2025-12-31-accounts

MINACK THEATRE The Minack Theatre Trust CIO (Registered Charity Number 7 766799) l i i.i,i L,1,: Trustees, Report and Financial Statements 31 December 2025 The Minack Theatre Trust CIO A Charitable Incorporated Organisation ￿v1th a registerect chai iiy INO.. 1166799 Registered in England & Wales, Principal Office.. Minack Theatre, Porthcurno, Penzance. Coinwall. TRI 9 6JU

CONTENTS Page Trustees. report Reference and administrative details Structure, governance and management Objectives and activities Review of achievement5 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 f lows 30 Notes to the financial statements 31 2025 Season 48

TRUSTEES. REPORT For the year to 3 7 December 2025 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 2025 and can conf irm 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 1 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 account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffective 1 January 20191. 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 The Trustees at 31, December 2025 Mr C. J. F. Sinclair Mr C. M Hayne5 Mr C. R George (appointed 1 June 20251 Mr M. J. Iles (retired 31 May 20251 Mr M. L Moore KC Mrj. M. Sinclair Mr R. J. Sinclair Mrs E. R. Smith There are no committees or subcommittees of the Trustees. Officers Secretary Mrj. M. Sinclair Senior Management Team Director Production Manager Associate Director Visitor Experience Manager Business Support Manager Ms R. J. Thomas Mr S. J. Hutchings Mrj. Brolly Ms L. R. Manning Ms M. K. Hall {resigned 21 December 20251 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 Tru5tees' 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. Organi5ation The trustees formulate policy. The Secretary is responsible for the administration of the charity. Operational control is delegated to the Director. The rest of the senior management tearn report to the Director. Related parties The Minack Theatre Limited (Company Registration Number 038334281 is a wholly owned trading subsidiary of The Minack Theatre Trust CIO. See Notes 3 and 11 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 11 to the f inancial statements for a synopsis 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 areas of activity. The risk management action plan is reviewed in February/March each year. The most significant risks following the 2026 review are.. Accidents due to the hazardou5 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 acces5 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 improvement5 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 property Selling, leasing or otherwise disposing of property Employing and remunerating staff Depositing or investing funds

Alms 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 Minacl 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 reèsonable 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 companie5, 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. Auditor5 A resolution to re-appoint RRL LLP as auditors was proposed at the trustees. meeting on 15 March 2026. th

Review of Achievements & Public Benefit for 2025 The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future artivities. 214,067 people visited the Minack in 2025 {including show audiences}, 9.8% more than budgeted but 0.8% lower than the 215,793 who visited in 2024. The shows performed to 73% capacity (against 62Wo capacity in 20241. 2,582 ticket512024.' 2,299) had to be refunded for eight (2024.. twelve) cancelled performances as the weather significantly disrupted the experience for audiences. Whilst the number of cancelled performances was lower, the average audience5 booked were much higher with three of the cancellations in August and September equating to 1,491 of the totsl refunded tickets. The trustees are committed to taking seriously their responsibility to V151tors, the local community and other stakeholders. The achievements and public benefits that the Minack provided in 2025 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 2025 we programmed 224 performances including 27 storytelling shows for children and families. Of our main programme, 77 performances included community or non- professional players, 45 involved children, young people or students and over 90 gave employment to Cornwall-based professional companies or performers. b. We staged 3 Minack productions and co-productions.. a. 13 young people age 9 to 12 from across Cornwall formed the Minack Youth Theatre to take part in the Minack production of Mermaid Ofzennor, with perforrnances throughout the Easter holidays. Written by John Brolly and composed by Ben Sutcliffe this musical tale of a classic Cornish story featured two local professional actors and saw members of the Minack Youth Theatre also take principal roles. b. A Zoe Cooper adaptation of the Jane Austen novel NorthangerAbbey featuring three professional adult actors and a local creative team. A co-production with Ha Hum Ah of a play written by Ben Kernow. Making a Killing, inspired by the diaries of a 16 century hangman, is a tale of justice, corruption and survival in a world disturbingly like our own. c. We welcomed back 13 of our regular visiting companies along with Winchester Players and Pirates of the Carabina for the first time in eight years. We also welcomed Le Navet Bete for the first time. The overall quality of productions across the season was strong and after some debate, we awarded the Minack Trophy for the best visiting production jointly to the The British Theatre Academy for thèir production of The Who s Tommy and Bodkin Theatre Company for their production of Miss Benson's Beetle. 10

d. The one-night music programme continued through 2025, with over 13,000 people in total watching a range of events from bra55 band to world music. The partnership with The Cornish Bank events venue, started in 2023, continued to be a success bringing different musical genres to the Minack stage as well as different local audiences. Our audience in 2025 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. 92,683 people attended a performance at the Minack during 202512024.. 91,0141. 12% of our audience for performances were aged under 16, rising to 41 % for storytelling shows and we issued 1,053 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 creatlve opportunities to inspire people, particularly Cornish children and students. to learn and develop all skills associated with live performances. In 2025 we continued our educational programme providing creative opportunities and activities for young people across Cornwall. b. The Minack Acting and MLJsical Theatre Academies continued to provide opportunities for young people to develop their skills, including workshops with established professiona15 in the sector. Our Acting Academy students all achieved either Merit or Distinction in Trinity Acting exams. Students of the Musical Theatre Academy took part in Smash Hits Irom the Stage and the Acting Academy students performed Pearl o'wisdom at the Minack and in seven other venues across Cornwall. d. 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 stsge of their education. We worked again with Cornwall MLJSIC Service Trust to produce the song cycle Cornish Avengers (written by John Brolly and Patrick Bailey). This brought together over 250 students from schoo15 across Cornwall and the Cornwall Youth Chamber Choir. f. We created a succe55ful education programme for Shakespeare week, based on Hamlet, Macbeth or Twelfth Night. This was offered to schools throughout Cornwall resulting in 649 children from 20 schools experiencing a workshop based on the play all within one week. We also successfully created two Shakespeare Festivals involving 249 children performing on the Minack stage. g. We worked with students from 20 schoo15 across west Cornwall (not including those who participated in Shakespeare Weekl plus the Isles of Scilly and delivered a total of 8,176 student hours of engagement.

