2021-03-31-accounts

Leicester Theatre Trust Limited Annual report and financial statements for the year ended 31 March 2021 Registered number: 00772380 Charity number: 230708

Lelcester Theatre Trust Limit•d Report of the Trustees for the year gnded 31 March 2021 Legal and administrative infomiation ChaimBn'3 Staterr*nt RgSY)rt of the Tru8te88 (incorporating the Stratoglc RgPOrtI for the year end•d 31 March 2021 Independent 8udWs report to the memb8rs of L¢l￿r Theatre Twst Llmll8d 13 Consolldated gtsternent of financial activ￿0$ lindudlng Income and 8xp8ndi￿rO accounti forthe ygar ended 31 Morch 2021 18 Group and charitabl8 company balance sheets as at 31 March 2021 18 Group statement of cashflow8 for the Year8nd￿ 31 March 2021 19 Notes lo the financial slal8monts for the year ended 31 Mwrh 2tr21

L8icestsr Thoatre Trust Llmlt6d Legal and adminlstrativo inforniation RegISter￿ offlG• Curve Theatre Rudand Street Leicester LEI 1SB Rtglstered numb•r 00772380 Charity numb•r 230708 Auditor RSM UK Avdit LLP Chartered A(￿Untsnts Rwemead House 7 Lewts Court Grove Park Leicester Leicestershire LE19 1SD Soli¢ito Howes Percival The 08rers Busbntss Pa Lekest8r LE19 1DX Bank•rs Bardays Bank 14, H8ymarket Tower L￿Cester LE1 1WA Senl¢x Management Chief Executiva.. Chrisstafford Artistic Director.. Nikolai Foster Flnance Dlrector.. Llnda Dlxon BulldSngs and Technlcal Dlrector.. Jay Brldges HR and Oparations Dlrector. Julla Batss (until 21 October 2021) Director of Audien￿$.. Cla1￿ Ward HeadofFundraislng.' Su$l&Cattennolo {vnlil 17 April 2020} HtradofHospitalityand Business Rdation8'. Dawd Ross Executivè Producer Adan Grounds lunUI 19 March 2021} Head of Leaming- Andy Reeves lunlil 13 August 2020) Head of New Work.. Beth Shouler Head of Production.. Andrew Nalm {1 March 2020 to 26 November 2020}

Lelcesler Theatre Trust Llmited Rwrt of th• Trn8to9s {in¢orporallng th• Stratsglc Report) for the yoar ended 31 March 2021 Chalrm•n's Stslement Irs only for three ￿￿kS.. Ihey $aid. the night we closed The Phantom of lh8 Opera at Curve and headwj into whal we all earnestly hoped would be lust tha( a short c(￿ec￿. a (arcutt-breaker before (x)ukl get back lo nomality. However. as we know. the fFghts did not on for some lime and as we hed into lh8 autumn and the Vbryntsr of 2020 r( boeamè clear how 8r(knrAJS a ioumey we 811 facd wilh our own rity of LeKster being parlicularfy hard-hit. With another lockdoym announced In November our normaty exciiirb3 and elat￿rate Christmas plans featutir¥J our own new producuon ot The ￿fjzard ol Oz were stopped ￿ thelr tracks and the show PD8lpc￿8d now untll Christinas 2022. We were. at th8 b8hest and support of Lglc8ster City Council. able to Ilght8n gk)om with a speci8lly commissioned video to celebrate the &witch-on of the dty's Chiistmas1Sghts. In some ways that short and chirpy fdm captured what was to become the essenrE of Curve's approach to making theatre a¥a￿able through the pandemio The team al Curve saw our theatre as part of the Ws 'suNival pack., offering access to en1￿￿1nMenI othernylse denled to our loyal audiences. And so we developed new sk&l$. new abilities and new capacity enabltng us to pul Cutve'on-line. thjing $0 to an èxtent orn1 in 8 way we ha(i never achieved before. Prcduclng S￿alty c¥eatod v8rsk)n8 of our 2017 hlt prcthction of Andrew Uoyd Webberfs Sunset B￿lov8rd3nd our lat8r success The ColorPuTpIg for on4ine gtreaming togethar with rnultiple oth8r on41ne offers, In 12 mnths we achleved 650.000 on-tlne vlews, we emF4oyed 268 freelance artlsts ar￿ other theatre wofes5ional$ and amassed more than Icil hours of wntenL The Iwo mucals recelved 35.￿0 views across 45 different ￿l￿ntrieS and took Curye's work furtherthan ever bglot8. We W8f8 delighte(l that Danny Mac and ￿.8 Jonas were re•uniled in Sunset Boulevard. a pr￿u¢ll0￿ which The Daity Telegraph described as 'a game-changer., That exercise also showed us the real potential of our unh]u8 SNI magn6ficent buildlng. Both musfjc81$ were 141med 'ln the mund, wtth the famous central. dniiding wall ralsed. bringlng together the spaces r￿MallY descrlb8d as our 900 and 300 seal theatr8s. whole setting was enh8n¢ed by Sir Cameron Mackintosh glving us the use of a revolvlng stage. We did feel. as The Daly Telegraph agth Sald. that w6 were breaking new ground and the rnidsl of the grimness of the pandemic fIndw￿ new ways to work. Wrlting in th8 8ulumn of 2021, we afe seeing audienc￿ beginning lo retum to Curve 88 we gear up for Nikolal Foster's productlon of A Chorus ￿ne. this year's Christmas ¢)ffer and we can say that we made it through. We did so with the Gontinuod backing ofArts Council England and LeieEster City Council and wilh the help of tho Departmgnt of Digitsl. C￿tsjr6. Medla and Sporvs Culture Recov8ry Fund and the Govemmerrt's Job Retenlion Stheme. Without all of whith the i)ulcome wo￿￿ have been very different for us. We ended the flnandal year- as tha flguras damonstrata- strong and s8uJo. We recognlse how drfficultthe last 18 M￿th5 have been for stsff and freelance colleagues. Even forthose on furlwgh the times were challenging. Soma staff left us as we to make difficult dectsions to koep the operation stable and in shape lo suNive the pandemic. The board thanks ev6ryone at Curve for their commttment to the theatre and in particular w8 thank Chris Stafford, our Chief Executiv6. and Nikolai Fosler. our Artlstic Director, for their leadership. Heartfelt thanks too to boanl colleagues who stayed true and dedlcated through hours of on-llne Zoom meelngs. We look foThYard to being in the $8me room once again. Although we will 811 have trj wait another year to tske to the Ydlow Brick Road wlh Dorothy and her pals as they search for the wtzard and- assumlng no further lockdowns or misadventure8- let's takè a leaf out of her book and be confident that 'somewhere. over the rainbow, not only bluebirds but also Curve and al its W(￿ wilt onco again fty. lan SquiTOS Chalnnan Dats 7th December 2021

