfurther trustees in 2008. Mgrnb8rship is open to individuals, o apply In Ihe form required by the directors and are 8pproved by the d1￿clor$. Membership is non-tran5ferd￿Q. Th8 Compan￿3 Artides olAssociation slate that.. A petson appointed to lh¢ office of directorfortsvo consecutive ternis shall, at the thlrd Annlversary Boa￿ Meeting arising during histherseeond term as a 4Jirecttsi, reti￿ from Offi￿ as a director and shall Iher8fore be in81igible for re-electnn as a director for a perfod of two years unl•ss th8 Board resotV8 that he15he may be eltgible for fe-election as a director for such further perh)d not ex￿edIng thre8 years as th8 Board in its absolute discretion sees fit. Where a director is rele(ed for a thlrd temi pursuant to Article 2 ab¢)ve, helshe shall retir8 from office as a direetor by the third Anniversary Board Meofjng following tha passing of tha resolution referred to in Ih81 Artide. Any d1￿CtOr who fetires pursuant to thls Artide shall thereafter be Ine1￿1b10 for ￿-eleCtIOn as a dire¢¢or (fora period of three years). is a fesult, hawng stood down and been relected to the Board In February 2011, the Companls 0ri9inal trustee5 wer8 subsequenuy subject to retirement per an agreed process of rotstion. This conduded in March 2016 wlh the retirement of thè loundiro Chairol trustees. This rotatK)n aPP￿a¢h ensured a continulty of management during the retirement process. During that process, several n8w trust885 wer8 appointed, including a new Chair in Decern￿r 2016. A new 58ries of retirements and recruitm•nts hav8 tak9n placg on a rotstion basis from 2018-19 onwards. As of 31 March 2024, a Board of 8 trusteès was in place. The appointment of further tNslees wll o¢cur as appropriattr, considaring tho sklfls and eX￿rienCe of Ihe indivlduals concemed. Page 7

THE NATIONAL THEATRE OF WALES RADING AS NATIONAL THEATRE WALES) {REGISTERED NUMBER: 06693227) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Welsh Langua￿ Standard5 NTW is sublect to compliance wth the Wetsh language staThSards vta a Compl￿gnCe notic• relating to section 44 of the We15h Langu&ge IW81esl Measure 2011. These Standards promote and fa¢ililale the Welsh langua9e and ensu￿ It Is not treated less favourabty than the English laryuage in Wales. As part of NTWS, eompllance ￿qUIT8M8nts, the standards appear on the Company website along with the Welsh Language Complaint5 Policy, th8 Welsh L8nguage Standards Annual Report arKI the Welsh Langua98 Strategy. During 2023124. rKJ ccmpFaints wore fec8Ned regarding NTWS, Welsh language standards compliance. The Compaty recelved posllfve feedback on its We15h Language Strategy. Organl$atlonal 8tru¢ture The Board of Tiustees meets on a quarterfy basis and has eslabllshed two subcornmitte8s- a Finance Subcommilt88 and a People & Polides Subcomrnitt99. bvhKh meet quartèrty and bi&nnually r88p8ctWe￿- with appropriate matters d6￿gated accordingly. t￿rIng most of202&24 the day-to4ay running ol the Company has been In the hands of 8 full-5tsff ieam, headed by the Chief ExecutivelArtisti¢ Director. However, due to the changè in funding, Ihis struclure will change into the new frn8nu81 year. The Company also has a wholly-own8d trdding subsidiary, called NTW Produetions Limited, via the delfvery of its productions Is transacted. The Cornpany pays a comrnlsslonlng fee per production to the trading Company which equates to the cost of producing lh9 show, less any Theatre Tax Relief credit ¢h9 subsidiary is entmed to claim for the productr.on 1811 Claims forsuch credits are processed via the subsidiaryfor reasoTrs of a¢countw tran5paTencyl. Th8 trading Cotnpany Is overseen vla a Board ol Directors which comprises the Companys Arbslic Director, Executiv8 Director and DSrector of Pmduc*ng. t¥vo trustees (the Ch81T of the Board of Trustees and tPie Chair tsf the FIn9n￿ Sub Committee). and a non- execuuve director. REFERENCE ANO ADMINISTRATIVE DETAILS Registered Company number 06693227 (England and Wales) R•glst•r•d Charity number 1127952 Regtstsrgd office Tramshed Tech Unit D Pendytis Street CARDIFF CF1168H Page 8

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL TH&4TRE WALES) IREGISTERED NUMBER: 066932271 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trust•gs c1￿chaIr C(pChair Yvonne Connlkle Sharon Gilburd Clive Wllkim Jones IPrevM)us Chalrl Simon Keith Plrotte Sian Do￿t Anna Arrieta Miguela Gonzalez Robert Edge Tatslla Khan Stacey A¢kers SanjN Veili Slmon Stephens Joanne Lilford Stephen Dimmick Appointed 24 April 2023 Rosigned 24 April 2023 Resigned 24 April 2023 R8swJned 31 December 2023 Trust99¥ Roslgned 29 Movem￿r 2023 Resigned 310ecember 2023 AppOInt￿ 26 Junè 2023 ExecutÈve team Chief ExeculivelArtislc Director Executive DirectorlDeputy CEO Interim Executive Director Lome Campbo11 Bronw8n Price Leonora Thomson Reslgned 6 Apr￿ 2024 Reswned 31 January 2024 Appointeé 11 Marth 2024- rwned 26 July 2024 Dir8dor of Collaboration Naomi Chrffi Senlor StatutDry Auditor Julia Mtsrlknar Audltors MHA Chartered Accountants and Slatulory Audltor Ejfed House Oak T￿e Court Cardiff Gale Buslnèss Park CARDIFF CF23 8RS Sollcltor5 Hugh James Hodge House 114-116 St. Mary Street CARDIFF CFIO 1DY Bank Lk)yds Bank CCLA Page 9

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES) (REGISTERED NUMBER: 066932271 REPORT OF THE TRUSTEES FOR T14E YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trv5tees (who are also thg directors ol The Nauonal Theatre of Wales (Trading a5 N8t¢onal Theatre Wale51 for Ihe purposes ol company lawl are responsible for preparing the Annual Report and the finan¢Sal statement5 in a￿ordanC wlth applicatAe law and United Kingdom Actounlin9 Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires th8 trustegs to prepare financial statements for èach finanoal yea¥ which give a trug and fair of the slate of affai￿ ol the group and the charbtable c¢)mpany and of the ino)ming resources and appliCat￿n of resources, Induding the inwme and expenditure. of the group and the tharitsble companyforthat period. In preparing those financlal statsments, th• trusteas are required to select sullable accounilng policies and then apply them conslslenity.. obseNe Ihe methods and principles in the Charity SORP- make ludg&ments ond eslimaies that are reasonabl& and prudent., pr¢pare the finanrial statements on the gLxng concem basis unle58 it i8 inappropriate to presume that tho grwp and charitable company conlitMJs in business. Th8 trustee5 are responsit4e for keeplng proper accounting records which di5doss wilh reasonable accuracy at any Um the financi81 position of the group and the charitable company 8nd to 8nabl8 them tri ensure that the finandal stat8m8nts comply wlth the Cotnpanies Act 2006. They are 8130 responslble for safeguardlng the assèts Of the group and charitab company and henct for taking re88onabl8 steps for the pieventlon ond detectlon of fraud and other irreguigribe& In so far as the twstees are awa￿.. thgTe is no relevant audit informatKJn of which the chariiable company's auditors ar8 unaware.. an(J tht trustÈès have taken all steps that they ought to have taken to make Ihemselves aw8re of any relevant audit fornatvJn and to establish that the auditors are awar8 of that informati(m. This ￿part has beefi prepared in accordance with the Speci￿ provIs￿n$ of Part 75 ofthè Compani85 Act 2006 rdallng to sm211 companies. 12.12.24 Approved by ordgr of the Board of TNslees on .........................-.................. and signed on its behalf by.. 5 Sharon Margaret Gilburd- Trustee Pagg 10

