2024-03-31-accounts

REGISTERED COMPANY NUMBER: 12465903 (Inglind W4le$) REGISTERED CHARITI" NUMBER: 1189857 Group Report of the Trthste¢s and Consolidated Firjancial Ststements for the Year Ended 31 Mareh 2024 for Theatr Clwyd Trust Ltd Haines Watts, Sta￿tOry Auditor Militsry House 24 Castle Street Chester Cheshire CHI 2DS

Theztr Clwyd Trust Ltd Contents of the Vinancial StatemeDts lor the Year Ended 31 March 2024 Page ChaÉrman's Report Report of the Trnstees Report of the Indep¢ndent Auditors 10 to 12 ConsolÉd2ted Statement of Finaneial Activities 13 Consolidated Balance Sheet 14 CoThg0liaated Cagh Flow Statement 15 Noteg to the Cash Flow Statement 16 Nots$ to the Finaneial Statements 17 to 29

Theatr Clwyd Trust Ltd Ch8irman'5 Report for the Year Ended 31 March 2024 As we look back on the year under review w¢ can. otlce again, feel saÈisfEed with a strong year of delivery, even thougb we continue to go through significant change via the capital red¢Yelopmcnt of our site in Flintshire. Financially we fmd ourselves posting a strong operating surylus for the third ye￿. in a row (the accounting approach to pensions whieb is underwEitt¢n by partrne￿ not withstanding), fuelled by the retL]rn of audiettces to match 20191pre-panderoi¢ levels, the well planned and delivered itkterim facilities allowing us to kttp OLLr mau] theatre for 12 months alongside a second pop up theatre, and the new md increasingly exciting addition lo our portfolio of Williajn Astott Hall in Wrexham. All this, supported by some sound finan¢ial managemeTht by the executive team, endorsed by our Finance and Audit Conunittee, puts us in a stable position to tackle the challenging fu￿¢la1 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 r¢mains most ttxciting venture as well as posing the ￿eatest risk to the immediate revenue operations over the coming years. This fmancial year saw continued and positive prO￿eSS Site with the closure of the masn house theatre meaning the fvll facility bearing the name Theatr CINTryd was elosed to the p￿blic. The demolÉtion phase, which f(Illowedthe dedicated asbestos removal phase for known areas impacted by the substance, has been impressively handled by our lead con1ractor, but the continued dis¢ov¢ri¢s of u¢)known asbestos has offered increased pressures tsn the project. Al the time of writing we are withiR 12 months of practical completion, however the wiprecedented levels of asbestos dtscovery tn the building. amouDtiDg to £2.2m (If costs An addition to the alTea&y budgeted for £600k. offer some serious challenge5 which we are curr¢lltly seeking solutions for . Delivering this projcct through the asset owner, Fliut5hire County Council. offers assuraJLce and cashflow flexibility. Flintqhirc rcmain a high quality local autbority with their uaderstanding as to th¢ imp3¢ts of arts and culture at a scale d¢ltvered by Thcatr cl￿d. Our developrnent team continue making pragrc%s with our fvndraising efforts with £4.7m of ollr £5￿ target already raised, Mention must go to our lead donors incliiding thc C)arficld Weston Foundation. The Wolfson Foundation, The Moondan¢¢ Foundation, The Foyle Foundation, The Clor¢ Duffield Fouttdation. The Backstage Tn]st and The Mosawi FoundatiOJ). The year we are reporting saw Kate Wasserberg take up post as Artistic Director. A lot of her work to date has been fo¢used on plawiillg for the aE￿o￿ncement of the opening sc28on of the new facility ITh F￿￿tshIrt, and we are excited and encouraged by the work she a￿d Lia￿ are already undertak￿g ￿lthin their partnership. The 2023124 f￿all¢la1 year w&s Dur sccond making less in house theatre prodllction5 as originally fore¢a3t, a5 we conlttkue to navigate operations and continued dclivcry alongside the capital programme. We a5 ttustees have continued to be pl¢itsett with the delivery of the tempordry f&cilitics, including The Mix Theatre and the ollce in a life time Big Top Th¢atrE, which have ensuted audiences Continue to keep coming up the hkll. The produced work tl]i5 year saw us deliver 13 plays. 10 of which f0T￿ed part of Truth or Dare. This celcbration of Welsh and Wales b85ed new writing talent, supported by 20 a¢tors. meant we continued t() offer wide s¢ale opporiullity and employment for our sector in Wales. We a150 rtvisited one of our previous hits, with The Imrnersive Great Oatsby (which we opened ij) 2018 before its transfer to the West End) taking over a disused pub on the High Street in Mol¢L and playEng a 10 week run to 2lldiellces who visited as requested, in 1920's kttire and ready for a uniqiie theatrical experieDee. We're pleased to say that the pubs owner5 ttow have planning to one of the oldest tnn's in North Wales, whi¢b has b¢ell derelict for over 10 years. into a bar and hotel, a dire¢t consequence of our work with them reactivating the space after so tnany years. We then produced the first ever adapted version olFleabag. with Pheobe Waller-Bridge allnwing us to be the fjrst company to prod￿Ce the stage play without her playing the role. The production, adapted into W¢lsh, opened at the national Eisteddfod and then a national tOUT of Wales before coming to play on home turf in The Mix Theatre. Th¢ tour took in the Stiwt in Wrexham County, Gal¢ri in Caernarfon, The TDmh iti Milford Hayen, Theatr goar in Merthyr Tydfil, Ulchdre Arts Centre in Anglesey, Nelladd DI￿YfOr Arts Centre in Pwl]heli, The Shennan in Cardiff, Theatr MwldaD in Cardigan, Pontio Arts in Bangor, Theatr Brycheniog in Brecon and Aberystwyth Arts Centre. We are proud that the work visited so many venu65, WLth very few Welsh production compani¢s toumg att￿here near as many v¢nue5, and gladthttt audiences of 2,874 saw the talented Leya Gaffey perfonn the role tnade famous by Pheobe. Withollt doubt the biggest w)d¢rtaking for the teatns at Theatr Clwyd was the delivery of the Palltomime. delivered in a bespoke Big Top Theatre hostiDg over 900 capacity in a thrnst stage confiouration, The production of Sleeping Beauty, Co-Directed by our As$ociate8 Dan Lloyd and Francessca Goodridge (previously a trainee director at Theatr Clwyd) was a hug¢ success and would have played to over 40,000 people were it not for five nalned weather fronts over the period of two weeks that saw us h8Ve lo ralltel 5 performances due to safety Considerations. Fortunately we were able to protect the publics ticket money by re-bo()king or refunding due to the seDsible and fully realised insuTance policy taken out by the senior team. Page I

Tbeatr Clivyd Trust Ltd Chair￿artIS Report for the Year Ended 31 March 2024 We colltinue to ensure our work with and for communities has all equal sta￿$ to the Work we produce and present on our stages, and special mention ought to go to the Esmée Fairbairn Fouttdation wh(F have supported our revenue journey thmugh the capital project 3J]d enabled us to take on new spaces for ollr established weekly cornmunity groups, as well as ¢imtEnuing initiatives to ieach out to coinmunitie5 who niEght llot engage with our work othenyi$e, and also Thalamic who are supporting Arts from the kndthir {our strand of ref6n.al work with the NHS for people living wEth memory loss) with multi-year support and helping stabilise this wtsrk during the transition back into the ttew building. The work with Flintshire County Council Social Services is richer. deep¢r and more llnp2Ctful than any other partnership we have experienced. with over 400/0 of the young people in oui weekly theatr¢ groups now (m bursary schemes, and our continuing woAo with the NHS, Housing Association5, and City of Sanctuary. remain core areas of our growth of understanding about reaching and wO￿l￿g with specific communities in North Wales. Added to this our partner charity Theatr CIMyd Music Trnst now de]iv¢rs weekly music tuition to over 3000 yollng people ea¢h week, across every school in Flintshire. with our targest pupil base being in Flint High who receive c105e to 300 holl￿ of lesson time per week. Readers may be interested tts look ￿ the Theatr CIMyd Music Trust repon alongside this document This year was our second nming William Aston Hall in Wrexham, located next to the now world famous football grouNd. Audien¢es continued to attend in strong nun]bers as we developed our prO￿all￿ne to include around 90 events duTing the year. With major DaTnes from Standup Comedy, tribute aGts and bands such as The Royston Club (Wrexham locals making a real impact on tbe UK top 20 Charts) appearing alongside use by community groups offering a breadth of offer. It is ijnportant to note at this stag'e that whilst we in a strong rN)sition as an arts cbarity. we are well appraised by the senior leadership, and fully understanding as a Board of Trnstees, thatthe coming years will be full of Oh￿Ie￿ge and opportunity. The 2024125 f￿an¢[al year budget was signed off with a deficit. which is to be expected given we have DO theatre spaces at our Flirltshire sitt for 6 months ot the year as we ready ourselves for opening of tbe new facility. The 2U25f26 financial year, being reviewed at the time of Thryiting this report, will miss out on two key months of trading due to the delayed timings of the capital project. Added to the tact that we have many aspects of our work that can be dee]ned a5 '5tart up, (our cOnf][￿ed food and beverage partnersJ)ip with Michelin star Chef Bryn Wiliams. and our events side of the business aTe two such examples) will incur additional investment in year one. We are also aware that we are likely to require direct 'Iheatr Clwyd inve5tD]ent into the capital project, and whilstthis might be achieved via prudelltial bO￿oWIng at Local Authority level, we mind￿1 of not adding long tem] revenue burden to the charities trading and delivery. With this in mind we have designated reserve5 that an be calledupon for these very reasons. Finally. OilT Strategic Priorities aTe outlin¢d later IB this repoQ but we are confident that thcse priorities piogress our work in achieving our mission.. 'To mak¢ the world a happier place, ODe Mo￿t￿l at a time., Heltn Watson, Chair Page 2