Lelcester Theatre Trust Llmlted Report of tho Tru8te•s (Incorporatlng the Slrateglc Report) for the y•ar •nded 31 March 2021 (contlnu•d) The Trustees (who are abo the dftctors for the purposes of company lawl submit their annual rfrport Includlng the Strategrc Report. the Directors, Rèrort and the audrted consolidated financlal statements of the ch8ritobk corryany llhe Gompanf) oTrJ its ¥ubsldi8ry undertaklrvJ8 Dhe group") for the year ended 31 March 2021. Stru¢lur•. Gov•rnan¢o and Manag•m•nt L8iC8Ster Theatre Tru81 Limited rthe Tru8fi 18 a company Ilmlted by guarantee Incorptsrated under thè Companies Act wlth company no. 00772380 and Is govern￿ by the Arlcjès of Association of the company last revlsed In Decen*er 2019. The company18 al80 a reglstered cha￿ty In England and Wale8 (reglstered no. 2307081 and operates on a not for proflt basls. Admlnlstratlve detalls for charlty tru8tee8 and advlsors can be found on page 1. The ￿npanY operates under the trading name of'curve". Board of Trustees The Trust is governed by an unpaid board of trustees (the Toord") who 8re appointed in a￿nce wllh the Fwvisions of the Articles of Associotion of the company. The trustees of the company are also Its members. The 8oard inc4ude¥ Iwo members nomlnated by Lakn8sl8r Clty COU￿1, and up lo tsvefvo Independendy appointed members lo make fourteen, Ihe maximum pemiitted by the Articles of Asso￿a￿On. Durlng the year there was ong rgtir9menl through rotation, ong rgsignetion four ngw appointrnentstotalThng thlrteen regisiered members at year end. Mgmbers of the Senlor Management Team and representatfves from the maln 8takahold8rs ar6 also invited to attend Board mo8lings.1118 a condltion of member8hlp that members und8rtake lo contribute such an amount. not èxceeding £1. as may b8 raqulr8d t¢)wards meeting the dobts and liabilities of the Tnjst In the event of the Trust being wound up. Organls•tlono1 Struetym The Board mgets atlgast four times a year lor formal meetings. and once a year for an Infomal worksI￿p to revlew str8tegles and where 8 range of subjects to ralse trustee awareness and und8r5taThJing in tho womngs of theatre are discussed. In addilTon, there are four committees.. Finance and Resources IF&RI, Heath and Safety IH&SI and Busines$ Development {BDI of which there ar8 UP to 4 meetings a year io oversee and roview key policies. planning and performance, there is also a Goveinan¢x committee which meets 4 timos a year. The Board Is responslble for settlng overall wlley and strategy, scrutiny of corporate p8rformanco, accounlabltrty to key stakeholders and regulators, and the appointment and oversight of senior management. Thè Senior Management Team and their roks are detailed on pago 1. Trusteés Indèmnlty InsuraDc• Trustees. Indemnity Insurance Is In force for the benefft of all trustees and the dire¢tots of its subsidiary company.