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE NATIONAL THEATRE OF WALES Opinion Ime have audited the financial slalements of The National Theatre ol Wales Ilhe 'parenl charitable company'l and its subsSdiary Ithe group) forlhe yearended 31 March 2024which comprise the Consolidated Statement of Financial Adivities, the Consolidated and Charity Balance Sheets, the Cash Flow Statement and notes lo the financial statements, in¢ludng sFgnifi¢ant accounting poIic4e8. The financial reporting framework that has been applled in their preparation is applicable law and United Kingdom Accounting Standards, including Financi81 Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Acryjunting Practice). In our opinion, th& fina￿181 slalemerts'. give a tfue and fair view of the stale of the group's and pa￿nt charitable companys affairs as at 31 March 2024 and of iheir incoming resources and application of resour¢&s, iftcluding its income and expenditure, for the year then ended.. have been propel￿ prepared in a¢LOrdan￿ with United Kingdom Generally Accepted knounting Pra&￿e,. and have been p￿pared in a¢xordance wtih the requ1￿mentS oflhe Companies Act 2006. Basrs for opinion We conducted our audSt In a¢¢tsrd3r￿ with Intemational Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further desaibed in the Auditor responsibilitie5 for the audit of the finan¢i81 statements section of our report. We are Independent of the groLtp in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, induding the FRC'S Ethie21 Standard, and we have fulfilled our other et17ical responsibilities in accordance wilh these requirements. We beliwe that the audit evidence we have obtained is sufficient and appropriate to Pfovid¢ 8 basis for OUT opinion. Material uncertainty relating to going concern We drawattention to Note 2 in the finanual 51alements, which explainsthatthe¢ompanywas unsuccessful in its applicatson lo the Arts Council of Wales for core fUr￿lIng. This, along with other mattels as setforth. indicate Ihal a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concem. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have conduded th81 the tnjstees. use of the going concem basis o18ccounting in the prep8r8tion of the financial statements is appropriate. Our responsibilititrs and the responsibilities of the trustoes with i¢$poct to going concern are described in th& ￿levant sections of this report. Oth•r infonnation The other Information comprises the inforniation induded in the annual lep￿1, other than Ihe financial statements and our Report of the Independent Audittsrs Ihereon. The trustees are responsible for the other information contained wthln tt annual report. Our opinion on the financÉal $t8lernents does not cover ihe other informatkffi and. except to the extent otherwise expli(ilty stated in our report. we do not express any form of assuran￿ conclusion Ihereon. Our responsibility is to read the other inforrnalion and, in doing so, consider whethèr thè other rnformatson is malerfally inconsistent with the ffinan¢ial slalemenls or our knowledge obtained in the audit or othernlse appears lo be materialty misstated. If we identify such material incons1Stencies or apparent material misstatements, w¢ are required to delem)ine whether there is a material misstatement in the financial statements or a material misstatement of the other inlomFation. If, based on ihe work we have ptrrfomed. we conclude that there is a material misstatement of this other inforrnatK)n, we are reqvired to report that faet. We have nothing lo report in this regard. Oplnlons on othèr matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audrt-. the infomialion gwen in the Report of the Trustees. which includes the directors. report prepare(J for the purposes of company lawfor Ihe financial yearforwhich the financial statements are prepared is eonsistant￿ the finandal statements., and the Report of the Trustees, indudir¥J the directors, report. has been prepared In a¢¢ordan¢e with apph'cablo legal requirements. Matters on whieh WÈ are required to report by exception In the light of the knts￿edge and understanding ol the group and parent charitable company and ils environment obtained in the COUF5è of thè aLKlTrl, we have not identified material misstatemants in the Report ofthe Tiuslees whid) indudes the directors, ieport. We havÈ ntslhing to report in respect of the Idlowrn9 matters in rèlati¢)n to which thÈ Companies Act 21JOS requirtrs us to report to you Trf, in oui opinion.. adequate a￿OUntIng records have not beèn kept by thg parent ¢h3ri1able ¢ompany or returns adequate for Lyjr audit have not been received from branches nol visited ty us,. or Page11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NATIONAL THEATRE OF WALES the parent charilable company financ4al sialements ale not in agreement with the accounting ￿cOrdS and relums.. or certain disclosures oflrusloe$' remuneration specthed by law are xol made., or we have not receivèd all the infomalion and explanations we roquiie for our audit,- or the trustees were not entitled lo lake advantage of the small cotnpanies exemption from the requirèmènt to prepare a Sirategic Report or In prepariftg the Report ofthe Trustees. Responslbllltles of trustè•s As explained more fully in the Statement of Trustees Responsibilitles, th¢ Iwstees (who are also the directors of the group for the purposes of company law} are responsible for the preparation of the finanaal slalements and for being s3tlsfied that they give a true and fair view, and for such internal control as the trusle¢s delemine is necessary to enable the preparation of financial slatemÈn15 th81 are free from material misstatèment, whether due to fraud or error. In preparing the financial statements, the Irvstees are responsible for assessing the group's and parent charit8ble company's ability lo continue as a going Con￿M. disclosing, as applicable, m8tters related lo going concem and using the going concem basis of accounting unless the trustees either intend to liquidattr the group orthe parent charitable company or to cease operatM)ns, or have no reall81￿ attemalive btst to do so. Auditor responsibilities for the audit of thg financial Statements Our objectivesare to obtain reasonable assurance aboutwhetherthe financial statements as a whole are free from material rnisslalement, whether due to fraud or er¥or, and lo issue a Report of the Independent Auditors that indudes our opinion. Reasonab￿ assurance is a high level of assu18nce, bul is not a guaranlee that an audit eA)nducled in accordance vjith ISAS (UK) will always detect a rnaterial misslatement when it exists. Misstalements can arise from fraud or eiror and are considered rnaterial rf, individualty or in Ihe aggregate, they could reasonably be expocled lo influence the economte deasK)n$ ol users taken on the basis of these financial statements. Irregulanties. including fraud. are instances of non-compliance wth laws and regulabons. We design procedures in line with QUF responsibilities, oullined above, to detect m8leri81 mi5slalements in respect of irre9ularilies, induding fraud. The speafic procedurès for this engagement and the extent to which these are capable of detecting irregularilie5, induding fraud is detailed below.. We evaluated management'$ incentives and opportunities forfraudulent manipulation of the financ4al statements {5ncluding the risk ol override of controls) and detemiined that the principal risks were rdaled to posting inaccurate iournals. We addressed these risk$ by carrying out specikally targeted proceduFes, whi¢h indyded: EnqLtiries of rnanagemenl, those charged with govemance around actual and potential liligalion arKI daims,. Enquiry management to idenltfy 8ny instances of non*compliance with laws and regulations,. Performing audit work over the risk of managernenl override of controls, indudin9 testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of Signifi￿nI transactions outside Ihg nomial course of business and reviewin9 accounting estimates for bias; Reviewing minutes of meeting5 of those charged with govemance.. Reviewing financial statement disdosures and lesting to supporting documenlalron lo assess compliance wilh applicable laws and regulalTons. Because olthe inherenl limrtatlons of 8n audit there is a risk Ihat we will not detect all Frrègularilies, including those leading to a material misstatement in the finanual 5talemenls or non.compliance wilh regulation. The risk increases the more that cornpliance with a law or regulation is rernoved from the events and transactions refie¢ted In the financial slalements as we will be less likely lo become aware of instances of non-complian￿. The risk is also g￿ater regarding irregularttié$ occurring due to fraud rather than error. as fraud involves intentional cot￿e81ment, forgery. collusion, omission or rnisrepiesentations. A further description of our responsibil￿$8 for the audit of Ihe financjal statements is located on the Financial Reporting Council's website at ￿￿.frc org.uklaudilorsresponsibililies. This description forms part of our Report of the Independent Auditors. Page 12

REPORT OF THE INDEPENt)ENT AUDITORS TO THE MEMBERS OF THE NATIONAL THEATRE OF WALES Use of our report This report is made solety to the charitable eompangs members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 20(￿. Our audit work has beon undertaken so that we might stale to the chalita￿e cornpany's members those matters we are reqUI￿d to stateto them in 8n auditorfs reportand forno otherpurpose. To the ftjllest exlent pemiitted by law, we do not accept or assume responsibility lo anyone other than the Charitable company and the charitable company's members as a body. lor our audit Work. for this report, orlor the opinions we have fomied. Julia Mortimer FCCA (Senior Stalirtory Auditor) for and on behallof MHA Slalutory Auditor CARDIFF CF23 8RS MHA is the tradin9 name of Maclntyre Hudson LLP, a limited lialxlty partnership in England and Wales (regiSte￿d number OC3123131 P890 13

