REGISTERED COMPANY NIIMBII R: 12776979 (fi IiglAnd and Wales) REGISTERED CHARITY NUI%(BER.. 1191690 rt ofthe Trust¢cs atad Unaudit¢d Fitiancial Statements for the Yeai.Eded 31 Au ust 2025 Cl d Music Trust Ltd DJH Liverpool 3rd Floor PriG Chambers 11-13 Victoria Street Liveryool mlty51de L2 5QQ
trcl d sic TThist Ltd Contents of tbc Facial Stat¢ for the YeLI' Ettded 31 Au ust 2025 en Repbrt of the Thn]stees I to 4 Independent Examine¢s Report Statemrttt of FinAncial Activities Balance Sheet 7 to 8 Casb Flow Statan¢nt Notes to the C&sh Flow Slalemettt 10 Notes tothe Financia] Statements 11 to 18 DetaÈlEd Statement of Finan¢i&l Activities 19 to 20
d Music TrustLtd Re ort of the Trustee foi. the Yeai'Ended 31 Au st 2025 The trustees who are also directors of the charity for the PUryK>5e5 of the Cotllponies A¢t 2006, psent their rwrt with the fillancial slalements of tbe charity for the ycar ended 31 Augyst 2025. The tiustees have adopted the provisions of Accoulllillg 8E]d Reporting by Charities.. Statement of Recomtnended Pra¢ii¢e applicable lo charities preparing their accounts in accordall¢e with th¢ Financial Rew>itittg Standaixl applicable in the UK aad Republic of Ir¢l&nd {FRS 102) (effective l January 2019). Theatr Clwyd Music Tiust is irgisteird as a charitable company limited by guarantee and wa5 set up by a Memorandum of Association. Tbe charity tt)coipotated 29 July 2020. The chaiity took ovtt the assets aTLd liabilities of Flintshire Musi¢ Seivsce on l Apiil 2021. The mBmoraiidum of associatioti established the obje¢ts and powers of the cliaiity and is goveTn¢d under its articles of association. Chftir's repoit Thi5 yeav hss contEnued to see progress with growing pupil numbers and the implementation of the redesigned schools mod¢l. While the Music Tiiist has tillued to operate at a deficit. this has reduced this year alld myself and the tWSt¢¢s believt rhat the siipport fiDtn ServES and a waiving of the 'n]eatr Clwyd servEct GhaTge has allowed Diirctor, Cath Sewell, to coJitinu¢ to build a progressive and sustaiDable model fDT a tnodem music strvict. We scc this a5 long temi investmenL and aim to avoid shoit efficiencies. Wc do tn]stecs notc that this is not sustainable the longer teiTn ai)d there is the requiremtnl to huild up resciwcs in thc future. A5 a small ¢harity we are &KtiEmely foitutEat¢ to hav¢ the support and safrty ftf being & siblill8 of tbe wider Theatr Clwyd ts?ding gr0p, and readeT5 should continue to ¢wss reference these accounts alongside Theatr CIMyd Tnjst Ltd. Our one to onc atjd group lessons delivewd in schools continue are at the highest numbers since 2020, and despite the growth itk student numbers, the waitiTLg list is still signifi¢att¢ demonstrating continuin8 demar. Recruitment took place in the suÉnm¢i'to fiher build capacity. Th¢ First Experiences wholc class instwmental tuition progranune contu¢S to he g key are& of deliv&y re&ching 2000 pupils evely year aiid, for the fiiEt time it) 2024r25, tt)tsk place in cvciy pi'imary and specialEst s¢hool in Flintshire. The length of the First LIxpiece5 progranime has rcduccd to make mort cfficient use of Associates, C[]¢ted tE]ne &iid we again b1ught all the ]wpils to wonder1 sharing ¢v¢nts at William Aslon Hall ]d Theatr Clwyd, wh¢r¢ they played alon&gidc pix)fcssional musicialls from BBC NOW alld Sinfonia Cymni. Wt &'e Continue to see the benefits of thc Wclsh National Plath for Music atld are startsng to Explore ways young people fiM all back8rout]ds Vdn runtinu£ their musical journey. The backdrop of public finance5 aE)d p&ititularly school budgets, eontinu6s to offtv SignifinI challenge. Fr(Hn septemb 2024, we havB implemented a new opt-itt model for s¢hools to become Theah. Clwyd Subscrihers. This model allows for schools to easily budget without the unknown of how many youDg pecple might take up les8ons eacFL year, but also broadens the offer fi1n Theatr Clwyd to inGlude drama, dance, Creative writuw and visual arts as additioiial offers to our coye music eduGatiDn - making the most of a music trust being vun by a major producing tlieatr¢ and aits celltr¢ whilst also fo¢using OD %upportÈng schoo15 to deliver the new cun'iculujn ill Wal¢s which puts Crcative Arts in a MO valued position foi. young people's education. We have also bEen able to develop a range of teacher training with online sessions and in-person network meeting5, It should be noted that the new model meaiis sGhoDls can access Theatr Clwyd Music le5SOn5 for their young people without paying any conti'ibution. 