2024-12-31-accounts

MINACK THEATRE The Minack Theatre Trust CIO (Registered Chority Number 7 766799) Trustees. Report and Financial Statements 31 December 2024 The Minack Theatre Trust CIO A Charitable Incorporaiecl OrcJani5ation vJith a reglstered charity No.. l 166799 Regisiered in England & Wale5, Princi p31 Office.. Mi inack Theatre, PorthcLiriio, Penzance, Cornwall. TRI 9 6JU

CONTENTS Poge Trustees, report Reference and administrative details Structure, governance and management Objectives and activities Review of achievements and public benefit for the year 10 Financial review and results for the year Reserves policy 17 Fundraising policy 18 Investment policy 18 Plans for future years 19 Statement of Trustees, responsibilities 21 Statement of disclosure to auditor 22 Auditors, report 23 Consolidated statement of financial activities 27 Charity statement of financial activities 28 Consolidated and charity balance sheets 29 Consolidated and charity cash flows 30 Notes to the financial statements 31 2024 Season 47

TRUSTEES. REPORT For the year to 3 7 December 2024 The trustees are pleased to present their report together with the audited consolidated financial statements of The Minack Theatre Trust CIO {"the Minack") for the year to 31 December 2024 and can confirm that the latter comply with the requirements of the Charities SORP 2019. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)." References in these financial statements to "the charity" include The Minack Theatre Trust CIO or its predecessor The Minack Theatre Trust (charity number 271483), depending on the context.

Reference and Administrative Details Registered name Charity registration number The Minack Theatre Trust CIO 1166799 Trustees st The Trustees at 31 December 2024 Mr C. J. F. Sinclair Mr C. M Haynes Mr M. J. Iles Mr M. L. Moore KC Mr J. M. Sinclair Mr R. J. Sinclair Mrs E. R. Smith There are no committees or subcommittees of the Trustees. Officers Secretary Mr J. M. Sinclair Senior Management Team Director Ms R. J. Thomas (appointed 1 June 2024) Ms Z. M. Curnow (resigned 30 April 2024) Mr S. J. Hutchings Mr J. Brolly Ms L. R. Manning Ms M. K. Hall Production Manager Associate Director Visitor Experience Manager Business Support Manager The principal and operating address of the charity: The Minack Theatre, Porthcurno, Penzance, Cornwall TR19 6JU. www.minack.com

Bankers Lloyds Bank plc. PO Box 8, Market House, Penzance, Cornwall TR18 2TN. Cazenove Capital Management, 1 London Wall Place, London Wall London EC2Y SAU. Auditors RRL LLP Peat House, Newham Road, Truro, Cornwall TR12DP. Solicitors Tozers Broadwalk House, Southernhay West, Exeter, Devon EX1 1 UA

Structure. Governance and Management Governing instrument The charity, which is a Charitable Incorporated Organisation, is governed by its Constitution dated 27 April 2016 as amended on 24 August 2023. Recruitment and induction of trustees Following a skills audit, trustees are sought whose skills, knowledge and experience are relevant to the administration of the charity and complement the skills of the existing trustees. New trustees must be appointed by resolution at a properly convened meeting of the charity trustees. Trustees on appointment are given-. A copy of the Charity Commission's publication "The Essential Trustee: What you need to know" A copy of the charity's current constitution. A copy of the charity's latest Trustees, Annual Report and Financial Statements. A copy of the minutes of recent meetings. They are then given a tour of the Minack and meet the senior management team. Organisation The trustees formulate policy. The Secretary is responsible for the administration of the charity- Operational control 15 delegated to the Director. The rest of the senior management team report to the Director. Related parties The Minack Theatre Limited (Company Registration Number 03833428) is a wholly owned trading subsidiary of The Minack Theatre Trust CIO. See Notes 3 and 10 to the financial Statements for a synopsis of its results. Minack Productions Limited (Company Registration Number 13798938) is a wholly owned trading subsidiary of The Minack Theatre Trust CIO. See Note 10 to the financial statements for a synopsls of its results.

Risk Management The trustees have assessed the major risks to which the charity is currently exposed, in particular those relating to its finances and its operations (including health and safety) and they are satisfied that systems are in place to monitor and mitigate the charity's exposure to such risks. They are also satisfied that a robust procedure is in place for identifying and evaluating the risks associated with new area5 of activity. The risk management action plan is reviewed in February/March each year. The most significant risks following the 2025 review are: Accidents due to the hazardous nature of the site. Compromise of IT systems or data. Loss of cash deposits. Concerns over the stability of Maunsell's Hill - the public highway used to access the Minack. Heritage Asset The trustees consider that the open-air theatre is a 'heritage asset, as described in FRS102. The theatre itself was built during the 1930s by Rowena Cade, the founder. Since the Minack Theatre Trust was originally founded in 1976, repairs have been carried out. In the opinion of the trustees, reliable information on historic cost or valuation is not available for the theatre. This is due to the lack of information available concerning purchase and building cost and the lack of comparable market values given the uniqueness and location of the theatre itself. Additionally, any valuation would involve costs that are likely to be excessive and unproductive. The theatre itself is therefore not reported as an asset on the balance sheet, other than recent improvements to the theatre which are reported at cost.

Objectives & Activities Charitable objects The formal objects of The Minack Theatre Trust CIO are'to educate the public in the dramatic and operatic arts and to further the development of public appreciation and taste in those arts These formal objects translate into three core objectives, which are to: Engage the public through creative performance and the living and visual arts embodied in the Minack Theatre. Enhance people's lives through the shared experience of live performance and of visiting the Minack Theatre. Inspire people by the remarkable story of Rowena Cade, and young people especially through active participation in creative activities. The trustees are granted wide powers to achieve these objects, which are set out in the Constitution. Inter alia these relate to- Borrowing money Buying, leasing or hiring propety Selling, leasing or otherwise disposing of propety Employing and remunerating staff Depositing or investing funds

Aims and intended impact The aims of the charity are to.. Programme a wide range of theatre and other events to engage a diverse audience and enable active community participation while maintaining standards of excellence. Provide a wide range of creative opportunities, to inspire people, particularly Cornish children and students, to learn and develop all skills associated with live performances. Educate visitors about Rowena Cade, her story and that of the Minack. Inspire them through creative presentation of exhibitions, live narration and digital interpretation. Develop and nurture the natural environment of the Minack, especially the garden, to enhance the experience of visiting the theatre and inspire people through its unique balance of natural and human art. Provide sustainable, modern facilities for audiences, visitors, staff and performers that are suitable to the unique environment of the Minack and reflect its status as an attraction of international repute. 6. Develop and support an outstanding team of versatile people to ensure visitors, performing companies and participants enjoy a life enhancing experience at the Minack. 7. Develop retail and catering strategies to meet the reasonable expectations of visitors given the nature of the site and generate funds to support aims 1 to 6. 8. Generate sufficient funds through core activities to achieve aims 1 to 6 in a viable manner for the very long term. Objectives for the year The objectives for the year were to continue working towards achievement of the charity's aims. Strategies to achieve the year's objectives Create a varied and engaging programme of live performance to attract a large and diverse audience. Build on our educational and outreach programme to engage young people, especially those in hard to reach communities. Continue to develop methods to communicate the story of Rowena Cade and enhance the profile of the Minack Theatre. Maintain robust policies for capital expenditure and financial management.