THE NATIONAL THEATRE OF WALES ITRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXP£NDrruRE ACCOUN FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted fvnds Restrcled funds Notes INCOME AND ENDOWMENTS FROM Donat￿n5 and legaci8s Charitsble adivities Promotsng, malntaining, Impro￿ng alld advancing duration other trading acti¥Aties Investment incorne Other i4KOtne 1.649.6S4 1,649,654 1,675.115 335.407 12,000 6.863 21,938 153,022 488.429 12,000 6,863 22.638 3,191,096 4,648 40,662 700 Total 2,025.862 153,722 2.179,584 4,911,521 EXPENDITURE ON Raising funds Charitable activitles Prornoling, rnaintslning, Improving and advancing education 285 285 7,202 10 2.175.712 185,388 2.361,1CKI 6.630.316 Total 2.175.997 185,388 2,361,385 6.637,518 NET INCOMEIIEXPENDITUREI 1150,1351 131.6661 (181.8011 11,725,9971 RECONCILIATION OF FUNDS Total funds brou9hlforward 616.342 102,940 Y19,282 2,445.279 TOTAL FUNDS CARRIED FORWARD 466,207 71.274 537.481 719.282 The notes lorn part of these finarrial statements P￿e 14

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY IREGISTERED NUMBER.. 066932271 CONSOLIDATED AND CHARITY BALANCE SHEETS AT 31 MARCH 2024 Charity 2024 2023 2024 2023 Notes FIXED ASSETS Tangible assets Investments 17 18 6.696 6.696 6,696 6.697 CURRENT ASSETS Debtor5.' arnounts falling due within one year C85h at bank 19 703,538 166 937 650.984 350.297 703,538 650,984 350,297 870.475 1,001,281 870.475 1,001.281 CREDITORS Amounts falllng duè ￿￿thIn one year {272.994 1288.6951 {272.9951 1288,6961 NET CURRENT ASSETSIILIABILtnESI 712,586 597.480 712 585 TOTAL ASSETS LESS CURRENT UA8ILITIES 597.481 719.282 597.481 719,282 PROVISIONS FOR LIABILmes 160.OCKSI 160,0001 NET ASSETS 537,481 719.282 537 481 719 282 FUNDS Unrestrieteil fvn¢Js'. Ilncluding de5ignaW fundsl 23 466,207 616.342 466.207 616.342 RestrKted funds 71.274 102,940 71,274 NET AssErs 537.481 719,282 537.481 719.282 Th8sa finan￿41 ¥tstoments have been prepared In accordattè ￿th the 5￿claI provBbns ofPart 15 ofthe com￿nYa$ACt 2006 relatsng to small chaiTrtabte companies. 12.12.24 The fffjancial stalemenb were approved and aulI￿n$*d for issue by the Board ol Trustees on ...... slgned on its behalf by.. . gnd were Ms Sharon Gllburd- C￿haIr The notes fomi part ofthese finanaal statgmenls Pa9e 15

THE NATIONAL THEATRE OF WALES ITRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY IREGISTEREO NUMBER: 06693227) ONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 20rJ Noteg Cash IIow5 from opèrating activities: Cash gen?fdt8d from opgratK)ns 1872711 2.418.743 Net cash provldèd by {used In) operatlng actlvitles 187271 2 418.7431 cash flows from Investlng actlvltles: P¢Jrcha$e of tangible fixed assets Sa18 of tangible fixed assets Interest receNed 13.5411 589 6.863 14,9021 449 Net cash provided by (used in) Investlng actlvltles 195 Change In cash and cash equlvalents In the reportlng perlod Cash and ¢a$h equlvalents at tho boginnlng of the raportlng perlod 1183,3601 12,418,548) 350.297 2 768,845 Cash and cash •qulvalents at thè end of tho reporting perlod 166.937 The Mies fom? part of Ihesè financial statements Page16

THE NATIONAL THEATRE OF WALES crRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY {REGISTERED NUMBER.. 066932271 NOTES TO THE CONSOUDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOMEI{EXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTWITIES 2024 2023 N*t In¢omel{oxpendlturel for th• r•portlng Per1￿ las perthe $tstement of financial a¢tiYitiesl Adlustrn•nt5 for- Depreuation charges LossllProfitl on disp)sal of fixed assets Interest recelved Theatra lax relief claim- movement In debtor Decreasellincreasel in debtors IDe¢reaseYin¢rease in creditors 1181,8011 11,725,997 3.984 5,664 16,8631 1187,6711 115,117 4.803 13661 14,6481 1208,7511 185.4001 418,3841 Net cojh provlded by (Us￿ In) op•ratlny actlvttle$ 187.2711 12 41B,743 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash ftow Al 3113124 Net cash Cash at bank and in hand 350.297 I183.￿0) 166,937 Total 350 297 283,3601 f66 937 The notes form part of the￿ finang818tatements Page 17

THE NATIONAL THEATRE OF WALES (TRADING AS NATIQNAL THEATRE WALES) AND SUB￿DIARy NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION These firEancial statements include the consolldated ￿SUItS of The National Thgatre of Wales and Its Iradioq Subsidiary NTW Productions Llmited. The Nalonal Theatr6 ofwales 15 8 company limlted by guarantee incorporated in Wales Wrthin the United Kijwjdom. The registered office is Tramshed Tech Unit D, Pendyri5 Street, Cardiff. CF11 6Bkt. The nature of the charit8bJ8 grgup's and ¢ornpanVs opgrations and principal 8divities is disclosed withln thè Report of Ihe Trustee9. The financial statement5 are presented In Sterting 1£). Ihe group's furttional ¢urwnw. and r¢xJnded ¢0 Ihe nearest pound. Thè s￿nIficent attountlng policrgs applied in the preparation of Ihese frnancial statem8nts are set outbeknw. These polic￿5 have b8en consistently applied to all year5 wesented unless otherwise slated. ACCOUNTING POLICIES Basis of propar5ng the financlal $¢atgmonts The financial statements of the ¢hari¢able group, wh4ch is a public benefit entity under FRS 102, havo b88n prepared in arLordance with the Charities SORP IFRS 1021 Accounllng and Reportis)9 by Charfties.. Statem8nt of Recommended PraCU￿applIcablèt0 ¢haiibes preparing thelraccA)unts In aCco￿ance ￿th the Finaneial Reporting Standard applicable in the UK and Republic ol Iieland IFRS 1021 (effective 1 January 20191., Fin8n¢ial Reporting Standard 102 The Flnanciaj Reporting Standard kppllcabltr In the UK and Republic of Ireland, and the Companle5 Act 2006. The financial staternents have been prepared under the historlcal cost convention. There have been no material departures from Financial Reporting Standard 102. Golng con￿r￿ The most notable ovent of th15 financial year was the announcement In Sepl¢mbor 2023 that 100% of the Company's core funding fr¢)m Arts Council of Wales IACWI would cease frorn 1 April 2024. Since ts incepti1￿. NTW has received mulli-year portFolio fundlng Iroffl ACW, Ih8reforo r8rnovat of thrs grant necessltated a eomplete and totsl r$wew of the operating model and strategy of NTW. At the begli>nlng of thè ¢alondar year 2024, lolowing the outcome ol an unsuccesstul 8ppg01 to ACW in late December 2023, th8 Board and the Executs"ve began an uryent restnjcluring prograrnme. focussed initialty on reducing costs to enable the futu￿ Mability of the organisation. Annual staff cost5 hav8 b88n reduced by more than 80% and NTW is now a r6mot6 worklng ¢xganlsafjon. having vacated ouroffice premises atthe end ofthe financial year. Having ieduced costs, the Bo8rd is nowl¢xu5ed on developing and irnplementlng a new strategy lor NTW. ￿1c￿ it plan5 to ￿m￿ete by March 2025. NTW is eligible for transition funding, payable In instalments from ACW up to a rnaxinurn of 20% of the prevl¢JJs year's full year funding, totalllng £407,000. At the Ime ofwriting, £181.000 has b88n receNed. D8spits Ihg core lundlng cut, NTW has continued lo dlvgrslfy its inco￿ from other sources. wth ¢)ver SO% applleaUon suceess rate in 23124. The Company has fundrai5ed£281,139 from altem8tive sourcesto ddhtrrTEAM rx)mrnunity and outreach proSects across Wales in 2024125. Howevw. as a resu￿ of cessation of fijnding from ACW, Ihere exbls a Mate￿al unceflalnty Wh￿ may cast Significant doubt on the Company's at4.lity to continue as a going concern. This material uncertainty arises due to the need to secure sufficlent alternakn've funding and succ8S5fully implement the slrate9y ¢0 maintw"t¥ finanryal sustainabillty. After taklng the above into ac£ouTht. the twstèes have concluded, when consldering a period of 12 months from when the financial statements are authorised for issue, the 9(￿n9 ￿n￿rn basi$ of accounting in the preparalic of Ihese accounts Is still appropriats. In¢om• AJI Income ps recoynised in Ih8 Statement of Finan￿al Activities once tf group has entitlement to the funds. It probab18 Ihat lh8 inwme wll be received, and the amount can bo mèassjred raliatAy. Thi8 Fncludes capital grants. Page18

