2023-03-31-accounts

REGISTERED COMPANY NUMBER: 12465903 (England and Wales) REGISTERED CHARITY NUMBER: 1189857

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2023

for

Theatr Clwyd Trust Ltd

Haines Watts, Statutory Auditor Military House 24 Castle Street Chester Cheshire CH1 2DS

Theatr Clwyd Trust Ltd

Contents of the Financial Statements for the Year Ended 31 March 2023

		Page
Chairman's Report	1	to	2
Report of the Trustees	3	to	9
Report of the Independent Auditors	10	to	12
Statement of Financial Activities		13
Balance Sheet		14
Cash Flow Statement		15
Notes to the Cash Flow Statement		16
Notes to the Financial Statements	17	to	29
Detailed Statement of Financial Activities	30	to	31

Theatr Clwyd Trust Ltd

Chairman's Report for the Year Ended 31 March 2023

As we look back on the year under review we can, once again, feel satisfied with a strong year of delivery, even though we continue to go through significant change via the Capital redevelopment of our site in Flintshire.

Financially we find ourselves posting a strong operating surplus for the second year in a row (the accounting approach to pensions which is underwritten by partners not withstanding), fuelled by the return of audiences to match 2019/pre-pandemic levels, the well planned and delivered interim facilities allowing us to keep our main theatre for 12 months alongside a second pop up theatre, and the new and increasingly exciting addition to our portfolio of William Aston Hall in Wrexham. All this, supported by some sound financial management by the executive team, endorsed by our Finance and Audit Committee, puts us in a stable position to tackle the challenging financial years ahead as we navigate the later stages of the capital redevelopment, and ahead of opening the significant new facility in Flintshire.

The capital project remains our most exciting venture as well as posing the greatest risk to the immediate revenue operations over the coming years. This financial year saw significant progress which, given the substantial rising costs across all sectors, and with some construction projects costing 40% more than previously projected, is a sign of the quality we have within our project management team. That said, the 18% increase to our scheme was a challenge, but our lead funding partners in Welsh Government and Flintshire County Council should be applauded for their faith and additional support in the project, not to mention our in-house development team who continue to raise record breaking amounts of private funding and investment for the arts in Wales towards our scheme. Delivering this through the asset owner, Flintshire County Council, offers assurance and cashflow flexibility. Flintshire remain a high-quality local authority with their understanding as to the impacts of arts and culture at a scale delivered by Theatr Clwyd.

Between January and August 2022 there was a specialist team removing all asbestos whilst we continued to work with the market to attract the right contractor, and in October 2022 mobilisation began with Gilbert Ash, a construction firm who have significant experience in delivering capital redevelopments of theatres as well as delivering construction sites adjacent to operational public offers. At the time of writing, we are 10 months into their construction programme, and they remain on programme and within budget. Our development team continue making progress with our fundraising efforts with £4.3m of our £5m target already raised. Mention must go to our lead donors including the Garfield Weston Foundation, The Wolfson Foundation, The Moondance Foundation, The Foyle Foundation, The Clore Duffield Foundation. The Backstage Trust and The Mosawi Foundation.

The year we are reporting also saw Tamara Harvey, who had been our Artistic Director since 2015, leave for her new role as Co-Artistic Director of The Royal Shakespeare Company. It was of course a shame to say goodbye to such a successful and inspirational arts leader and theatre director, but a huge sign of the quality of Theatr Clwyd's work that our Artistic Director has gone on to take up one of the most prominent artistic roles in world theatre. The trustees would like to thank Tamara for all she achieved at Theatr Clwyd. I would also like to thank my fellow People Committee members, and our Executive Director and CEO Liam Evans-Ford, for delivering a high-quality recruitment process, one which saw us appoint Kate Wasserberg as the sixth Artistic Director in Theatr Clwyd's history. We are excited to see what Kate and Liam achieve together following Kate taking up post late in 2023.

This year, whilst always forecast as the first year of making less theatre productions due to the capital project, has seen us continue to champion world premieres and Welsh theatre makers. Milky Peaks, our new, queer led musical set in the foothills of a fictional village in North Wales, was eventually staged for the public having been cancelled due to COVID. The production played at seven Welsh venues on tour as well as in the Mix Theatre at Theatr Clwyd. We staged two productions developed and directed by our inaugural Trainee Directors, Francesca Goodridge and Eleri Jones. Pretty Shitty Love was a hard-hitting true story about domestic abuse set in Swansea, Celebrated Virgins shared the true story of The Ladies of Llangollen who ran away to be together hundreds of years before the word lesbian came into our vocabulary. Both productions opened in the Mix Theatre at Theatr Clwyd before transferring to Chapter Arts Centre in Cardiff for sell out runs. We also enjoyed receiving a new version, based on our original Olivier Award winning production, of Home, I'm Darling in partnership with The National Theatre and produced and toured by Bill Kenwright Productions, and our world premiere production of Famous Five The Musical, in Co-production with Chichester Festival Theatre, opened in North Wales before transferring to Chichester. Finally, our annual Rock n' Roll Pantomime entertained over 40,000 people and delivered the highest box office return in its history.