Principal activities of the year The principal activities of the charity are to.. Put on theatre performances, music and comedy events throughout the year, and a programme of storytelling performances in the school holidays. Provide a comprehensive participatory programme offering opportunities for local children, the wider local community and visitors to Cornwall to learn and develop skills associated with the performing arts and theatre in particular. Open the Minack throughout the year for visitors to explore the theatre and garden, and to learn about Rowena Cade and how she created the Minack. Theatre revenue mostly comes from renting the theatre to successive production companies, ticket sales for the Minack's own productions, booking charges and subscriptions from Members. Visitors pay for admission to the site where, in the Exhibition Centre and through access to live interpretation and an audio app, they learn how Rowena Cade, the founder of the charity, came to build her remarkable theatre and how her work is being carried forward today. A café, shop and takeaway outlets provide souvenirs and catering for all visitors, sold through a subsidiary limited company which covenants any profits back to the charity. Auditors A resolution to re-appoint RRL LLP as auditors will be proposed at the next trustees. meeting.

Review of Achievements & Public Benefit for 2024 The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities. 215,793 people visited the Minack in 2024 (including show audiences), 4.0% more than budgeted and 1.6Y. higher than the 212,431 who visited in 2023. The shows performed to 620/0 capacity (against 61 % capacity in 2023). 2,299 tickets (2023.. 4,394) had to be refunded for twelve (2023 nineteen) cancelled performances as the weather significantly disrupted the experience for audiences. The trustees were grateful for the decreased level of cancellations given the poor weather over Easter 2024. The trustees are committed to taking seriously their responsibility to visitors, the local community and other stakeholders. The achievements and public benefits that the Minack provided in 2024 against the aims of the charity include- Programme a wide range of theatre and other events to engage a diverse audience and enable active community participation while maintaining standards of excellence. During 2024 we programmed 251 performances including 27 storytelling shows for children and families. Of our main programme, 79 performances included community or non- professional players, 56 involved children, young people or students and over 80 gave employment to Cornwall-based professional companies or performers. b. We staged 3 Minack productions and co-productions: 6 young people age 7 to 12 from across Cornwall took principal roles in the Minack production of Carrie's War, with performances throughout the Easter holidays. b. A re-mount of the successful John Nicholson inspired adaptation from 2023, The Massive Tragedy of Madame Bovary was a co-production with Cornwall-based Ha Hum Ah Theatre. Following its success in recent years, David Wood's adaptation of The Lighthouse Keeper's Lunch was performed for the third time at the Minack. Directed by John Brolly this production featured a cast of talented local children age 7 to 11 as part of the Festival of the Sea. c. We welcomed back 11 of our regular vislting companies along with Kidz R Us for the first time in nine years. The overall quality of productions across the season was strong and after some debate, we awarded the Minack Trophy for the best visiting production to the The Mitre Players for their production of Young Frankenstein. d. The one-night music programme continued through 2024, with over 13,000 people in total watching a range of events from brass band to world music. The partnership with The Cornish Bank events venue, started in 2023, continued to be a huge success bringing different musical genres to the Minack stage as well as different local audiences. 10

Our audience in 2024 came from all parts of the UK, though the largest proportion were from the south-west and London. There were a small number of overseas visitors. f. 91,014 people attended a performance at the Minack during 2024 (2023: 93,789). 13% of our audience for performances were aged under 16 (rising to 42¥0 for storytelling shows) and we issued 757 free tickets to carers accompanying people with access needs. g. While ticket prices varied by event, £10 tickets were available for all performances. Provide a wide range of creative opportunities to inspire people, particularly Cornish children and students. to learn and develop all skills associated with live performances. In 2024 we continued our educational programme providing creative opportunities and activities for young people across Cornwall. b. The Minack Acting and Musical Theatre Academies continued to provide opportunities for young people to develop their skills, including workshops with established professionals in the sector. Our Acting Academy students all achieved either Merit or Distinction in Trinity Acting exams. c. Students of the Musical Theatre Academy took part in Show Tunes of the Sea alongside two professional West-End stars and the Acting Academy students performed The Light Burns Blue at the Minack and in two other venues across Cornwall. d. Our Emerging Writers scheme in collaboration with The Writer's Block saw 4 new plays commissioned after working with 6 writers. We also ran a Writing for the Stage scheme with 15 participants over 8 weeks. e. In September we auditioned entrants for both Academies and have been able to maintain more than 24 places in each with an extended offer for the older students in the groups to support their progression to the next stage of their education. f. We worked again with Cornwall Music Service Trust to produce the song cycle Operation Kernow (written by John BrolSy and Patrick Bailey). This brought together over 300 students from schools across Cornwall and the Cornwall Youth Chamber Choir. g. We created a successful education programme for Shakespeare week, based on A Midsummer Nights Dream or As You Like It. This was offered to schools throughout Cornwall resulting in 647 children from 22 schools experiencing a workshop based on the play all within one week. h. We worked with students from 29 schools across west Cornwall (not including those who participated in Shakespeare Week) plus the Isles of Scilly and delivered a total of 8,857 student hours of engagement. We continued our outreach work to engage hard to reach children in deprived areas. Working with Crabwalkers, Trelya and Learn 2 we delivered over 1,380 student hours of

engagement. We also continued to support Creativity Club, a weekly arts club for children age 7 to 11, based in The Centre, Newlyn. j. We ran a series of four 'Play in a Day, workshops which were free to the public, enabling people to enjoy a creative experience without the commitment of our more in-depth programmes. While most of these were offered to specific age ranges of young people, one provided an opportunity for those 16+ to participate. k. We staged a joint production of Footloose with the British Theatre Academy in October. 20 Cornish students aged 12 to 17 joined a similar size group from across the south east to rehearse and present Footloose at the Minack during October half term week. 7 of the students taking principal or dancer roles also went to London to rehearse for a week over the summer holidays. l. The Rising Stars group, formed in late 2022, continues to go from strength to strength. This group meets weekly in Penzance and is open to anyone age 7 to 14. Over 50 young people staged Aladdin Junior in February 2024 at St John's Hall in Penzance. The auditions for Motilda Junior, being staged in February 2025 proved even more popular with 58 in the cast and 66 on the waiting list. For those children on the waiting list a Matilda Play in a Day was held so that they could still enjoy the creative experience on a smaller scale. Educate vi51tors about Rowena Cade. her story and that of the Minack. Inspire them through creative presentation of exhibitions. live narration and digital interpretation. a. We ran a series of four guided tours to tell people the story of the Minack in a variety of imaginative ways, from the story of Billy Rawlings and Miss Cade to an interactive race against time to celebrate the birthday of Miss Cade whilst exploring the history of the Minack. These tours proved popular and were delivered to a total of 740 people throughout the year. b. We continued to offer a digital audio tour, downloadable onto a mobile phone for people to use to view the theatre at their own pace. Develop and nurture the natural environment of the Minack. especially the garden. to enhance the experience of visiting the theatre and inspire people through its unique balance of natural and human art. Throughout 2024 our garden team continued to work to make the Minack garden more accessible and appealing to the public, remodelling paths to create easier access and putting particular emphasis on keeping pathways clear and bedding areas weeded and trimmed. b. We are delighted to still be part of the Great Gardens of Cornwall group during 2024. This invitation is testament to the hard work of Jeff Rowe and Claire Batten, Head Gardeners over the last four years. c. The garden team continued to deliver the plan for the garden to enable plants to thrive and to give a better viewing experience to the public. This includes grouping plants in the same