THE NATIONAL THEATRE OF WALES ITRADING AS NATIONAL THEATRE WALES) AND SU8SIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- contlnued Donatlons and1¢9a¢los Income Donations and legacies ineome Indudtss donations, gifts and grants that prowde core funding or, are of a general nature and a￿ r8cogni58d where there is enlillement. probability of receipt and Ihe 8rn¢wnl can be measufed wllh suffioent reliabilty. Such income is only deferred when the donor specifies it must be used in future accounting period$, or the donor has Imposed Condit￿nS which rntssl be mel before the chartty has utthnditional Qntilement. Income from eharitsble activities Income from charitable activityes includes income recèwèd under ¢ontrdCt or where entitlement to grant ftjnding is subject lo speclfic perforrnance conditions. Th¢$ income Is recognised a5 th8 ¥£lated services are provided and the￿ is entitlarnent, probability of receipt and the amount can be rneasured with sufficient reliability. Income ts deferred when tha amovnts received are in advance of Ihe p8rfomiance of the Service or event to which they relate. Inve$tm•nl Ineomo Investment incom8 Is recognised OTr a recelvabte basls. Expendltur• Liabllities are recognised a5 expenditure as soon as there is a legal orconslructive obligation committing the group to that expenditure. il 15 probable Ihat a transferof 8CDnomlc bèn8fft5 wll be required In setllementand th& arn￿nt ol the 0￿19atIon can l)e meas4Jred rdiably. Expenditure is accounted for on an accruals basis and has been da$s￿led undeT heading5 Ihalaggr￿8te all cost related to the category. Wh8r8 costs cannot b¢ dirgcly attrtbuted to particular headings, they have been allocated to activits oft a ba51s con5i5tent wlh the v58 of resou￿e$. Exp8nditure on Charitab￿ actMJes comprises those e05t5 incurred by the group in the delivery of Its activities and serwce$ for its benefi¢iarie5. It indudes bolh costs that can be allo¢ated dirsctty io such actwitl85 and Ihose costs of an indirect nature nèc8S5ary to SUPPOrt thern. Support rn5ts those ¢ost$ thaL whllst necssary to delivaran aclivity. do not themsefves produce oreonstitute lh8 Output ofthe ¢h8ritsble aclNity. This Includes governance costs wh￿h 8rethose wsls associated wilh meeting the constitutional arvj statutory requirements of the group and include the aecountanty 19¢$ and costs linked to the strategic m8nag8m9nt of Ihe Group as wetl as a proportM)n of$alaries based on an approximaty'on oftime5pent in this ar88. Tanglble r￿ed a$58t5 Flxed assets aro initialty recorded at cost. The value below which fixed assèts arè not eapiialised is £500. DgpreciatN)n is CalC￿lated so as to wrfte oft tt)è eogt of an asset. Kpss its estimate resldual value over the Usefvl ecL)nomic Ille of the asset as follow3.' Fixtures & fit￿ng8 Computer equipment 25% straight line - 33Vo Straight line However. where assets are acqui￿ as a ￿sUIt Of graTrt funding they WHI be depreciated over thelr usefvl lifg. or the period ofthe gran( bthichever Is thè shortar. Taxatlon The tharity is exernpl from corporation tsx on its charitable activ￿85. Funds structure UTrrestricted funds are donaUons and other Incomlng resou￿￿$ r£celvablg orggnerated forthe objects ofthe group thoul further specified purpose and are available as gener81 funds. D8signat8d funds are funds ￿1¢h have been spedfically designated for specthe future costs. ReStr￿ted funds are to be used for ¥peofic purposes as laid by the donor. Expen¢JitUfe, ￿¥￿￿￿ meets these criteri8. is ehar9ed to the fvnd, together with a fair allocation of support and governance costs. Invesknents Investments are 5t8t8d at rnarket value at thg balance sheetdattr. Page 19

THE NATIONAL THEATRE OF WALES (rK4DING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued P¢nslon ¢o$ls and po$t*ell￿m￿nt ben¢ffts The group oporales a defined contrlbution pension scheme for ernployees. The assets of the scheme are held separately frorn those of the grcsup. The annual contributions payable are charged to ￿ statoment of financlal setivits'ès Incorporaliny the in¢ome and expenditure account. T•rmlnatlon paym•nts The charitable gfOUP recognise5 te¥minat￿n benefits as a liabllity and an expènse only when lh8 entity is dgrnonstrdbly commilted either to termlnate the employmènt of an wnployÈè or group of amployèès before the nomal retirementdateorto prDw<Se termination benefits as a resultolanoffer made in orderlo encourage voluntary redundancy. Employee beneflts When employees have rendered seM¢e to the group, Short-temi employee benefits to which employees arè enb'tle(5 are recognised 8t the undiscounted amount expected to be pald In exd)ange for U)at seThke. Operatlng leases Rentsls appllcable to operèting lèasa$ wh8rg ¥ub8tantlaVy all of the bgnefts and Asks ol ownershlp remaln w the lessoi are charged against profits on 8 strai9ht-line basis over the period of Ihe lease. FSnanclal Instruments Tho group only has financial as58ts and fjnancial liabilities of a k4nd that quallfy as baslc finanaal Instrurnerrts. 885ic financial instruments arg initialty recognised at transaction value and subsequently measuied at th8ir S8tYernent value. Trade debtors and other debtots ar8 r￿QgniSed at the settJem8nt amountdue and prepayrn¢nts a￿ valued at t amount prepawj. Cr8ditor5 ar8 recr4ni$ed where the group has a present obllgation regultiThJ from a past evtsnt that wll probab re¥ull in the transfer of funds to a third party and the amount due to 5Ètt1e the obligation ean be measured tsr estimated reliably. CIEdilors ar8 norrnally rgcognised at their sewernenl amounl after allowing for any trado dlscounts dLtt. Provl$lon$ The group cornmits to FKoviding pen5nns for all cor8 Staff via the 9roup pension s¢herne. JO￿nIng Ihe sthem8 15 subjecl lo aulo enrolrnenl regulations. At any point in time a number of eligible employees have yet to jryn thg scherne but when they do employer contrbutions are backdated tts iheir original start date. Promsion is made for Ihe group's polenU81 contributlon In respect of th6$0 individuals in those instances ￿tra a simpl• accrual Is not consldered approprrdte. Dilapidalion¥ A provision ￿ ￿Cognised in the financial statements when 1ho charity has 8 pr858nt obligallon {whether legal or con5tnJctiv818S 8 result of a past event, it is probable that a transfer ol economlc tenefits ￿11 be requtred to setue the obligation and a reliable esbmate can be made ol the amtyJnt ol the obligation. DONATIONS AND LEGACIES 2024 2023 Donations Grants 1218 1.648,436 195 1.674,920 1,649.654 1,675 115 Grants weivgd. Included in the above. ar8 as follows.. 2024 2023 Arts Council af Wales- Core fvndir4J Esmée Fairbaim Foundation Arts Counc51 of Wa￿S- Cost of Lwing Uplrft 1.630,303 1,648,436 10,000 16,484 18.133 1 648 436 1,674.920 Paga 20