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Theatr Clwyd Trust Ltd

Chairman's Report for the Year Ended 31 March 2023

We continue to ensure our work with and for communities has an equal status to the work we produce and present on our stages, and special mention ought to go to the Esmée Fairbairn Foundation who have supported our revenue journey through the capital project and enabled us to take on new spaces for our established weekly community groups, as well as continuing initiatives to reach out to communities who might not engage with our work otherwise, and also Thalamic who are supporting Arts from the Armchair (our strand of referral work with the NHS for people living with memory loss) with multi-year support and helping stabilise this work during the transition back into the new building. The work with Flintshire County Council Social Services is richer, deeper, and more impactful than any other partnership we have experienced, with over 40% of the young people in our weekly theatre groups now on bursary schemes, and our continuing work with the NHS, Housing Associations, and City of Sanctuary, remain core areas of our growth of understanding about reaching and working with specific communities in North Wales. Added to this our partner charity Theatr Clywd Music Trust now delivers weekly music tuition to over 3500 young people each week, across every school in Flintshire, with our largest pupil base being in Flint High who receive close to 300 hours of lesson time per week. Readers may be interested to look at the Theatr Clwyd Music Trust report alongside this document.

This year has also seen us expand our venue operations into Wrexham, with the running of William Aston Hall. This partnership with Wrexham University is one of the key Higher Education partnerships (the other well established is Royal Welsh College of Music and Drama), but the commercial and community benefits are becoming apparent through this, our second significant venue. A key area worth noting is that during the first year close to 60% of bookers to William Aston Hall events were new to the Theatr Clwyd database. This different location, and different genre of programming, is an exciting area of development for the organisation in the future. Added to this, the work of our Executive Director Liam Evans-Ford as part of the executive group for the Wrexham City of Culture bid, in which the newly named City with a newly formed Hollywood glamour were runners up to the three times bidders Bradford, continues to develop a strong cultural strategy in partnership with Wrexham Borough Council.

Perhaps one of the biggest pieces of work undertaken by the Executive Director, and supported by the Board and senior leadership team, has been the review of business planning and strategising in line with the Arts Council of Wales Investment Review. Whilst the recent news announced confirms our status as the third biggest client of the Arts Council of Wales, it is also positive that the requested standstill funding (our view, as a responsible request, was for standstill) will be supplemented by direct support for Ramps Cymru as an ACW strategic priority. The process itself was deeply useful and in line with the forward thinking we welcome form the executive team.

The company reorganisation in moving from eleven traditionally recognised departments to four families of Theatre Making, Experience, Communities, and Company Support, is not only supported by the board, but championed as exemplary modern thinking for a producing theatre and community focused arts organisation. We shall see how this is embedded during the next 12-24 months.

Finally, our newly formed Strategic Priorities are outlined later in this report, but we are confident that these priorities progress our work in achieving our mission:

'To make the world a happier place, one moment at a time.'

Helen Watson, Chair

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Theatr Clwyd Trust Ltd

Report of the Trustees for the Year Ended 31 March 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity is established for the advancement of the arts by the management and development of Theatr Clwyd and its programme of productions, events, shows and other activities involving the arts of theatre, dance, visual arts and music and the pursuit of any other charitable objects

STRATEGIC REPORT

Achievement and performance Charitable activities

The purposes of the charity are:

The Charity is established for the advancement of the arts by the management and development of Theatr Clwyd and its programme of productions, events, shows and other activities involving the arts of theatre, dance, visual arts and music and the pursuit of any other charitable objects.

Our Mission

To make the world a happier place, one moment at a time.

Our Vision

We will be a place to dream - inspiring, limitless, alive We will be a space to play - inspiring, limitless, alive We will be a training ground - rigorous, challenging, supportive We will be a healing space - encompassing, understanding, safe

We will be a home - for our company, for our communities, for our theatre makers, dancers, musicians and artists, for our facilitators and practitioners, and for the wider world

Our strategic priorities are the areas in which we will seek to enact substantial change to fulfil our mission and vision over the next 6 years.

Environmental Sustainability

How can we help combat the biggest challenge faced by humankind?

Our building design offers the foundation of our environmental journey and will see that the new facility in Flintshire is gas free with air source heat pumps replacing gas boilers, will harvest rainwater, harvest solar energy via PV panels, will offer electric charging for company vehicles, will be fully insulated across the 10,000sqm facility, and include biodiversity on external walls and roofs. The new facility will cut carbon emissions to become a carbon neutral building and on a day with the right weather, can be carbon positive.

The inspiration given to us by what we have achieved with design for the building leads us to areas of operational improvements. We have a fully embedded approach to the Theatre Greenbook and are delivering all current productions at basic level with some moving towards intermediate level.

We are looking at all areas of our operations and our well established internal Environmental Working Group which includes representatives from all areas of the organisation, continue to take responsibility to champion our progress.

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Theatr Clwyd Trust Ltd

Report of the Trustees for the Year Ended 31 March 2023

Theatre Producing

How will we approach theatre making, and how will we deliver professional development for theatre makers in Wales? As highlighted within the Chair's report, we continue to champion Welsh talent and voices by giving full production opportunities, and marrying that with our high-quality production teams, and often world-renowned partners.

With less producing output currently and with a new Artistic Director soon to take up post we are looking to the future, with a significant programme of produced work being planned for 2025 and the re-opening of our new facility in Flintshire.

This year has also seen us take significant steps in the research and planning for Stiwdio Clwyd, which is envisioned to be a national development studio for theatre makers in Wales. Having researched other national studios/artist development schemes, and then consulted with over 70 theatre makers from across disciplines, we are excited about the development of the studio in coming years.