250/0 of FlintsliiiE 5choo15 ssgned up to the subscription this year alld we hope over tiine th¢ majoi'ity of scknols will subscribe aiid thcrefore ellsure our fiaan¢ial model foi. Inusic Education is 5USttinable. It rem&ins important that schools continue to seLf-nd instnull&ital or sit]Rg lessons for students taking music at GCSE and A-Level. This ycar we have also storted to develop So¢ new opportunities for all oui. sch(x)Is. We rart two S¢h(K>ls' Gig Nights, invsting banth from Secondary schools to perfomi alongside yout]g musicians from our Theatr Clywd Rock and Pop groyp. We have also bern d¢v¢loping some very ¢x¢itillg work together with our Iwo Flintshire Sperialist s¢hool4 using technology to make music more ac¢essible foi. childirn widi Additional L¢aming Needs and disabilities, at]d a number of music teaffl niembei3 aiE developiNg their practice in this areo. On¢ of the major higblight5 of the yeav was the first FlintshiiE Sings. which s&w 250 ye&i' l &nd 2 pupils gathei. in the newly reopBtked Thettr Moondance to sing son8S they had learnt lin English and Welsh) along with a liv¢ bafid-a truly joyous experienct. Page I
ic Thust LÉd of lie Ti'ustees for th¢ YearEnded 31 Au ust 2025 We continue to 5¢¢ BrOh in tsuj. yoiith ensembles, attd as well as the more tradition&1 groups such as string. wind, thetsry gillp &nd choi13 we have Seen the growth of our guit&r and rock and pop group5 foi. young people o¢r95s this yeai.. Ai) iinportant way we aiE making learlling an urment MOK acc655ible is opening up our junior ensembles to complete beginners. We provide instrument and the opportunity lo learn as a group. which has led to the growth of Ihese groiips. Our Tri-couttty ensembles contiÈJue to thrive, workillg in partnShIP with Wrexham and Denbighshire Music Co-opeitive& culminating in a perfomiancE at The Stiwt. This pvId¢S an impoitant pathway for our Moi¢ advanced young JnusiGiiins, aEJd we're looking fotivard to developillg these in the futUT¢. Wjth further involvement fiDm across Flortkn Wales. We fInished thB ye&r witli the partial ieopening of tbe building and, while the regular music sessions not yet taking place in the space8, there has been a hillt of the exciting times ahe&d with 8 number of concerts and ¢v¢nts t&king pla¢e Ihis sumtner. including our sellior ensembles paformanoc, Flintshire Sings ond an informal concert for our youiigest perfOn$. The move to the buildsng ha5 alTr&dy shaped our plaiis for new ensetnbles, OPPDltuniti¢s for schools, ajjd cross-art fomi work. Tt will h¢lp to fully Jralise the piteniial for the Musi¢ Twst attd for music's plate as a wing part of Thratr Clwyd's oiEanisational identity. As ¢ver we are fortunate to have strong funduw relationships with both Flintsbire Covnly CounGil vsa the wider Thcatr Clyd Cultural Scrvice Agreement. and with Welsh Government via the Nalional Plan for Music. With eollfirrned continued fvttding for the plan frotn th¢ Welsh Governrnenl we ¢an tontinuc to deliver our high impact work in Mth east Wa1&8 Until at least MarGh 2028. Finally, a thank you to th¢ bi"illiantly sktlled Music A5socia¢es who Show such carr ond diligen¢£ wtth their work atid delivery. to Cath foi. her leadership, and to IMY f¢llow tr115tees who show support, guid&nce, at]d stroEkg goVElTraCe of Theatr CIMyd Music alonEsid6 thEir own busy PlK)fessional lives. OBJEcfJvES ATr4D AcfivITIES Obj¢ettve5 And Ainis The chatity 15 es&blished to advance cducation in music and other arts, in particular, but not exCI5]Ve[y? by providing workshops and sesSiOJlS to s¢hools &nd the wtder Lx>mmunÈty. The trustees have gi duc con5id¢rntion to the Charity Con]mi55ion guidatJ¢e on the operation of the Public Bctiefit requirem¢3)ts. Our main activities and wlx) we try to