THE NATIONAL THEATRE OF WALES (TIiADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 OTrIER TRADING ACTWMES 2024 2023 Sponsorship agreement- Feral Monster prnduct￿n 12,000 INCOME FROM CHARITABLE ACTIVETIES 2024 2023 Theatre tax relief cre(fil Grants Performing aad related 8Ct*vitkes Speak&r f88S 315,138 153,022 20,269 251.778 103.768 2,835,300 250 488,429 3 191,096 AJI InLYm￿ is d8riV8d from the slngse charity activSty of 'Promoting, rnaintsintng. improving and adVa￿Ing Èdueaticm.. Grants receNed. Incbjded In the above. 8re as follows.. 2024 2023 Pa¥1 Hamlyn Foundation Esmée F8irbaim Found8tSon John Elloman Foundation Arts Council of wa￿S- Yma O Hyd project Gottfried Wilhelm Leibnvz UnIvers￿a"t Hannover CafdSff Coun¢il- UK Govemment's Shared Prosperity Fur¥1 PRS Foun¢Jalion- Feral Monjtsr Esmé8 Fwrbairn Foundation- Media Tralnlng Maria 8jomsrffi Memorial Fund- Feral Monster 48,973 50.000 50.000 40,¢XN) 500 4,295 38,697 9.985 6.840 7.500 153,022 103,768 INVESTMENT INCOME 2024 2023 Bank inter891 6.863 4,648 OThER INCOME 2024 2023 Gain on sale of tangilA8 fixed assets Othèr incom8 Film tax relief 366 11,946 22,638 22,638 RESULT OF PARENT CHARITABLE COMPANY The totsl income of lh8 parent char¢tatAe company was £2.944,794 and net expenditure wa5 £181,801. RAISING FUNDS Ral$lng (lona￿on$ and 1•gaci8S 2024 2023 Fundra¢slng expenditure 285 Page 21

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTES TO TrIE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 10. cHAR￿ABLE ACTWMES COSTS Oirecl Costs Isee note Support costs {see note 121 Totsls PromolNJ. maintainw, knproving and advanLing eduGgtion 1707131 653.969 2 361 1KI 11. DIRECT COSTS OF CHARITABLE ACTNITIES 2024 2023 Staff costs Creab"ve and artlStic activiles Marketing costs Recruitment rA>sts Dilapidations 781.426 806,823 56.710 2,172 1,464,531 4,189,728 369,827 15,008 1,707,131 6.039,094 12. SUPPORT COSTS Govemance costs staff ¢osts Other costs Depreciation Tolals Promodng. malntalnlng, irnproving and advancing ¢dU￿110n 383,017 234.399 3,984 32.569 653 969 13. NEf INCOMEIIEXPENDITUREI Not incomellexpendiiurel Is slated aftèr ehargingllcredit+ngl'. 2024 2023 Auditors, remuneration Auditors, ￿Muneration for non-audit work Depreciation. tswned assets Lossllsurplusl on disposal of fixed assets 13,750 1.500 3,984 5,664 11.671 1,658 4.803 Page 22

THE NATIONAL THEATRE OF WALES ITRADING AS NATIONAL THEATRE WALESI AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARGH 2024 14. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remunerotion or tr1￿r benefits for the year ended 31 March 2024 orfor Ihe year ended 31 Marth 2023. Trustees. expenses Durfng the year an amount of £98212023.. £1.7961 was pald to 212023.. 6) irustees in resp8Ct of trav818nd other expfrnsè5. During the year the fdlowing professional fegs were pad to tr¢Jstees for servlcos pro¥id8d. Th8 fee5 were pald al a commord&l mte. 2024 2023 T Khan S Ackers 197 197 8.810 D¢Jring th8 cornpar8tive year £25,800 01 fees wer• paid to 8rttitias ovèr wl#ch 2 tsuste8$ h8d $ignificanl control. Twstees are pemiitted to rE¢$tV8 compensation for professional se￿1￿$ rendered to the tharity by virtue of Clause Slsllallill of the Memor8ndurn of Associab'on. 15. STAFF COSTS 2024 2023 Employeè eo5ts durlng the year Wages and salaries Empjoyels National InsuranTr ¢¢￿tributIonS Pension costs 1,036.758 85,990 41.696 1.580,908 151.934 87.828 1800.670 2024 2023 Number of persons •mploy•d Permanent staff Collective Cyfflru Ternpor4ry production stsff 22 21 15 20 42 42 The nurnber ol employees whose emdtjments, as defined trir taxation pU￿1$e8, amounted to a rate of over £60,000 durfng the year wefe as follows.. 2024 2023 £60.CX)1- £70,cx)o £70,1X11 . £80.000 £80.001 - £90,000 l employees eamSng more than £60.000 were rneAnbers oflhe cornpany pension Sc￿Me. Indwled wthin Staff costs is on amount of £37,100 in relab)n to r8duThdancy costs12023.. £Nill. Total iemuneraoon bt￿￿ts paKI to key management per601w)el in the yearwas £180.991 {2023.. £183.9711. Page 23

THE NATIONAL THEATRE OF WALES (rRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTES TO THE FINANCIAL STA7EMEKfs- CONTINUED FOR THE YEAR ENOED 31 MARCH 2024 16. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACT￿￿lES- 31 MARCH 2023 Unrestricted funds Restitted lund5 Totsl fvnds INCOME AND ENDOWMENTS FROM Donal'ons and legacles Charftable activitie5 Promoting, rnaintsining, improving and advandng educatlon 1,675,115 1.675,115 262,223 2.928.873 3.191,096 Investment Incomo 2.294 2.354 4,648 Other incorn 366 40,296 0.662 Total 1.939,998 2.971.523 4,911,521 EXPENDITURE ON Raising f(tnds Charltabl8 actmtles Pr(Knoting, maintair71ng, improving and 8dvancing edu¢allon 7.202 7,202 2 736 703 4493613 6.630 316 Total 2.143,905 4.493,813 6,637,518 NET INCOMEIIEXPENDITURE) 1203.9071 11.522,0901 11.725,9971 Transfers between funds Net mo¥omont In funds 1203,9071 11,522.090) 11,725.997} RECONCILIATION OF FUNDS Tgtsl fund$ brought for4¥ard 820,249 1.625.030 2,445.279 TOTAL FUNDS GARRIED FORWARD 616,342 102,940 719,282 Page 24

THE NATIONAL THEATRE OF WALES ITRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONYINUED FOR THE YEAR ENCIED 31 MARCH 2024 17. TANGIBLE FIXED ASSETS- Group ab)d ¢harlty Fixtures 8nd fittings Ccrnputer oqulwnent Totals COST At 1 Apnl 2023 Addltlons Di$ptssals 33.110 56,964 3,541 60,505 ).074 3,541 93.6151 33,1101 At 31 Marth 2024 DEPRECIATION At 1 April 2023 Chargg IOT year El£min8led on disp)sal 32.996 114 33,1101 50.382 3.870 54.2521 83.378 At 31 Marth 2024 NET BOOK VALUE At 31 March 2024 Al 31 March 2023 114 6.582 6,696 FIXED ASSET INVESTMENTS- Charlty Shares sn group ndert8king5 MARKET VALUE At 1 Aprtl 2023 and 31 March 2024 NET BOOKVALUE At 31 March 2024 At 31 March 2023 Thero were no investm8nt$ssets outside the UK. The company's investments at the balance sha6t data In tha shore eapital of cgmpanios indudg thg fo￿￿ng.. NTW Productions Limited.. Natura of business= The8tre production Class of share.. Ordinary holding 100 2024 2023 Aggregate capftal w¢rves Page 25