Community Care

How will we use theatre making and the arts to help the most vulnerable people in our communities?

This area looks at our referral partnerships, working with experts in their fields to identify what their clients, patients, or participants need, and tailoring our arts programmes to support them.

The most established of our partnerships are:

• with Flintshire Social Services, whose team members work closely with us daily to enable the 40% of young people within our weekly groups on bursaries to keep attending, and working in a person-centred way for everyone who has come through our holiday hubs and into our regular sessions.

• with Betsi Cadwaladr University Health Board, with extensive referral programmes into our 4 regular dementia and Alzheimer groups.

Craig McLeod, Head of Social Services said:

In Social Services we have seen children develop and flourish through their involvement with the Theatre, sometimes the steps may seem small, but we know they are huge leaps for the individual child. One young person has been able to tell his social worker what is important to him and the support he feels he needs by using a puppet show. This was inspired by his involvement with the Theatre, before this he did not contribute to his assessment, but now has found a way to communicate his feelings and aspirations to help us support him and his development. The possibilities of supporting our community are vast and matched by the unique ambition and creativity of the Theatre to be inclusive of all parts of our local community.

Something for Everyone

We are not in an urban centre, and many of the communities and audiences we serve only have us - how do we offer something for everyone?

Over the past 6 years the senior team have embedded strong data tracking and surveying to ensure we know, and can respond to, communities and audience feedback, and adjust programming to suit. However, the next steps go further as we aim to build a mechanism to allow members of communities to decide what programming appears on our stages. This work has progressed in several ways, they key areas to mention are:

• The Flintshire 6 programme. Designed specifically to engage with members of communities who do not engage or think Theatr Clwyd is for them. Our Communities Associates have spent 12 months embedded in Connah's Quay, Flint, Shotton, Buckley, Holywell, and Mold, speaking with people and finding out what their interests are. This has led to a second stage where we support people to programme important spaces within the local area with programming they want. Two examples include a pub in Flint who we now support to deliver regular standup comedy programming both during the day and evening (many shift workers use the pub and those working nights rarely have access to live cultural content); and a club in Shotton where the forces veteran group have been given cornets, and are receiving lessons from our musicians, so that they are able to play the Last Post at friends funerals rather than playing a CD.

• Our newly established Youth Advisory Board consists of 14 young people between the ages of 12-25. One of the executive team, another senior leader, and one board member attend each of their meetings, and their Chair is soon to become a full trustee of Theatr Clwyd, with the Vice Chair joining us as an observer at meetings.

These are two such examples (amongst many) of building full agency for our communities within the choices we make and enabling us to continue to offer something for everyone.

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Theatr Clwyd Trust Ltd

Report of the Trustees for the Year Ended 31 March 2023

Ramps Cymru

How will we make the theatre sector in Wales the best and most accessible in the world? This partnership with The Sherman Theatre, The Torch Theatre, Pontio Arts and The Royal Welsh College of Music and Drama, seeks to enact organisational change for each partner, the public's perception, and long-term industry change for the theatre sector in Wales.

This year has seen us build a Story of Change, a three-year business plan for the partnership, appoint a Director for Change who is a high quality and experienced disabled theatre maker, and begin to undertake a full 360-degree audit of each organisation. We are pleased that the Arts Council of Wales confirmed Ramps Cymru as a strategic funding area in their recent portfolio review, and we look forward to progressing this important area of work over the coming years.

Learning and Education

How will we support the curriculum, work with and in educational settings based on established need, and offer career pathways?

We occupy a unique position as a nation here in Wales. With the introduction in 2023 of a new curriculum, one that allows and encourages teachers and schools to deliver education based on individuals needs rather than just via academically driven grades, and that expects education to harness creativity and culture across subjects, and indeed to value creative subjects equally to that of science and maths. There is a significant opportunity for us as a prominent arts and cultural organisation.

We also occupy a unique position as an arts and cultural organisation, with multiple venues across Flintshire and Wrexham, our status as a major producing theatre with all craft making departments in house, an organisation who has one of the most established and successful Creative Engagement teams in the UK, and all this with a full music service comprising of 38 musicians as part of our core employees who deliver music tuition to over 3500 young people each week across 72 schools within Flintshire.

These two unique elements offer a significant opportunity for impact over coming years, as we not only work with schools on finding ways to deliver the new curriculum, but for us to significantly grow our educational and training opportunities for young people wanting a career in the arts.

The year under review has seen continued growth with long standing partners such as The Royal Welsh College of Music and Drama, and Wrexham University (fuelled by the William Aston Hall being within our venue portfolio) and has seen new educational partnerships form with Coleg Llandrillo Menai Group, the largest FE provider in Wales.

World Class Employer

How can we become the best arts employer in the world?

As trustees we support bold and ambitious aims and priorities, and this is certainly another one outlined within our business plan. We are aware that for too long the employment standards of arts organisations and theatres has not been at the level it should have been, and whilst our People Subcommittee are confident that we are a high-quality employer, we also support the executive to strive for more.

This year has seen us agree an average pay award of 4.5% across the core company, has seen a full benchmarking exercise for freelance fees with all disciplines receiving an uplift, and we have also increased our expenses rates to match the rise in costs. All of these will receive an annual review, and we are proud to ensure all our rates remain above industry union minimums for an organisation of our scale.