Leicester Theatre Trust Limited Report of th• Truste0$ {Incorporatlng the Stratoglc Roport) for tho yaar ended 31 March 2021 l¢ontlnued} Appolntm•nt and T•rnM of Olllce of Board Mom￿rn Under the temis of the Arlcl8s of ASs￿latIOn. Board mambeis may b8 appointed for an Initlal tèmi of up to three years. This first tenn may ba followed by an immodiats rg4ppointmenl for a furth6r portod of up lo three years. An appointrn8nt for a third 18fm can be made provldlng thère is a gap of a year bth8en tho ending of the second t6m), and the commencement of the thlrd term {under exc8Ptional c5rCumstan￿ a nsecutive thlrd term may b8 811¢)wedl. Trustse Inductlon and Tralnlng I new twslees re¢8ivè an extonsrvo welcom8 Pack containing important infomiation on the Tnjst's work. recent achievernents. copi8s of key documents including the Article$ of Association, organisation chart. annual financial statements, and roPQrts together with a schedule of forthcoming meeting dates and tha arbstic and education programmes for the n&xt season. Trustee5 are invited to an indudron day where they meet with the Chlef Exoculve and other membgrs of thg Sgnior Managemgnt Team, and take 8 tour ofth8 th98tre. R•lationship wlth Oth•r Oryanl$atlon$ and Rolatod Parti• A wholty owned trading company. Curve Productions Limitod {'CPL'} is in operation to produc8 shows on behalf of Curve. The results for CPL are irworated into these accounts. Objèetlv•s and A¢tlvltlg4 Curve Lelcesler Theatre Twst Limit¢d ¢)P9rotos ond manaqgs Curve, a State of tho art, modam theatre $itualed In the heart of Lgi¢ester. Cuno's Vljlon To ba recognized as a Iheatre of national and intematlonal S￿n￿can¢è. Cur¥•'$ Mls$l¢)n Curve is aleading produ¢ing th&atr8 located in the he8rt of Leicester's Cuitural Quarter. We are dedicated to making and programming wodd class p6rfornanc8s for everyone who lives. wotks and 18ams in our unique city and beyond. CuTh•'s Aims The Trust is established lo promote, mainlain, improve and advance creativity and learning. esp￿101[Y through the production and presentation of the perfomiing arts. The prin￿paI activity of the Trust is to adopt an integrated approach to Theatre that produces work of the highest quality and professional standard. r6ad)•$ out arKI 1$ rèlevant and representative of our communllles. The Board. prinGipal stakeholders and the Senlor Management Team have established the following four re aims.. Grow Curve's reputation a8 a leading prodLfcer of theatre And 8 spark to present wortd class perfom18n¢oS. Establish Curve on Tour as a major producer of national and inlem8tlonal touring work. BuSld Curve's rol8 as an in¢ubalor for artist development, shaping the artistic lan(Jscape for BAME piactiliongrs and tho$0 Irom haldor lo reach b8¢kgrounds. Develop and deepen our reach by ensuring Curve remalns a place where everyone (an engage with the arts. Develop the dfv8rs￿ of our audlences and attract more visrtOTS to Curve. Ensure people of all ages and ébllities can take part in artistic aotivilies . Use dats. insight 8nd evaluation lo inform audience development plans and 8rtistie decis￿1n making.

Leicester Theatre Trust Limlt•d Report of tho T￿￿te03 (In¢orporatlng th• Strateglc Report) for tho y•ar onded 31 March 2021 {contlnuod) strenglhon our Iln8nclal model with a flgxible approach to maximising income streams. Develop a fundraising culture across the organisatic￿ and wth audlencgs ensuing yearwOn- year growth on income targets and net contribution. Inv8St in our buildings an¢Y 1o¢hni¢al faciltknes. Build Curve's repLrtallon as a leader In both our clty and Industry. Estsbllsh Curve as an excellent employer of choice. Public Benefft Slatemenl In developing the objgdives for the year and in plannlng actSvltles, the trustges have gNen Ca￿ful consldeFation to the Charity Commission's gon8ral guidarK8 on public bgngfit arKI in particular to its supplementary guldance on advancirvJ education for the public beneffiL Siratsglc Roport Int•mal Control. Princlpal Rlsks and Unurtalntl The Board re￿ewS the effectivwe$s of all material internal controls, kndudlng operational. financial and compliance conlrob and risk management systems. The intemal control systems are designed to meet tha Tnjsl's partlcular n8&ls and lo manage those risks to whlch It Is exposed. The internal control systems also prowde reas¢Mablo assurance against misstatemènt or108S. rrustaes review and assess the rfsks to which the cryani88tion may be expo￿. Tho prooess Is continuous and 18 analysed and considered in detail at each Financ8 and Resources committeè meeting before being pr8sont8d to th& main Board. Actions IM9t t*en to mitigate risks arg incorporated into the organis8tion's business plans and rafle¢ted In the risk matrix to facilitate onsideratbn of th8 r8sldu81 r18ks that remaln. The four main risks to the organis8tion are 8$ follows.. Buslngss intwruption due to COVID-19 result(ng in theatre dosure and GanGellalton of performanc88. Government cul backs resulting in unexpected or sudden reductlons In revenue lunding from Arts Council England I-ACE") andlor Leicester City Council I"LCC"I Failure to mBet targots arouThJ sacondary Income streams antl fundrai81ng As86t repkqcem6nt oblig81ion8 prove beyond our abl￿ty to serV￿e The fo￿￿￿ng statements summarf6e the Trusfs pollGy in managing klgnllfigd foThs ofrisk.. Busln•ss Rlsk The COVID-19 pandernlc Is a slgnlncant rlsk to the business. The Trust has o separate COVID-19 Risk Register which monhors all rfsks around thè pandemic. In the event of sudden ctosure, ￿ntracts are in place to minimize, wher8 possible, any polenti8110ss88. Funding from Le1￿ter City Council and Arts CoLbncil England is in pL9ce and Se￿re for 2021122. The overhead and payroll costs of the bu$in&s$ have been significantly ieduced in response to the ongoing pandemic to reflect tha possibility of a redudion in 88med Income in Ihe year ahead. In the light of govemm8nt cutbacks to arts funding, th8 Trust has d8vebp8d a nUM￿r of strategic 4)ptions to mibgale their impact and maintsin financial sustsinability. These option$ have been inc(YPOTated inlo 11$ long tarm busin8ss plan and ar& bel￿ adNety implemented.