Theatr Clwyd Trust Ltd Report of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present thew report with the financial statem¢nts of the charity for the year ended 31 March 2024. The trustees have adopted tbe provisions of Accounting and Reporting by Cbarit1¢5'. Statement of Recornmended Practice applicable to Charities prepaiitig tbeir accounts in accordance with the Finantial Rq)otting Standard applicable in the UK and Republic of treland (FRS 102) (effective l January 2019). OBJECTWES AND ACTIVITIES Objectives and aiffls The Charity is established for tbe advallcement of the at1s by thE management and devclopmellt of Theatr cIN￿d and its programme of productions, events. show5 and other activitie5 illvolving the arts of th6atre, dance, ViSLtal arts and music and the pursuit of a￿Y other charitable objects Public benefit The Trustees conf]rni they haye carried out the Ghatity's PUTposes for the public bcllefit. STRATEGIC REPORT Achievement and performance Charitable activiti 'be purposes of the charity ar¢: The Charity 15 establi%hed for'the adv2nccment of the art$ by the management and development of Theatr Clwyd aDd its progrdnune of produetions, cvcnts, show% and other activities involving the art5 of tlLeatre, dance, visual arts and music and the pur5Ult of any other charitablc objeets. Our Mis510ti To make the world a bappier place, one moment at a ti]ne. Our Vision WE will be a place ta drcam - inspiring, limitless, alive WE will be a space to play- illspiring, limitless, aiive We will bc a training grtsund- rigorous, challenging, supportive We Wil￿ bc a hc&ling sp8te- encompassing. underSt￿ding, safe We will bc a hon]c- for OUT company. for our communities, for our theatre makers, dancers, rnusicians alld artists, for our facilitators and practitioners. and for the wider world OL]r strdtegi¢ priorities ￿e the 8reLq in which we will seek to enact Substantial change to fulfil our mission atLd vision over the next 6 yeaTS. Envlronmelltal Sustainability 14ow can we hclp combat the biggest challenge faced by humaDkind? OUT building dcsigD offcrs the foundation of our enviroDmEntal journey and will see that the new facility En Flintshire is gas free with air sour¢e heat pumps replacing g3s boilers, will haTvest rainwater, harvest solar energy PV pmels, will offer electric charging for CoMp￿Y vehicles, will be ￿llY insulated across the 10,0005qm facility. and inclllde biodiversity on external walls and roofs. The n6w facility will cut carbon emissions to become a c￿b￿n neutral building and on a day with the TiglLt weather. can be carbon positive. Tbe inspiration given to us by what we havc achieved with design for the building leads us to areas of operationa] improvements. We have a fully ernbeddtd approach to the Theatre Greenbook and are delivering all current productions at basic level with some moving towards intennediate level. We are looking at all areas of our operations and our well established ￿ternal Environ￿ental Working Group which includes representatives from all are￿ of the orgaThisation, continue to take responsibility to champion our progress. Parttierships with the Centre for Alternative TeGknology, North Wa1¢5 Wildlife Trust, Natural Resources Wales and Flintshire County Council's land ￿￿ageMent and enviroJllnental team att all key to d¢]ivering on our euvironmental ambitioTJs. Page 3

The>tr Clwyd Trust Ltd Rtport of the Trustees for the Year Ended 31 M2reh 2024 Th¢atre Producing How will we appToa¢h theatre making, and how will we deliver professional develop￿ellt for theatre makers in Wales? As highlighted witl)in the Chair's report. we continue to djampion We15h talent and voi¢es by givwg fijll production QPPOTtuniti¢s, 3rAd marrying that with our b]gh￿Uality production teams, and often world-renowmed partllers. This yeaT has also seen us take signifi¢aDt steps in the research and plat)ning for Stiwdio C1￿¥d, which is envisioned to b¢ 3 n8tioRal development studio for theatre makers in Wales. Havitig researched other national Stttdlo￿art1Bt dev¢lopJnent s¢hen)es, and then conSlllted with over 70 theatre makers from across disciplines, we are excited about the development of the studio in comftng years. This has been bolstered by a new funding rel&tionship with The John EllerniaT) Foundation who art offering 3 year funding, which ID tum allows us to appoint a new Director of Stiwdio- a new senior lead¢rship role fw this important ttew str￿d of our work. Co]nEuunity Care How will we use theatre making attd the arts to help the most vuInerable pe4)ple in our Communities? This area looks at our referral partnerships, working with experts in their fields to identify what their clients. patients, or parti¢Épants need. and tailoring our art% progranunes to support them. The most ethblished of our pgrtnerships are.. with Flintshire Social Services, whose team ￿eMberS work closely with us daily to enable the 400/0 of young people within our weekly groups on bursaries to keep attending. and working iu a person-centred way for ¢ach individual who has come through our holidayhubs and into our regular sessions. with Betsi CadwaladT University He￿th Board, with extensive refe￿al programmes into our 4 regular dementia and Alzbeirner groups. Craig MCLe0￿ H¢ad of Socia] Services said.. ]n Social SeTvices we have Seen children develop and flourish through theiT involvement with the 'lheatre, sometames the steps may seem small, but we know they are huge leaps for the individual child. Olle 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 pllppet show. 'lknis was inspired by hi5 ￿v￿1Ve￿e￿t with the I'heatre, before this he did not contribute to bis assessmtnt, but now has found a way to COEnn]ullicate his feelings and aspirations to help u5 SUPPOrt hin] and his development. lkne possibilities of supporting our Community vast and ￿atchEd by the unique a￿bitiOn atLd creativity of the TheatrE to be inclusive of all parts of our local ¢OEnttLUllity. SfTrmethiDg for Everyolle W6 are not in an urban centre, and Enally of thE ¢OllLEnunitics and audiences we servc only bave us - how do we offer something for everyone? Over the past 6 years the senior team haye embedded strong data tracking and surveying to ensure we know, omd Can respond to, communities and audience feedback. and adjust programming to suit. However, the next st¢ps go fvrther as we aim to build a mechaossrn to allow members of communities to decide what programming appears oll ow slage5. This work has progressed in several ways, they key areas io mention are.. The Flintshire 6 programme. Designed specifically to engage with members of communities who do not engage or thll￿ Theatt CIMyd is for them. Our ConuDunities Associates have spent 12 mootbs embedded iji C(Innah's Quay. Flint. Sbotton, Buckley, Hol}'well, and Mold, spegking with people and r￿dIng out what their interests 2re. This has led to a second Stage where we support people to progran]m¢ important spaces within the lo¢al 8r¢a with programming they wallt. Two examples include a p￿b in Flint wbo w¢ now sUPPOrt to deliver regu13r standup comedy PTogramming both during the day and evening (many shift Workers use ibe pub 3nd those working nights rarely have wces$ to live cultural content),. and a cl￿b in Shotton wh¢re the forces veter8n group have been given cornets, and are reteiving lessons fri) our musicians, so that tbey are able to play tbe Last Post at frieDds funeral$ 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 ￿11 trustee of Thtatr Clwyd, with the Vice ChaErjointng us as an ob$¢rver at meeting$. These are two such examples (amongst many) of blliliting full agency for our communities within the cboices we make and enabling us to continue to offer something for everyone. Page 4