area, so it is easier to see the differences within plant families such as Eryngiums (Sea Holly) and Agapanthus. d. In more exposed areas where high levels of damage occur, they continue to use hardy annuals and annual bedding plants that are a cheaper alternative. e. They have also continued to plant more hardy perennials, which suffer less damage as they are dormant in the harsher winter months. This also reduces the necessity to replace plants in spring. f. The turf on the well-used grassed seating was renewed as usual in the autumn of 2024 ready for 2025. g. The Minack was awarded Plastic Free status during 2021 as part of Planet PK'S bid for the village to be designated Plastic Free and has continued to operate with minimal use of single use plastic products. Provide sustainable. modern facilities for audiences. visitors. staff and performers that are suitable to the unique environment of the Minack and reflect its status as an attraction of international repute. The Estate Management Strategy is now in place. This is a framework withiri which the buildings and grounds can be developed in order to accommodate the medium to long term strategic aims of the Minack as a theatre and a visitor destination. b. Work was progressed on the replacement strategy for parts of the theatre that were highlighted on the structural report in 2023. The overall aim is to protect Rowena Cade'5 original work which dates from 1932 to the late 1970s. Work will be carried out to replace the iconic features of the Minack stage and auditorium during 2025 and 2026. The Visitor Centre was open for 2024 having been fully refurbished and re-equipped in 2023. The space provides a café for visitors that complements the unique environment of the Minack along with a retail space. The café has proved very popular during 2024 with over 16,500 covers throughout the year. It also doubles up as a takeaway outlet during the summer season. Develop and support an outstanding team of versatile people to ensure visitors. performing companies and participants enjoy a life enhancing experience at the Minack. The Minack is one of the area's biggest employers Wlth a total wage and salary bill of £1,264,471 in 2024 (2023.. £7,095,930). b. The Minack employed So people year-round and 69 people during the height of the performing season. In 2024, all staff over the age of 21 were paid the 'Real Living Wage, (£12.00 per hour) as determined by the Living Wage Foundation and were offered flexible working. Over 85 1 of staff live in the rural area to the west of Penzance. From 1 January 2025 the minimum wage for all staff over the age of 21 will be £12.50 per hour. 13

d. Staff training through the year focussed on training in operational aspects such as first aid, safeguarding, fire safety and terrorism awareness. Some members of the team undertook mental health first aid training to be able to support colleagues and visitors in certain situations. The Technical Manager also completed his rope access and working at height course. Going into 2025 there is a focus on Equality, Diversity and Inclusion and Accessibility training. Over 150 freelance practitioners were engaged on Minack productions and the education programme during the year. Over 82¥0 of these are based in Cornwall. We recognise the challenges for people working on short term contracts and always work to treat them fairly, offering paid development opportunities and being conscious to ensure planning time is factored into contract arrangements. Develop retail and catering strategies to meet the reasonable expectations of visitors given the nature of the site and generate funds to support aims 1 to 6. The opening of the Visitor Centre has allowed us to return to the café offering for visitors as well as having the takeaway options in the summer season and during performances. The café spend per head was £1.34 and the takeaway spend per head £1.02 which meant that overall the spend per head achieved on catering was £2.37, a significant increase on 2023's £1.66. The focus in 2025 is on being able to meet the expectations of the visitors at different times, particularly focusing on the varying requirements of audiences to daytime visitors. The Minack continued to source almost all goods for resale from within the Cornish economy and continued to minimise use of single use plastics within this area of operation. The retail spend per head was £0.45 which was comparable with £0.44 in 2023. Generate sufficient funds through core activities to achieve aims 1 to 6 in a viable manner for the very long term. Unlike most theatres in the UK, the Minack depends almost exclusively on earned income. In 2024, de5Plte a planned investment in the event programme and education programme we still achieved a surplus to maintain our ongoing programmes and help protect the historic fabric of the Minack Theatre. In 2024 the Minack made a direct annual contribution to the Cornish economy of over £2m. It attracted 215,793 visitors, of whom 90% had home addresses Outside Cornwall. The majority of these visited as part of their holiday in Cornwall, staying locally and spending at other businesses on their way to and from the theatre. Looking specifically at theatre audiences, excluding storytelling, 75Yo of the audience had home addresses outside of Cornwall. Wherever possible, the Minack sources goods and services from within Cornwall. Over the last twenty years, using Cornish companies, it has completed building projects costing more than £2,000,000. 14

Financial review and results for the year The detailed results are set out on pages 27 to 46 and show the net movement in funds for the year for the group was a surplus of £81,363 (surplus of £78,897 in 2023). Income from the theatre performances (including Theatre Tax Reliefj was £723,442 against £1,071,939 in 2023 (see note 2 on page 35). Expenditure on Minack productions decreased from £645,267 in 2023 to £238,925. Apportioning a share of the overhead cost of operating the theatre and visitor centre, on the basis of the percentage of visitor5 who watch a performance, shows the theatre programme cost £134,607 {2023.' cost £250,700). See note 6 on page 39. The expenditure associated with staging productions, including research and development, producing, running and closure of productions were made through Minack Productions Limited. Minack Productions Limited plans to claim a payable tax credit (Theatre Tax Relief) for its productions, pursuant to Part 15C of the Corporation Tax Act 2009 of £37,680 (2023.. £7 74,570). The education programme cost £190,569 in direct costs (2023.. £780,694) however there were an additional £102,151 in wages and salaries attributable to this programme (2023.- £84,548) and £13,805 of overhead costs. The programme generated £81,722 of income. The net cost of education therefore was £224,803 (2023.. £228, 746). This cost has been drawn from the designated reserve to support education projects. Visitor admissions totalled £1,051,122 (2023.. £986,589). Apportioning a share of the overhead cost of operating the theatre on the basis of the percentage who visit rather than see a performance, shows a net income from visitors of £251,459 (2023.. contribution £256,633). During 2024, £179,266 (2023.. £750,998) was spent on repairs and £71,303 (2023.. £407,482) on capital items. Expenditure on projects costing more than £5,000: New pillars for the winter entrance gate: £6,456 New canvas for the band tent: £24,368 Replacement of kitchen oven in Pol Minack: £5,386 New café ventilation system: £6,521 Replacement of yellow lines and new speed bump in car park: £7,243 The charity's wholly-owned subsidiary The Minack Theatre Limited generated a net income of £23,338 (2023.. £3 7,206) on trade through its café, takeaway outlets and retail shop. The company made a loss on ordinary activities of £621 (2023.. profit £6,606). From 1" January 2024 all catering and retail activities were transferred from The Minack Theatre Trust CIO to The Minack Theatre Limited.