h. We continued our outreach work to engage hard to reach children in deprived areas. Working with Crabwalkers and Trelya we delivered over 950 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, delivering over 280 student hours of engagement. We ran a series of three '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. We staged a joint production of We Will Rock You Young@Partwith the British Theatre Academy in October half term week. 25 Cornish students aged 12 to 17 joined a similar size group from across the south east to rehearse and present the show over four performances. Several of the students taking principal roles are members of our Academies demonstrating the talent development of this area of the Taking Part programme. k. 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 Matilda Junior in February 2025 at St John's Hall in Penzance. The auditions for Moano Jr, being staged in February 2026 proved even more popular with over 70 in the cast. For those children on the waiting list for Rising Stars a Moana PIGY in a DGY was held so that they could still enjoy the creative experience on a smaller scale. Educate visitors about Rowena Cade. her story and that of the Minack Inspire them through creative presentation of exhibitions. live narration and digital interpretation. 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 476 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 2025 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 2025. This invitation is testament to the hard work of Jeff Rowe and Claire Batten, Head Gardeners over the last five 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 12

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 lower grassed seating was refreshed through the winter of 2025 with patches of artificial turf on the most worn areas. Thi5 allowed the lower terraces to remain open throughout the winter rather than be closed off to the public, providing a better experience and acce55 to customers. The upper terraces were returfed during late 2025 ready for the next season. 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 5UStainable. modern facilities for audiences. ViSTtors. Staff and performers that are suitable to the unique environment of the Minack and reflect it5 5tatU5 as an attrartion of international repute. There is an Estate Management Strategy in place that is reviewed at least twice a year by Trustees. This is a framework within which the buildings and ground5 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's original work which dates from 1932 to the late 19705. Work was carried out during 2025 to repair the Juliet Balcony and further work will be carried out to replace the iconic features of the Minack stage and auditorium during 2026 and 2027. The Visitor Centre reopened in 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 continued to be very popular during 2025 with 16,880 covers throughout the year12024.' 16, 776). It also doubles up as a takeaway outlet during the summer season. Develop and sUPPOrt an outstanding team of versatile people to ensure visitor5. performing companies and participants enjoy a life enhancing experience at the Minack. The Minack is one of the area's biggest employers with a total wage and salary bi15 of £1,331,548 in 202512024.. £7.264,4771. 13

The Minack employed an average of 62 people year-round. There was an average of 69 people during the height of the performing season and an average of 55 people during the non-performing season. In 2025, over 85% of staff live in the rural area to the west of Penzance. From 1 January 2026 the minimum wage for all staff over the age of 21 will be £13.00 per hour. Staff training through the year focussed on training in operational aspects such a5 first aid, safeguarding and accessibility. Going into 2026 there is a focu5 on Equality, Diversity and Inclusion, including Neurodiversity. The Technical Manager and some of the grounds team will also complete their working at height course including rope access. Over 80% of the freelance practitioners engaged on Minack productions and the education programme during the year are based in Cornwall. We recognise the challenge5 for people working on short term contracts and always work to treat them fairly, offering paid development opportunities and being careful to ensure planning time is factored into contract arrangements. Develop retail and catering strategies to meet the reasonable expectation5 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 performance5. The café spend per head was £1.39 and the takeaway spend per head £1.20 which meant that overall the spend per head achieved on catering wa5 £2.59, an increase on 2024's £2.37. The focus in 2026 is on continuing being able to meet the expectations of the vi51tors 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 53 which was comparable with £0.45 in 2024. Generate sufficient funds through core activities to achieve aims 1 to 6 in a viable manner for the very long term. Unlike m05t theatres in the UK, the Minack depends almost exclusively on earned income. In 2025, despite 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 2025 the Minack made a direct annual contribution to the Cornish economy of over £2m. It attracted 214,067 visitor5, of whom 900k 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, over 70% of the audience had home addre55es outside of Coinwall. 14