Lelcester Theatre Trust Llmlted Roport of th8 Trust••$ {In¢orpor•tlng tha Strat•glc R•port) lor the year ended 31 March 2021 {¢ontlnuad) Flnanclal Risk Each year the Trust aims to athieve breakven, or generate a small surplus, In respect of its unrestricted funds. Financial perfomance is monitored fomially on a monthly b88i$, and 8dju$tsrents are made to activities and expenditure in order to implement any changes necessary to brsng perfom8nce back on budget Thg Trust is not gxposed to stgnrficant PTICO risk. nor do8S it 8nt8r into h8dging transactions. As the majority of its incomg conws from ticket Sales (paid in aévanco of pgrfomian¢e$l and grants, the Trust 1$ not exposed to substantlal credlt rfsk through th8s8 are8S albeit there is cre<lil risk from agreements with Covproducers. Sud) rtsk is minimized by the use of appropriate 18g81 advice upon signing coroducing contracts and by maintaining close working relationships wth Our commercial partners in this area. Llquldlty Rlsk The Trust has bornwings, and has a bng track record of runnlng as cash posltlve and will make use of its overdraft facility rf required. Tho Trust is in a cash positive position and p￿CeS surplus funds on short tomi deposit with more than one inslttution. To facililale best practice the Trust has implomented a trea8Ury management pollcy. To aid (yJrr8nt liquidity the Trust continues to secure additional grant fijnding wherever F*)ssible. This in¢ludgs ¢ash from the governrr￿nt Job Retention Sthemo and the govemmenl Cultural Recovery Fund. Inforniatlon and Communkatlon Technology I"ICT"l rf$k Thè Trust is particularfy reliant on its ICT infrastructure lo mana9e ils core businèss processes and as such is considerod to be al risk of any malicious or accidentsl disruption to its ¢omputsri$&d systems. Accoréingty. it ha$ in place ¢ompr8h¢n$ive antivirus and disaster recovery mechanisms to counter any potential kJ88 of ICT servlces. A¢hlgvemonts and Perft4rn1anco A8 the pandemlc tth)k hokl with natM?nal lockdowns and local restrfctlons, we were forcèd to cancel or postpone all lfve perfomiances for the year. Amhough a full year of closure has been dev8$tatlng lor the th8alre on many levels. we k)ok back on 2020121 wrth groat p￿￿8 In how Team Curve pulled lryelher and found new and Innovativ8 ways of engaging and entertaining audiences and participants from across our ity and around the world. Whllst we had previously d8monstratsd a firm Gommitrngnl to engaglng aud￿nCeS onlina, this yoarwo significanty incrnas8d ourdigilal output and raach8d new audi8nc8s through a nch. diverse ond ace£ssible programme of work. Under our Made at Curve banner of produ¢ed work, we were delighted lo be able to share archNe recordings of four productions online for auéiences lo enjoy free-of-chorge. Our productions of Memoiry6 of an Asl8n Football Casual, What the Buttgr S8w. The Import8nce of Being Eamest and My 888ullful Launderette were seen byover40.000 people across sixcontinersts, In addf(Son, our technical team merged the Thèalrg and Studio to ¢ro8ts ons epic in-tha￿OUnd spacg which woukl act as Ihg backdrop and film sludlo for spedally staged 'at home, producUons. Nlkolal Foslels critically acclaimed production of Sunset Boulevard- at Home reunlled our 2017 ca51 and creatlve team and was seen by almost 15.000 péople lover 6.500 households) across 45 countries. Folk)wing the triumphant success ol Sunset. Tlnuke Craig's award-winning production of Th8 Color Purple - at Home was also reconceived for a dlgltsl audleneé. The Golor Purple once again proved te be a hil wrth auéiènces and was seen by ovar 20,000 people lover 8.500 households). Through producing fullwscale productions for streaming- 8 first for Curv8- we wem able to develop the skllls of staff, empby freelancers and contlnue to engage audlences wllh high quality muslcal thgalre. Whllst both produ¢llon$ required significant investment, we were able to moneuse our digital offer for the first tlme and generated ov8r £185,1)00 in box office Income.