Theatr Clwyd Trust Ltd Report of the Trustees for the Year Ended 31 Mzrcb 2024 Craldd (previously named Ramps Cyrnru) How will we make tb¢ theatre sector in Wales the best and most accessible in tbe world? This parttiership with The Sherman Theatre, The Torch ThEatr¢, Potitio Art5 and The Royal Wetsh College of Musi and Dratn4 seeks to enact org8ni5ational change for each parther, Ihe public's perception. and long-terni industy chauge for the theatre sector ill Wales. Following on from a nationwide consultation process witb tkaf, disabled and neurodivergent theatre makers, it was clear that 'iiamps' was n(rt a they wanfrd, or that meant anJthEng. After an open vote OD Potential Trames Craidd was ¢hosen- thi5 translates as 'core' or 'ioot'_ fEtting as we aitn to put accessibility at the core of OUT thijfftsng aJLd delivery as a partucrship overthe next 6 y¢ar5. We pleased that this year has sten the appointtnent of five Agents for Change to support Sara Beer as Director for Change. A]1 f￿all¢¢ and etnployment will go through Theatr Clwyd Trnst as Lead Partner, and tbe next step5 will include developing our f1rst major Craidd produetitsn whicb will open at Theatr Clwyd in 2026 before tourillg to all the partner YEllues Learning and Education How will we support the curriculum, work with and in educational settirtgs based on established need. and offer CZTeer pathways? We occupy a unkque position as a nation her¢ in Wales. With the introduction in 2023 of a new curriculurn, one that allow5 and encourages teachers and .8chools to deliver education based oll iudividuals needs rather than just Yia academically thiven grad￿. and that expccL% cdllcation tts harness creativity a]Ld culture across subjects, alld indeed to value creative subjects equally to that of Scicncc maths. There is a significant opportunity for u5 as a pro]nillent arts and cultural organisatxon. We also occupy a unique positioll as an arts and cultural organisatio]L with multiple vellues across Flintshtre and Wrexham, our.%tattL% a8 a major producing theatre with all craft making departments in house, an organi5ation whtr has on¢ of the most establishcd and succcssfvl Creative Engagement teams in the UK, and all this w2th a ￿11 music service cornprising of 38 Tnusicians 28 part of our core employees who deliver music thition to over 3500 young people each week ￿rOsS 72 $chools within Flintshtre. These hvo unique elements offer a siwificallt opportunity lor impact over coming yegr5, as we not only work with schools on fmding ways to de]iver the new tutticulum. but for us to Si￿lficantlY grow our educational attd training opp)rtunities for young people wantEng a career in the arts. The year under review has seen continued growth with long staDding partller5 such as The Royal Welsh Coll¢ge of Music and Drama. and Wrexham University (fu¢lled by the William Aston Hall being within our venue portfolio) hEs seeu 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 És certainly anotkLer one outlinEd witbin our business plan. We are aware that for too long the employinent standards of arts orgallisations and theatres has not been at the level it should have been, and whilst our People Subcommittee are confident that we are a bigh-quality employer, we also support the execlltive to strive for more. This year has seen us a￿ee an average pay award of 5.5Q/D aCTOSS the core Company, seen a ￿11 benchmaiking exercise for freelance fees with all dis¢iplines receivitiE an uplift, and we have also increased our expenses rates to match the rise iti costs. All of these will receive an allnual review, and we proud to ensure all our rates remaln above industry union minimums for an orgauisation of our scale. tn addition to this a strong wellbeing programtne has been put in place, with in house counselling provision available to all company niembers, including guest freelancers (with the prO￿amMe available beyond their contrdcts if required), and supported by an external team of counsellors who we can refer company members should they have specific need5 (gender preference, Welsh Speak￿5, and global majorrty as t1￿ce such examples). Thi5 year also saw us lake the step of attaching a Well-being coordinator to ¢a¢b of our productions, delivering two tech stssion day8 over a period of a week and a half (rather th￿1 three session days over a week), and continue our Well-b¢illg programme including weekly yoga. walking groups. r￿r￿]ng groups, ballet sessions alld a whole host of company benefRts. Page 5

Tbeatr Clwyd Trust Ltd Report of the Trustees for the Year Ellded 31 March 2024 Flnanelal review Financial position The charity's wholly owned subsidiaries Theatr Clwyd Enterprises Ltd delivered net profits of £136.398. Theatr Clwyd Productions Limited generated a net deficit of £518.791 which represents the tLK credit due back for the Theatre Tax Relief claim. Prlncipal funding sourees Theatr Clwyd acknowledges the fmancial support It received from Plintshire Couttty Council £1,311,360 and Arts Council of Wales £1.875,545. As we look toward5 the fmancial year to 31° March 2025, TNstses wish to acknowledge what an extraordinary year it is going to be for th¢ TNst. I￿￿1]st the capital redevelopment is ongoing with exception to our aDnual pantomiTre the Theatr Clwyd building remains closed for tbe full duratitsn of the f￿allcial year. Whilst there is some activity within our temporary facilities, the opportunity to generate income is signifityantly reduced. Whilst other measures to offset some of this lost revenue has been itnplemeDted, Theatr Clwyd Trust expect to be posting an operating deficit of up to £350K for the next finallcial yeat (to March 2025). T￿Slee5 would like to record the significant amount of planning and discussiong that have taken place with fL]nding partnerg, and the board OVEr the past four year5 which means this is not unexpected. F￿GIllY. trustees want to refer¢nce the fdbt thai there has been three successive of operatitkg Su￿]￿5 wbich means the trist is in a strong position moving into tius exceptional year. Reserves polley The Trnst will require both restricte(i designated (¢amiarked) and unrestricted tseTreral l free) reserves in order lo cover bu5ine5s risk. RestriLt¢d reserves will be identifjed for a specific llse and will be designated for that purptsse. U￿￿tricted reserves are reqllired to cover a gtlleral bllsiness and operating riak. T]Irget rAnge for reserves The target range is set at £1.2 million (excluding any surplus or deficii oll pension) for the initial 5 year contract period of 2021-2026. The Board of T￿st£eS oonsid6r that this target range provides sufficient flexibility in the context of OP6rational requlrements, and for all organisation of Our size kmd complexity. ResponsibÈlities The BoaTd of Trnstees are responsible for ensuring that we manage our resources responsibly. and tbat we act in ihe best interests of the organisation and the people we serve. The Board has responsibi]ity for approving and monitoring the implementation of this policy. The Finance alld Audit Committee responsible for monitormg and oversight of the cll￿ent and future F￿anCial situation and associated risks io the organisation. The committee has responsibiiity for reviewins tbis policy making recommendation for approval to the Board. The Executive Leadership Team is responsible for proyiding ¢lear and focused leadership of the organisation, and io ensure our financial stability. The Ftnance, Operations & People Director is the policy owner and is responsible for ￿anaging our reseryes level within the policy range. ensuring this policy is reviewed in line with corporale requiTemellts. As al 3 1st M￿Ch our Reserves leve15 were as follows.. Restricted Funds £4.409.713 Designated funds Nil Unrestricted general funds £1,978,207 Page 6