Wherever possible, the Minack sources goods and services frorn within Cornwall. Over the last twenty years, using Cornish companies, it has completed building projects costing more than £2,000,000. 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 £343,612 (surplus of £87,363 in 2024). Income from the theatre performances (including Theatre Tax Relien was £846,074 against £723,442 in 202415ee note 2 on page 35). Expenditure on Minack productions decreased from £238,925 in 2024 to £186,229. Apportioning a share of the overhead cost of operating the theatre and visitor centre, on the basis of the percentage of visitors who watch a performance, shows the theatre programme made a Surplus of £27,439 (2024.. cost£734,607). See note 6 on page 39. The expenditure associated with staging productions, including research and development, producing, running and closure of prodLJCtions were made through Minack Productions Limited. Minack Productions Limited plans to claim a payable tax credit (Theatre Tax Reliefj for its productions. pursuant to Part 15C of the Corporation Tax Act 2009 of £24,223 {2034.' £37,680). The education programme cost £162,378 in direct costs12024.' £790,569) however there were an additional £104,997 in wages and salaries attributable to this programme12024.. £702, 157) and £10,055 of overhead costs. The programme generated £74,725 of income. The net cost of education therefore wa5 £202,70512024.' £224,803). This cost has been drawn from the designated reserve to support education projects. Visitor admissions totalled £1,142,294 (2024.. £7,05 7, 722). 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 frotn visitors of £340,626 {2024.' contribution £257,459J. During 2025, £149,799 (2024.. £779,266) was spent on repairs and £127,819 (2024.. £77,303) on capital items. ExpenditLJre on projects costing more than £5,000: Reinstatement of the Juliet Balcony.. £9,800 Solar thermal panels on the toilet block.. £7,706 New website.. £50,400 New lighting.. £24,600 Lighting desk.- £9,765 The charity's wholly-owned subsidiary The Minack Theatre Limited generated a net income of £24,122 (2024.. £25,338) on trade through its café, takeaway outlets and retail shop. The company made a profit on ordinary activities of £83012024.-1055 £62 7). 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 obligation5 of the charity without recourse to borrowing. The trustees do not believe that any material difference that may exist between the book values and actual values of assets has any material effect on the ongoing activities of the CIO. Voluntary income totalled £34,559 (2024.. £23,328). This heading covers the income from the "Members" subscriptions of £33,699 (2024.. 27,576) and donations of £860 (2024.. £7,872). 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. 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 retsined 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 was increased in 2024 from the previous £150,000 to take account of inflationary rises and specifically ernployment C05t increases over the past six years. No further increase is made in 2025. Withstand the financial consequences of a significant reduction in visitors, for exarnple 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 1970s. This reserve was adjusted in 2024 accounts from £500,000 to £575,000 to take account of the construction cost inflation from 2021 to 2025. In parL 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'l programme and associated Minack productions at £225,000 per year to enable the programme to be maintained.. £675,000. The remaining general reserve, after those designated in a. to d. above, is £790,011. Given the overall size and dependencies of the charity and the reliance on our own resources this general reserve is modest. There are also planned capital works at the end of 2025 and into 2026 that will utilise funds from this general reserve. 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 £2,419,108. The charity's reserves and its income are used in pursuance of its objertives as set out above. 17

Fundraising policy The charity does not carry out any formal fundraising activity or engage any professional or commercial fLJndraisers. 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 deposits, 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 £87,324 (2024.. £700, 757) interest receivable for the year. This reflects the loweririg of the Bank of England base rate in 2025. 18

Plans for future years Events and Visitor5 A season of productions will run from early April until early October with a short additional season in December. Thi5 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 inc5ude: 1. A musical production of Giants, written by John Brolly and Ben Sutcliffe. 2. A re-visit of the co-production with Ha-Hum-Ah of the new play written by Ben Kernow, Making a Killing, at the end of its Spring tour. 3. A production of David Wood and Michelle Morigon's adaptation of the novel Goodnight Mister Tom. 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 311 visitors remains a priority- Taking Part Having worked with over 5,000 young people during 2025 the education and participatory programrlle continues to provide an outstanding opportunity for local children to access creative opportunities in the arts and at the Minack. The aim for 2026 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 2026, 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. 1) 15 young people age 9 to 12 from across Cornwall are taking principal and ensemble roles in the Minack production of Giants, scheduled to perform in April 2026. 21 The members of the Acting Academy will perform Animol Form written by George Orwell at the Minack and on a short tour in July 2026. 31 The members of the Musical Theatre Academy will perform a musical medley in July 2026. 19

41 Over 200 west Cornwall school children will take to the stage as singers, dancers, actors and musicians to perform Bal Govenek, written by John Brolly. 5) Rising Stars will continue to offer west Cornwall children the chance to perform in a musical theatre show in Penzance. Moana Junior will be performed in February 2026 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 2026, 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 Minack Adventurers (formally Creativity Clubl is another project that ha5 continued to run successfully at the Centre in Newlyn through 2025 and will continue into 2026. 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. It has been so successful that the same project is being established at The Nancherrow Youth Centre in St Just in 2026. 282 hours of creative activity were delivered at The Centre in 2025. The Education Team will produce at least four 'plays in a day" during the year, subjert to any repair work required on the main parts of the stage as part of the estates plan. There will be an extension to the Minack Adventurers at the Minack (formally the Arts Award) summer 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 IKEAPI. All the education activity will be directly funded by the charity and remain free of charge to participants. Additional Plans All visitors will continue to be encouraged to book their vi51t in advance in order to control numbers, giving a less congested experience in the theatre and on the surrounding road network. The pricing strategy, making it cheaper to book in advance than paying on arrival, will continue into 2026. In addition to routine repairs and maintenance, there will be a programme of capital project5 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 unle55 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 Charitie5 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=_ J. M. Sinclair For and on behalf of the trustees The Minack Theatre, Porthcurno, Penzance, Cornwall TR19 6JU. 24 June 2026 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'l for the year ended 31 December 2025 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 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stondard applicable in the UK ond Republic of Irelond (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 2025, 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 Charitie5 Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 financi215tatements in the UK, including the FRC'5 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 foi our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concem 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 authori5ed 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 50, consider whether the other information 15 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 facL 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 tru5tees' 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 f ree 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 Ljsing 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 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 guarèntee that an audit conducted in accordance with ISAS {UKI 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 Ljsers 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 irregularities, including fraud. As part of our audit worl 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 irregularities, including fraud is detailed below.. Review of the disclosures in the financial statements and testing to supporting docLJmentation 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 risks of material misstatement due to fraud,- Reviewing minutes of trustee meetings and correspondence with regulators,. Performing audit work in connertion 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 regulation5 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 IUKI we are also required to undertake procedures to respond to the risk of management override of controls. Our procedLJres 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 increase5 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 responsibilitie5 is available on the Financial Reporting Council's website at.. httPs.'//www.frc.org.uk/auditorsrespon5ibilities 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 50 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 Peat House Newharn Rood TRURO Cornwoll TR7 2DP RRL LLP (Statutory Auditor) RRL LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under sertion 1212 of the Companies Act 2006. 26