Leicester Theatre Trust Limitsd Report of thg Trusteos {Incorporatlng the Strateglc Rw)ort) for thg year ond•d 31 March 2021 Icontlnu•dl Throughout Ihe y8arw8 continu&J lo find ways of 8UPPOrtlw and engaglng artists, cr9a1￿9$ and freelance wort8rs. In addilKJn to employlng over 250 freelancers. we conttnued to remain wnnecled lo our artbt communrty and graduates through regular onlln8 lown h811, meetlngs which were attended by ovèr 2000 peo￿e. W8 also appointed our ￿hOrt of Curve Resident Creatjves Including Bumt Lèmon Theatre, Centre for Indian Classlcal Dance. Samson Hawkins and fina Hofman. The 16 Curve Resldanl Crea￿ve$ VAII be embedded in the Ilfe of the theatre and will be supported by us to create new work and develop Èrtistic practlce In Lelcester. In addillon, we commissioned ov&r 250 origlnal onllne content Pi8ces indudlng Tasha Tayk)r-Johnson who wrote the song fof the Leicgster Chrfstmas light swftCh￿n vid80 They C8nY Can¢91 Chrlstrnas which was seen by ovgr40,000 P￿pIe. W8 also provided AssoryoteArtI8ts eXpe￿ene4ng hardship ¥￿th discreet bursarig$ from the lan McK8llen restricted fund {as raksed In 2019} and we supported Serendlpty In delivering projects as part of Black Htstory Month and Lays Dan¢8 Inlemational Frontiers. We also contlnued to deliver a wide-ranging 8nd am￿li0u3 communty and joaming programme. Wg redlr6cted our Curve Young 8nd Communlty Companles onlinè and delIV8r￿ almost 160 classes wa Zoom. We also commSssioned a number of onllne engagem6nt projects including Jess Green's Nol Something That othgrPgople DoNvhich engaged over 50 people from Ihg city, and communlty participants from across tha county cam8 together lo perform Somgwher9 Over The Ralnl)ow online. In addition. we s&t-up a dalty online Curv8 Classroom for pgopl& of all agas lo engage wrth creatNe content, and our bedtsme stories serlos received over 30,000 views. Throughout the ￿r we continued lo collaborate wllh bading companles focused on working wilh young p8opIo includlng NSDF and we collaboratgd wlth Mousetrap Theatr8 Projects and the Theatre Royal Haymarket to offer discounted lid(ets for young people lo engage with streamed performan¢8s. We also worked In partnership with Leicester YMCA, Pedestrfan. Age UK. B- Insplrèd Befriending serv￿ and Outslde Edge Theatre company to provlde free Ilckets for The Color Purple. In addltion, we contfnued to collaborate with De Monffort University on DMU Pride and we commissioned Rob Vvard from Emmerson and Ward to produce Conversatlons, a new pi8c8 F)roi8tX marklng LGBTQ history I￿nth. During the year of cl(Isure we r&mained active and ￿mMitted to ensuring as many people as kx)ssible could access the work of the theatre. In adtlition to prowding fr8e digital aclivilles and perfomanc85, all onlin8 cont8nt wa¥ captioned. and both of our At Home productlons also included by Audio Described and Captioned verswjns. Also. through the support of PPLPRS and De Montrort University we were able to Work In partnarship vAlh our Community Ambassadors to provide free tickets for first-llme attenders lo view our streamed productions. We also provided local NHS workers and T8ath8rs with fre8 household tickets lo see The Color Pu￿18- at Home. Across both streamed productions over 3,300 pèople b8nefil8d from fra8 tlckets. We continugd to celebrate dfversty across our theatr8 tKith on and off-staTr our staff toam 1$ 47% female with 190A Id8nllfying as LGBTQ 8nd 25% of our Senior Management Team are from a working clas5 background. In 8ddilion, 39% of our Board identify as Black, Aslan or ethnic minority Ond 6VA identify as famale. Although we recognise Ihgre ￿ mora work lo ba done around increasing the ethnic dlversty of our workforce, over 50% of aciors across our Made at Curve produced Work idantlfy as 818d(, Ask4n or elhnicalty dNerse. We also took a leadership role in the creation of a Black Liv&$ Matters framework for Lelc88t8r8hire NPOS which will See a 8tep-d)ange in recrultrnènt practices and management strategies across all NPOS in the county. th¢Jugh wg Cglebrate the successes of the year. we re￿gnISe Tt was a very challenglng timè for the stsff Igam. Unfortunately we needed lo place over 80% of our pemianenl staff on furfough for the m8jorty ofthe year whilst th& rnsl of the team forJJsed on managing Ihe day4trday operation and online delivery. However. we continued to engage with lurloughed staff throughout the year through sodals, onllne rneetings and an extensive programme of training 8ThJ professional development. We delivar8d over 800 training opportunI￿e$ across the ygar including core sessKtrns for all stsff on Diversity, Indusion and Belonglng 8rKI Anti-Racism. In add￿On. we conbnued to gUPPOrt zwothour workers through the Coronawru$ Job Retention Schem& (CJRS) and a speclally created hardship fund sUpp￿ted by Next and PPLPRS. Unfortunately. we had to tak& th8 drfficult do¢isK)n lo reduce payroll costs by bslng 23 roles across the organisation- 13 roles were made redundant and 10 v8c8ncre3 were cancalled. W$ express our slncera thanks to the teom member8 who have18ft us arKI we wlsh them very best wlshes for the future.