The trustees confirm the availability of assets to fulfil the obligations of the charity without recourse to borrowing. The trustees do not believe that any material difference that may exist between the book values and actLtal values of assets has any material effect on the ongoing activities of the CIO. Voluntary income totalled £23,328 (2023.. £75,922). This heading covers the income from the "Members" subscriptions of £21,516 (2023.. £73,039) and donations of £1,812 (2023.. £2,883). The trustees thank all the many donors who have helped the Minack over the years. Without the funds raised in that way, they would be able to do considerably less to improve the Minack. The trustees thank all the staff for the continued success of the Minack in the face of our traditional challenges such as the weather, and particularly for their adaptability following the introduction of the refreshed café space and a new Director. 16

Reserves policy This policy and the reserves held were reviewed in preparing these accounts in accordance with the commitment made by Trustees in the notes to the 2023 accounts. The reserves retained in cash and cash equivalents at the year-end are required to provide security for the sustaining of the charity's activities at an undiminished level in the event of a material adverse change, and, more specifically to: Fund routine seasonal commitments which will continue to run at a high level. A net cash outflow of over £325,000 can be experienced in the winter. £250,000 has been designated to cover this winter cash outflow. This has been increased from the previous £150,000 to take account of inflationary rises and specifically employment cost increases over the past six years. Withstand the financial consequences of a significant reduction in visitors, for example due to a season of particularly poor weather, or due to enforced closure arising from an event outside the Minack's control. A 20Yo reduction in visitors with no associated reduction in expenditure could see a reduction of cash inflow of about £387,500. The amount designated to mitigate this risk remains at £400,000. Fund unexpected repairs particularly those relating to the construction work carried out by Rowena Cade the founder between 1932 and the late 19705. This reserve has been adjusted from £500,000 to £575,000 to take account of the construction cost inflation from 2021 to 2025. In part, this reflects the speed with which unexpected repairs might have to be undertaken to protect both visitors and the season of performances. Subsidise three years of the education ('Taking Part,) programme and associated Minack productions at £225,000 per year to enable the progratnme to be maintained: £675,000. This has been adjusted from the previous £200,000 level to take account of the Minack productions in colder months and the risk of bad weather associated with this. The remaining general reserve, after those designated in a. to d. above, 15 modest at £423,023 given the overall Size and dependencies of the charity and the reliance on our own resources. The total reserves also provide for a capital reserve equating to the written down value of the fixed assets, recognising that these assets are not readily convertible into cash. This reserve is currently £2,442,484. The charity'5 reserves and its income are used in pursuance of its objectives as set out above. 17

Fundraising policy The charity does not carry out any formal fundraising activity or engage any professional or commercial fundraisers. Therefore the charity does not: subscribe to any fundraising standards or schemes for fundraising regulation carry out any monitoring of fundraising activities receive any complaints about fundraising activity have any need to protect vulnerable people and other members of the public from inappropriate behaviour connected with fundraising activities. Occasionally members of the public make donations which are accounted for through the charity's financial management systems. Investment policy The trustees are entitled to place funds in any kind of investments that they see fit. The current policy of the trustees is to hold surplus funds on short term investments and deposlts, applying the income generated to charitable purposes for which the funds are intended. The trustees recognise that a higher level of return could be obtained by placing funds in riskier equity or other investments. This Is outside the parameters of the current investment policy. Investments generated £100,757 (2023.. £75,665) interest receivable for the year. This reflects the higher Bank of England base rate in 2024. 18

Plans for future years Events and Visitors A season of productions will run from early April until early November with a short additional season in December. This will include Minack productions, co-productions and visiting productions of theatre and musicals, plus a programme of one or two night events mainly of music and comedy. Minack productions will include: 1. A new musical production of Mermaid of Zennor, written by John Brolly and Ben Sutcliffe. 2. A production of Zoe Cooper's adaptation of Jane Austen's novel Northanger Abbey. 3. A co-production with Ha-Hum-Ah of a brand new play written by Ben Kernow, Making a Killing. There will be storytelling events in the school holidays, and a programme of appearances by Mark Harandon telling the history of the Minack through the eyes of Rowena Cade's gardener, Billy Rawlings. There will also be opportunities for visitors to learn more about aspects of the Minack through a series of tours, including a garden tour. Improving accessibility to the full experience of the theatre for all visitors remains a priority. Taktng Part Having worked with over 8,000 young people during 2024 the education and participatory programme has gone from strength to the strength since the pandemic. The aim for 2025 is to continue to provide opportunities to inspire people to take part in performances. Work with West Cornwall schools will include opportunities to take part in Shakespeare Festivals, regular performance skills workshops for all age groups and a developing programme to support delivery of theatre and music skills within the schools. During 2025, 20 sessions will be delivered to Cornish state schools throughout Shakespeare week in March. There are performance opportunities planned for Cornish young people through the Minack Youth Theatre programme. 13 young people age 9 to 11 from across Cornwall are taking principal and ensemble roles in the Minack production of Mermaid of Zennor, scheduled to perform in April 2025. 2) The members of the Acting Academy will perform Pearl of Wisdom written by Tamara Stidwell (discovered through the Emerging Writer's scheme) at the Minack and on a short tour in July 2025. 3) The members of the Musical Theatre Academy will perform a showcase in July 2025. 4) Over 200 west Cornwall school children will take to the stage as singers, dancers, actors and musicians to perform Cornish A venger5, written by John Brolly. 19

5) Rising Stars will continue to offer west Cornwall children the chance to perform in a musical theatre show in Penzance. Matilda Junior will be performed in February 2025 at St Johns Hall, Penzance. In addition, there are many education projects planned including continuing the Minack's out- reach project in the Treneere Estate, Penzance. This area is one of the most deprived neighbourhoods in Cornwall. The Crabwalkers project will continue during 2025, a group that works with children who have experienced trauma/adversity/loss, most of them have experienced more than one of these. They use theatre techniques as tools for coping, as well as to increase their confidence and empower them to talk about their feelings. The Creativity Club is another project that has grown through 2024 and will continue into 2025. This is based at the Centre in Newlyn. Again, this group works with another area of deprivation. There is a high percentage of children from this area who have close relatives working in the fishing industry. There are also children who attend this group who are refugees. The Education Team will produce at least four "plays in a day" during the year, subject to any repair work required on the main parts of the stage as part of the estates plan. There will be further implementation of the Arts Award programme to accredit young people's efforts, and the continuation of programmes to support playwrights of all ages in partnership with Kernow Education Arts Partnership (KEAP). All the education activity will be directly funded by the charity and remain free of charge to participants. Additional Plans All visitor5 will continue to be encouraged to book their visit in advance in order to control numbers, giving a less congested experience in the theatre and on the Surrounding road network. In order to try and encourage this further, pricing has been adjusted for 2025 for advance and on the gate tickets, making it cheaper to book in advance than paying on arrival. In addition to routine repairs and maintenance, there will be a programme of capital projects including ongoing improvements to the sound and lighting systems and continued development of the garden. 20

Statement of Trustees, responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year. The financial statements are required by law to give a true and fair view of the state of affairs of the charity and group, and of the financial activities of the charity for that year. In preparing those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are required to act in accordance with the Constitution of the charity, within the framework of charity law. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the group and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. 21

Statement of disclosure to auditor So far as the trustees are aware, there is no relevant audit information of which the charity's auditors are unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity's auditors are aware of that information. By order of the trustees:_ M. J. Iles For and on behalf of the trustees The Minack Theatre, Porthcurno, Penzance, Cornwall TR19 6JU. 29 May 2025 22

INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE MINACK THEATRE TRUST CIO Opinion We have audited the financial statements of The Minack Theatre Trust CIO (the 'parent charity,) and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated and charity statement of financial activities, the consolidated and charity balance sheets, the consolidated and charity statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the group'5 and parent charity's affairs as at 31 December 2024, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee5' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 23