In addition to this a strong wellbeing programme has been put in place, with in house counselling provision available to all company members, including guest freelancers (with the programme available beyond their contracts if required), and supported by an external team of counsellors who we can refer company members should they have specific needs (gender preference, Welsh speakers, and global majority as three such examples). This year also saw us take the step of attaching a Well-being coordinator to each of our productions, delivering two tech session days over a period of a week and a half (rather than three session days over a week), and continue our Well-being programme including weekly yoga, walking groups, running groups, ballet sessions and a whole host of company benefits.

We also acknowledge the significant support we continue to receive from our Front of House Volunteers. Over 4,500 hours were given by our volunteers during the year to March 2023

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Theatr Clwyd Trust Ltd

Report of the Trustees for the Year Ended 31 March 2023

Our Year in Numbers:

• We opened 1 new venue, the William Aston Hall in Wrexham

• Opened 1 interim theatre village for business continuity during capital programme

• 123,000 tickets sold across both our Flintshire and Wrexham Venues

• 16,000 tickets sold at £10

• 340 performances across the year

• Over 400 Freelancers engaged during the year.

• 5 world premiers made by Welsh and Wales based lead artists

• Over 20,000 people watched a Theatr Clwyd production elsewhere in the UK

• More than 1,000 people engaged with our Creative Engagement Team

• Over 36,000 Followers across our Social Media Channels

Financial review

Financial position

The charity's wholly owned subsidiaries Theatr Clwyd Enterprises Ltd delivered net profits of £183,442.

Theatr Clwyd Productions Limited generated a net deficit of £602,604 which represents the tax credit due back for the Theatre Tax Relief claim.

Principal funding sources

Theatr Clwyd acknowledges the financial support it received from Flintshire County Council £1,290,982 and Arts Council of Wales £1,849,404

Reserves policy

The Trust will require both restricted, designated (earmarked) and unrestricted (general / free) reserves in order to cover business risk.

Restricted reserves will be identified for a specific use and will be designated for that purpose. Unrestricted reserves are required to cover a general business and operating risk.

Target range for reserves

The target range is set at £1.2 million for the initial 5 year contract period of 2021-2026. The Board of Trustees consider that this target range provides sufficient flexibility in the context of operational requirements, and for an organisation of our size and complexity.

Responsibilities

The Board of Trustees are responsible for ensuring that we manage our resources responsibly, and that we act in the best interests of the organisation and the people we serve. The Board has responsibility for approving and monitoring the implementation of this policy.

The Finance and Audit Committee are responsible for monitoring and supervision of the current and future financial situation and associated risks to the organisation. The committee has responsibility for reviewing this policy and making recommendation for approval to the Board.

The Executive Leadership Team is responsible for providing clear and focused leadership of the organisation, and to ensure our financial stability.

The Finance, Operations & People Director is the policy owner and is responsible for managing our reserves level within the policy range, ensuring this policy is reviewed in line with corporate requirements.

As at 31st March our Reserves levels were as follows:

Restricted Funds £2,547,068 Designated funds Nil Unrestricted general funds (£820,467)

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Theatr Clwyd Trust Ltd

Report of the Trustees for the Year Ended 31 March 2023

STRATEGIC REPORT

Principal risks and uncertainties

The Trustees are committed to the identification and management of the major strategic, business, and operational risks which the charity faces.

Notwithstanding the major capital redevelopment, the principal financial risks revolve around the risk of audiences not attending in sufficient numbers for whatever reason, and the potentially adverse effect on both profitability and cash flow.

The Trustees are fully aware of the risk profile in the business, and the Senior Leadership Team is tasked with communicating with all levels of the organisation to identify all risks and regularly update a detailed risk register identifying likelihood and impact, together with actions necessary to mitigate the risk. This is considered by the Finance & Audit Committee and then presented to the main Board.

Both Flintshire County and Arts Council of Wales have indicated the level of grants up to March 2023. Following the autumn 2022 submission as part of the Arts Council of Wales Investment Review, they have confirmed that we remain their third biggest client and will receive multiyear funding at levels recognised within previous accounting periods.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Theatr Clwyd Trust Ltd is a registered charity and a company limited by guarantee governed by its Memorandum and Articles of Association dated 17 February 2020

Recruitment and appointment of new trustees

As set out in the Articles of Association the directors elect the chair of the trustees. All elected trustees serve for an initial term of four years and may then serve for a further four years.

Nominees appointed by Flintshire County Council are subject to the appointment processes of those bodies and the guidelines on appointment to public office as they apply to Local Government nominees.

Organisational structure

The board of trustees, which can have up to 13 members, administers the charity.

The board meets quarterly and there are sub-committees covering Finance and Audit, People and Capital Steering. The trustees appoint the Joint Chief Executives to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executives have delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity.

Decision making

The Board of Trustees are responsible for ensuring that we manage our resources responsibly, and that we act in the best interests of the organisation and the people we serve. The Board has responsibility for approving and monitoring the implementation of this policy.

The Finance and Audit Committee are responsible for monitoring and supervision of the current and future financial situation and associated risks to the organisation. The committee has responsibility for reviewing this policy and making recommendation for approval to the Board.

The Executive Leadership Team is responsible for providing clear and focused leadership of the organisation, and to ensure our financial stability.

The Finance, Operations & People Director is the policy owner and is responsible for managing our reserves level within the policy range, ensuring this policy is reviewed in line with corporate requirements.

Induction and training of new trustees

New trustees are invited to meet with the Executive and Senior Leadership Team to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity.