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES incorporoting the income & expenditure account fvr theyear ended 31 December 2025 2025 Total 2024 Total Income and endowment5 from: Voluntory intome Donations, legacies and Friends, subscriptions Charitable acttvities Income from theotre Minack productions Visiting companies Education income Booking charges Visitor admissions Catering and retail Unrestricted Restrirted Note 34,559 34.559 23,328 1&6 347,067 474,784 72,193 148,279 1,142,294 431 347,067 474,784 72,193 148,279 1.141294 431 275,595 410,167 79,130 121,185 1,051,122 797 2,185,048 Other troding attivitie5 Comrnercial trading operations Investment income 2,185,048 1.937,996 658,787 658,787 592,325 87,324 87,324 100,757 Other Theatre Tax Relief reclaim 24,223 24,223 37,680 Total 2,989,941 2,989,941 Expenditure on= R¢7iStng funds Commercial trading operations CharEtable act£v(tie5 Minack production5 Education projects Operating the Theatre & Visitor Centre 2,692,086 630,245 630,245 564,776 2.5&6 1,2,5&6 1.5,6&7 186,229 162,378 1,667,477 186,229 162,378 1,667,477 238,925 190,569 1,616,453 2,016,084 1016,084 2,045,947 Total 2,646,329 2,646,329 2,610,723 Net income 343,612 343,612 81,363 Transfers between funds Net movement in funds 343,612 343,612 81,363 Total funds brought forward 4.765,507 4,765,507 4,684,144 Total funds carried forward 20 5,109,119 5,109,119 4,765,507 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 funds. 27

CHARITY STATEMENT OF FINANCIAL ACTIVITIES incorporating the income & expenditure account for the yeur ended 3 7 December 2025 2025 Total 2024 Total Unrestricted Restricted Income and endowments from: Note Voluntory income Donations, legacies and Friends, subscriptions Charitoble octivities Income from theatre Minack productions Visiting companies Education income Booking charges Visitor admissions Catering and retail 34,559 34,559 23,328 1&6 347,067 474,784 72,193 148,279 1,142,294 431 347,067 474,784 72,193 148,279 1,142,294 431 275,595 410.167 79,130 121,185 1,051,122 797 2,185,048 2,185,048 1,937,996 Other trading octivities Commercial trading operations 23,292 23,292 23,959 Investment income 87,533 87,533 100,757 Total 2,330,432 2,330,432 2,086,040 Expenditure on: Charitable activit¢es Minack productions 2,5&6 166,344 Education projects 1,2,5&6 162,378 Operating the Theatre & Visitor Centre 1,5,6&7 1,658,719 166,344 162,378 1.658,719 205,409 190,569 1,608,078 1,987,441 1,987,441 2,004,056 Total 1,987,441 1,987,441 2,004,056 Net income 342.991 342,991 81,984 Transfers between funds Net movement in funds 342,991 342,991 81,984 Total funds brought forward 4,766,128 4,766,128 4,684,144 Total funds carried forward 20 5,109,119 5,109,119 4,766,128 There were no acquisitions or discontynued ac£iMties ill the year to 31 December 2025 or che year to 31 December 2024. The charity ha5 no recognised gains or losses In the year other than the net income as shown above. All income and expenditure relite5 to unrestricted funds. 28