Thegtr ClTrvyd Trust Ltd Report of the Trustees for the Year Ended 31 March 2024 STRATEGIC REPORT PriDcipal risks and uncertaAnties The Trnstees ar6 comTnitted to the identificatÉon and matt&gernent of the major strategic. business. and i)perationai risks which the charity faG¢s. Notwithstauding the major capital redevelopment, the prin¢Fpal fllwicial risks reyolye around tbe risk of audiences rtot attending in sufficient numbers for whatever reasoll, alld tbE potentially advers6 effect on both profitability and cash flow. The Trustees fvlly awar¢ of th¢ Fisk profile ill the business, alld the Senior Leadership Team 1$ tasked witb comTruni¢ating with all lev¢]s of the organisation to identify all risks and regularly update a detailed risk register identifying likelthood and irnpact, togetheT with acuons necessary to mitigate the Ei5k. This is considered by the Finance & Audit Committee and then presented to the main Board. Both Flintsh￿e County and Atts Council of Walcs h&ve indicated the level of grants up to March 2025. Following the autLJmn 2022 submission as Part of the Arts Council of Wales Investment Review, th6y have confmed that we rem8i their third biggest client and will ￿e1Ve multiyear fimding at levels recogni5ed witbin previous accounting periods. STRUCTURE, GOVERNANCE AND T+AANAGEMENT Governing documeDt Theatr ClThyd 1.rust Ltd is a registered charity and a company limited by guarantee governed by its Memorandum and Articles of Association dated 17 February 2020 Reeruitment and appointrnent of new trllstee5 As set out in the Articles of A550¢iation the directOTS elect the chair of the trustees. All elected trustees serve for a initial term of four years and ]nay then serve for a fifftber four years. Nominees appointed by Flintshire Couaty Council are subject to the appoinknent processes of those bodies attd tbe guidelines on appointsnent to public office as they apply to Local Governmellt nO￿l￿e¢s. Organisatioual structure 'Ihe board of trnstees. which can have up to 13 members, administers the chatity. The boaid Lneets quartcrly and theTe kre sub-conjmittees covering Finance and Audit, People &Dd Capital Steering. Th¢ trustees appoint thc Joint Chicf Exe¢￿tiveS to manage the day-to-day operations of the Ch￿lty. To facilitdt¢ trff¢¢tive operation5, the e.hicf F.xccutive5 have delegated authority. within ternis of delegation approved by th¢ tru5'te¢s. for operational mattcr% ineluding finance, employment and artistic p¢rf(krniance related activity. Decision making Thc B02rd of T￿ste¢S are responsible for ensuring that we manage ollr resources respoTLsibly, alld tbat we act in the best interests of the organisation 2nd the people we serve. The Board has responsibility for approving and mollitoring the irDplemeDtation of this policy. Th¢ Flnance and Audit Committee are responsible for monitoring alld supervision of the Cu￿¢The and ￿tl￿¢ fmancia Situation and as50¢iated risks to the organisation. The comnutrec responsibility for rev£ewing this policy 8lld making rwomn)endation for approval to the Board. Th¢ Executive L¢adership Team is responsible for providing clear attd focused leadership of the orgallisation, and to ensure our f]naJcia] stsbility. The Fingnce, Operations & P¢ople Dtrector is tbe policy owner alld is responsible for managing our reserves level withiu the policy range. ensuring this policy is reviewed in line with corporate requirernents. Induction aJJd training of new trustees New trustees are invited to meet with the Executiye and Senior Leadership Team to brief tbem on their legal oblig2tions under cbarity aDLI ¢ompatty law. the content of the Mcmorandum and Article5 of Association, the ¢omTnittee and de¢ision-m8king processes, the business plan and recent fmaThcial perfornian¢e gf the ¢hartty. Any tNstses elected to serve on the Finance Sub Conimittee receive a more detailed fmallcial induction following appointment. Page 7

Theatr Clwyd Trust Ltd Report of the Trustees for the Year Ettded 31 March 2024 REFERENCE AND ADMINtSTRATIVE DETAILS Registered CompaDy number 12465903 (England and Wales} Re¥istertd Charity nurnber 1189857 Registered offiee Theatr CIHyd Raikes Lane Mold Flintshire CH7 IYA Trustees S J Caddick P M Jewson (resigned 13.7.23) R JoDes MBE A Watkin H A Watson G Collett L F Llewelyn H D Finley S Jones M G C Allport (appointed 9.5.23) K A Coughlin A C Bowden (appointed 13.11.23) R M Hughes (appointed 13.11.23) L Wood (appointed 14.2,24) Executive Director and Joint CEO Liam EV￿8-FOrd Artistic Director and Jo3nt LLO Kate Wass¢rberg (appointed Sept¢mber 2023) CoEllpany Secretary A Roberts Auditors IIainc5 Watts. Statytory AudiEor Military House 24 Castle Street Chester Cheshire CHI 2DS Page 8

Theatr Clwyd Trust Ltd Report of the Trustee5 for the Year Endtd 31 March 2024 STATEMENT OF TRUSTEES, RESPONSJBILITtES The trustee5 {wbo are also the directors of Theatr ClTrryd Trust Ltd for the purposes of co￿panY law) are responsible for preparing the Report of the Trustees attd the fiDaDcial st&tements in acoordance witb applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted A¢¢ounting Practice). Company law requires the trustecs to prepare financial statement5 for each fman¢ial year which give a ttve and fair view of tbe state of affairs of the charitable company and of the incoming resources and appli¢ation of reSoU￿es, including the income and expenditure. of the charitable company for that period. tn preparing those financial statements, the trnstees are required to select suitable accounting policies and tben apply them conststently. observe the Jnethods and principles in the Charity SORP; make judgements and estimate5 that are reasonable and prudent. prepare the fjnancial statements on the go2ng concern basis unless it is inappropriate to pre$ume that the charitable company and group will CODtinue in busine5S. The trnstees are responsible for keeping proper accounting records which disclose with re&sonable accuracy at any time the finantial position of the charitable company and group and to enable then] to ensur¢ that the finanLial s1dle￿¢￿tS comply with the Companies Act 2(KJ6. They are a]50 responsible for safeguarding the assets of the th8Titable compally and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie8. In so far as the t￿￿teeS are aware.. there is no relevant audit i￿O￿natiOn of which ihe charitable company's auditOTS are Unaw¢￿¢,. and the trustees have taken all steps that they Ollght to have taken to make themselves awdre of any relevant audit inforniation and to establish that the auditors are aware of that inforniation. AUDITORS The auditor5, Hailles Watts, Ststhtory Auditor, will be proposed for re-appoiTJtsnettt at the ftsrtbcomiThg Annllal General Mteting. Report of the trustees, incorporating a strategic report, approved by order of tbe board of thistees, as the cotnpany directors, on ............................................. and Si￿ed on the board's behalf by.. H A Watson- Trustee Page 9

Report of the Tnd¢pendtnt Auditors to the Mernbers of Tbeatr Clwyd Trugt Ltd Opinion We have audited the financial statements of Theatr CIMyd Trust Ltd (the 'choritable company'} and its subsidiaries ('the group,) for the ye8T ended 31 March 2024 whi¢h comprise the Stalement of Financial Activities, the Balance Sheet, the Cash Flow Slatement and notes to the fmancial statements, including a summary of significant accounting policEes. The f￿ancial reporting fralnework ibat been applied in their preparatÈon is applicable law and United KingdoD] Accouniing Standard5 (United Kingdom Generdlly A￿epted Accounting Practice). In our opiuion the fEnancial statements: give a true and fair view of the state of the Group's and thE charitable company's affairs as at 31 March 2024 and of its incoming resources aTid applicatioll of rtsources, including its income and expenditurc, for the year then ended; have becn properly preparecf in accordanGe with United Kingdom Generally Accepted A¢countEng Practice,. and have been prepared accordaTLce with the requirements of the Companies Act 2006. Basis for opinio We conducted our audit in accordance with International standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under thDse st￿dardS are further described in the Auditors, xesponsibilities for the audit of the f￿ancial staternents section of our report. We are indepelld¢nt of the charttable Company and grollp in accordance with the ethical requirements that are relevant to our audit of the fmancial ststements in the UK, including the FRC'5 Ethical Standard, and wc have fulfilled our other ethical responsibilities in accordance with these req￿lre￿entS. We believe that the audkt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going coneern In auditillg the fthancial statethents, we have concluded that the trnstees, us¢ of the goilkg concern basi5 of accounting in the preparation of the fJnan¢ia] statements is appropriate. Based on the work we have perfornled, we have not identified any material uncertaijities relating to evellts or conditions that, indivÉdually or collectively, may cast significant doubt on the group's ability to continue as a going Conce￿ for a period of at least twelve months from when the f]uancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with r¢spect to going concern are described in the relevant sections of this report. other imformation I'he trustees are responsible for the other inforwation. The other info￿latIOn cotnpri5¢S the inforniation included in tbe Annual Report. other than the fuiancial statements and OUT Report of the tnd6pendent Auditors thereon. OUT opinion on the f￿anCIal statements does not cover tILe other infoThnation aud, except to tbe extent othen¥i5e explicitly stated in our report, we do not express any forni of a55UTance conclusion thereon. In connection with our audit of tt]e f]n2ncial st&teTr¢nts, our responsibility is to read the other itLforLnation and, in doing so, consider whether the other information is ￿atEriallY inconsistent with the fmancial stat¢ment$ or OUT knowledge obtained ID the alldit or othenvise appe3r5 to be llLaterially misstated. If we tdentify such mat¢rial inconsistencies or apparent material misstatements, we are required to dete[￿1￿¢ whether this gives rise to a material Tni$statement in the r]nan¢ial statements th¢mselve5. If, based on thE work we have perfomed, we ¢onclud¢ that there is a tnaterial n]1s5tate￿ellt of this other infOr￿atiOn, we are requffed to report that fact. We have nothing to report in this regard. OpiiiioDS Oti other JnatÉer5 prescribtd by the Companies Act 2006 ID our opinion. based oa the work wid¢rtaken in th¢ course of the audit- the information given th6 Gtoup's Rep(prt of th¢ Tn]stees for the fll)an¢ial year for which the fmallcial statements are p￿Pared 15 consistent with tbe f￿anCIal statements., ancl tbe Report of the Trustees ha5 been prepared in accordance with applicAble legal requirements. Page 10