help are described below. All our ¢11&b]e aGtiviti¢5 plvide edutation in music and other aits to schools and tbe widei. commuiisty to enhanG6 lives, and provide support to tlx)se who may be finan¢ially di8advantaged. All activiti¢5 ar¢ undeitaken to fuitlier our charitable purp)5es fvr the wbli benefit. The strategies employed to hiev¢ the charity's alms and objectiv &r¢ to.. - To offei. a biDad ran8c of Enwic l&ssons on both a group atEd individual level To stt'ive to make musi¢ as accessible and affoTdable as p05sibl¢ - To fo¢us on developing pathways for young pcoplc andthe wider cornmurtity FtNANC.IAI. REVIEW Finarttlal position TJItr Clwyd Miisit Trugl acknowledge5 the support it re¢eiv¢s frojn Flintshire County CounGiI via th¢ cultural servEces agre£menÉ it tiolds with Theah. Clwyd Tws¢. Total incoming r¢souTce5 for the year ended 31 August 2025 was £868,913 (2024.. £794,426). Income fTOtn gTaTrts foi. the yeaT et]ded 31 August 2025 totalled £432,63912024.-404,333). Total expenditure for the yearended 31 August 2025 MW £868,913 (2024.. £853.252). Page 2
Tlieati. Cl d M ic Trus ort of the Trustee5 for the Year Ended 31 Au ust 2025 FllYAIYCIAL REVIEW ReseTYe5 policy As at 31 August 202S T12eatr Clwyd Musi¢ Twst Limited has untwlricted futtds not committed oi. invested in tangible fixed 8ssets of £(857}12024.' £25,168). The target level of free r¢5erves is 3 months, worth of unrestricted expelldilure, which would accomTrtodate for aT]y unforeseen ¢hang¢s in incotne s(ream5. CuentlY th¢ levEI of fite rtserves represents O months of unrestrict expenditure so the targct ha5 noi be¢n achieva in the cunrnt flnancial year. The IEserves policy Is VieWEd annually when pJrpa¥ing the budget forthe forthcomillg year. Impact of any mgteriRI pension liRbility on the account5 Employees who ttallsferred under TUPE on 1st April 2021 laIn membei% of the Clwyd Pension Fund ILGPS). At the point of tronsfer the scheme was closed to new m¢mbers. Und¢r the tetms of our Cultural Service Agreement and the Business Tran5fei' Drtd ally deficit ari5in¥ frum the pension up to 31 M&rch 2021 remains the rcsponsibility of Flintshire County Couiicil, From 1st Api'il 2021 FlIntshi County CouttGiI and Th¢atr Clwyd Music Tiust Ltd agre a risk sh4JE approach in iESP¢Ctof fi]tUif 5ervi¢e and deficit payments. srRucfuRE, GOVERNANCE AND MANAGEMEwr Governing document The Gharity is ctsntrollcd by its govcimillg documertt. a deed of trust, and constitutes a limited comp2ny, limited by guayantce, as defincd by the Companies Aot 2006. Organisation91 stiwcture Tlie board of tiustees of up to 7 members meet 4 tllnes a y.ttl administei. the oh&iity. A DirectorofMusi¢ ks aPPDinted to manage the day to day operdtions of the chaiity. Related parties Thc fvll disclosur¢ of all transactions with all recogni5ed relaled parti is found in note 14 of the financial statement5 ftirihe pertod ended 31 August 2025. IIF,FF.RF.NC.E AND ADMINISTRATtVE DETAILS Registered COmpHY numb¢r 12776979 (Ertgland and Wales) Registered CliaTity number 1191690 Regi5tÈred offIce Theatt. Clwyd Raik¢5 Lthiie Mold Flintshi CH7 IYA Truslee5 L T Evan5-Fotd Ms C H Homaiyl MsTMvuia K H 'ice Ms K Deeny Company Secretary A Roberts Page 3
ent LxaÉnit]er's Re Th. slees of Theatr Cl d M sie Trllsl Ltd Independent cxam5n¢i"s report to tlje ti'ustees Df Theatr Clivyd Musit Trust tkd I'the Compxny,) I r¢port lo the charity ttu5t¢e8 on tny Examination of the accounts of the Cotnpany foi. the year ended 31 August 2025. Re5pousibilitits gild b#si5 of report As the cEiaiiVs trSlee8 of the Comp&tiy18nd also its directors for the purposes of company law) you are responsible for the prepaiation of the accoullts in accoiylanGeWith the requirements of the CompanÈes Act 2006 Vthe 2006 A¢t'). Ilaving satisfied myself that the accoullts of the Company aiE not JEquiJ'ed to be audited under Part 16 of the 2006 Act And OIE eligible for indepelldent examination, I irpoit in re5PCCt of Iny ¢xaMination of your charity's accounts as caiTied oul under S¢¢liotJ 145 of ihe CharitlC5 Act 2011 I'the 2011 Act.). In caiJyin8 Out my cxan}atiO I have followed the Direclions given by thc Charity