Any trustees elected to serve on the Finance Sub Committee receive a more detailed financial induction following appointment.

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Theatr Clwyd Trust Ltd

Report of the Trustees for the Year Ended 31 March 2023

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

12465903 (England and Wales)

Registered Charity number 1189857

Registered office

Theatr Clwyd Raikes Lane Mold Flintshire CH7 1YA

Trustees

Sarah Jane Caddick Paula Marian Jewson (resigned 13.7.23) Roy Jones MBE Timothy James Price (resigned 31.12.22) Alan Watkin Helen Andrea Watson Marion Bateman (resigned 31.12.22) Geoffrey Collett Leusa Fflur Llewelyn Harold Dequincy Finley Siobhan Jones Michael Godfrey Clifford Allport (appointed 9.5.23) Kathryn Ann Coughlin (appointed 10.8.22)

Executive Director and Joint CEO Liam Evans-Ford Artistic Director and Joint CEO Tamara Harvey (resigned March 2023)

Company Secretary

Andrew Roberts

Auditors

Haines Watts, Statutory Auditor Military House 24 Castle Street Chester Cheshire CH1 2DS

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Theatr Clwyd Trust Ltd for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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Theatr Clwyd Trust Ltd

Report of the Trustees for the Year Ended 31 March 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 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 Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• there is no relevant audit information of which the charitable company's auditors are unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Haines Watts, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 13 November 2023 and signed on the board's behalf by:

Helen Andrea Watson - Trustee

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Report of the Independent Auditors to the Members of Theatr Clwyd Trust Ltd

Opinion

We have audited the financial statements of Theatr Clwyd Trust Ltd (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its 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 Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 trustees' 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 charitable company'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.

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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Report of the Trustees has been prepared in accordance with applicable legal requirements.

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Report of the Independent Auditors to the Members of Theatr Clwyd Trust Ltd

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management, those charged with governance around actual and potential litigation claims.

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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Report of the Independent Auditors to the Members of Theatr Clwyd Trust Ltd

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mike Forshaw (Senior Statutory Auditor) for and on behalf of Haines Watts, Statutory Auditor Military House 24 Castle Street Chester Cheshire CH1 2DS

13 November 2023

Page 12

Theatr Clwyd Trust Ltd

Statement of Financial Activities for the Year Ended 31 March 2023

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Investment income 4 Total EXPENDITURE ON Charitable activities 5 Wages Music Trust Service Contract Production costs Other costs Capital Development costs Other Total NET INCOME Other recognised gains/(losses) Actuarial gains/(losses) on defined benefit schemes Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 3,258,193 3,314,635 4,009 6,576,837 3,540,189 250,000 1,653,964 168,406 - 836,064 6,448,623 128,214 2,223,000 2,351,214 (878,542) 1,472,672	Restricted funds £ 2,589,483 - - 2,589,483 114,734 - - - - - 114,734 2,474,749 - 2,474,749 72,318 2,547,067	31.3.23 Total funds £ 5,847,676 3,314,635 4,009 9,166,320 3,654,923 250,000 1,653,964 168,406 - 836,064 6,563,357 2,602,963 2,223,000 4,825,963 (806,224) 4,019,739	31.3.22 Total funds £ 5,589,629 1,413,625 39 7,003,293 2,814,599 266,808 982,569 165,965 489,318 703,258 5,422,517 1,580,776 (2,387,000 ) (806,224) - (806,224)

The notes form part of these financial statements

Page 13

Theatr Clwyd Trust Ltd

Balance Sheet 31 March 2023

Notes FIXED ASSETS Tangible assets 12 Investments 13 CURRENT ASSETS Debtors 14 Cash at bank and in hand CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 PENSION LIABILITY 19 NET ASSETS/(LIABILITIES) FUNDS 18 Unrestricted funds Restricted funds TOTAL FUNDS	Unrestricted fund £ 214,426 2 214,428 1,323,761 3,140,754 4,464,515 (3,028,502 ) 1,436,013 1,650,441 (13,770) (164,000) 1,472,671	Restricted funds £ - - - - 2,547,068 2,547,068 - 2,547,068 2,547,068 - - 2,547,068	31.3.23 Total funds £ 214,426 2 214,428 1,323,761 5,687,822 7,011,583 (3,028,502 ) 3,983,081 4,197,509 (13,770) (164,000) 4,019,739 1,472,671 2,547,068 4,019,739	31.3.22 Total funds £ 232,625 2 232,627 1,110,504 1,717,667 2,828,171 (1,480,022 ) 1,348,149 1,580,776 - (2,387,000 ) (806,224) (878,542) 72,318 (806,224)

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 13 November 2023 and were signed on its behalf by:

Helen Andrea Watson - Trustee

Alan Watkin - Trustee

The notes form part of these financial statements

Page 14

Theatr Clwyd Trust Ltd

Cash Flow Statement for the Year Ended 31 March 2023

Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Interest received Net cash provided by/(used in) investing activities Cash flows from financing activities Intercompany loans in year Hire purchase loan Capital repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	31.3.23 £ 4,698,402 4,698,402 24,805 - 4,009 28,814 (724,931) (24,500) (7,630) (757,061) 3,970,155 1,717,667 5,687,822	31.3.22 £ 2,313,844 2,313,844 (273,676) (2) 39 (273,639) (322,538) - - (322,538) 1,717,667 - 1,717,667