Lelce5ter Theatré Trust Limitsd R•port of th• Trustees (Incorporatin9 tha StratoglG Roport for th• y•ar •ndod 31 March 2021 {contlnued) Covld R•$pons8 We continued to oporato thrcwhoLtt the year with income frcrf)) our publlc funding grants, support from CJRS and I￿1 busin￿ grants. In Jdiiion, we se￿red £950k from the DCMS Culture R¢￿Very Fund {CRF) to support our overhead costs and reflate reserves. We also secured £721 k from two fvrther CRF grants to support the buslne88 operatlon In the 2021122 financial year. In managlng the Immediate respon86 to the pandomK. wo established a COVID Response Team {CRTI w￿h1n the B￿8[neSS Continuty Team struthire. Tho COVID Respon68 Taam comprl$8s" Chris Slafford- CEO {MIT Chalr) Jay Bridges- Haad of Buiklings and Facilities ICOVID Response Man8gerl Nlkol81 Foster- Artistic Director Jonny LakJkfyw- Head of L￿htIng Llnda Dlxon- FSnance Dlreclor Julla Bales- HR & 0￿ratIonS Dlrector Aidan Grounds- Exegjtive Producer CLqire Ward- Dlrector ofAudiences COVID r88pon#e remain5 a fix8d aganda item on all Board mo8tings anil Ihg CEO, Artistic Dirnctor, Chair and Deputy Chalr met regularfy throughout the cbsure to disw8s bu8in88s stralegles, rl8k mitigation and scenario planning. In addltion to the OTganl$8tion Rlsk Register. a separate COVID Risk Register has been established. The Risk Regisler is reviewed monthly by the SMT and quarterty by the Board. The primary risks at the time of writing this revlew are identffjed as" Financial management sy$tem$ ￿mproMISed dug to renN)te workingl reduced workforce resulting In 8xposure to fraud and unpaid debts. Local kxkdownl rgvisgd restricttons implemented rosuttlng In cancellation of perfomian¢es. Company member tests posllfve resultlng In sh¢)W C8n¢ellation. Probngetl ciosure and no eamed Income results in insolvency. Fallure to meet ffinancial targets on productions due to rfjducod audie￿ attendarrh and depressed market%)e. Key personnel become unwell or t8st positNe imp8cling on core buslness activitiesl managgment. Full building dosure due to staff or ￿MpanY tesilng po$ltlve for COVID. Fallure to devebp knng4em plans due to focusing on crisi$ manogomen( impacting on ture buslness. Supplier of key serviceslequipment wes ¢xrt of business. Funding cuts from AGE or LCC impacling on abllty to rocover and rebulld from the pandemic. The COVID response team 1$ also responsible for overseelrrfJ all areas of COVID Safety. In addition, a comprehènslve COVID4afety Handbook has been created to provlde guld8nc8 for 811 stsff and artists on ?11 argas ol health and safety relalgd lo COVID. The handbook wcwks in conjunction wllh a thorough, ojmpulsory stsff training pmgramm& and all processesl working practices are in-line with govemment guidan￿, DCMS and UK Theatr8 guidelnes. LOOKING TO THE FUTURE we look lo Ihe year ahead. ourprlorftle8 remaln Ilmilyon Safety reopenlng the theatre, restoring audlencè confidence and rebulldlng our buslnass. We plan to wa1￿M$ audlences back to Curve with a sodally dlslanced season of work in our in-IhwcoJrKI auditorium with pro(Juotions including Aaskah Odedra's Rising, 8 celebration of local talent Am Dram the Muslcal and The Musl¢ of Andrew Lloyd Webb8r. In addition. as wè move OLrt of social distancing and into oparating at ftjll capacrties. we will continue to ¢urale a dlver3e programme of vlsitlng work Incfudlng Tokyo Rose, Wathss, The Llon, The Wltch and The W8rdrobe and M81th6w Bourne's The Midnight Bell. We wlll also continue to produc& a dynarnk slate of work during thg year including Cal on a Hot rin Roof, A Choms Llne and B88ulrful. Curve on Tourwiu also rewmmgn¢8 with national tours of Gr9ase and Halrsprny.

Lelcester Theatre Trust Limited Report of the Trustsos Iln¢orporatlng the Stratogic R•port) tor the y••r •nd•d 31 March 2021 (¢ontlnuodl Th8 nwAy formed Creatlve Programme$ depariment will rewmmon￿ wilh in-person athtles Induding restarting our Curve Youth and Community classes and we0￿Y sessions lad by our local Asswates including Moving Together and Kalne Chotr. We recognise we have a key role to pLqy in supportrng our cty lo recover fr(xn the Impact of lockdowns and w6 will dewse community programm8s and aCtivit￿S to eng8ge IsoLaled indNidual$ and groups. We will aL80 embed cwr Curve Resident Creatlv6s In thelrfo of the theatre and we will launch our Curve Connects schem for local artists. Altèr a knvo*ear break, we w511 once again c818br8t8 1hg work of10¢81 artists through the New Worf( Festival. Lcoking ah98d, wo wil continug to ensure Equity, Diversriy and IrKlusivty (EDII runs across all our business activllTes. We wll establi8h an advisory group. Voices for Change. comprised of truste88. staff and extemal Individuals, who will act as crfllcal ffiends across our EDI activities and will help us progress Wtlh key project8 and inttiatsves. We wrll also continue to focus on Increosing the diversity of our workforce w￿h a spedfic focus on Black. Asian, ethnically diverse and working c4as$ individuals. In addilion, we wll WO￿ In ￿llaboration with the Le￿¢stersh1re NPO group and key partners lo revlew recruitment practw with 8 view to increasing applicalrons from indlv#Ju8ls from Black, Aslan and ethnirAlly diverse backgrounds an¢J those from working class backgrounds. We will ￿ntinue to implement inclu8Ne caS￿ng pr￿8$$8$ and creative team engagement across our WOTk with robust targets around Black, Asian and ethnic divorse representation. In additron, we will develop work with diverse organisations and artksts sud) GTaeoe. Akram Khan Company, Bamboozle and SldeKld( DarKe. We will also continue to offer work placemonls and Inl8mships to WKlen access lo Curve and we will launch o technical theatre bursary programme aimed at individuals undetrepresenbj in the arts in memory of our Head of Production Andy N8im. As we relyjild atterKlance, we will contlnu8 to ensure wa ftnd ways of reachlng new aUd￿nCeS and in thg year head we vrill segk lo work with key partners including CharityLink and Age UK to increase access to Curve. In addilKin to offering £10 I￿kOts for all shows and £1 public dress rehearsals, wo will seek spOr￿OIShip to support our Communlty Amb883ador scheme. Through wcfking wlh our Communrty Ambassadors we ￿11 be ats￿ lo bulkl and su81aSn re￿￿onship8 wlth individuals and groups currendy nol engaging wtth our theatre. Whllst we know the next few y&ar8 wlll be challenglng. we remaln ambitious ftjr our fLrture and d8ternitn8d that Curve will conllnue to go from Strer￿h-tWtrength. Flnanclal Revlew In Ihe year 2020121 Covid reslrKtsons forced tho closure of the theatre, consequently no liv8 work was pgrfomigd on our stage. Our total Income more than hafve¢J from £12.5m in 2019120 10 £5.2m In the year under review. While in previLws years income from charftable actlvttles mad6 up approximatety 67% of tot81 Income, th18 year 6t wa8 only 7%. Our regular grant from Lelcester Ctty Councll (LCC) combined ￿th our Arts Councll England NPO funding was supplemènted by the govemmerfs Coronavirus Job retention schemè grant 8nd Le1￿$ter Cty Council's dlscretionary grant. The Gombinalion of this grant 1￿me lotals 90% of total Income. ccynpare wSlh 20% In 19120. Total costs f811 in 2020121 to £4.7m from £11.7m in 2019120. Th8 malorlty of th18 comprlsed saladas and other ovèrhead fixèd costs.