Commission under Section 145{5) Ibl of the 2011 ACL IDdep¢ndent examiner's stAtement Sin¢e your charity's gr055 incorne exceeded £250,000 your examiner must be a m¢mbei' of a listed body. I can confitln that l att] qualified to undeitake the examination because T am a member of the Itk5titute of Chartered A¢¢ountants in EDglatJd and Wales, whÉch i5 one of the listed bodies. I have completed my examination. l ¢onfinn that mattels have come lo my attentÉon in connection with thc examillation giving m¢ caus¢ to believe.. accountingF fe¢oTds were iiot kept iij Irspect of tht Company as requir¢d by SectiOE) 386 of the 2006 Act. or the accounts do not accoiTI with those records; or th6 accounts do not comply with the accouE]ting requirements of Seelian 396 of the 2006 Act other than any requiiyment that the accounts gEv¢ a tru¢ and f&ir vi¢w whith is not a mattel. considered as part of att indepeDdellt ex&tnitEation' or tlir acc(Junt% havc not been prepared in wcordanee witb the methods alld p¥illGipl¢s of the Staten)¢nt of Recom¢dea Pra¢ti¢e for accounting and reporting by ¢hariti¢s (8ppli¢able to chai'ities preparing th¢ir acLounts in ac¢oi"dance w2th the Financi&l Reporting Standai'd applicable ill the UK and Republi¢ uf Ireland IFRS 102)). I ha no con¢erns and have COEne across no o¢her matteJ3 in tot¢¢ton witli the ¢xamEnation to which atteDtion should be dr8wn in this re]x)It in order to ettable a proper undeiEt&ndin8 of thc ac¢ounts to be reached. Michael Forshaw BA FCA Tr Institut¢ of Chartered Acc(>untsrtls in Englattd and Wales DJHLivetpJol 3rd Floor Pacific Chambe]% 11-13 Victoi'ia Street Liverpool M¢ts¢ysid¢ L2 5(ya
Theatr Cl sic Thust Lt etnenl of Financial Acti ities forthe Year Ended 31 A ust 2025 3k.8,25 Totsil funds 31.8.24 Total fullds Unrestricted fund Restricted futKt Erldowmellt fulld Noles INCOME AIYD ENDOWMENfs FROM Donations dnd legacies 868.913 868.913 792,520 Investment income Pension scherlle interest 1,159 6.000 I,IS9 1,906 4,000 TotAI 876,072 876,072 798,426 EXPENDtTURE ON Raising fi)nds 56 Ch&ritable Activltles Gov¢rnan¢e cost Charitable activities Support C051s 7,235 768.766 99,040 7.235 768,766 99,04 7,673 778,285 67,294 Total 875,097 87S097 853,252 NET INL"UMVIF,XPF.NDITIJRE) Other rttognised gainslO05ses) Actuarial gaEiis on defined benefit schemes 97S 975 {54,8261 171,000 171,000 35.000 Net moven]tnt in funds 171.975 171975 (19,826) RECOIYCILIATION OF FUNDS Total funds brought fonvard 114,168 114.168 133,994 TOTAL FUNDS CARRIED FORWARD 286.143 286,143 114,168 ThE form pajt of these financi&l 5t&tements Page 6
Tlieatr Cl d Musi¢ Balaiice S 31.825 Total fund5 31.8.24 Total funds u[eStriCted fi]nd Restricted fiind Endowment fLmd Note5 CURRKNT ASSETS Debtors Cash at bank 10 134,666 50,698 134,666 S(k,698 38,515 154,269 185J64 185J64 192,784 CREI DITORS Amounts falling duewithin one year (186,221) {186221) {167,616) NEIT CURRENT ASSETSJ(LIABILITIES) (8S7) 1857) 25,168 TOTAL ASSETS LESS CURREIY'I. LIABII,ITIF,S (857) (857) 25,168 PENSJON ASSET 13 287,000 287,0 89,1)00 NET ASSETS 286.143 280,143 Ik4,168 FUNDS Unrcstti¢led funds 12 286,143 114.168 TOTAL FUNDS 286,143 114,168 Th¢ charitable company l5 entitled to exemption from audit Under Se(aioo 477 of the Corllpanies A¢t 2006 the year ended 31 August 2025. The members have not required the con)pany to obtsin an adi1 of ils financial s¢atements for th¢ year ended 31 Aiigust 2025 in accordance witli S¢¢tion 476 ofthe Compani¢5 Act 2{6. The tStetS a¢knowledge their re8ponsibililies for (a) ensiirit]g that ilir charÉtable compaiky keeps a¢couoting records that comply with Se¢tions 386 and 387 of the CoTnPitnies Act 2006 and pirparing financial statemet)ts which give a true and fair view of iht state of affairs of the charitabl6 comp&ny a5 at the ¢nd of each fanG[al year and of its surplus or deficit f(y e2ch fancial year in *¢ordan¢e with the Iwuiremenls of Se¢lions 394 and 395 and which oiheNYise LX)mply witli th6 reqLiiiYments of the Companie8 Act 2006 relating to finallcia] statenients, $0 far as applicable tothe ¢haritable company. (b) The notes fomi part of these finat)¢i&l ststements Pagr 7 continued...