CONSOLIDATED AND CHARITY BALANCE SHEETS at 3 7 December 2025 The Group 2025 The Charity 2025 2024 2024 Fixed assets Intangible assets Tangible assets Investments Note 49,560 2,369,548 1442,484 49,560 2,369,548 10 2,442,484 2.419.108 1442,484 2,419,110 2,442.486 Current assets Stoc Debtors Short term investments Short term deposits Cash in hand and at bank 1&12 13 61,180 89,355 554,069 2.136,288 103,802 21,609 109,925 533,577 1,812,332 116,701 151,041 554,069 2,136,288 87,902 184,996 533,577 1,812,332 55,623 2.944,694 2,594,144 2,929,300 2,586,528 Creditors Amounts falling due within one year 14 1254,6831 1271.1211 (239,291) 1262,8861 Net current assets 1690,011 2,323.023 2,690,009 1323,642 Total asset5 les5 current Ilabilities 16 5,109,119 4.765,507 5,109,119 4,766,128 Funds Unrestricted Designated Capital reseNe General 1&20 1,900,OCQ 1.900,000 1&20 2,419,108 2,442,484 1&20 790,011 423.023 1,900,000 2.419,108 790,011 1,900,000 2,442,484 423,644 Total funds 20 5,109,119 4,765,507 5,109,119 4,766,128 These financial statements were approved and authorised for issue by the trustees on 24 June 2026. J. M. Sinclair 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 2025 The Group 2025 The Charity 2025 2024 2024 Cash flow from operating activitles 372,044 264,093 417,013 255.812 Cash flow from investing actlvities Investment income 87,324 100,757 87,533 100,757 Purchase of tangible fixed assets Purchase of intangible fixed assets Proceeds from disposal of tangible fixed assets 177,4191 150,4001 171,3031 177,4191 150.4001 171,3031 140,495) 29,454 140,2861 29,454 Net change in cash and cash equlvalents 331,549 293,547 376,727 285,266 Cash and cash equivalents at start of the year 2,462,610 2,169,063 2,401,532 1116,266 Cash and cash equivalents at end of the year 2,794,159 2,462,610 2,778,259 2,401,532 Reconciliation of net income to cash flow from operating activities The Group 2025 The Charity 2025 2024 2024 Net income for the year Adjusted f or: Fixed asset dep￿cIatIon and amortisation Loss on the sale of fixed assets Investment income Movement in stock Movement in debtors Movement in creditor5 343,612 81,363 342,991 81,984 151,195 143,013 151,195 143,013 187,3241 139,5711 20,570 116,4381 1100,7571 3,448 72,896 64,130 187.5331 1100,7571 8,133 61,576 61,863 33,955 123,59SI Cash flow from operating activities 372,044 264,093 417,013 255,812 30

NOTES (forming part of the financial statements) Summary of significant accounting policies 7. 7 General information ond bGSiS 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 f inancial 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 I reland IFRS 1021, 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 15 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 Consolidotion 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 basi5. 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 is within 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 service5. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP IFRS 1021. 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 recognit£on 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 amoLJnt of the obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds includes the cost5 of the commercial trading operations,. Expenditure on charitable activities includes c05t of Minack Productions, operating the Theatre and Visltor Centre and governance costs,. and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is separately identified in charitable expenditure. 7.6 Support costs ollocat£on Support Costs are those that assist 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 SLJPPOrt 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. 1. 7 Intongible assets Intangible assets are amortised on a straight-line basis over their useful lives. Website Straight line depreciation over 5 years 32

7.8 Tangible [Ixed ossets Tangible and intangible fixed assets are stated at cost lor deemed costl less accumulated depreciation/amortisation 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 follows.. Freehold land Freehold buildings Plant and machinery Fixtures and fittings Straight line depreciation over 50 years Straight line depreciation between 3 and 7 years Straight line depreciation between 3 and 7 years 7.9 Heritoge assets Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs 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 L7nd creditors receivable /payable within oneyeor 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. 13 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 amourTrt 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 loss is recognised in the Statement of Financial Activities. 7. 74 Provisions Provisions 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 ère charged to the SOFA on a Straight line basis over the period of the lease. 7. 76 Employee benefits When employees have rendered setvice 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 def1ned 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. 18 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. 1. 79 Judgements and key source5 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 asset5 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 a55umptions 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 afferts 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 2025 2024 Rental income due to Minack Theatre Trust CIO 474.784 410,167 Minack productions income (see note 2.21 371,290 313,275 846,074 723,442 2.2 Minack Productions 2025 2024 Minack productions income Minack Productions Limited Theatre Tax Relief reclaim Storytelling income 185,208 24,223 161.859 131,655 37,680 143,940 371,290 313,275 Minack productions expenditure Storytelling expenditure 1170,7291 115,5001 1225,4251 113,5001 1186,2291 1238,9251 Net Minack productions income 185,061 74,350 2.3 Net income from theatre ond productions 2025 2024 Rental income due to Minack Theatre TTUSt CIO 474,784 410.167 Net income from Minack productions {see note 2.21 185,061 74.350 659,845 484,517 35

Other trading activities This represents income from the sale of goods conducted through its subsidiary The Minack Theatre Limited. 2025 2024 Tumover Cost of sales 658,787 1278,1521 592,325 1232,8781 Gross profit 380,635 359,447 Staff costs Administrative cost5 and interest payable Governance 1333,7261 118.3671 14,4201 1307,6361 124,2621 14,2111 Net income from trading 24,122 23,338 Net income in the year for the group Stated ofter charging 2025 2024 Auditors. remuneration audit Auditors, remuneration other services Depreciation and amortisation 16,012 1,800 151,195 13,918 1,700 143,013 36