Report of tILe Independent Auditors to the MtJDbers of The2tr Clivyd Trust Ltd Matter5 on which we are required to report by exception In the light of the knowledge and understanding of the charitable group and its enviroLunent obtained in the COUTse of th6 audii we have not identified Jnaterial misstatements in the Report of the Trustees. We have nirthing to report in respect of tlLe follow2ns ￿atterS wher6 the Companies Act 2006 Tequires us to rep(>rt to you if, in our opinion.. adequate accounting records have not been kept by the charitable parent compaay or retur￿ adequate for our audit have not been received from branches not VASit¢d by us. or the f￿an¢1￿1 statements are not in agreement with the accoutttLThg records and returns,. or cert&in disclosures of trnstees, remuneration specified by law are not made. or w¢ have not received all the infomation and explanations we require for our audit. or the trnstees were not entitled to take advantage of the small Companies exemption from tbe requirement ro prepare a Stratrgic Report or in preparing the Report of the Trustees. Respnn.iibilities of trustees As explaincd more fully in the Statement of T￿￿tee5, Responsibilities, the trustees (who a150 the directors of the charitablc pareLt company for the puryoses Trf company law) are responsible for the preparation of the finaacidl st&temcnts and for being satisfied that they give a true and fair view, and for such snternal contrill as the tn￿te¢S detemine Es Dccess2ry to enable the preparation of financial statellEents tbat are free from material mis$tatemenL whether due to fraud or error. In preparing thc financial statemetlts. the trustee5 are Tespon5ible for ￿essing the Group's andthe charitsble company's ability to continue ag a going concern. dis¢losiii& as applicable, rnatters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operatiQllS, or have realistic altcrnative but to do so. Our responsibilitie5 for the audit of the financial statemeRtS Ollr nbjcctives are to obtain reasonable assurance about whether the fll)ancial statements as a whole are free fr()m matcrial m*sstatcmenL whether due to fraud or e￿Or, and to issu¢ a Report of the Independent Auditors that includes our opinioTJ. Rcasonable assurance is a hi￿ level of assurance, bui is not a guarantee that an audit cunduGled accordance with ISAS (UK) will always detect & material ￿l$Statement when it exists, Misstatements can aribe frvm fraud or eTror and are considered mateTial if. individually or in the aggregate, they could TeasoDably be exp¢Lted to infiuence the ecoDomic decASiOllS of users tsken on the basis of these fll)mcial statem¢llts. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtaiued an understanding of the legal alld regulatory frameworks applicable to the company fina￿LI￿al btdtements or that bad a fi￿daIntllt81 effect on the optratiolls of the company. We deterniined that the most significdnl laws and regulations included, but were llot limited to, United Kingdom Generally Accepted Accounling Practice, Companies Act 2006, distributable profits legtslation and (ax legislation. We assessed the extent of the ci)Trplt<tncE with these laws and regulatioD5 as part of our procedurts on the related flnancial statement items. Our test5 IIiLluding the FLUa￿¢12] statenient disclosures to undeTlyillg 5UPPOrting docum¢nt8¢tion, enquiries with management and review of corrtspondellce wÈth external legal advi50r5. We assessed the susceptsbility of the company's fin3ll¢Eal statements to material misstatement ￿￿Cluding how fralld might occur. Alldit procedures perfonn6d by the engagement team included.. -identifying at]d assessing the design effECtive￿¢sS of controls management in place to prevent and det£ct fralld., -Inquiring of manageinent and those ch&rg6d with governance about any knowry] actual, 5U5P¢¢ted or alleged fraud -understanding how those charged with govetnance considered And adltressed the potential for override of controls or other inappropriate influen¢e over the F￿an01a1 reporting proces5', -challenging assurnptions and judgements made by management its sIg￿lfICant accouating estirnates- and -Identifying and testing joumal 6ntii¢S, in particular any journal entrie5 with uTrusual characteTiStiC8 or posted by senior anagement A fillther description of our responsibilities for the audit of the f￿n￿o¢1a1 statements is located ou the Financial Reporting Council's w¢bsite at wNTrv.frc.org.ukJauditorsrespon5kbilities. This d6gcripti(m fomis part of our Report of the Independent Auditors. Pagell

Report of the Itldependent Auditors to the Memberg of Theatr Clwyd Trust Ltd Use of our report This report is Made solely to the charitable patent company's msmbers, as a body, in accord2llce with Chapter 3 of Port 16 of the Companies Act 2006. Our audit work has been L￿dertaken so that we might state to the Ch￿itable company's ]nembers those matters we are required to state to tbem in an auditors, teport and for no other PUTpose. To the fillest extent perniitted by law, we do not accept or assum6 responsibility to anyone otlier than the charitable company and the charitable company's members as a body. for our alldit work. for this report, or for the opinion5 we have fornied. Mike Forshaw (Sellior Stakntory Auditor) for and on behalf of Haines Watts, Siatutory Auditor Military House 24 Castle Street Chester Cheshire CHI 2DS Date.. Page 12

Theatr Clwyd Trust Ltd CoDsolidated Statement of FinaThcial Activities for the Year Ended 31 March 2024 31.3.24 Total fiu)ds 31.3.23 Total funds Unrestricted fund Restricted fullds Notes INCOME AND ENDOWMENTS FROM Donations and Itgacies 3,909,691 1,960.356 5,870,047 5.847,676 Other tradEng activities Investment income 4,940,620 172.647 4,940,620 172 647 5,829,180 Total 9 022 958 1.960.356 10983314 11,680 865 EXPENDITURE ON Raising funds (28,943) (28,943) Charitable aetfivlties Wages Music Trust Service Contract Production ¢osts Other costs Capital Development ¢osts 2,762,897 250,000 2,421,785 208,255 2,762.897 250.000 2,421.785 226,971 78,995 3,654,923 250,000 1.653,964 168,486 18,716 78,995 Other 3 067.428 3.067 428 3,350,529 Total 8681422 97,711 8 779 133 9 077 902 NET INCOME 341,536 1,862.645 2,204,181 2,602,963 Actuarial gainsl(Iosses on defined benefit Schemes 164,000 164,000 2..223,000 N¢t movement ID funds 505,536 1,862.645 2,368.181 4,825,963 RECONCILIATION OF FUNDS Total fvnd$ brought forward 1,472,671 2,547.068 4,019.739 (806,2241 TOTAL FUNDS CARRtED FORWARD 1978 207 4 409 713 6 387.920 4 019739 Pag¢ 13

Theatr Clwyd Trust Ltd Collsolidated and Charity Balanee Sheet 31 March 2024 2024 Group 2023 Group 2024 Charity 2023 Charity Notes FIXED ASSETS Tangible assets tnvestEnents 13 14 220,117 214,426 170,703 214,426 220.117 214,426 170,705 214,428 CURRENT ASSETS Stock$ Cvrrent Asset Investments Debtor5 Cash at bank and hand 13,832 54.000 ,010.658 6,874 248 15,479 54,000 884,958 6,170459 15 16 1,087,165 6,787,037 1,323,761 5,687,821 7,952,738 7,124,896 7,953,197 7,011,582 CREDITORS Arnounls falling due within one year 17 (1,784,935) (3,141.813) (1,656,987) {3,028,501) NET CURRENT ASSETS 6 167 803 3 983 083 6 217215 3 983 081 TOTAL ASSETS LESS CURRENT LIABILITIES 6,387,920 4,197,509 6,387,920 4,197,509 CREDITORS Amounts tall￿g due after more than on¢ year 18 (13,770) (13,770) PENSION ASSET/(LIABILJTY} (164,000) (164,000) NET ASSETS 6,387,920 4019 739 6 387 920 4 019 739 FUNDS Unrestricted fi]nds Re5tsictEd fitnds 20 1,978,207 4,409,713 1,472,671 2 547 068 TOTAL FUNDS 6 387 920 4 019 739 These finaurial statements have been PTepaTed in accor(lallce with the provisions applicable to charitable companies subject to th¢ small ¢ompoDies regime. The f￿ancIal ststements weTe approved by Ihe Board of Trustees aDd autborised for issue on . and were signed on its belLalf by.. H A Waison- Trustee KA Cough - Trustee Tht llotes for￿ part of these fmancial Matements Page 14