hea rCI dMusicT e Tru5t¢es forthe Year Ended 31 Au ust2025 REFERENCE AND ADMINISTRATtVE DETAIIS Indepelldent Exan]iiier DJHLiverpool 3rd FloorPacific chllbers 11-13 Victori& Street Livelv(l Mci3cy5id L2 5QQ Appn)ved by order of th¢ boaTIE of truste¢s on.................... and signed on its behalf by.. va%.Ford- Thtee Page 4
Theatr I d Music Tr Balance Sheet- contit)ue 31Au ust 2025 These financial statements have been prepared in accordanc¢ with the provisions applicable to charitable companies SbJeCt to ihe small companies regiine. The financial statements were apped by the Board of Trustees and autborised for issue and w¢r¢ Signed an Éts behalf by.. on vans-Ford- Trust£ The not¢s fomi part of these fJ#allcial statements Poge 8
The&tr Cl d Music Tnjst Ltd C sh Flow ement orthe Year Ende lls12025 31.&25 31.8.24 Noks Casli flows from tsperating 8etivÉtie5 Cash gen6rted frorn opei?tio]is (104,730) 19,923 Net Cash (used inyprovidd by operating a¢tivities {104,730) l9,923 Cxsh l]ow8 fi'om investing activities Inttrcst irceived 1,159 1,906 Net cash provided by ivESting activities 1.159 1,906 Change ID cash csh equivxlents ID the reporting periDd CAsh i'#sli equivalvJJts at tlie btgiDning of the i'epoiting period {103,571) 21,829 154J69 132,440 Cash and cash eqiiivHlents #t the end of tlje reportingpei'iod 50,698 154269 The note5 fom part of these financiil statements Page 9
rus Ltd es heca Flow S foT the Year Ended 31 Au ement ust 2025 RECONCILIATION OF NET INCOmEI(EXPENDuRL) TO NET CASH FLOW VROF OPERATING AcfiviTIES 31.825 31.8.24 Net incomel(expendlture) foi. the Yeporling period las per the Statetnellt of Fil£1] Aetivlti¢s) Adjustments for.. nteitsl received Expected r¢tsm on pension SGherne ass¢ts Intelf5t on 13$10 soheme liabilities {tncreas¢ydecreas¢ in debtors In¢r¢ase in CTeditots Difference betwecn pensitrn Charge and cash contributions 975 154,8261 (1.159) (34,1)00) 28,IMIO (96,151) 18,605 (21,000) (1,$6) 127,000) 23,000 80,939 21.716 122,000) Net clsh (used in)Iprovided by operAtions (104.730) 19,923 ANALYSIS OF CHANGES tN NET FUNDS At 1.9.24 Cash flow At 31.8.25 Net en$h Cash at bank 154,269 (103,571) 50,698 IS4269 (103571) 50,698 TotAI 154369 (103,571) 50,698 The note5 form part of these financial statements Page 10
Theatr Cl d Music Tru he Financial State nts for the Year Ended 31 Au ust 2025 ACCOUNnNG POLICIES BASIS Of preparlng tbe fin%nci#l $tat¢ments The financial stat¢m¢nts of the charitable company, which is a public benefit entity under FRS 102. have been prepared in accordan¢e with the Chdr&ties SORP (FRS 1021 'A¢countitig and Reporting by Cbarities.. Statetnellt of Re¢omm¢nded PIHGticr applicable to ¢harities preparing their a¢¢oullts in accordance willi the Financial Reporti#g Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l JanUY 2019}', Financial Reporting attdard 102 'Thc Financial Reporting Standard applicable Éli the UK and RepubliG of Irelartd, 8nd the Companies Act 2006. The financial ststem¢nls have been prepaTrd under thc historical cost conventioll. Income All income is recx)gnised in the Statetn¢nt of FinAnci&l Activitie5 onre the ch&rity haa elltitlement to the nds, it is prob&ble thatthe in¢ome will b¢ re¢eived and the aTnount¢an b¢ measllred rel2ably. Expendltyre Liabilitics are re¢ognised as ¢xpellditure as soott as there is a legal or ¢tsnstru¢tive obligation committing the chaTity to that expenditu, it Is pi'obable that a traThsfei' of economi¢ benefits will be requiitd iti s¢ttl£m¢llt and the amount of the Obligation can b¢ measured iEliably. Expenditure is accounted for on at) accTua]s basis and has been classified under headings th2t aggregate all cost related to the category. W]ier¢ ¢osts callnot b¢ diTedly attributed to PArti¢ular headÉngs they have been allDGated lo activities on a basis consistent with the use of r&%ources. ChAI'itable ¢tivÉties Expenses related to charitable 2Ctivsti¢s, including oveThEad5 and 5alart¢s