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 bas*llne18vel of Ihe Th88tr8 Green Book. meanlng 50% of materials hava i*en 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￿nC*S 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 supFve 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 re*le(*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 re*lected 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¢lud*ng 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 slaleme*rts'. 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 activit*s 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 nec*ssary 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 prDwsts 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