The notes form part of these financial statements

Page 15

Theatr Clwyd Trust Ltd

Notes to the Cash Flow Statement for the Year Ended 31 March 2023

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM	OPERATING ACTIVITIES	OPERATING ACTIVITIES
		31.3.23	31.3.22
		£	£
	Net income for the reporting period (as per the Statement of Financial
	Activities)	2,602,963	1,580,776
	Adjustments for:
	Depreciation charges	42,394	41,051
	Interest received	(4,009)	(39)
	Decrease/(increase) in debtors	511,674	(787,966)
	Increase in creditors	1,545,380	1,480,022
	Net cash provided by operations	4,698,402	2,313,844

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash Cash at bank and in hand Debt Finance leases Total	At 1.4.22 £ 1,717,667 1,717,667 - - 1,717,667	Cash flow £ 3,970,155 3,970,155 7,630 7,630 3,977,785	Other non-cash changes £ (24,500) (24,500) (24,500)	At 31.3.23 £ 5,687,822 5,687,822 (16,870) (16,870) 5,670,952

The notes form part of these financial statements

Page 16

Theatr Clwyd Trust Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements are presented in sterling which is the functional currency of the Trust, rounded to the nearest £1.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

The main source of income from charitable activities is show income. Tickets are sold in advance and released to the Statement of Financial Activities once the show has opened.

Grants are recognised when the Trust become legally entitled to the grant income.

Donations are recognised Statement of Financial Activities when received.

Where donations are received in the form of donated items, such and equipment etc, the donation is recognised, once received, at Market value as determined by the Trustees.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 15% on reducing balance Motor vehicles - 25% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 17

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

2. DONATIONS AND LEGACIES

Donations Grants Grants received, included in the above, are as follows: Furlough scheme claims Arts Council Wales Other grants Flintshire Council Cultural Services Agreement Capital grant income 3. OTHER TRADING ACTIVITIES Membership fees & Sponsorship Box Office sales etc Management fees & other income 4. INVESTMENT INCOME Deposit account interest 5. CHARITABLE ACTIVITIES COSTS Wages Music Trust Service Contract Production costs Other costs	31.3.23 £ 2,502,270 3,345,406 5,847,676 31.3.23 £ - 1,850,144 204,280 1,290,982 - 3,345,406 31.3.23 £ 36,012 3,226,365 52,258 3,314,635 31.3.23 £ 4,009	31.3.22 £ 1,745,074 3,844,555
		5,589,629
		31.3.22 £ 122,400 1,870,962 114,902 1,246,973 489,318
		3,844,555
		31.3.22 £ 37,279 1,318,003 58,343
		1,413,625
		31.3.22 £ 39 Direct Costs £ 3,654,923 250,000 1,653,964 168,406
		5,727,293

continued...

Page 18

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

6. SUPPORT COSTS

Governance Management Finance costs £ £ £ Other resources expended 692,570 2,291 141,203 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.3.23 £ Depreciation - owned assets 42,394 8. AUDITORS' REMUNERATION 31.3.23 £ Fees payable to the charity's auditors for the audit of the charity's financial statements 12,100 9. TRUSTEES' REMUNERATION AND BENEFITS	Totals £ 836,064	Totals £ 836,064
	31.3.22 £ 41,051 31.3.22 £ 12,000

There was no trustee's remuneration for the year ended 31 March 2023, nor for the year ended 31 March 2022.

Trustees' expenses

31.3.23 £ Trustees' expenses 1,022 During the year, the Trustees were provided with complementary tickets to all shows. 10. STAFF COSTS 31.3.23 £ Wages and salaries 2,322,751 Other pension costs 279,564 2,602,315 The average monthly number of employees during the year was as follows: 31.3.23 Executive 2 SLT 5 Operations 38 Producing and production 28 Administration 13 Creative engagement 11 97	31.3.22 £ - 31.3.22 £ 2,526,666 277,956	31.3.22 £ - 31.3.22 £ 2,526,666 277,956
	2,804,622
		31.3.22 2 4 38 45 10 15 114

continued...

Page 19

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

10. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000 £70,001 - £80,000 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Charitable activities Wages Music Trust Service Contract Production costs Other costs Capital Development costs Other Total NET INCOME Other recognised gains/(losses) Actuarial gains/(losses) on defined benefit schemes Net movement in funds TOTAL FUNDS CARRIED FORWARD	ACTIVITIES Unrestricted fund £ 4,979,108 1,413,625 39 6,392,772 2,765,714 266,808 982,569 165,965 - 703,258 4,884,314 1,508,458 (2,387,000 ) (878,542) (878,542)		31.3.23 1 1 2 Restricted funds £ 610,521 - - 610,521 48,885 - - - 489,318 - 538,203 72,318 - 72,318 72,318	31.3.22 2 - 2 Total funds £ 5,589,629 1,413,625 39 7,003,293 2,814,599 266,808 982,569 165,965 489,318 703,258 5,422,517 1,580,776 (2,387,000 ) (806,224) (806,224)

continued...

Page 20

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

12. TANGIBLE FIXED ASSETS

COST At 1 April 2022 Additions At 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022	Plant and machinery £ 273,676 - 273,676 41,051 34,894 75,945 197,731 232,625	Motor vehicles £ - 24,195 24,195 - 7,500 7,500 16,695 -	Totals £ 273,676 24,195
			297,871
			41,051 42,394
			83,445
			214,426
			232,625

During the period ended 31 March 2022, assets consisting of plant and equipment etc was donated to the Trust. These assets are recognised within the financial statements at market value, as calculated by the Trustees. No assets were donated in the year ended 31 March 2023.

13. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
	Shares in
	group
	undertakings
	£
MARKET VALUE
At 1 April 2022 and 31 March 2023	2
NET BOOK VALUE
At 31 March 2023	2
At 31 March 2022	2

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Theatr Clwyd Productions Ltd

Registered office: England and Wales Nature of business: Theatre production company

	%
Class of share:	holding
Ordinary	100
		31.3.23	31.3.22
		£	£
Aggregate capital and reserves		1	1
Profit for the year		6,125	20,005

continued...

Page 21

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

13. FIXED ASSET INVESTMENTS - continued

Theatr Clwyd Enterprises Ltd

Registered office: England and Wales Nature of business: Theatre food and retail sales

	%
Class of share:	holding
Ordinary	100
		31.3.23		31.3.22
		£		£
Aggregate capital and reserves			1		1

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	31.3.23	31.3.22
	£	£
Trade debtors	14,844	54,657
Amounts owed by group undertakings	1,047,469	322,538
Other debtors	18,071	3,522
VAT	6,086	12,247
Prepayments	237,291	717,540
	1,323,761	1,110,504

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

continued...

Page 22

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Hire purchase (see note 17) Trade creditors Other creditors Accruals and deferred income Accrued expenses	31.3.23 £ 3,100 264,862 2 2,759,565 973 3,028,502	31.3.22 £ - 400,194 2 970,123 109,703
		1,480,022

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

		31.3.23	31.3.22
		£	£
	Hire purchase (see note 17)	13,770		-
17.	LEASING AGREEMENTS
	Minimum lease payments under hire purchase fall due as follows:
		31.3.23	31.3.22
		£	£
	Net obligations repayable:
	Within one year	3,100		-
	Between one and five years	13,770		-
		16,870		-

continued...

Page 23

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

18. MOVEMENT IN FUNDS

Unrestricted funds General fund Restricted funds Arts from the Armchair Brightsparks Summer of Fun Film Cymru Capital development Film Lottery Justice in a day Community Justice TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Restricted funds Summer of Fun Capital development Film Lottery Justice in a day Consent Community Justice TOTAL FUNDS	as follows: Incoming resources £ 6,576,837 60,265 2,456,034 2,100 39,875 16,000 15,209 2,589,483 9,166,320	At 1.4.22 £ (878,542) 20,656 13,878 33,134 4,650 - - - - 72,318 (806,224) Resources expended £ (6,448,624 ) (57,937) - - (25,905) (16,000) (14,891) (114,733) (6,563,357 )	Net movement in funds £ 2,351,213 - - 2,328 - 2,456,034 2,100 13,970 318 2,474,750 4,825,963 Gains and losses £ 2,223,000 - - - - - - - 2,223,000	At 31.3.23 £ 1,472,671 20,656 13,878 35,462 4,650 2,456,034 2,100 13,970 318 2,547,068 4,019,739 Movement in funds £ 2,351,213 2,328 2,456,034 2,100 13,970 - 318 2,474,750 4,825,963

continued...

Page 24

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General fund Restricted funds Arts from the Armchair Brightsparks Summer of Fun Film Cymru TOTAL FUNDS	At 1.4.21 £ - - - - - - -	Net movement in funds £ (878,542) 20,656 13,878 33,134 4,650 72,318 (806,224)	At 31.3.22 £ (878,542) 20,656 13,878 33,134 4,650 72,318 (806,224)

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Arts from the Armchair Brightsparks Summer of Fun Film Cymru Capital development TOTAL FUNDS	Incoming resources £ 6,392,772 20,656 28,078 67,819 4,650 489,318 610,521 7,003,293	Resources expended £ (4,884,314 ) - (14,200) (34,685) - (489,318) (538,203) (5,422,517 )	Gains and losses £ (2,387,000 ) - - - - - - (2,387,000 )	Movement in funds £ (878,542) 20,656 13,878 33,134 4,650 - 72,318 (806,224)

Page 25

continued...

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

18. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Restricted funds Arts from the Armchair Brightsparks Summer of Fun Film Cymru Capital development Film Lottery Justice in a day Community Justice TOTAL FUNDS	At 1.4.21 £ - - - - - - - - - - -	Net movement in funds £ 1,472,671 20,656 13,878 35,462 4,650 2,456,034 2,100 13,970 318 2,547,068 4,019,739	At 31.3.23 £ 1,472,671 20,656 13,878 35,462 4,650 2,456,034 2,100 13,970 318
			2,547,068
			4,019,739

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Arts from the Armchair Brightsparks Summer of Fun Film Cymru Capital development Film Lottery Justice in a day Consent Community Justice TOTAL FUNDS	Incoming Resources resources expended £ £ 12,969,609 (11,332,938 ) 20,656 - 28,078 (14,200) 128,084 (92,622) 4,650 - 2,945,352 (489,318) 2,100 - 39,875 (25,905) 16,000 (16,000) 15,209 (14,891) 3,200,004 (652,936) 16,169,613 (11,985,874 )	Gains and losses £ (164,000) - - - - - - - - - - (164,000)	Movemen in funds £ 1,472,671 20,656 13,878 35,462 4,650 2,456,034 2,100 13,970 - 318
			2,547,068
			4,019,739

Page 26

continued...