of tutors. retognised as illcurred Taxativn The charity is eMpt from corpDraÈion tax on its chltable activities. Fund aoroullting Unrestricttd rEdS caii be used itt accordance with the ¢hai'itable objectives al the discrctioll ofthe twstees. Restricted fvttds call only k used for parlicular restrieled pury)oscs within the objects of thE charity. Restrictions arise when Specifi by the donoi. or whcn funds are raised for particular restricted purpos¢s. Further explanation tsf the nature atld purpos¢ of each fund is LnGluded in the eS to the financial statcments. Pen51011 Costs And other post-i'etii'ement benÉftt$ The chaiitable Company operale5 3 defincd bcnefit pension scheme. Th¢ d¢fin¢d benefit obligation is calculated by an independent aGtsiary, based on assumptions such as discount rates, salary giDwih, and life expectattcy. The present valuc of th¢ obligation is recO)iSed on the balatk¢e sheet, with the fair value of plan assets oftsel against tbE liabilAtie. The dcfilled beilefit slliplus is limited to the presElll valuE of any eeoTromi¢ benelits available in thc form of IEfunds froii) the plall or reductions it] future contribuiions as calGulat¢d by the indePIdent artuary. Pension costs are IE¢ognised the Statement of Fillallcial Activstie5 and in¢lud¢ the current seThice cost, Pgst service cost, and the net int¢r&4t on the pension liability. ActtiaTial gains and losses are ircognised immediatcly in the Ststemellt of Financial Activities. Employer contiibutions are ieco8ni5ed as au expellse in the period in which they are incurred. Going concern The truste¢s have cottsidered the 15kcly l¢vel of income and expwditure for the fo]¥seeabl¢ fvture. The Trust¢¢s Sotisfied that the charity call me¢t its obligation5 as and when thcy fall due. Accordingly* the going ¢on¢¢m basis of preparation i5 appropriate for thesr fiTwicial statement&. Pagell continued...
The tr Cl d Music T st Ltd to the Fit ncial Si leinellts for the YearEnded 31 Ay 2025 inued DONATIONS AND LKGACIES 31.8.25 31.8.24 GAnts Iome from lessotts elc Miscellaneous Encomc 432,639 427,010 9,264 404.334 386,093 2,093 808.913 792.520 Grants received, included in the abov4 are as follows: 31.8.25 31.8.24 Other Grant Inctsme WG hind1£ SLA Incomc 2,193 179.813 250,000 7,333 197,000 200,000 G¥ants 432,006 404.333 INVESTMENT INCOME 31.825 31.8.24 Deposit account inteirs¢ 1,159 1,gY>6 RAISING FUNDS Other trading activities 31.8.25 31.8.24 Bad debts 56 CHARITABLE ACTIVITIES CO Support sts (see note 61 Direct Costs Totals Goveinance cost Chai'itable activÉties Support costs 7,23S 66.968 99.040 7235 768,766 99.040 701.798 701,798 173,243 875,041 PagE 12 continued...
Th ci L8iC Ti'ust Lid Not¢5 10 he Fin8nci I Statemeiil -con for the Y¢ai'Ettded 31 Ali ust 2025 ued SUPPORT cosrs Managllent Finallce Totals Govemattce cost Chaiitsble activities Support cost5 7,235 9,816 7,235 66,968 99,040 57,152 951,040 156,192 17.051 173343 TRUSTEES, REMUNERATION AM) BENEFITS There were no (te¢s, remyn¢i*ion or other bettefits for the yeai. ended 31 August 2025 nor for the year ended 31 August 2024. Trustees, expenses There were no trustees, expen5¢S Paid foi the year ended 31 August 2025 nor for the year ended 31 August 2024. STAFF cosrs 31.&25 31.8.24 Wages and salaiies Social se¢uYity Costs Other pension costs 662,401 54,598 78.500 650,49Y 50,077 78,573 795,499 779,140 The ayege monthly llUMb. of employees during th¢ yearwa5 as follows.. 31.8.25 27 31.8.24 30 Tutors Admin Staff 30 32 No employees ceIVed emoluments in excess of £60,QOO. COMPARATIVES FOR THE sfATEMENT OF FINANCIAL ACTtVlTIES Unr6stri¢ted liestTi¢ted ftjiid fiknd Endowmellt nd Total fiJlld5 INCOME AND ENDOWMENTS FROM DoDatiolls and Irgo¢ies 792,520 792,520 Inv¢stnent income Pension scheme inteTCSt 1,906 4,000 1,906 4,000 Toknl 798,426 798,426 KXPEITr4DITURE ON Charitable #ctivilies Govemance cost Charitabl¢ a¢tivities 7,673 778285 7,673 778,285 Page 13 continued..