Theatr Clwyd Trust Ltd Cash Flow StateThent for the Year Ended 31 March 2024 31.3.24 31.3.23 Notes Cash flow5 frorn operating activities Cash generated from operatLons 590 469 5,060 430 Net cash provided by operating activities 5.060 430 Cash l]oiv5 from investing activities Purchase of tangible f]xed assets Interest received (56.226) 172,647 24,805 Net cash provided by investing activities 116.421 Cash flows from financÉng activiti LO3￿$ in year liFe purchas¢ loa Capital repayments in year (724,931) {24,500) 3,1011 Net cash provided by/(used inl finan¢ll￿ activities 3,101) 757.061) Change in cash gnd cash equivalents in thc reporting period Cash and cash equivalents at tlke beginning of the reportillg perÉod 703,789 4,332,183 6 170 459 1,838,276 c.ash and casb equival¢llts at the end of the reporting period 6,874,248 6 170 459 The note5 form part of these f]nancial statement$ Page 15

Theatr Clwyd Trust Ltd Note5 to the Cash Flow Siatetneut for the Year Ended 31 March 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATtNG ACTIVITIES 31.324 31.3.23 Net illcome for the reportillg period (a5 per the Statement of Financial Acttvitie5) Adjustmellts for.. Depreciation charges (tnCTe￿e1ld¢¢rcase in stocks L05s on disposal of f￿ed &%$ets tnterest received (tllcreaselldecrease in debtors (Decrease)lincrease in creditors 2.204,181 2,602,963 45,755 1,647 4,780 (172,647} (125,702} 1367 545) 42,394 (4.009) 143.946 2.275,136 Net cash provided by operatiotLS 590 469 5,060,430 ANAL YSIS OF CASH AND CASH EQUIVALENTS 31.3.24 31.3.23 C8sh in hand Notice deposits (less thaTJ 3 months) Overdrafts illcluded in baT& loans alld overdrafts falling due within one year 3,242 6,950.001 78.995) 204 6,170,255 Total cash and cash equivalents 6 874 248 6,170.459 ANALYStS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At31.3.24 Net cash Cagh at baTQ and in halld Bauk overdrafi 6,170,459 782.784 6,953,243 78 995) 6 170.459 703,789 6,874 248 Debt Finance leases 13 769) 13 769) Total 6 153.589 706 890 6,860 479 The notes form part of tlLBse financial siatemenis Page 16

Theatr Clwyd Trust Ltd Notes to the Financial Statements for the Year Ended 31 Marcb 2024 ACCOUEUING POLICIES Basi5 of prepariftg the fjnaneial stat¢meTht$ The fmancial statements of the charitable company, which is a public ben6fEt enlity under FRS 102. have been prepareAI in actordance with the Charities SOIiP (FRS 102) 'Accounting and lieporting by Charities.. Ststement of Re¢oallnended Practice applicable to charEties preparing their accounts in accordance with the FinaTh¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019),. FinancEal Reporting Standard 102 'The Fill)￿¢181 Reporting Stalldard applicable in the UK aud Republic of Ireland, and the Companies Act 2006. The fmancial statements bavc been prepared under tbe historical c05t convention, with the exception of investments wbich are includecl ￿ maiket Val￿e. The f￿anCIal statements are presented in sterling whith is the fi￿ctIonal currEncy of ibe Trnsl rotmded to the nearest £1. IDco￿¢ All income is recognised in the Statement of Financial ActivitEes once the ch￿lty has entitlement to the funds, it is probable that the income will be received and the amount can be ]neasured r61iably. The main qource of intome from charitable activities is show incon]e. Tickets sold in advance and released to the 8t&tcment of Financial Activities once the show has opened. Grants are recognis¢d when the TIu￿ become legally entitled to the gr&nt incollke. Donations are recognised Statement of Financial Activities when received. Va)ere donations are received in the form of donated items, such and eqllipment etc, the donation is recognise ollce re¢¢ived, at Market value as determined by the Trllstets. Expenditure Liabilities are reCO￿lsea as expenditure as So0￿ as there is a legal or collstmctive obligation corn]nitting the charity to that expellditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendithre is accounted for on an accruals basis and has been classified under headings that aggregatt all cost related to the category. Where costs ¢3nn0t be directly attributed to particular headijigs they have been a]located to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciauon is provided at the followiug annual zates in order ttr write off each asset over its estimated usefijl Plallt and machinery Motor vehicles 15Q/o on reducing balance 25Q/o on reducEng baLance Taxation The charity is exempt from corporatioll tax on its charitable activities. Fund aeeounting UDr¢stri¢ted ￿ndS e8n be used in accordance with the cbarilable objectlVES at the discretion of the trustees. Restricted fillkds can only be used for particular re5trictEd purposes within the objects of the charty. Restrictions arise when speGified by the donor or when fi￿Ld5 ar¢ raised ftsr particular restricted purposes. Further explallalioTh Of the n&ture and purpose of each fund is irlcluded in the notes to the fLnancial gtatements. Page 17 ontinued...

Theatr Clwyd Trust Ltd NotES to the Finanei81 Statements_ colltinued for the Year Ended 31 March 2024 DONATIONS AND LEGACIES Group 31.3.24 Group 31.3.23 Charity Charity 31.3.23 Donations Grants 2,096,316 3.773,731 2,502.270 3 345,406 2,096,316 3773 731 2,502,270 3 345,406 5 870 047 5 847 676 5,870 047 5 847 676 Grants received, included in the above, are as follows.. Group 31.3.24 Group 31.3.23 Charity 31.3.24 Cbariry 31.3.23 Arts Council Wales 1,875,545 Other grants 486,826 Flintshire Council Cultural Servi¢¢s Agreemtnt 1,311,360 Capital ￿ant income loo,000 1,850,144 204,280 1,290,982 1,875.545 486.826 1,311,360 100000 1,850,144 204,280 1,290,982 3 773 731 3 345 406 3,773,731 3.345,406 OTHER TRADING ACTIVITIES Group 31.3.24 Group 31.3.23 Charity Charity 31.3.23 Sales Membership fees & Sponsorship Box Offic¢ sales etc Management fees & other income Tax oll loss recoveraiFI¢ 1.716,166 38,092 2,617,581 49.990 518,7YI 1,918.066 36,012 3,220.240 52,258 602.604 38,092 2,617.581 49.990 36,012 3,226.365 52,258 4 940 620 5 829 180 2 705.663 3.314.635 INVESTMENT INCOME Group 31.3,24 Group 31.3.23 Charity 31.3.24 Charity Dep051t account interest 172.646 RAISING FUNDS Other tradlng aetSvlties 31.3.24 3 1.3.23 Support costs 28 943) Page 18 continued...

Theatr Clwyd Trust Ltd Notes to the Financial Stat¢meJJts- continued for the Year Ended 31 March 2024 CHARJTABLE ACTIVJTIES COSTS Support costs (see ote 7> Direct Co$t3 Totals Wages Music Trnsl Service Contract Production costs Other costs Capital Development Costs 2,762,897 250,000 2,421,785 165,578 2.762,897 250,000 2,421,785 226,971 61.393 5.679.255 5,740,648 SUPPORT COSTS GoveTnan¢e costs ManagC￿ellt Finance Tota]s Other trading aetivtties Oth¢r rcsources expenoed (28.943) 1,826 (28,943) 3,067,428 2,895,472 170,130 688,185 170.130 3 038.485 NET IJ1COME/(EXPEND￿UREj Group and Charity Net ineomel{expenditure) is stated after charginyJ{creditillg)-. Group 3k.3.24 Group 31.3.23 Charity 31.3.24 Charity 31.3.23 DepreciatiTrn- owned assets Deficit on disposal of fixed assets 45,755 4,780 42,394 4,780 AUDITORS, RE￿[UNERATIoN Group and Charity Group 31.3.24 Group 31.3.23 Charity 3 1.3.24 Charkty 31.3.23 Fees payable to the ¢harity'8 auditors for tbe audit of the ¢harity's f￿anCIal statements 12,750 12,100 io. TRUSTEES, REMUNERATIOFI AND BED4EFITS Ther6 was no t￿Ste¢,5 remuneration for the year ended 31 March 2024, nor for the year ended 31 March 2023. Trustees, expenses 31.3.24 31.3.23 TTL￿te¢S, expenses 232 During the year, the Trustees were provided with Complementary tickets to all shows. Page 19 continued...