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

19. EMPLOYEE BENEFIT OBLIGATIONS

The charity participates in the Clwyd Pension Fund which is a multi-employer scheme and is part of the Local Government Pension Scheme in England and Wales. This is a defined benefit pension scheme for qualifying employees and the benefits are set in line with Local Government Pension Scheme Regulations. Benefits vary depending on the employee's joining date and length of participation in the Fund.

The pension cost and provision for the year ended 31st March 2023 are based on the advice of a professionally qualified actuary. The most recent actuarial valuation is dated 31st March 2023 which has been updated to reflect the conditions at the balance sheet date.

	2023	2022
The major assumptions used by the actuary were:	%	%
CPI Inflation/care benefits revaluation	2.7	3.2
Increase in salaries	4	4.5
Increase in pensions in payment	2.8	3.3
Discount rate	4.7	2.8
Mortality assumptions:	2023	2022
	Years	Years
Retiring today
Males	21.4	22.5
Females	23.8	24.9
Retiring in 20 years
Males	22.9	24
Females	25.6	26.9
	2023	2022
Analysis of amount charged to operating profit:	£000s	£000s
Current service cost	521	597
Net interest cost	64	53
Administrative expenses	11	11
Total cost recognised in operating profit	596	661
	2023	2022
Analysis of amount charged to other recognised gains/(losses)	£000s	£000s
Remeasurements - net (gain)/loss	(2,568)	(517)
Effect of asset ceiling	0	0
Total remeasurements (gain)/loss in SOCI	(2,568)	(517)

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

plans are as follows:
	2023	2022
	£000s	£000s
Present value of benefit obligations	4,188	5,910
Fair value of plan assets	(4,024)	(3,523)
Deficit/(surplus) in scheme	164	2,387
Movements in the present value of defined benefit obligations		2023
		£000s

continued...

Page 27

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

Liabilities at 1 April 2022			5,910
Current service cost			521
Benefits paid			0
Contributions by scheme members			90
Actuarial gains and losses			(2,500)
Interest cost			167
Liabilities at 31 March 2023			4,188
Movements in the fair value of plan assets			2023
			£000s
Fair value of assets at 1 April 2022			3,523
Interest income			103
Remeasurements			68
Administration expenses			(11)
Contributions by the employer			251
Contributions by scheme members			90
Benefits paid			0
Fair value of assets at 31 March 2023			4,024
	2023		2022
The fair value of plan assets are as follows:	£000s		£000s
Equities	439		694
Government bonds	0		0
Other bonds	1,517		1,251
Property	245		211
Cash/liquidity	177		113
Other	1,646		1,254
Fair value of plan assets at the end of the period	4,024		3,523

Defined contribution scheme

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20. RELATED PARTY DISCLOSURES

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year £5,400 was received by the Trust in relation to sponsorship income from a business in which a Trustee of the Trust is a partner.

During the year £14,245 was received by the Trust in relation to hire income from an organisation in which an employee of the Trust is Trustee.

During the year £15,000 was received by the Trust in relation to a donation from a Business in which a Trustee of the Trust is a Director.

continued...

Page 28

Theatr Clwyd Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

20. RELATED PARTY DISCLOSURES - continued

At the 31 March 2023, Theatr Clwyd Productions owed Theatr Clwyd Trust Ltd £864,027. At the 31 March 2023 Theatr Clwyd Enterprises owed Theatr Clwyd Trust £183,442. Both are subsidiary companies of Theatr Clwyd Trust.

Page 29

Theatr Clwyd Trust Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Grants Other trading activities Membership fees & Sponsorship Box Office sales etc Management fees & other income Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Wages Pensions Music Trust Service Contract Production costs Temporary facility costs Capital development costs Postage and stationery Advertising Depreciation of tangible fixed assets Support costs Management Rates and water Insurance Light and heat Telephone Postage and stationery Sundries I T Costs Repairs and renewals Training Cleaning costs Uniforms Irrecoverable VAT Carried forward	31.3.23 £ 2,502,270 3,345,406 5,847,676 36,012 3,226,365 52,258 3,314,635 4,009 9,166,320 2,322,751 279,564 250,000 2,706,572 - - 19,342 106,670 42,394 5,727,293 12,370 68,847 11,344 2,800 42,495 3,345 144,881 171,228 20,327 25,498 6,049 29,455 538,639	31.3.22 £ 1,745,074 3,844,555
		5,589,629 37,279 1,318,003 58,343
		1,413,625 39
		7,003,293 2,526,666 277,956 266,808 982,569 46,638 489,318 10,849 77,404 41,051
		4,719,259 23,939 52,461 104,928 6,688 56,264 2,573 112,351 79,810 10,381 35,375 1,092 7,895 493,757

This page does not form part of the statutory financial statements

Page 30

Theatr Clwyd Trust Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2023 Management Brought forward Motor and travel Entertaining Staff Welfare Licences and subscriptions Environmental costs Rent Finance Bank charges Governance costs Trustees' expenses Auditors' remuneration Accountancy and legal fees Total resources expended Net income	31.3.23 £ 538,639 40,874 23,807 17,248 13,491 - 58,511 692,570 2,291 1,022 12,100 128,081 141,203 6,563,357 2,602,963	31.3.22 £ 493,757 29,076 11,137 14,269 8,910 10,751 28,402
		596,302 3,857 - 12,000 91,099
		103,099
		5,422,517
		1,580,776

This page does not form part of the statutory financial statements

Page 31