Theatr Cl d M Ltd Note t telents- ¢ontinu eaT EndEd 31 Au ust 2025 COMPARATIVES FOR THE STATCI MEprf OF FINANCIAL AcfiviTEES- continued Unrestricted Restt'ictcd Endowment fund fund fund Total funds Support costs 67,294 67.294 Total 853252 853,252 NET INCOMEI(EXPENDITUREI Other recognised gain¥10$s) A¢arial Wdins on defmed benefitsohemes (54,826) {54,826) 35,000 35,000 Net movement In fuThds (19,826) 119,826) RECONCILbkTION OF fiUNDS Total funds brought fonvard 133,994 133,994 TOTAL FUNDS CARRIKD FORWARD 114,168 114,168 io. DEBTORS: AMOUNTS FALLING DUE WJTHIN ONE TrTAR 31.8.25 31.8.24 Tr8de debtors Prepayments and accrued in¢oJne 33,114 101,552 6.166 32J49 131666 38,515 CREDITORS.. AMOUNTS FALLtNG DUE WITHJN ONE YEAR 31.8.25 31.8.24 Trade creditoi Accruals and def¢ll1 in¢ome 27a72 158,849 8,520 159,096 186321 167,616 12. MOVEMENT IN FUNDS Net movement in funds At 1.9.24 AÉ 31.8.25 Unresti'icted funds GeneEBI fund 114,168 171,975 286,143 TufAL FUNDS 114,168 171,975 286,143 Page 14 Contitled..
Theatr Cl d Music Tr o the Firja ded31 Au - continued ust 2025 12. MOVEiI(ENf IN FUNDS- conttnued N¢tmoveinent in fvnds, included in the above are as follows.. Incoming re50UKeS Gains and losses Movement in fullds expended Unrtstricted fund5 General fut 876,072 (875,D97) 171,000 171,975 TUIAL FUNDS 876,072 (875,097) 171.000 171,975 ComparAtlv¢s for movement fuiids Net movement in funds At l.9.23 At 31.8.24 Unyesti'ieted funds Gcneral fi)nd 133,994 119,8261 114,168 TOTAL FUNDS 133,994 (19,826) 14,168 ComparatLVE tirt movement in funds, included in the above 8re as follows= In¢omin8 resources Resources expended Gains 2nd 10$5es Movement in fiinds Unrestrieted funds Gene¥al fijnd 798.426 1853,252) 35,000 (19.826) TOTAL FUNDS 798,426 (853.252) 35,000 (19,826) A rurrent year 12 tnonihs and piioryear 12 month5 Combitted positioD IS as follows.. Net moveinent in lId8 At 1.9.23 At31.8.25 Unrestricted funds General futEd 133.994 152,149 286,143 TOTAL FUNDS 133,994 152,149 286,143 Page 15 continued...
I d MusEc Tnjst cial Statenien for the Year Eiid¢d 31 A ust 2025 in 12. MOVEMENT IN FUNDS- eontinued A CUiTellt yEar 12 months and prioi. year 12 months combined net movement it] fi]nds, irjcluded in tlie above aT¢ as follows.. IncomiD8 resouT¢es Resources expeThded GaÈns and losse5 Movetncnt in funds UnYesti'i¢ted funds General fund 1,674,498 11,72S,349) 206,10 152,149 TOTAL FUNDS 1,674,498 11,728.349) 206,000 152,149 13. EMPLOYEE BENEFfT OBLIGATIONS The ¢h&iitable coPanY PartCipat¢S in tli¢ CIHyd Pension Fund which És a multi-employer scheme És part of the Local GovcJnmrtLt Pension Scheme ill Englalld and Wales. This is a defined benefit p6tLSIOn scheme for qiialifying einployees aad the nei$ ar¥ sel iti line with Local Govenunent Pension Scheme Regu18tions. Benefit8 vary depending the employ¢e's joiTring datc and length of paiti¢ipation iti the Fulld. The pension c05t aThd plvISion for the yeai. ended 3 1st August 21)25 ore bas¢d on th¢ advice of a professionally qualified i¢luary. The mosl recent actuarial valuatitsn tq datcd 3 1st August 2025 whieh has been updated to r¢tlect the collditsons at thE dat¢ of th¢ Statcment of Finall¢ial Position. The amounts recognised in the Statement of FinanGial Activities &re as follows.. Defined benefit pensiort pla 31.8.25 31.8.24 Current service cost Net llltere5¢ froin nel defined benefit assetlli&bili¢y Past suvsce cost Adinini5tr&tion Expense S9,0 61000 (6,000) (4,000) 3,000 3,QOO 56,OOQ 61,QOO Aclual tttuin on plan setS 26,000 59,000 Page 16 eontinued...