Theatr Clwyd Trust Ltd Notes to the Fin9n¢ial StateJllents- Continued for tbt Year Ended JI March 2024 ii. STAFV COSTS Group and Charity 31.3.24 31.3.23 Wages and salaries Other pensioll costs 2,471,844 291,053 2,322,751 279 564 2,762 897 2,602.315 The average monthly llU￿ber of employees during the year wa5 as follows.. 31.3.24 31.3.23 Executive SLT Operations Producing and produ¢tion Administration Creattve engagement 29 27 21 38 28 13 93 97 The number of employees whose t￿p10Yet benefits (excluding employer peDsioll costs) ex¢eeded £60,000 was.. 31.3.24 31.3.23 £60,001- £70,000 £70,001 £RO,000 £80,001 £90,000 12. COMPAIIATtVES FOR THE STATEMENT OF FINANCL4L ACTIVITIES UDrestrÈcted £L￿d Restricted fi￿dS Total fulld5 INCOME AND F.NDOWMENTS FROM Don&tEOIlS 2nd Icgacies 3,258,193 2,589.483 5,847,676 Other tr￿Ing activities Investment income 5,829,180 4,009 5,829,180 4,009 Total 9091,382 2 589 483 11.680.865 EXPENDITURE ON Chari¢•ble &ctRYities Wages Music Trust Service Contract Produciion costs Other costs 3,540,189 250,000 1,653,964 168,406 114,734 3,654,923 250,000 E,653,964 168,406 Other 3.350 529 3 350529 Totsl 8963 168 114,734 9,077 902 llycoL￿ 128,214 2,474,749 2,602,963 Page 20 continue&..

Theatr Clwyd Trust Ltd Notes to the Financial Statements- Continued for the Year End¢d 31 March 2024 12. COMPARATIVES FOR THE STA TEMENT OF FINALYCIAL AcfivtTIES- continued Unrestritted Restricted fund funds Total funds Actuarial gains on defEned benefit sch¢me5 2,223,000 2 223 000 Net MoVe￿t￿t in funds 2,351.214 2,474,749 4.825.963 RECONCILIATION OF FUNDS Total fi￿dS brought forward {878.542) 72,31S (806,224) TOTAL FUNDS CARRIED FORWARD 1472 672 2 547 067 4 019739 13. TANGIBLE FJXED ASSETS Plant and mÈ¢hinery Motor vehicles Totals COST At l April 2023 Additions Disposals 273,676 56,226 24,195 297,871 56,226 6.616) At 31 March 2024 323 286 347,481 DEPRECIATION At l April 2023 Charge for year Eliminated on disposal 75,945 35,755 7,500 10,000 83,445 45,755 At 31 March 2024 109 864 17.500 127 364 NET BOOK VALUE At 31 March 2024 213 422 6.695 220117 At 31 March 2023 197731 16.695 214426 During the period ￿ded 31 March 2022. assets consisting of plant and equipment etc was donated to the TNst. These aggets are recognised withill the fmanGial statements at market value, as calculated by the Tru51e¢$. No assets were donated in the year ended 31 March 20?3 or 31 March 2024. 14. FIXED ASSET INVESTMENTS Shares in group undertakings mARI￿T VALUE At l April 2023 and 31 Match 2024 NET BOOK VALUE At 31 March 2024 At 31 Ma￿h 2023 There were no investtllent ￿setS outside the UK. Page21 continued...

TheaÉr Clwyd Trust Ltd Notes to the Flnancial Statements- continued for the Year Ended 31 Mareh 2024 VIXED ASSET IIIVESTMENTS- eontlnued The company's investments at the balance sheet date in tbe share capital of cornpanies include the following.. 14. Thextr Cl￿d Productions Ltd Registered office.. England and Wales Nature of business.. Theatre production company Class of shaTe.' Ordinary holdiog 100 31.3.24 31.3.23 AggTegate capital and reserve5 Profit for th¢ y¢ar Theatr Cl￿d Knterprises Ltd Registered offEce'. England and Wales NatUTe of business.. Theatre food aud retail sales Class of share.. Ordinary holding 100 31.3.24 31.3.23 Aggregate capital aTLd re5Erves tDteTests subsidiaiies, as50Giat¢s and jointly colltrolled entities are initially tneasured at Cost and subsequently easured at Cost less any accumulated impaimient losses, The investments are assessed for illLpainn6llt ai each reporting date and any impaimient losses or reversals of impainnent losses are IEcogtLis6d inllnediately in profit or loss. A Sllbsidiary is an entity controlled by the company. Control is the power to govern the f￿anCIal and operating ptrlicies of the entity so as to obÉain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture. in which the company hol￿ a longterm interest and where the CL)mpany has significant influence. The company consEd¢TS that it ha5 significant influence where it has the power to participate in the f￿ancial and opeTating decisions of the associate. Entities in which the company has a long terni interest and shares control uThder a contractual alrangement ate classxfied as jointly controlled entities. 15. CURRENT ASSET INVESTMENTS Group 31.3.24 Group 31.3.23 Unlisted Jnvestments 54.000 54,000 16. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR GTOUP 31.3.24 Group 31.3.23 Charity 31.3.24 Charity Trade debtors Amounts owed by group widertakings Other debtors VAT Prepaymcnt8 574,311 622,483 53,794 597.432 30.544 10.185 395.210 14,844 1,047,469 18,071 6,086 237291 30,544 10.185 395.618 18.071 6,086 238.316 1010658 884.956 1,087,165 1.323,761 Basit fmallcial assets. which include debtors and cash and bank balances. are inLtially measured at transaction price includtng transaction costs at]d are subsequtntly carried at amortised cost usfftg the effective interest method ullie5s the a￿all£e￿¢￿t constitutes a fmanciug trallsaction, whtre the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial asstt5 classified as recciyable within one year are not a￿ortised. Pagc 22 continue(L..

Tbeatr Clivyd Trust Ltd Notes to the FÈn2llcial Statements- continued for the Year Ended 31 fvtsrcb 2024 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONK YEAR Group 31.3.24 Group 31.3.23 Charity 31.324 Charity 31.3.23 Hire purchase (see note 17) VAT Trade creditors Other creditors Accruals and deferred income Accrued expenses 54.287 8.932 317,643 48,047 1,354,545 3,100 11,327 280,577 67,845 2,768,315 13,769 3,100 313,(H2 264,862 1,328,693 2,759.565 973 1784 935 1656 987 3 028 502 Basic financial liabilÉti¢8. including creditors, bank loans, loans from fellow group companies andpreference shares thai are classified as debt, are inilially recuwibed at rransaction price ullless th6 atTang¢ment CODStitutes a fmancing transaction, where the debt É1l5tru￿¢tt1 is measured at the present value of the thture payments discounted at a.market rate of interest. FinE￿lIa1 liabilities ¢lassified as payable withill one year are trt a￿ortiSed. DEbt instruments are subsequently ¢arried at amorttsed cost, using the effective interest rate method. Trade Creditors are obligations to pay for goods or services that hEÉve been &cqlltred the ordEnary course of business from suppliers. Amounts payable aTe cli1Sbifi¢d as current liabilities if pawcnt ts due within one Ye￿ or less. If not. they are presented as non-Lutrint ]iabiliiies. Trnde creditors reCOg￿lsed initially at transaction price and subsequently rn¢asur¢d at amortiSEd cosl using the effective interest method. 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.324 3 1.3.23 Hire purCh￿e (see note 19) 19. LEASING AGREEMENTS EnimuED lease payments under hire purchase fall due follows: 31.3.24 31.3.23 Net obligations repayable.. Within tsne year Between one five years 13.769 3,100 Page 23 Golltinued...