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the trustees report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees, report,. or sufficient accounting records have not been kept; or the parent charity's financial statements are not in agreement with the accounting records and returns," or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 21, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to 24

going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularitie5, including fraud. As part of our audit work, we obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which they operate. We determined that the laws and regulations that were most significant were those that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, and compliance with the Charities Statement of Recommended Practice. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or to avoid a material penalty. These include data protection regulations, health and safety regulations, licensing acts, food safety legislation and employment legislation. The specific procedures for this engagement and the extent to which these are capable of detecting irregularitie5, including fraud is detailed below: Review of the disclosures in the financial statements and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements,. Enquiries of management concerning actual and potential litigation and claims,. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk5 of material misstatement due to fraud,. Reviewing minutes of trustee meetings and correspondence with regulators; Performing audit work in connection with the risk of management override of controls, including testing journal entries for reasonableness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for potential bias. We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 25

Our audit approach also considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud being in respect of cut off and completion risk around revenue recognition. Under ISA (UK) we are also required to undertake procedures to respond to the risk of management override of controls. Our procedures included the following: Undertaking transactional testing on revenue,. Performing cut off testing on revenue,. Performing reconciliation work between box office system and accounting software to consider completeness of revenue,. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business- Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor's report. Use of our report This report Is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. QQL LLF Peot House Newham Road TRURO Cornwall TR7 2DP RRL LLP (Statutory Auditor) 8/?/tS RRL LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 26

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES incorporating the income & expenditure account for theyear ended 37 December 2024 2024 Total 2023 Total Unrestricted Restricted Income and endowments from: Note Voluntary income Donations, legacies and Friends, subscriptions Choritable activities Income from theatre Minack productions Visiting companies Education income Booking charges Visitor admissions Catering and retail 23,328 23,328 15,922 1&6 275,595 410,167 79,130 121,185 1,051,122 797 275,595 410,167 79,130 121,185 1,051,122 797 645,617 311,752 45,517 112,042 986,589 368,165 1,937,996 1,937,996 2,469,682 Other trading activities Commercial trading operations Investment income 592,325 592,325 68,786 100,757 100,757 75,665 Other Theatre Tax Relief reclaim 37,680 37,680 114,570 Total 2,692,086 2,692,086 2,744,625 Expenditure on= Raising fvnds Commercial trading operations Charitable activities Minack productions Education projects Operating the Theatre & Visitor Centre 564,776 564,776 33,839 2,5&6 1,2,5&6 1,5,6&7 238,925 190,569 1,616,453 238,925 190,569 1,616,453 645,267 180,694 1,865,934 2,045,947 2,045,947 2,691,895 Total 2,610,723 2,610,723 2,725,734 Net income 81,363 81,363 18,891 Transfers between funds Net movement in funds 81,363 81,363 18,891 Total funds brought forward 4,684,144 4,684,144 4,665,253 Total funds carried forward 19 4,765,507 4,765,507 4,684,144 The group has no recognised gains or losses in the year other than the net income as shown above. All Income and expenditure relates to unrestricted tunds. 27

CHARITY STATEMENT OF FINANCIAL ACTIVITIES incorporating the income & expenditure account for the year ended 3 7 December 2024 2024 Total 2023 Total Unrestricted Restricted Income and endowments from: Note Voluntary income Donations, legacies and Friends, su bscriptions Charitable activities Income from theatre Minack productions Visiting companies Education income Booking charges Visitor admissions Catering and retail 23,328 23,328 15,922 1&6 275,595 410,167 79,130 121,185 1.051,122 797 275,595 410,167 79,130 121,185 1,051,122 797 645,617 311,752 45,517 112,042 986,589 368,165 1,937,996 1,937,996 2,469,682 Other troding artivities Commercial trading operations Investment income 23,959 23,959 24,600 100,757 100,757 82,271 Total 2,086,040 2,086,040 2,592,475 Expenditure on: Charitable artivities Minack productions Education projects Operating the Theatre & Visitor Centre 2,5&6 205,409 1,2,5&6 190,569 1,5,6&7 1,608,078 205,409 190,569 1,608,078 535,629 180.694 1,857,261 2,004,056 2,004,056 2,573,584 Total 2,004,056 2,004,056 2,573,584 Net income 81,984 81,984 18,891 Transfers between funds Net movement in funds 81,984 81,984 18,891 Total funds brought forward 4,684,144 4,684,144 4,665,253 Total funds carried forward 19 4,766,128 4,766,128 4,684,144 There were no acquisitions or discontinued activities in the year to 31 December 2024 or the year to 31 December 2023. The charity has no recognised gains or1055es in the year other than the net income as shown above. All income and expenditure relates to unrestricted fund5. 28

CONSOLIDATED AND CHARITY BALANCE SHEETS at 37 December 2024 The Group 2024 The Charity 2024 2023 2023 Fixed assets Tangible assets Investments Note 2,442,484 2,514,194 2,442,484 2,514,194 10 2,442,484 2,514,194 2,442,486 2,514,196 Current assets Stocks Debtors Short term investments Short term deposits Cash in hand and at bank 1&11 12 21,609 25,057 109,925 182,821 533,577 1,021,707 1,812,332 1,070,048 116,701 77,308 8,133 246,572 1,021,707 1,070,048 24,511 184,996 533,577 1,812,332 55,623 2,594,144 2,376,941 2,586,528 2,370,971 Creditors Amounts falling due within one year 13 1271,121) (206,991) (262,886) {201,023) Net current assets 2,323,023 2,169,950 2,323,642 2,169,948 Total assets les5 current liabilities 15 4,765,507 4,684,144 4,766,128 4,684,144 Funds U nrestricted Designated Capital reseNe General 1&19 1,900,000 1,650,000 1&19 2.442,484 2,514.194 1&19 423,023 519,950 1,900,000 2,442,484 423,644 1,650,000 2,514,194 519,950 Total funds 19 4,765,507 4,684,144 4,766,128 4,684,144 These financial statements were approved and authorised for issue by the trustees on 29 May 2025. M. J. Iles For and on behalf of the Trustees 29

CONSOLIDATED STATEMENT OF CASH FLOWS AND CHARITY STATEMENT OF CASH FLOWS for the year ended 3 7 December 2024 The Group 2024 The Charity 2024 2023 2023 Cash flow from operating activitles 264,093 {30,203) 255,812 {59,089) Cash flow from investing activities Investment income 100,757 75,665 100,757 82,271 Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets {71,303) (401,4821 171,303} {401,482) 29,454 (325,81n 29,454 (319.211) Net change in cash and cash equivalents 293,S47 (356,020) 285,266 1378,3001 Cash and cash equivalents at start of the year 2,169,063 2,525,083 2,116,266 2,494,566 Cash and cash equivalents at end of the year 2,462,610 2,169,063 2,401,532 2,116,266 Reconciliation of net income to cash flow from operating activities The Group 2024 The Charity 2024 2023 2023 Net income for the year Adjusted f or. Fixed asset depreciation Loss on the sale of fixed assets Investment income Movement in stock Movement in debtors Movement in creditors 81,363 18,891 81,984 18,891 143,013 109,355 12,028 {75,665) 1,811 (44,6401 (51,9831 143,013 109,355 12,028 {82,271) 1,188 (67,050) (51,2301 1100,75n 3,448 72,896 64,130 (100,7571 8,133 61,576 61,863 Cash f low f rom operating activities 264,093 130,203) 255,812 159,089) 30