Leicester Theatre Trust Limitod Report of the Trustee8 {Incorporatlng the Stratègic R•port} for th• year endod 31 March 2021 {continu•d) Prfnclpal Fundlng Sour¢e The Trust is In its third yèar of a three year agreement wth the Arts Councll and the s8cond year of a thre9 yeargrant aidfrom Lelcester Clty Council. In total during thefinancièl year. the stakeholders have provided grants for general funding purposes that 8mounted to £2.3 million. The finanual Support from Leicester Clty Councll and the Arts Council play a vital part in th8 Trust's dellvery of artFstic excell&nce. Ros•rv•s Policy The need for reserves: As per Charity Commission guid81in8s th8 Trust is required lo 8n8ure the $uslalnablllty of the organisation and maintain op&rating reserves to offset the impact of unforeseen 9vents and operating cash flows. In addition, it requires longer term reserves In theform of an asset replacèment fund in order to malntaln the technologiGal InfrastruGture of th& bullding. and therefore preservo Curve's reputatk)n as one of the most high-lech theatres in the country. The18vel of reserves.. In re¥￿￿￿￿ lh9 opproprlats th81 of unraslrlctsd operaflng rèserves. the tNstees have consldered the amount that woulij enab￿ the charity to meet tha principal operating costs reL%ted to Its committed programme of core artlstlc, craatfvè and So￿al objectivgs for a minimum period of 6 rnonth$ at 8 value of £500k. which Is readity availabl8 in short lemi deposit accounls. The totsl reserves at year end were £3.3m {2020: £2.8ml wllh unreslric18d r8seNes of £2.4m (2020: £2.4m), dgslgnated reserves of £400k (2020: £197k) for asset replocemenl obl1gat￿￿s and restrlcled reserves of £510k12020.' £157k). the majority of which 1$ for the Continuation of the seating project and to use furtherance to Cuttural Re￿ery Fund phase 1 agreements. Freè reserves. belng unrgstricted, Undes￿natsd funds that Bren't tied up In fixed assets were £415k al the year end 12020.'£185k). Tho trustees and SenKr Management Team monrtor reserve lgvels through a rO￿st budgeting proc888 and are CDnfKlent that levels wlll Increase overthè coming years. Inv•$lm•nt Pollcy The Trust prepares detslled cash Ilow projectSons to klenufy the ￿Ve1 of working capital r8qutred lo support the theatre's Pr￿JraMme$ of work. This amount is held as cash, whilst 8ny surplus b8lancgs are deposited in premium reseNe accounts. offering compotitive rates of rgtum finked toftexib￿ access. Tho Fknance and Resowces committee monrtor cash lev8ls on a quart&dy basis and agree limits that Gan be deposlted in low risk a¢￿Unts in ling wrth Curve's Treasury Management policy to maximk80 levels of retum. Tha trustees have consid&rod tha funding availab￿ to the chartsble group and the cash fl¢)w foreGasts for thè 12 months from the date these financial statements wore apFffoved and have tsjncluded that the aritable group is a going ￿1n¢0m. 10

Lelcester Theatre Trusl Llmltsd Roport of tho Trustses {Incorporatlng tho Strateglc Report) for the yoar endod 31 March 2021 {GontlTrued) Our Fundral$ing Practl¢•J We always strlve for best pr8Ctlce In ourfundr8181ng and conllnualty revlew our methods of fundraising ond communications. This ensure8 that we provide our donors with an excel￿nI 8UPPOrter experience. and that we are Compliant with both best practice and legislation. As a smaller charlty, we have ¥oluntsrity become a member of the Fundralslng Regulator andfulty comply wlth all relevant laws. Fundraising is carrled out by our employees vtho speak In person, on thè phon8 and via emall wlth our current and prospectNe donor5. Employees ore trained to adhere to applicable 18ws and codes Indudlng the Fundr8lslng Regulatols Code of Practlce and th6 Gener81 Data ProtectKJn Regulalton 2016. We ensure that all our donors have a Fh)sitive gxperience and all supporters. Induding vulnerable people, are treated faity. If our supporters or any members of the public are unhappy wlth any a8PeCt of our work, we gncourage them lo provide feedback, and we take any ¢ompl8int or comment ralsed agaln$l Leicester Theatre Trust very serlously. Leicester Theotre Trust Ltd hos no received M ￿mplaInts durfng thè year. R•mun•r•tlon polky for Key Management Personnel The key management Pers￿n$1 are referred to as the Sonior Management Team and the pay of these posts is b¢n¢hmarked against nationd Theatres of the same size and strucluro as well as taking into account locatKin and local market rates. Costof Ilvlng Increases may be g￿en annualty atthe solg di￿[81[9n of th8 Trust and aro not guarante￿. Trustees Thetruslee8 serving durlng the yearand slnce the y8arend. togetherwlth meeting atténdance. were as follows: Attendad Me•ting8 lan Squires (Chairl Liz Btyth Gautam Bodlwala Board F&R BD H&S Gov•manc• Cllr Piara Singh Clair ILCC} Miko Dakell ILCCI Gary Drlon Shobna Gulatl Georglna Hall Nichola Hurley Sita Mclntosh Savanna Patel Cathy Ty80n (from 8th D8c8mb8r (20201 Vivien Waterfield Donna Williams