Theatr Clwyd Trust Ltd Notes to the Fknancial Statements- conÉinu¢d for the Year Ended 31 March 2024 20. MOVEMENT IN FufqDS Net ovement ill hnds At 31.3.24 At 1.4.23 Unreslricted funds General fund 1,472,671 505,536 1,978,207 Restricted funds Art$ from the Annchair Brightsparks Su]nmer of Fun Fi]yM CyTnru Capit&l development Fikn Lottery Justice in a day ComTruDity Justice 20,656 13,878 35,462 4,650 2,456,f134 2,100 13,970 318 20,656 13,878 33,134 4,650 4,337,395 (2,328) 1.881,361 (2,100) (13,970) 318) 2 547,068 1862 645 4409713 TOTAL FUNDS 40I9739 2.368 181 6 387,920 Net movement in funds, included in the above are as follows.. Incoming Tesources Resources expellded Oains and losses Movernent in fillLds Unrestricted funds General fund 9,022,958 (8,681,422) 164,000 505,536 Restricted funds Sununer of r,un Capital development Fi]m Lottery Justice in a day conU￿unity Justice {2,3281 {78,9951 (2,1001 {13,9701 3181 (2,328) 1,881.361 (2.100) (13.970) (318) 1,960,356 1,960,356 (97,711 1862.645 TOTAL FUNDS 10,983,314 8,779 1331 164,000 2 368 181 Page 24 continued...

Theatr Clwyd Tru51 Ltd Notes to the FiThancial Statements- coThtinued for the Year Ended 31 LKarch 2024 20. MOVEMENf IN FUNDS- continued Comparatives for tnovemtnt in f￿ndS Net movement in funds Ai 31.3.23 Ai 1.4.22 Unrestricted fuDds General fund (878,542) 2,351.213 1,472,671 Restricted funds Arts from thc Arnjchair Bright$p￿ SurLmer of Fu Fiim Lymru Capital developllkent Fi]m Lottery Jllstice in a day Community Justice 20,656 13,878 33,134 4,650 20,656 13,878 35,462 4,650 2,456,034 2,lOJ 13,97 318 2,328 2,456,034 2,100 13.970 318 2 474 750 2,547 068 TOTAL FUNDS 806.224} 4,825 963 4.019 739 Comparative net movement in funds, included in the abov¢ are as follows.. Incoming sour¢es Resources expended Gains and losses Movelnent in fun(ts Unrestrieted funds Ge￿claI fvnd 9,091,382 {8.963.168) 2,223.000 2,35 1.213 Restricted fuThds of Fun Capital deyelopment Film Lottery Justice in a day Consent Community Justice 60,265 2,456,034 2,100 39,875 16,000 {57.937) 2,328 2,456,034 2,100 13,970 (25,905) (56,000) 14,891) 318 2,589 483 114 733) 2,474 750 TOTAL FUD4DS 11680,865 9,077 901 2 223.000 4 825 963 Page 25 continued...

Theatr Clwyd Trust Ltd Notes to the Financial Ststements- contÈnued for the Year Ended 31 Mar¢h 2024 20. MOVEMENT IN FUTrmS- eontinued A current year 12 months arAd prior year 12 montbs combtned posRtion is a5 follows.. Net ovement in f￿￿dS At 31.3.24 At 1.4.22 Unrestricted fllnds General fvnd (878,542) 3,237,749 2,359207 Restricted fund$ Arts from the Ami¢hair Brightsparks Sumrner of Fun Fllm Cymrn Capital development 20,656 13,878 33,134 4,650 20,656 13,878 33,134 4,650 4 337 395 4 337 395 72.318 4 337 395 4409713 TOTAL FUNDS 806224 7.575 144 6 768,920 A cwrent Ye￿ 12 months and prior year 12 months con]bined net movement in fiLnds, ineluded in th¢ above aTe as follows.. Jllcoming resources Resources ¢xpended Gains alld losses Movement in fi]nds Unrestricted funds General fund 18,114,340 (17,644,590} 2,768,000 3,237,749 R¢stri¢t¢d funds SuTrnmer of Trun Capitsl development Film Lottery Jusiice in a day Consent Con]munity Justice 60,265 4,416,390 2,100 39,875 16,000 15 160,265) 178,995) (2,1001 {39,875) {16,000) 15,209) 4,337,395 4,549 839 212,4441 4 337.395 TOTAL FUNDS 22,664.179 17,857.034) 2 768 000 7 575.144 Page 26 continued...

Theatr Clwyd Trust Ltd Notes to the Financial Stat¢tNents- ¢oNtinued for the Year Ended 31 Mareh 2024 21. MPLOYEE BENEFIT OBLIGATIOINS Charity and Group The charity p8rti¢ipates in the Clwyd Pension Fund which is a Jnulti-employer scheme and is part of thc Local Govemment Pension Scheme in England and W￿&5. This is a defined benefit pension scheme for qualifying employees 8lld the benefits are set tn lin6 wilh Local Govenllnent Pension Stheme Regulations. Benefits vary depending on the ernployee's joining date and length of participation in the Fund. The pension cost and provision for the year ended 315t March 2024 are based on the advice of a profe55iona]ly qualified actuary. The most recent actuarial valuation is dated 3 1st March 2024 whi¢b has been updated to reflect the conditions at the balance $he¢t dats, 2024 2023 The major assumptions used by th¢ a¢tuary wer¢.. CPI Inflatio￿0￿re benefits revaluation Incre3se in salaries Increase in pensions in payment Discount rate 3.85 Mortality aSsU￿ptIonS. 2024 2023 Years Years Retiring today ales Females 21.0 23.5 21.4 23.8 Retuing in 20 ye3rs Males Females 22.4 25.3 22.9 25.6 2024 £OOOs 2023 £OOOs alyslg of amount eharged to operating profit: Current servEcE C(kSI Net interest cost Administrative expense5 Total cost rtcogtli5ed in operating profit 208 521 io 219 596 2024 £OOOs 2023 £OOOs Analysis of amount charged to other recognised gAinsI(losses) Re￿¢￿surE￿le￿t8- net (gaill)Aoss Effect of a55et ceiling Total ren]easuremellts {8ain)Iloss in SOCI (545) 381 (164) (2,568) (2,568) The amounts inGluded in the balance sheet arising frorn tbe corllpany's obligations respect of defmed benefit plans are ￿ follows.. 2024 £OOOs 2023 £OOOs Present value of benefit obligations Fair value of plan assets DeficiV(surplus) in scheme 4,365 {4,746) {381) 4,188 (4,024) 164 Movements itL the PTeseTht Yalue of defined benefit obligations 2024 £OOO$ Page 27 ¢onti]kued...

Theatr Clwyd Trust Ltd Notes Éo the Financial Statements- colltinued for th¢ Year Ellded 31 Mareh 2024 21. E￿LoyEE BENEFIT OBLIGATIONS - colltinutd Liabilities at l April 2023 Current service cost Benefits paid Contriblltions by scbeme members Actuarial gains and lasse5 Interest cost 4,188 208 198 85 (314) Liabilities at 31 March 2024 4,365 Movements iu th¢ fair value of platt assets 2024 £OOOs Fair Yalue of assets at l April 2023 Interest income RemeasureTntnt5 Athninistration expenses Contributions by the en]pli)yer Contriblltions by sche￿¢ mcmbers Benefits paid 4,024 197 206 iio) 244 85 Fair value of assets at 31 March 2024 4,746 2024 £OV05 2023 £0005 Tbe fair vxllle of pl*n ag$ets Are As follows: Equities Governmeni brnds Other bonds Property Cashlliquidity 660 439 1,732 218 242 1,517 245 177 Fair value of plan assets at the end of the period 4,746 4,024 Defu]ed contributlOD schetlle The COllLpally operates a def￿ed contribution pension scheme for all qualifying employees. The assets of the scheEnE are held separately frotn those of the Gompany in 2n independently administered ￿lld. Page 28 continued..

Theatr Clwyd Trust Ltd Notes to th¢ Fknanelal StsteEDtnts- continued for the Year Ended 31 March 2024 22. RELATED PARTY DJSCLOSURES The charitable cO￿paILY has taken advantage of exemption, under the lertll5 of Finan¢iaE RepOrt￿g Standard 102 'Th¢ FinaT)cial Reporting Standard applicable in the UK and Republic of trelaDd', uot to disclose related paty transarti0Tr5 With wholly owned 5ubsidiaTses within th¢ group. During the yea¥ £2,400 was r¢c¢iYed by the Trust in relation to Coryorate Membcrship fro￿ a busitLe5s in which a Trustee is a Partner. During the year £15,000 was received by the TTU5t in Telation to a donation ￿ade from a busitiess in which a Trustee is a Director. At the 31 M￿Ch 2024, Theatr Clwyd Productions owed Theatr Clwyd Trust Ltd £511,235 (2023-. £864,027). At the 31 March 2024 Theatr Clwyd Enterprises owed Th¢atr Clwyd Trnst £86,197 (2023.. £183,442). Both are subsidiary companies of Theatr Cl￿d Tn￿t This page does not form part of the Sta￿tOry financkal Staterne￿ts Page 3