NOTES (forming part of the financial statements) Summary of significant accounting policies 7. 7 General information and basis of preparation The Minack Theatre Trust CIO is a charitable incorporated organisation, registered in England. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity's operations and principal activities are outlined on pages 7 to 9. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 7.2 Consolidation The consolidated financial statements incorporate the income and expenditure of The Minack Theatre Limited, and Minack Productions Limited, the charity's subsidiary undertakings on a line by line basis. 7.3 Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the Reserves Policy on page 17. 7.4 Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it Is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions 15 Wlthin the control of the charity and it is probable that they will be fulfilled. 31

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably, and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). The charity does not utilise the services of volunteers in its operational activities. Investment income is earned through holding assets for investment purposes. It includes interest. Interest income is accrued on a time basis, by reference to the effective interest rate applicable. Other income includes gains on disposals of tangible fixed assets and an amount equivalent to Minack Productions Limited's corporation tax reclaim under Theatre Tax Relief. 7.5 Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings. Costs of raising funds includes the costs of the commercial trading operations- Expenditure on charitable activities includes cost of Minack Productions, operating the Theatre and Visitor Centre and governance costs; and Other expenditure represents those iteTllS not falling into the categories above. Irrecoverable VAT is separately identified in charitable expenditure. 7.6 Support costs allocotion Support costs are those that asslst the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll Costs. They are incurred directly in sUPPOrt of expenditure on the objects of the charity. Where support Costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. 7. 7 Intangible assets Intangible a55ets are amortised on a straight-line basis over their useful lives. 32

7.8 Tangible [￿ed assets Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as fol lows.. Freehold land Freehold buildings Plant and machinery Fixtures and fittings Straight line depreciation over 50 years Straight line depreciation over 3, 4 or 7 years Straight line depreciation over 3, 4 or 7 years 7.9 Heritage assets Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly Ou￿e[ghS any benefit to the users of the financial statements then heritage assets are not recognised on the balance sheet. 7. 70 Investments Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year. 7. 7 7 Stocks Stocks are stated at the lower of cost and estimated selling price. Provision is made for damaged, obsolete and slow-moving stock where appropriate. 7. 72 Debtors and creditors receivable /payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 7. 73 Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment Ioss is recognised in the Statement of Financial Activities. 7. 14 Provisions Provision5 are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it Is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. 7. 75 Leases Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease 33

liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. 7. 76 Employee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. 7. 77 Tax The Minack is a registered charity and is exempt from corporation tax. 7. 78 Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. 7. 79 Judgements and key sources of estimation uncertainty In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision only affects that year, or in the year of the revision and future years where the revision affects both current and future years. 34

Income from theatre 2. 7 Income 2024 2023 Rental income due to Minack Theatre Trust CIO 410,167 311,752 Minack productions income (see note 2.2) 313,275 760,187 723,442 1,071,939 2.2 Minack Productions 2024 2023 Minack productions income Minack Productions Limited Theatre Tax Relief reclaim Storytelling income 131,655 37,680 143,940 518,042 114,570 127,575 313,275 760,187 Minack productions expenditure Storytelling expenditure (225,425} (13,5001 (625,326) (19,941) {238,925) (645,267) Net Minack productions income 74,350 114,920 2.3 Net income from theatre and productions 2024 2023 Rental income due to Minack Theatre Trust CIO 410,167 311,752 Net income from Minack productions (see note 2.2) 74,350 114,920 484,517 426,672 35

Other trading activities This represents income from the sale of goods conducted throLtgh its subsidiary The Minack Theatre Limited. From 1 January 2024 all catering and retail activities were transferred from The Minack Theatre Trust CIO to The Minack Theatre Limited (see also note 10). 2024 2023 Turnover Cost of sales 592,325 (232,878) 68,786 (33,8391 Gross profit 359,447 34,947 Staff costs Administrative costs and interest payable Governance (307,636} (24,262) (4,211) (641) (3,100) Net income from trading 23,338 31,206 Net income in the year for the group Stated ofter chargcng 2024 2023 Auditors, remuneration audit Auditors, remuneration other services Depreciation Loss on the disposal of fixed assets 13,918 1,700 143,013 12,245 1,600 109,355 12,028 36

Analysis of charitable expenditure Cost of operating the Theatre, Education Programme & Visitor Centre The Group 2024 Total 2023 Total Theatre Education Visitors Purchases Visitor tou r costs Wages 252,753 Salaries 51,555 Printing and stationery 2,178 Promoting the Theatre's activitie: 19.910 Repairs and maintenance 75,608 Light, heat, rates and water 20,703 Insurance 13,788 Motor and travel 1,402 Telephone and postage 1,083 Sanitation 20,640 Miscellaneous 9,736 Bank charges 317 Credit & debit card charges 41,147 VAT (Unrecovered Input Tax) 6,223 Depreciation 60,317 Loss on disposal of fixed assets 159,933 29,381 760,785 201,630 5,300 38,458 150,998 41,822 26,029 4,275 3,675 41,147 30,814 3,883 71,714 31,698 109,355 12,028 28,504 346,188 70,612 2,863 26,158 99,334 27,200 18,115 1,841 1,424 27,116 12.793 436 22,156 8,531 79,246 28,504 653,599 160,660 5,166 47,207 179,266 49,087 32,692 3,323 2,569 48,936 23,085 753 63,303 14,754 143,013 54,658 38,493 125 1,139 4,324 1,184 789 80 62 1,180 556 3,450 577,360 106,040 772.517 1,455,917 1,722,925 Management & administration Salarie5 Professional fees Trustee expenses Miscellaneous Governance (note 7) 47,900 7,087 768 9,000 405 65,653 9,311 1,008 2,073 8,654 122,553 16,803 1,820 3,742 15,618 113,265 14,847 626 1,579 6,587 90 377 426 13,845 63,921 9,916 86,699 160,536 143,009 641,281 115,956 859,216 1,616,453 1,865,934 Costs are directly allocated where possible and where not, they are allocated based on a proportion of visitor numbers acros5 the three areas of activity. 37

Analysis of charitable expenditure (continued) Cost of operating the Theatre, Education Programme & Visitor Centre The Charity 2024 Total 2023 Total Theatre Education Visitors Purchases Visitor tour costs Wages 252,753 Salaiies 51,555 Printing and stationery 2,178 Promoting the Theatre's activitie., 19,910 Repairs and maintenance 75,246 Light, heat, rates and water 20,703 Insurance 13,788 Motor and travel 1,402 Telephone and postage 1,083 Sanitation 20,640 Miscellaneous 9,736 Bank charges 218 Credit & debit card charges 41,147 VAT (Unrecovered Input Tax) 6,223 Depreciation 60,317 Loss on disposal of fixed assets 159,933 29,381 760,785 201,630 5,300 38,458 150,669 41,822 26.029 4,275 3,665 41,147 30,814 3,044 71,614 31,698 109,355 12,028 28,504 346,188 70,612 2,863 26,158 99,334 27,200 18,115 1,841 1,424 27,116 12,793 299 22,156 8,531 79,246 28,504 653,599 160,660 5,166 47,207 178,904 49,087 32,692 3,323 2,569 48,936 23,085 517 63,303 14,754 143,013 54,658 38,493 125 1,139 4,324 1,184 789 80 62 1,180 556 3,450 576,899 106,040 772,380 1,455,319 1,721,647 Management & administration Salaries Professional fees Trustee expenses Miscellaneous Governance (note 7) 47,900 7,087 768 1,579 3,307 9,000 405 65,653 9,311 1,008 2,073 4,345 122,553 16.803 1,820 3,742 7,841 113,265 14,847 626 426 6,450 90 189 60,641 9,728 82,390 152,759 135,614 637,540 115,768 854,770 1,608,078 1,857,261 Costs are directly allocated where possible and where not, they are allocated based on a proportion of visitor numbers across the three area5 of activity. 38