Tlieatr Cl d M sic Trust Ltd Notes to the F. teJllents- conti for the Year EndEd 31 Au 13. EMPLOTrTB BENEFIT OBLIGATIONS- continued Changes in the prescllt value of the defiÉLed benefit obligation aTC as follows.. trined benefit peusion pIxns 31.8.25 31.8.24 Opening defIned knefit obligatio Cuirent service cost Contributions by s¢heme participants Inteiyst wst Actuarial lossedlgains) Bellefits paid 544,(M)O 59,000 23.000 28,IMIO (179,IHJO) {4,000) 438,000 62.IXIO 25,000 23,lY)O (4,000) 471,000 544,000 Changes in the faiy value of s¢h¢me assets are as follow5.' DefEned benefit pensiotE plaTrs 31.8.25 31.8.24 Opcning fairvalue of scheme assets Intcrcst on plan assets Contiibutions by employei. c(trIbutE0S by scheme participants Administr&tiotE expenses Actuarial gainslllossesl Bert¢fits paid 633.000 34.DOO 83,000 23,000 13,000) 18,000) 14,000) 466,000 27,000 87,000 25.000 (3,000) 31,000 758,000 633,000 The amounts recogpised in ath¢rr¢¢ognised gains arLd Ios5e5 are as follows: Defined benefit Pensio plans 31.8.25 31.8.24 A¢tuarial gaitislllosses) 171,000 35.000 171,000 35,000 Page 17 coJtinued...
icTr Notes to the Fin2)ncial S te for the Yeai'Ended 31 Au ust 2025 in 13. EMPLOYEE BENEFIT OBLIGATIONS- eontlnued The rnajorcategories of scheme assets a5 aEnounts of total 5Ghcmc assets are as follow5.. Defined benefit pension plAtI$ 31.8.25 31.8.24 EqUtIeS hei. Bonds PIDperty Cashlliquidity Othei. 115,000 289,000 31,1]00 23,000 30Q.000 91.000 232,000 27,000 42.000 241,000 758,OOQ 633,000 Principal actuarial ossumptions atthe Balance Shed date (expirssed a5 w6ighted 74VWSI'. 31.8.25 2.50 /0 3.75fjA 2.60•/ &30/. 31.8.24 2.60/0 CPI I CARE revaluation Increase ill salarfes Petisiun inoruses Dis¢ount rale 2.70% 5.OOY¢ Mortallty a&sumption5: 202S Yeays 2024 Years Retiring today Males Females 23.5 23.5 23.4 23.5 Retiring in 20 yells Malts Females 2&3 25.1 25.2 25.3 14. RELATED PARTY DISCLOSURES During the year the were amounts paid to Theatr Clwyd TTU5t Ltd of £98 12024.. £906) and Don£ttions mad¢ fiK)in ThEats. Clwyd Trust Ltd to Th¢atr Clwyd Music Trust Ltd of £232,826 (2024: £205,608). Amoutlts oulstartdillg payable io Theatr Clwyd Trust as at 31sl August 2025 were £nil (2024.. £nil). Amoullts owed fivm Theatr Clwyd Trust Ltd at tbe ycarend were £nEI12024= £nil). All transa¢liotL% between lated parties were under normal ]k¢t coiiditions. Page 18
IAC U5t 2025 fol. the Year Ended 31 Au 31.8.25 31.8.24 INCOME AND ENDOWMENTS Donations And legaeies Grants IncoTne fiDtn IcssOll5 etc Mi5c¢llaneou5 IllCOEll 432,639 427.010 9,264 404,134 386,093 2,093 868,913 792,520 Investmellt income Deposit account intcrcst 1,159 1,906 Pension scheme interest ExFcted iEtUll) Oll pet15ion schemc Sets Inte$t on p¢nsion srhEme liabiliti¢s 34,000 {28,0001 27,000 123,0001 6,000 4,000 TotAI ineomillg resources 876,072 798,426 EXPENDITURE Othei. trAding Activities Bad debt 56 ChAritable Retivitie5 Wag& Social s¢cyrity Pensiolls SuAdiics 575,$31 46,553 74,375 5J39 592,582 44,166 75,098 11,436 701,798 723,282 Suppot't costs IAnagellkent W4ges Social security Pen5É0ns Insijiance Advertising Sundri¢s ExaTll C051s C.ompuÉei' c¢)sts Staff welfare Health and safety Sundry expettses Subsci'iptions Travel costs Cairi¢d fonvard 86,870 8,045 4,125 3,923 508 426 15,795 12,490 31 57,908 5,911 3,475 3,380 759 9,205 9.914 760 20 456 155 17.819 109,762 454 245 20,980 153,892 This page does ttot fo part of the statutory financial stat¢meJts P&ge 19
td ent of Finan¢ial Activities forth¢ Year Ended 31 Au ust 2025 31.8.25 31.8.24 Manxgejnellt Brai1 forwai Entertainment Advci%isEng Production and musiciai) fee5 153,892 1,173 450 677 109,762 191 635 2,960 156,192 113,548 VinAne¢ AccoiintaTL¢y, audÈt & legal Battk charges 7.235 9,816 7,673 7,752 17,051 15.425 Infoi'mAtiOll techRology Bad debts 997 Total resourees expettded 87SJ197 853,252 r4et income/(expendituJ'e) 975 (54,826) This page does rx)t foJTh pait of the statutory fjnancial statements Page 20