Analysis of charitable expenditure Cost of operating the Theatre. Education Programme & Visitor Centre The Group 2025 Total 2024 Total Theatre Education Visitor5 Visitor tour costs Wages 265,432 Salaries 58,309 Printing and stationery 2,850 Promoting the Theatre's activitie: 21,319 Repairs and maintenance 64,746 Light, heat, rates and water 20,834 Insurance 15,984 Motor and travel 1,335 Telephone and postage 459 Sanitation 23,769 Miscellaneous 10.266 Bank charge5 438 Credit & debit card charges 44,461 VAT (Unrecovered Input Tax) 10,819 Depreciation 65,349 28,803 349,677 77,294 3,626 27,121 82,365 26,503 20,334 1.698 586 30,237 13,060 577 23,941 14,212 83,133 28,803 670,459 174,802 6,594 49,325 149,799 48,202 36,982 3,088 1,064 54,993 23,752 1,015 68,402 25,031 151,195 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 55,350 39,199 118 885 2,688 865 664 55 19 987 426 2,713 606,370 103,969 783,167 Management & administration Salaries Professional fees Trustee expenses Miscellaneous Governance (note 71 1,493,506 1,455,917 55,080 7,168 122 325 7,699 10,448 298 73,013 9,119 156 412 9.794 138,541 16,585 283 750 17.812 122,553 16,803 1.820 3,742 1S,618 13 319 70,394 11,083 92,494 173,971 160,536 676,764 115,052 875,661 1.667,477 1,616,453 Costs are directly allocated where possible and where not, they are allocated based on a proportion of visitor numbers across the three areas of activity. 37

Analysis of charitable expenditure (continued) Cost of operating the Theatre. Education Programme & Visitor Centre The Charity 2025 Total 2024 Total Theatre Education Visitors Visitor tour costs Wages 265,432 Salaries 58.309 Printing and stationery 2,850 Promoting the Theatre's activitie: 21,319 Repairs and maintenance 64,384 Light, heat, rates and water 20.834 Insurance 15,984 Motor and travel 1,335 Telephone and postage 459 Sanitation 23,769 Miscellaneous 10,266 Bank charges 383 Credit & debit card charges 44,461 VAT (Unrecovered Input Tax) 10,819 Depreciation 65,349 28,803 349,677 77,294 3.626 27,121 82,311 26,503 20,334 1,698 586 30,237 13,060 505 23,941 14,212 83,133 28,803 670,459 174,802 6,594 49,325 149,383 48,202 36,982 3,088 1.064 54,993 23,752 888 68,402 25,031 151,195 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 55,350 39,199 118 885 2.688 865 664 55 19 987 426 2,713 605,953 103,969 783,041 1,492,963 1,455,319 Managernent 24 administration Salaries Professional fees Trustee expenses Miscellaneous Governance {note 55,080 7,168 122 325 4,148 10,448 298 73,013 9,119 156 412 5,277 138,541 16,585 283 750 9,597 122,553 16,803 1,820 3,742 7,841 13 172 66.843 10,936 87,977 165,756 152,759 672,796 114,905 871,018 1,658,719 1,608,078 Costs are directly allocated where possible and where not, they are allocated based on a proportion of visitor numbers across the three areas of activity. 38

Net income by charitable activity The Group 2025 Total 2024 Total Theatre Education Visltor5 Note Direct income Booking charges Minack events Booking charges external events Catering and retail 821,851 60,999 7,151 431 72,193 2,532 1,142,294 77,597 2,036,338 141,128 7,151 431 1,816,014 107,473 13,712 797 890,432 74,725 1,219,891 2,185,048 1,937,996 Direct Expenditure Charitable Expenditure 1186,2291 1676,7641 1162,3781 1115,0521 1348,6071 11.667,4771 1429,4941 11.616,4531 1875,6611 1862,9931 1277,4301 1875,6611 12,016,084) 12,045,94n Net income/lexpenditurel by activity 27,439 1202,7051 344,230 168,964 1107,9511 The Charity 2025 Total 2024 Total Theatre Education Visitors Note Direct income Booking charges Minack events Booking charges external events Catering and retail 821,851 60,999 7,151 431 72,193 2,532 1,142,294 77,597 2,036,338 141,128 7,151 431 1.816,014 107,473 13,712 797 890,432 74,725 1.219,891 2,185,048 1,937,996 Direct Expenditure Charitable Expenditure 1166,3441 1672,7961 {162,3781 1114,9051 1328,7221 11,658.7191 1395,9781 11,608,078) 1871,0181 1839,1401 1277,2831 1871,0181 11,987.4411 12,004,056) Net income/lexpenditurel by activity 51,292 1202,5581 348,873 197,607 166,0601 Governance costs The Group 2025 The Charity 2025 2024 2024 Auditor's remuneration 17,813 15,618 9,597 7,841 17,813 15,618 9,597 7.841 39

Staff costs and numbers The average number of employees in the 2025 season was 69 (2024.. 69) and 55 (2024.. 50) out of season. There was one employee whose total remuneration fell bebNeen £80,001 and £90,000 during the reporting year12024.- no employees). 2025 2024 Wages and salaries Social security costs Pension costs 1,184,657 105,969 40,922 1,140,399 86,099 37,973 1,331,548 1,264,471 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 £40,922 {2024.' £37,973). There was £3,718 outstanding contribution at the year-end12024'. £3,873). The total employee benefits of key management personnel for the group was £288,426 12024.. £266,801). Intangible fixed assets (the Group and the Charity) Cost Website Total At 1 January 2025 Addition5 50,400 50,400 Disposals At 31 December 2025 50,400 50,400 Depreciation At 1 January 2025 Disposals Charge for the year 840 At 31 December 2025 840 840 Net book value At 31 December 2025 49,560 49,560 At 31 December 2024 40