THE NATIONAL THEATRE OF WALES ITRADING AS NATIONAL THEATRE WALESI AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 19. DEBTORS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR Group 2024 Group 2023 Charity 2024 Charity 2023 Trade debtors Other debtor5 Accwed income Theatre tax relief recov8raU8 VAT Pr8payments Amounts owed by group undertaking5 4,426 9.860 65,769 570,691 39,797 12,995 8,201 28.453 151.891 403.020 23.146 36,273 4,426 9.860 65,769 8,201 28,453 151,891 39,797 12,995 570,691 23,146 36.273 403 020 703,538 650,984 703.538 650,984 20. CREDITORS: AMOUNTS FALLING DUE IIVITHIN ONE YEAR Group 2024 Group 2023 Charfty 2024 Charity 2023 Trade credito Social 5ecurily and othertaxes Other creditors Accruals 142260 19.462 6.083 105209 83,698 22.242 59.106 142,260 19,462 6,064 105,209 83,6g8 22,242 59.107 288,695 272.995 288,696 21. LEASING AGREEMENTS Mlnhnum lease paymgnts under non-cancellable opernting le8$es faN due as foll¢)w¥'. 2024 2023 Wrthin one year Between one snd five years 12,500 9,375 24,228 13,136 21,875 37,364 Total op8rating lea58 payments rewnlsed as an expansè In the yèar was £36.72912023- £35.3291. PROVISIONS FOR LIABIL￿lEs 2024 2023 Di18pldations prtsvislon 60,000 60.000 The above provi5Ton is relating lo a dI￿P￿lat￿n$ report dated February 2024, for office premises at CasI8 Arcade, Cafdrff. Discussions and negouations are crfw(xng at this lime. Page 26

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTES TO TrIE FINANCIAL STATEMENTS - coMfiNUED FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS N8t movement in funds Tr8nsfers beMeen funds At 3113124 Al 114123 Unrestrltted fund$ General fund Deslgnated fund- Rxed ass8ts Designated fund- TEAM 08signaled fund- Markellng Designated fund- Core resilience Designated fund- Creative Development Designated fund- Office Improvements De$i9nated fund. Productions Deslgnated fund- Organlsational r8VigW charKJes D8signa18d fund- Creallve Development posts Deslgnated fiJnd- Croallve Davèlopmont prolects Designated fund- Springboard bursarf¢$ Designated fund- Festival 2022 Support Icreative Asswialel Designated fund- Young P8opt8'$ Strategy Designated fvnd- Collabor8tÈon in Productions Designated lund- Producing support 165,278 6,698 3,734 5,699 1.856 39.277 1,808 236,956 1146.1511 13.9841 447,140 12.7121 13.7341 15.6991 11,8561 139.2771 11.8081 1236,9561 466.207 35,000 135,0001 40,686 140.6881 2,500 2.465 12.5001 12.4651 27.908 3.592 127,9081 13,5921 35.000 7.947 135,0001 616.342 1150,1351 466207 Rostrlcted funds Esmee Fairbaim Foundation National Companies Consuttan¢y Project Baiter58a Arts Centre- The Agency Big Lottery Fund. Access FONM Mametz real-time digital lesson pl8nS Andrew Lloyd Webb8r Fok6ndaO'on- Ernerging Directors Peoples Palace Projects IFarApart UK} Bluestone Foundation￿ItUe Greon Grant Festh"val 2022- G8hNad John Ellerman Fovndalion- Assoclate Dramaturg Programme Esmee FairbaiFn Foundation- A F?irer Futur8 Unboxed l Galwad SXSW supwt Arts Councll olwa￿S Gvryf Grant- Yma O 500 8,832 9.874 2,330 931 15001 {1,4421 5,390 9,874 2.330 931 2.5CK) 3.914 12,5001 3.914 109 24.089 124,0891 17,863 2.245 20.108 31,747 2,205 13,3861 12,2051 28,361 46 Gr8en Man 2023- Cardiff UKSPF 24125 Pr￿eCtS 116 95 116 95 102,940 31,666 71,274 TOTAL FUNDS 719282 181.8011 537.481 Page 27

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR TrIE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS . ¢ontlnued Net movement in funds. Included in the ab¢we 8re as follows.. Incoming resources Resources expended ovement In funds Unrèstricted funds General fund Designated fund- Fixed assets 2,025,862 12.172.013} 1146,1511 2.025.862 12.175,9971 11SO,1351 Rgstrlcted lunds E5mee Fairbaim Foundation National Cornp8ni&s Consultanw Project And￿W Lloyd Webber Foundation- Emerging Directors Festival 2022- Galwdd John Ellerrnan Foundation- Aswate Dr8rnaturg Programrne Esmee Fairbaim Foundation- A Falrèr Futurè Unboxed l Ga￿ad SXSW support Green Man 2023- Cardiff UKSPF 24r25 Projects Media training Fer81 Monsters prOdu￿10n 15001 11.4421 15001 {1.4421 12,5001 124,0891 12.5001 124,0891 40.000 137.7551 2.245 50,000 153,3861 {2,2051 15841 138.6021 16,8401 17,4851 {3.3861 (2,2051 116 95 700 38,697 6.840 17,485 185,388 31.666 TOTAL FUNI)S 2,179.584 Page 28

THE NATIONAL THEATRE OF WALES (rRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTES TO ThE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23. MOVEMENT IN FUNDS- eontinued Compora¢lve8 for movement In lunds Net movernenl in funds Transfers between funds At 114122 3113123 unrèstri￿Od funds General tund Deslgnaled fund- FSxed ass6ts Designated fun¢J- TEAM Designated fund- Marketing De5ignat8d fuad - C¢xe resilience Designated fund- c￿atiVe Developmtsnt Deslgnaled fund- Office Improvern8nts Designated fund- Productions D8signat8d fund- Organisabrmal revlew (thanges Designated fund. Creativ• Dèvokjpmant posts Desi9nated fund- Crealive Development projects DesigrTraled lund- Springboard bursarie5 Designalod tund- F88tival 2022 Support (Creative As50ciatel Designated fund- Young People's Strategy Desi9nated fund- Collaboration in Productions Desig￿ated fund- Produring supp¢yt D8signat8d fund- Reinventing Performing Arts 283,806 6,680 4.100 60,227 7,947 26.697 1,808 230,645 157,620 14,8031 13661 154,5281 16,091} (7.016} 1276.2081 4,819 165.218 6,696 3,734 5,699 1.856 39.277 7,808 236,956 19,596 1230.6451 236,956 35.000 35,000 40.686 40.686 4,000 32.210 11,5001 (1,6351 2.500 2,465 128,1101 33,443 13.QC(I 15.5351 {9.408 27,908 3.592 3S,Cts) 7.947 35.000 7.947 40.000 40,0001 820,249 1203.9071 616.342 RÈstrÉGted fun<fs Paul Hamlyn Fotsndation Esmee FaIrt￿lM Foundation National Companies Consultancy Project Battersea Arts Centre- The Agency Big Lottery Fund- Aecess Forum Mametz real-tirne dyital ￿sson plans Andrew Lk)yd Webber Foundab¢)n- Emerging Directors People's Palace Projects IFarApart UK) Bluestone FoundationlLIWe Gleen Grant Festsval 2022- Galwad John Ellem8n Foundation- As¥oclate Dramaturg Pro9r8rnme E5mee Fairbaim F￿ndatIon-A Fairer Future Unboxed l Galwad SXSW support Arts Council ol Wales Grant- Yma O 61.2 161.2001 12901 17501 soo 6.832 9.874 2.330 931 7.582 9,874 2.330 1,381 14501 4.WO 12,670 709 1.485.094 11.5001 18.7561 2.500 3.914 109 24,089 11,461.0051 40,000 {22,137} 17,863 37,747 2,205 31,747 2.205 46 1625.030 1.522.090 102,940 TOTAL FUNDS 2.445.279 11,725,997) 719,282 Pa9e 29