Net income by charitable activity The Group 2024 Total 2023 Total Theatre Education Visitors Note Direct income Booking charges Minack events Booking charges external events Catering and retail 685,762 45,328 13,712 797 79,130 2,592 1,051,122 59,553 1,816,014 107,473 13,712 797 1,989,475 98,230 13,812 368,165 745,599 81,722 1,110,675 1,937,996 2,469,682 Direct Expenditure Charitable Expenditure 1238,9251 1641,2811 {190,569) {115,956) {429,4941 {859,216) {1,616,453) 1825,9611 {1,865,9341 1880,206) (306,525) (859,216) (2,045,947) (2,691,895) Net income/(expenditure) by activity (134,607) (224,803} 251,459 1107,9511 1222,213) The Charity 2024 Total 2023 Total Theatre Education Visitors Note Direct income Booking charges Minack events Booking charges external events Catering and retail 685,762 45,328 13,712 797 79,130 2,592 1,051,122 59,553 1,816,014 107,473 13,712 797 1,989,475 98,230 13,812 368,165 745,599 81,722 1,110,675 1,937,996 2,469,682 Direct Expenditure Charitable Expenditure (205,409) 1637,5401 {190,569) (115.768) {395,978) (854,770) (1,608,078) 1716,3231 {1,857,2611 {842,949) (306,337) (854,770) (2,004,056) (2,573,584) Net income/lexpenditure) by activity 197,3501 1224,615) 255,905 {66,060J 1103,902) Governance costs The Group 2024 The Charity 2024 2023 2023 Auditor's remuneration 15,618 13,845 7,841 6,450 15,618 13,845 7,841 6,450 39

Staff costs and numbers The average number of employees in the 2024 season was 69 (2023.. 64) and 50 (2023." 46) out of season. There were no employees whose total remuneration fell above £60,000 du ring the reporting year (2023." one employee between £70,000 and £80,000). 2024 2023 Wages and salaries Social security costs Pension costs 1,140,399 86,099 37,973 991,505 71,469 32,956 1,264,471 1,095,930 The charity contributes to a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the fund and amounted to £37,973 (2023.. £32,956). There was £3,873 outstanding contribution at the year-end (2023.. £563). The total employee benefits of key management personnel for the group was £266,801 (2023." £256,530). Tangible fixed assets (the Group and the Charity) Land Buildings Fixtures Fittings Total Cost At 1 January 2024 Additions Disposals 3,001,703 21,616 700.235 49,687 {2,295) 3,701,938 71,303 (2,295) At 31 December 2024 3,023,319 747,627 3,770,946 Depreciation At 1 January 2024 Disposals Charge for the year 770,684 417,060 (2,295) 84,872 1,187,744 {2,2951 143,013 58,141 At 31 December 2024 828,825 499,637 1,328,462 Net book value At 31 December 2024 2,194,494 247,990 2,442,484 At 31 December 2023 2,231,019 283,175 2,514,194 40

All the tangible fixed assets are used for direct charitable purposes. Only those with a value of £500 or more are capitalised. Included in land and buildings is land with a net book value of £157,254 which has not been depreciated. The charity maintains the open-air Minack Theatre which was acquired in 1976 when the landowner and founder gifted the theatre at no cost to the original charitable Trust. There have been no acquisitions or disposals of heritage assets during the last five years. The charity does not plan to dispose of the theatre as it is central to the objects of the charity. The charity aims to maintain the condition of the theatre in a steady state of repair. Any repair work is charged to the Statement of Financial Activities in the year it is incurred. Any significant improvement work is included as a fixed asset addition. Access to the theatre is obtained by purchasing a ticket for a performance or for a visit. 10. Investments The Group 2024 The Charity 2024 2023 2023 100% investment in The Minack Theatre Limited and Minack Productions Limited, companies incorporated in England and Wales At 31st December 2023 and 31st December 2024 A summary of the trading results of The Minack Theatre Limited is shown below:_ 2024 2023 Turnover Cost of sale5 and administrative expenses Interest payable Amount gifted to the charity 592,325 (592,279) (667) 68,786 161,580) (600) 16,606) Retained in the subsidiary (621) Cu rrent assets and liabilities of the su bsidiary were= Current assets Creditors: amounts due within one year 35,490 (36,1101 29,843 {29,842) Total net a55ets (620) Aggregate share capital and reserves (620) 41

From 1" January 2024 all catering and retail activities were transferred from The Minack Theatre Trust CIO to The Minack Theatre Limited. A summary of the trading results of Minack Productions Limited is shown below:_ 2024 2023 Turnover Cost of sales and administrative expenses Taxation 178,017 (215,697) 37,680 503,713 {618,283) 114,570 Retained in the subsidiary Cu rrent assets and liabilities of the subsidiary were: Current assets Creditors: amounts due within one year 100,396 (100,395) 173,306 (173,305) Total net assets Aggregate share capital and reserves The above companies, registered offices are The Minack Theatre, Porthcurno, Penzance TR19 6JU. Stocks The Group 2024 The Charity 2024 2023 2023 Goods for resale 21,609 25,057 8,133 21,609 25,057 8,133 42

1. Debtors The Group 2024 The Charity 2024 2023 2023 Accrued income and prepayments Other debtors Amount due from Minack Productions Limited Amount due from Minack Theatre Limited 101,551 8,374 178,813 4,008 48,352 8,374 96,988 31,282 46,948 4,008 169,010 26,606 109,925 182,821 184,996 246,572
2. Creditors Amounts falling due within oneyear The Group 2024 The Charity 2024 2023 2023 Trade creditors Taxation and social security Other creditors Amount due to Minack Produrtions Limited Amount due to Minack Theatre Limited Accruals and deferred income 53.862 12,150 35,588 18,279 13,521 22,464 53,127 12,150 35,588 18,144 13,521 22,464 487 169,521 152,727 162,021 146.407 271,121 206,991 262,886 201,023

3. Deferred income The Group 2024 The Charity 2024 2023 2023 Brought forward Amount released to income Amount deferred in year 125,866 149,044) 61,840 114,773 (44,4661 55,559 125,866 149,0441 61,840 114,773 {44,466) 55,559 Carried forward 138,662 125,866 138,662 125,866 Deferred income comprises advanced ticket sales, unexpired gift vouchers and Members, subscriptions for the following financial year. 43

4. Analysis of group net assets between funds st As at 31 December 2024 Unrestricted fund Restricted fund 2024 Total 2023 Tangible fixed assets Net current a55ets 2,442,484 2,323,023 2,442,484 2,323,023 2,514,194 2,169,950 At 31 December 2024 4,765,507 4,765,507 4,684,144

5. Financial commitments At 31 December 2024, total commitment5 under non-cancellable operating leases were as follows.. The Group 2024 The Charity 2024 2022 2023 Operating leases commitments Payable within one year Payable within one to two years Payable within two to five years 659 659 329 659 659 988 659 659 659 988 659 329 1,647 2,306 1,647 2,306
6. Taxation The Minack Theatre Trust CIO is a registered charity and the results of it5 normal activities are not liable to Corporation Tax.