1. Tangible fixed assets (the Group and the ChL7rityJ Cost At l January 2025 Additions Disposals Land & Buildings Fixtures & Fittings Total 3.023,319 31,321 747,627 46,098 123,593) 3,770.946 77,419 123,5931 At 31 December 2025 3.054,640 770,132 3,824,772 Depreciation At l January 2025 Disposals Charge for the year 828,825 499,637 123.5931 88,573 1,328,462 (23,5931 150,35S 61,782 At 31 December 2025 890.607 564,617 1,455,224 Net book value At 31 December 2025 2.164,033 205,515 2,369,548 At 31 December 2024 2,194,494 247.990 2,442,484 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 building5 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 c05t 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 maintsin 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. 41

2. Investments The Group 2025 The Charity 2025 2024 2024 100% investment in The Minack Theatre Limited and Minack Pmductions Limited, companies incorporated in England and Wales At 31 December 2024 and 31 December 2025 A summary of the trading results of The Minack Theatre Limited is shown below:_ 2025 2024 Turnover Cost of sales and administrative expenses Interest payable Amount gifted to the charity 658,787 1657.9571 592,325 {592.2791 1667) 12091 Retained in the subsidiary 621 16211 Current assets and liabilities of the subsidiary were= Current assets Creditors.- amounts due within one year 74,656 174,6551 35,490 136,1101 Total net assets 16201 AggTegate share capital and reserves 16201 A summary of the trading results of Minack Productions Limited is shown below'.- 42

2025 2024 Turnover Cost of sales and administrative expenses Taxation 151,190 1175,4131 24,223 178,017 1215,6971 37,680 Retained in the subsidiary Current assets and liabilities of the subsidiary were.. Current a55ets Creditors.. arnounts due within one year 41,624 141,6231 100,396 (100,395) Total net asset5 Aggregate share capital and reserves The above companies, registered offices are The Minack Theatre, Porthcurno, Penzance TR19 6JU. 12. Stocks The Group 2025 The Charity 2025 2024 2024 Good5 for resale 61,180 21.609 61.180 21,609 13. Debtors rhe Group 2025 rhe Charity 2025 2024 2024 Accrued income and prepayments Other debtors Amount due from Minack Productions Limited Amount due from Minack Theatre Limited 89,355 101,551 8,374 50,425 48,352 8,374 96,988 31,282 33,075 67,541 89,355 109,925 151,041 184,996 43

1. Creditors Amounts fall£ng due within oneyear The Group 2025 The Charity 2025 2024 2024 Trade creditors Taxation and social Security Other creditors Accruals and deferred income 31,664 14,724 43,406 164,889 53,862 12,150 35,588 169,521 24,172 14,724 43,406 156,989 53,127 12,150 35,588 162,021 254,683 271,121 239,291 262,886
2. Deferred income The Group 2025 The Charity 2025 2024 2024 Brought forward Amount released to income Amount deferred in year 138,662 {61,6431 54,830 125,866 149,0441 61.840 138,662 161,6431 54,830 125,866 149,0441 61,840 Carried fotward 131,849 138,662 131.849 138,662 Deferred income comprises advanced ticket sales, unexpired gift vouchers and Members, subscriptions for the following financial year.
3. Analysis of group net assets between funds A5 at 31, December 2025 Unrestricted fund Restricted fund 2025 Total 2024 Intangible fixed assets Tangible fixed assets Net current assets 49,560 2,369,548 2,690,011 49,560 2,369,548 2,690,011 2,442,484 2,323,023 At 31 December 2025 5,109,119 5,109.119 4.765,507

4. Financial commitments At 31 December 2025, total commitments under non-cancellable operating leases were as follows.. The Group 2025 The Charlty 2025 2024 2024 Operating leases commitments Payable within one year Payable within one to two years Payable within two to five years 659 329 659 659 329 659 329 659 659 329 988 1,647 988 1,647

5. Taxation The Minack Theatre Trust CIO is a registered charity and the results of its normal activities are not liable to Corporation Tax.

6. Related party transaction5 The trustees received no remuneration. Two incurred a total of £283 travel expenses that were reimbursed (2024.. s£x incurred £7,820). No payments were made to connected parties of a trustee in 202512024.. £590) for providing accommodation to actors and performers in the year. No amounts were outstanding as at 31 December 2025 (2024.. £nill. A member of the key management personnel received £13,48012024.' £7,880) for directing and writing fees. £979 for freelance workshop fees (2024.. £nil) and £5,00012024.- £4,500) for storytelling fees in the year. There was an outstanding balance of £500 as at 31 December 202512024.. £niO. A close family member of key management personnel received £15,04012024.' £75,974) for directing fees and expenses in the year.
7. Movement in funds The Group Balance Incoming Resource atljan Resources Expended Balance at 31 Dec 2025 Transfers 2025 Unrestricted Designated Winter cash outflow Losses from red(Jced visitors Unexpected repairs Education & productions 250,000 400,000 575.000 675,￿)0 250,000 400.000 575,000 675,000 1202,7051 202,705 Capital reserve 2,442,484 123,3761 2,419,108 General 423,023 2,989,941 12,443,624) 1179,3291 790,011 4,765.507 2,989,941 12,646,329) 5,109,119 45