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES) AND SU8SIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23. MOVEMENT IN FUNDS . contlnued Comparative net movement in funds, included in the above are as follow5.. ncomir4J resoutces Reswtces èxp8nded Movemènt in funds Vnrestrieted fund5 Gèner81 fund Designated fund- Wixed a5S8ts Designated lund- TEAM De5ignat8d fund- Marketing Designated fund- CO￿ ￿s111encQ Designated fund- Creative Development Designated lurKI- Production Designated fund- Creative Development proiects Deslgnated fiJnd- Sprfngboard butsarig5 Designaled furMI- Festival 2022 Support ICr9ative Assoclat81 Designated fund- Young People's Strategy Designated futKI- Reinventing Performing Arts 1.939.998 {1,782.378) 14,8031 13661 154,5281 16,0911 (7,0161 1230.6451 157,620 14.8031 13661 154,528) 16,0911 17,0181 1230,6451 11,5001 11.635} 11.5001 11,6351 15,5351 19,4081 15,5351 19.4081 1.939,998 12.143,g051 I203,￿7) Restrlet8d funds Paul Harnlyn Foundation Esm88 Fairbaim FrAJndatlon National Companies Consultsncy Proleet Mametz real-time digital 185son plans Andrew Lloyd Webber Foundaty'on- En7erging Diredors People's Palace Profvcts IFarApart UK) Festival 2022- Galwad John Ell8man Foundation- Assodats Dr8matDrg Programme Esmee Fairbalm Foundatlon- A Faller Future Unboxed l Galwad SXSW support Arts Council Wales Gwyl Grant- Yma O Hyd Media Futures 48,973 1110.173} 12901 17501 14XI} 161,2001 12901 17501 14501 11,5001 18.756 14297.5101 11.5001 18.7561 11,461,005) 2,836,505 122,137) 122.1371 50,000 31.250 118,2531 129,0451 31,747 2,205 500 4,295 14541 46 2.971,523 4,493,613 1,522 090 TOTAL FUNDS 4.911,521 6 637 5181 1725.9971 esl nat•d funds or ar see transfer Designated fund- Flxed A$sets The fvnd represenled the net book voltje offLxwJ 885ets. nds note 2024 Deslgnated fund- TEAM The fijnd represented Ihe value of Core fund5 Set asid8 iowards ¢he company's TEAM Community engagement programmo a¢b￿￿e$. 0651gnated fund- Matketln9 The l￿d lepresented Ihe value of fun(ts Set aside to meet website development costs. Deslgnatsd fund- Core re8lllen¢e The fund ￿presented the value of funds set asidé to fin8nc8 stsff and other costs associated with the dev8lopmgnt and lrnpl6mentaUon olthe eomponV5 incorne generation aThl diVers￿¢8t￿Thn strategy. Page 30

THE NATIONAL THEATRE OF WALES ¢TRADING AS NATIONAL THEATRE WALES) AND SU8SIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23. MOVEMENT IN FUNDS. continued D85ignated fund- Creatlve Dev•lopm&nt Th8 fund r8pr8sented the value of unapplied re$e8rth and devek)pment and commissioThSng funds to be utilised in sypport of an enhallced programme ol such prolects in future yaars. An addilk)nal £29.e68 was designated duri￿ the year to provid8 for costs associated wth future projects. D051gnatsd fund- Offlco Improv•m•nts The fvnd represented the value ol fund5 Set 8shle to supwrt essèntial improvernent works and other expenditure relating to the offke at 30 C8Stb Arcade. This includes ¢osts associated with searches for altern81iv8 ac￿mrnQdOticffi. Deslgnated lund- Productions This rep￿Sented th8 value of funds sel aslde to supplement In yearf funds to enable investment In futu￿ y88rs' 8rUstic programmes. An additional £236,956 w8s designatsd during the yearto svpportfutwe &rtistic programmes. Desl9natod fund- Organlsatlonal revlew changes Thelunrl represented thevalue of funds setaside to prov*Jefor staffing ch8rt98s arising from the companys of it5 organtsalion Structure. Deslgnatsd fund- Cr•atlvé Devglopmgnl posts The lund Tepresents the value of funds set askle to provKSe lor freelance support lo be engaged to oversee and 8dminister the ¢ompanls creative developm&nt activioes during 2022123 and 2023124. Deslgnated lund- Creative Development prole¢ts Tho lund represents the value of knnds sel aslde to provide match funding for the Emerging Directors prograrnme - matchin9 the final year funding approval Irorn Ihe Andr8w LW Webber Foundatlon. Deslgnated fund- Sprtngboard bursaries The fund represented the value of funds set aslde to support thè company'5 SwryJboard Bur53rfes programma, Introduced in 2021122 to as8is¢freelancefs. Desl9nated fund. F¢$ttval 2022 Support ICreatl¥e Assoclatel The lund represented the value olfunds set 8$1de to provide funding towards s￿ary ￿sts 8$sociated ￿tt1 thè post of Crèative AssocSate. Do$1gnat•d lund- Young P•ople's Strategy The lund rep￿sented Ihe value ol lund$ set aside to support the eosts of the work Ihal the charity is incufflng in speet of the Youn9 People's Slrategy. Deslgnal¢d fund- Collaboratlon In Productlon$ This funding represented the value ol funding set aside to frnance collaboration and engagenxnt Snitiatives alongside productions to be staged in the 2023-24 finartTral year. Oe$lgnated fund. Producing BUPPOrt Thi5 funding Tepresented the value of fijnding set aslda lo èngag8 8 consultant to provide strategic woducing SUPFOrt to thg Artisti¢ Director. Prlor year onFy D85ignated fund- Relnventlng P•rfom)Ing Arts This funding, provided by the Esmée Fairbaim Foundation aimed athelping organIsa￿onS recoverfromthe impacts of the palldernr, will be used to help NTW ￿.IMagIne Its onllne community PTe5ellce. Pag8 31

THE NATIONAL THEATRE OF WALES ITRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23. MOVEMENT IN FUNDS- ¢ontlnued Restrlcted lunds Esmee Fairbairn Foundation Thi5 funding wa5 provided to coritribute iowards the companys ertativ8 devglopment programmeforar￿stSW0￿ng acros$ Wales. Natltsnal Companles Consultancy Project This project is a joinlty funded initiative involving tho tight natioaal arts organt5ations in Wales, as desSgnaled by the Arts Council of Wales - the first lime that thèy havè all corne together in this way. The companies taking part. other than NTW, are BBC National Or¢hestra ol Wales, Ffilm Cyrnru Wale5, Literdture Wales, Nalionl Dance Company Wales. Thealr GenedI￿thOl Cymru, Wales Millenniutn Centr8 and W81sh National Opera. Each organisation is contributing to the project finan￿allY andlor in kind, and the funding is being used to pay lor the servl¢es of a consultant, who has been èngaged lo provide th9 companies with advice in a numberof areas. Th8se areas include bullding resilienrx and groth in Ihe wider arts sector. developing audience (Siversity and inelusivty.. identifytrng ways in which to lead on suppoitiNJ the prolessional development of arbsts,. and how to t￿¢￿aSe thè intemational profile and martKet opportunities for Wales. The projert documenis were signed in March 2017, Mlh the work taking pla¢e thmughout 2017118 and 2018119 and ¢onb'nuing into 2019120 and beyond. BAttersea Arts Centre- The Agen¢y Agency Is a creauve entrepreneurfal progrdmmo. th8t seeks to use the arts to as51st and erKourage young people, in local dlsadvantaged communiti8S. to develop their ¢￿ative ideas into business opportunities. It is partnership involwng NTW. Batlersea Arts Centre IBACI. Ccintact Theatre. P8oples P8lac8 projects and FabLab Belfast. wth funding prowded by the Big Lottery Fund. The purpose of the partnership is to continue runnin9 an existing project in London IBACI and Manchè$t8r Icorbtactl snd feplicat8 and run th8 prograrnme In Wales INTW) and Northem Ireland IFabLabl. Blg Lottery Fund- A￿¥9 Forum This lunding has been provided via (he Big Lottery Fund's 'Award5 for All, programme. 115 purpose is to lurKI a series of Forum events being hdd actoss Wal85. Th8 Forurn 8X15ts to bring together organisalions, artists and individuals frt)m across Wales to wark tryèther in removing baThi9r$ to 8ccessiro the arts facéd by bwlh disabiliti¢s. Mametr rea14ime diyital10550n plans This represents a combination of funding from Sou￿$ - the Colwnston Trust, and the Welsh Governrnenvs WW1 Activty Fund. The purpose of the fvnding is to enable Ihe d8¥e￿Prn8nl of r8al-tirne. ¢Jigital ￿$Son pjans related lo NTWS 2014 production 'Mametz', which now forms part of the A level Drama 8nd Theatre Studles sy118bus in Wales. The atm of these plans is to provid8 an insight to akd both teacher$ and 5ludents. Andrew Lloyd Webber Foundatlon- Emtr9lng Directors This funding contributes towards the costs of NTWS Ernerging Dirèctors Progrdmrne. Thi$ wograrnme has the primary aim of giving talented and promising Indiwduals the opporhjnty to work alongside experienced directots. People's Palace Projects IFar Apart UK) This funding relates to'Far Apart but Clos8 at Heart Ulc, a rnulli-partner researth sludy Ihal the rA)mpany is taking part In. The study Js led by People's Palace Projects Iwho provide the funding to NTWI, in Conjuncti￿ wrth th8 Unil for Socrdl and Comrnunity P5ychialry at Queen Mary Ut)iversity of London. Other companies taking part in Ihe Study, %vhith aims io expk)re how arts organisations in thè UK aft uslng online KAafforrns and Other means to supwrt the mental health of young people during a global pandemic. indude 88tt8rsea Arts Centre. Contact Thoatre Man¢h6Ster, Dirty Protest and Royal Theatre Strafford East. This P￿ie¢t is run in parallel with a sist PToject in Latin Arnerira. Bluestone FoundationlLlttla Green Grant This fvnding comprises ￿ small grants. One, in the sum of £2,500, was provlded by the Bluestone F￿nda￿on. The other (Little Green Grant), In the sum of £1.000, was provKled by the P8mbrokeshire Assori8tion of Voluntary S•rwc8s. Tog8th8rthey were utilised to fund the design and construction ol'mission boards. related to Simple Acts - a call for soci81 change, which was a central thread throughout all ol the Go Tell The Bees a￿vIty. (Simple Acts eThcot2rage$ people to perfomi seven activlties - Simple Acts - as part of thèir daily live5 to help irnprovo tho ejwlronment and the wodd krtyj[￿ us. These activities ar8'plant a 8e8d'. '18arn ore new thing about nalure','tako walk','connect ￿th someone new','consume a li￿e less,, t)e kind to your neighbouf and'consider the sfars'l. Page 32