7. Related party transactions The trustees received no remuneration. Six incurred a total of £1,820 travel expenses that were reim bursed (2023.. two incurred £626). The wife of a trustee received £590 (2023." £2,776) for providing accommodation to actors and performers in the year. No amounts were outstanding as at 31 December 2024 (2023." £ni4. A member of the key management personnel received £7,880 (2023.. £6,664 for directing and writing fees and £4,500 (2023.. £5,500) for storytelling fees in the year. No amounts were outstanding as at 31 December 2024 (2023.. £ni4. The wife of a key member of the management personnel received £nil (2023.. £420) for providing accommodation to actors and performers in the year. No amounts were outstanding as at 31 December 2024 (2023.. £nil). 44

8. Movement in funds The Group Balance at l Jan 2024 Incoming Resource Resources Expended Balance at 31 Dec 2024 Transfers Unrestricted Designated Winter cash outflow Losses from reduced visitors Unexpected repairs Education & productions 150,000 400,000 500,000 600,000 100,000 250,000 400,000 575,000 675,000 75,000 299,803 {224,8031 Capital reserve 2,514,194 171,710) 2,442,484 General 519,950 2,692,086 {2,385,920) (403,093) 423,023 4,684,144 2,692,086 12,610,723) 4,765,507 The Group Balance at 1 Jan 2023 Incoming Resou rce Balance at 31 Dec 2023 Resources Expended Transfers Unrestricted Designated Winter cash outflow Losses from reduced visitor Unexpected repair5 Education & productions 150,000 400,000 500,000 600,000 150,000 400,000 500,000 600,000 -228,146 228,146 Capital reserve 2,234,095 280,099 2,514,194 General 781,158 2.744,625 -2,497.588 -508,245 519,950 4,665,253 2,744,625 -2,725,734 4,684,144 The Charity Bala nce at1Jan 2024 Incoming Resource Resources Expended Balance at 31 Dec 2024 Transfers Unrestricted Designated Winter cash outflow Losses from reduced visitors Unexpected repair5 Education & productions 150,000 400,000 500,000 600,000 100.000 250,000 400,000 575,000 675,000 75,000 299,615 1224,6151 Capital reserve 2,514,194 (71,710) 2,441484 General 519,950 2,086.040 (1,779,441) (402,905) 423,644 4,684,144 2,086,040 (2,004,056) 4,766,128 45

The Charity Balance at1 Jan Incoming Resource Resou rces Expended Balance at 31 Dec 2023 Transfers 2023 Unrestricted Designated Winter cash outflow Losses from reduced visitor< Unexpected repairs Education & productions 150,000 400,000 soo,000 600,000 150,000 400,000 500,000 600,000 -227,438 227,438 Capital reserve 2,234,095 280,099 2,514,194 General 781,158 2,592,475 -2,346,146 -507,537 519,950 4,665,253 2,592,475 -2,573,584 4,684,144 The capital reserve equates to the written down value of tangible fixed assets. 20. Auditors Liability For the year ended 31 December 2024, the charity entered into a liability limitation agreement with its auditors, the principal terms of which limit the liability of the auditors to £5,000,000 to relation to their responsibilities as auditors of the charity- The date this was agreed by the charity was 16 March 2025. 46

Theatre Shows 2024 Dates Production Author / Composer Company February 16- 17 Aladdin in St John's Hall, Penzance Disney Rising Stars (Minack Education) March 29 to April 12 From the novel by Nina Bawden, adapted by Emma Reeves Minack Productions Limited Carrie's War April 15-16 l Found My Horn Adapted from the novel by Jasper Rees Jonathan Guy Lewis April 23 to May16 The Massive Tragedy of Madame Bovary Minack Productions Limited and Ha Hum Ah Theatre John Nicholson May 4-6 Joseph and his Technicolour Dreamcoat Andrew Lloyd Webber/Tim Rice Kidz R Us May 19-22 Doctor Faustus Christopher Marlowe and Carnon Downs Colin Teevan Drama Group May 27-31 Little Shop of Horrors Alan Menken and Howard Ashman Redruth Amateur Operatic Society Trust June 3-6 Love Riot Hannah Mulder Miracle Theatre June 9-13 Adolf and Winston Living Spit Livi ng Spit June 17-21 Sense and Sensibility The Musical Jeffrey Haddow and Neal Hampton Surrey Opera June 24-27 The Adventures of Doctor Dolittle Adapted by Oliver Gray from the books by Hugh Illyria Lofting July 1-4 As You Like It Shakespeare Duke's Theatre Company July 8-11 London Assurance Dion Boucicault (revised by Richard Bean) Global Theatre Productions 47

Dates Production Author / Composer Company Minack Theatre and Cornwall Music Service Trust July 15-16 Operation Kernow John Brolly July 17-18 The Light Burns Blue Silva Semerciyan Minack Acting Academy July 22-25 Loves Labours Lost Shakespeare Stamford Shoestring Theatre July 29 to August 2 John Kander and Fred Ebb British Theatre Academy The Rink August 5-8 The French Lieutenant's Woman John Fowles, adapted by Brighton Little Mark Healy Theatre August 12-16 Young Frankenstein Mel Brooks and Thomas Meehan The Mitre Players August 19-22 Wendy and Peter Pan Ella Hickson Hertfordshire Players Adapted by Lisa Evans from the novel by Daphne du Maurier August 26-29 Jamaica Inn Guildburys Theatre Company September 1- The Lighthouse Keeper's Lunch Minack Productions Limited David Wood September 2- Show Tune5 of the Sea n/a Minack Musical Theatre Academy September 18-21 WS Gilbert and Sir Arthur Sullivan Cambridge University Gilbert and Sullivan Society Pirates of Penzance September 25 to October 5 Duffy Rebecca Mordan Scary Little Girls Stage adaptation by Dean Pitchford and Walter Bobbie November 1-2 Footloose Brit15h Theatre Academy & Minack December 20- 21 Adapted by David Mynne from original Charles Dickens A Christmas Carol David Mynne 48

Music and Comedy Events 2024 Dates April 18-19 May 10 May 23-24 June 1-2 Group A Blaze of Feather Show of Hands The Fisherman's Friends Songs for Explorers The Moulettes Rioghnach Connolly and Honeyfeet Lanterns on the Lake Dry Cleaning Cosmo Sheldrake This Flight Tonight Florence Adooni Ishamel Ensemble Doug Allen Daisy Rickman Tete a Tete- The Boatswains Mate Gillian Burke The Oggymen Henry Normal and Nigel Planer Seth Lakeman Symphoni Kernow Porthleven Town Band Roo Panes Mad Dog Mccrea and Jolly Roger Singalong Minack, Really Lovely Projects Pendeen Silver Band June 7 June 28 July 5 July12 July 19 July 26 August 9 August 27 September 1 September 9 September 10/12 September 11 September 11 September 12 September 13 September 14/15 September 27 September 30 October 4 October 12 December 15 49