The Group Balance at11an 2024 Incoming Resource Balance at 31 Dec 2024 ResoLJrces Expended Transfers Unrestricted Designated Winter cash outflow Losses from reduced visitors Unexpected repairs Education & produrtions 150,(K)O 400,(h)O 500,000 600,000 100,(K)O 250,000 4(Kl,000 575,000 675,000 75,(M)O 299,803 1224,8031 Capital reserve 1514,194 171,7101 2,442,484 General 519,950 2,692,086 12,385,920) 1403,0931 423,023 4,684, 144 2,692,086 12,610,723) 4,765,507 The Charity Balance at l Jan Incoming Resource Resources Balance at 31 Dec 2025 Transfers 2025 Expended Unrestricked Designated Winter cash outflow Los5e5 from reduced visitors Unexpected repairs Education & productions 250,000 400,0(K) 575.000 675.000 250,000 400,000 575,000 675,000 1202,5581 202,558 Capital reserve 1441484 123,3761 2,419,108 General 423,644 2,330,432 11,784,8831 1179,1821 790,011 4,766,128 2,330,432 11,987,441) 5,109,119 The Charity Balance at 1 Jan Incoming Resource Balance at 31 Dec 2024 Resources Expended Transfers 2024 Unrestricted Oe5ignated Winter cash outflow Losses from reduced visitors Unexpected repairs Education & productions 150,000 400,000 soo,000 600,000 100,0 250,000 400,000 575,000 675,000 75,OCM) 299,61S 1224,6151 Capital reserve 2,514,194 (71,7101 2,442,484 General 519,950 2,086,040 11,779,4411 1402,9051 423,644 4,684,144 2.086.040 12,004,056) 4,766,128 The capital reserve equates to the written down va5ue of tangible fixed assets. 46

1. Auditors Liability For the year ended 31 December 2025, the charity entered into a liability limitation agreernent 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 8, June 2026. 47

Theatre Shows 2025 Date5 Production Author / Composer Company February 20- 21 Matilda Jr in St John's Hall, Penzance Rising Stars (Minack Education) April 7-20 The Mermaid of Zennor John Brolly/Ben Sutcliffe Minack Productions Limited Adapted by David Mynne and Simon Harvey from original by Bram Stoker Adapted by Zoe Cooper from the novel by Jane Austen April 8-18 Dracula, The Vampyr David Mynne April 30 to May15 Minack Productions Limited Northanger Abbey Alain Boublil, Claude- Michel Schonberg, with lyrics by Herbert Kretzmer Helston Theatre Company, Redruth AMPS, St Austell AOS & Truro AODS May 25-30 Les Misérables June 2-5 Treasure Island Adapted by Le Navet Le Navet Bete Adapted by Bill Scott from original by William Shakespeare June 9-12 Twelfth Night Miracle Theatre June 16-19 Counterweight n/a Pirates of the Carabina Adapted by Oliver Gray from the books by Kenneth Grahame June 24-27 The Wind in the Willows Alain Boublil, Claude- Michel Schonberg, Richard Maltbyjr. & John Dempsey Goodall Brothers from the works of PG Wodehouse June 30 to July 3 The Pirate Queen SEDOS July 7-10 Jeeves and Wooster in Perfect Nonsense Newport Playgoers Society Minack Musical Theatre Academy and Rising Stars July 12-13 Smash Hits from the Stage n/a 48

Date5 Production Author / Comp05er Company Minack Theatre and Cornwall Music Service Trust July 14-15 Cornish Avenger5 John Brolly July 16-17 Pearl owisdom Tamara Rosenwyn Minack Acting Academy July 21-24 Midsummer Nights Dream William Shakespeare ovo Adapted by Simon Stephens from the novel by Mark Haddon Adapted by Lee Hall from the original by Marc Norman & Tom Stoppard July 28-31 The Curious Incident of the Dog in the Night-time Next Stage Theatre Company August 4-8 Shattered Windscreen Theatre Company Shakespeare in Love August 11-15 The Who's Tommy Pete Townshend British Theatre Academy August 18-21 Hamlet William Shakespeare Winchester Players August 31 to September 4 Adapted by Ben Oldfield from the novel by Rachel Joyce Bodkin Theatre Company Miss Benson's Beetle September 8- Macbeth William Shakespeare The Duke's Theatre Company Adapted by Steven Canny and John Nicho150n from the original by Sir Arthur Conan-Doyle September 15-18 The Hound of the Baskervilles Romsey AODS September 24 October 9 Minack Productions Limited and Ha Hum Ah Makin9 8 Killing Ben Kernow Ortober 31 November 1 We Will Rock You.. Young@Part Queen and Ben Elton British Theatre Academy & Minack December 21- 22 Adapted by David Mynne from original Charles Dickens A Christmas Carol David Mynne 49

Music and Comedy Events 2025 Dates April 11 April 23 April 24-25 May9 May 16 May 19-20 June 6 June 13 Group 3 Daft Monkeys Kathryn Roberts and Sean Lakeman The Fisherman's Friends HOWL Penguin Café Orchestra Seth Lakeman The Magic Numbers BC Camp1ight Scott Matthews Love, Actually Cara Dillon Vieux Farka Touré Ustad Noor Bakhsh July 4 July 18 July 25 August 1 August 22 August 29 September 5 September 12 September 19 September 20-21 October 3 Katy J Pearson Patrick Wolf Seasick Steve Bess Atwell by Candlelight Band of His Majesty's Royal Marines Plymouth - Proms Leskyn Kernow 50