THE NATIONAL THEATRE OF WALES ITRAOING AS NATIONAL THEATRE WALESI AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDEO 31 MARCH 2024 23. MOVEMENT IN FUNDS- ¢ontlnued Fesllval 2022 NTW head$ up a partn&wship oforoanisations. collectively known as Collective Cymru. that ¢ametogethertOsubrnit bid to Festival 2022 (since renamed the Unboxed Festivall. The organisatM)ns involvod include Centre of lemative Technology, Clwstwr, Dlsabllity Arts Cymru, Ffilm Cymru, Fran Wen and Sugar Creative, whilst ommunity partners are CellB, Citizens Cyrnw, Disability AJts Cyfflru, Ethnic Minorlties Youth Support Team IEYSTI and MerthyF Tydfil LeE$ure Trust. During the 2020121 financial year the ¢omp8ny re￿iVed a comlnissioning fee from F8s1iv812022 for the purposes of working up a full business case bid lor a project culminating in thg Autumn 012022. Notificab"on wag reeèivèd in March 2021 that Ihe bid had been successful and work on the projeci (now known as'Galw8dl Comme￿ed ￿th effect from April 2021. The project culrninated In a serles of èvents to bo staged in September 2022. wlth the project ilsell comlng to a condusion by D8cember2022. John Ellerman Foundatlon -Assoclate Dramaturg Programme This funding has been prowded to support NTW'S dramaturgical development of new commi$$ion$ and proiètts. and &enl devetDpment Inilatsves. E$me• Falrbaim Foundation- A Fairer Future Thls fullding has b8en provided to svpport NTWS ¢reat4ve development a¢tivthes. Unboxed l Galwad SXSWsupport This lundSng was provided by Unboxed FestNal to SUFWt a Ga￿a￿ presence at the South by Sothh West Conference s18ged in Auslln, Texas in Mareh 2023. Arts Coun¢ll ofWal•s Gwyl Grant- Yma O Hyd This fundlng was provided to support the staging of Yma O Hyd poety and creative workshops held in Tenby. Medla Futuro¥ This fundin9 was provkled by Gottfried Wilhelrn Leibniz Univ8rsitat Hannover in relation lo a joint project vAth Dats4Change and Monnow Media Ltd called 'Sorneone Musl Have Been Telllng Ues" It aimed at addrossing the ihemes of misinfomialior* and di5inftsmiation by working with marginalised communities in SwanseA and Cardiff. Cardiff UKSPF 24125 projects Funding, via ihe Cardiff Counul. frorn th8 UK Govemmenf5 Shared Prospgrfty Fun¢J to support capathty buildir¥J. Media Tralnln9 Funding of £6.840 Vds prO￿ded by the Esmee Fairb8lm Foundation towards media training costs. Feral Monster prtsductlon Funding wa5 provided by PRS Foundatlon £9,98S and Maria 8jomson Memorial Fund £7,500 towards thB costs of th8 Feral Monster produclon, a musical about an unrefflark8ble teenager. Restrl¢ted fund5 In rlor riod The Paul Hamlyn Foundation 5UPPOrts th8 compan1$ TEAM. programme, the role of whfch Is lo devebp relauonships within c0rnmun1t￿S. and thereby promote National Theatre Wales and ¢Jevelop interest In theatrE. Tran$for8 be￿90￿ funds A transfer of £2.712 ha8 been made frorn the general fund to the doslgnat6<1 fixèd assets lund. representing the balance of c3pitsl additions and disposals duiing Ihe year. At the year end th8 fvnd value 18 £Nil in line V¢ith th8 Balance Sheet fixed assets h81d. In light of the or9anisation s poslUon louulned under Note 21. a decis5on was made to transfer all other optrning designated fvn(J balances baek to the general fund. As a result. a lolal transfer of £444,428 has been made from each of thes8 funds to the general fijnd. Page 33

THE NATIONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALES) AND SUBSIDIARY NOTes TO THE FINANCIAL STATEMENTS . CONTINUEO FOR THE YEAR ENDED 31 MARCH 2024 PENSION COMMITMENTS The group operates a defined contribution pen5ton scheme. The assets ol the schem8 are hdd s8paraiely from Ih05e of the group in independently adtninister9d fvJnd$. The grtyjp also rTr8ke5 Contributio￿ io a defined contribution scheme adminlstered by Aviva on behalf of Equlty. The pension cosl charge represents contributions pald by the group to th8 funds and amwnted to £41.69612023.. £67.8281. Contributions outstandiry at the year end &mour7ted to £5,63812023'. £2,878}. 25. RELATED PARTY DISCLOSURES Th&re w8re related paty transactions for y88r ended 31 March 2024. that required disdosvre12023". none). 26. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds Restricted funds rotal Fund balan￿ at 31 March 2024 are represented by: Tangible fixed assets Current assets Cu￿ent liabilities Provision for liabil￿eS 786,728 1260,521) 83,747 112,4731 870.475 1272,9941 Total nat assets 466.207 537 481 Page 34

THE NAnONAL THEATRE OF WALES (TRADING AS NATIONAL THEATRE WALESI AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 26. SUBSIDIARY COMPANY The Charfty owns the whole of th8 issued ordinary share capital of NTW Produclions Limlted. a company r8gi$tered in England and w￿es. The sutssidiary is commissloned to produce theatrical production5 on beh8W of the charity. All activitks have been consofTdated on a lin8 by Itne basls In tho SOFA. Thè toial n9t profit is gifted to tho charfty. A summary olthe results of the subshliary is Shown below.. 2024 2023 Tumover Cost of sales 765,210 11,080,348) 641,157 1896,7101 Gross profit Administrative expenses 1315,1381 1255,5531 Loss on c¥dinary adiviti8s before taxation Theatre tax rellef clalm 131 5,1381 {255,5531 255 553 Profit for th8 finanaal y8ar The aggregate of the assets, liabillties aruj lunds wa¥.. 2024 2023 Assots Liabl1￿1￿$ 570.692 1570.6911 25S,$54 1255,5531 Funds (representing l ordinary 5h8re of £11 Page 35