Lol¢ester Theatre Trust Llmlted R•port of the Trnstaes {In¢orporating the Strateglc Report) for Ihe year ended 31 March 2021 {conllnu•dl Stolement of Trustees. Responsiblllti•s The trusteeg (who are also directors of Leicester Theatre Trusl ￿mIt9d for the purp08es of company lawl are responsible for preparing the Report of the TnJste8¥ and the financsal statements in a￿ordanCe wlth arplicable18w and regulations. Company law requires the Ituslee5 to prepare financi81 $tst8ments fcy each financial year whlch gfva and faSr view of the state of the affairs of th8 ch8rit8ble company and the group and of the In￿Ming resour￿S and application of r8sourcos, including the income and expendllure of Ihe charitable group for that FWKKI. In preparing these finaniial statewnts, the trustees are required to: • sel8GI suitable accounting policw and then appty ciffi818tentty: observe the method$ and prlnciples in thg Charides SORP IFRS102)', make judgmgnts and estimates that are re8$9nakAo and {￿dent., prepare the financial ststernerrts on th9 going eoncem basis u￿0$$ il is wwppropriate to presumg that the charitable compBny and the gr<)up will ￿ntinue in busine5S. The trustees are respon$ibio for keeping &Jequate accountry [wx￿8 that are sUff￿1ent to shw arJ explain the chari18ble company and the group's transactions and disdose with reasonable accuracy al any IFme the financial posibon of the charltable company arKI the group and enalJe them to ensure that Ihe financial statements comply with the Companies Act 2006. They are atso r8sponslble for safeguarding the assets of the charltsble (x>mpany and Ihe group and henr for t8khNJ rpa8onable steps for the prov￿110￿ and delecuon of fraud and other Irr¢gularllles. trusl88s are responsible for the maintenance and Integrfty of the cLvporate 8nd financial inform8Uon induded on the carilable group's website. Leglslathon in the United Kingdom goveming the preparation and disseminallon ot financl81 statsments mèy Iliffer from legislation In otherjurlsdlcttons. Stathment of D18clo8ure ot Informatlon to Audltor8 So far as each trustee Is aware, there is no relevant audit irrformat￿n of which the ch8ht8ble company and group's audltor Is un8ware. Addllionally, each trustee has taken a51 the necessary steps that they ought t have taken as trustees in order to make themselves all aware of any relevant audit information and to establlsh thal the chaiitable company and groLtp's auditor is aware of that information. Audltors RSM UK Audit LLP h8ve indicated their willingngss to be reappointed for another term and appropriate 8irangements have been put in place for them lo be deemed reapFoint9d as auditors In the absence of an Annual General Meeting. The report of the trustees which incorporates the Slrategtc Report. was appro￿￿ by the board of trusteas on 7th D8c8mber 2021 and slgned on Ms behar by: I Squires Chaim)an 12

Lelcester Theatre Trust Limited Ind•pendont audltorfs r•port to the mombern of Lelcastsr Th•atM Trnst Llmltod Oplnlon We have audtted the financial statem8nts of Leicester Theatre Trust ￿Mited lthe'par8nt charrtable company'l and 5t$ subsidiary Ilhe'group'l for the perknd ended 31 Ma￿h 2021 whlch Ih& Consolldated Statem8nt of Fin8nd81 Adv1￿85 (Ind￿J[n9 income and expendmure 8Ctountl. the Group and Ch#rit8tle Cornpany 8a18nce S￿. th• Group stateTh￿nt ofcash Flows and not99 to tho fi￿nc￿1[ ststgrnents, induding slgnlflcant ac¢ounUng pol￿8$. Th$ flnandgl r¥pc¥tln9 fram￿￿￿ that has baen applied In their pre￿ra￿on Is appllc8bb law and Unlted Klngdorn Acounling St8ndards. Indudrng FRS 102 Tr Flrtandal R•portlng StandaNI appllcablo In thè UKand Republic of Ireland" {Unlted lQngdom G¥ner$1￿ Accep￿ Ac(#Juntkng Practthl. In our o￿nIon the finandal statomeni8: give a twe and 181r￿•W ofthè stAt8 of Ihe group's and the pwent th8rhabb CA)mpanl$ affairs as at 31 March 2021 of Ihg group's irK¢)mlng re60wc66 and ap￿1(alOn of resowetrs. lrtludlrg rts IrKome and èxpeThJllure, trtho year then ended; hav8 t4¢n propety prepared In a￿rdance United Klngkn Gongrally ACCI￿nIng Pra¢U(', and have been pMpar•d In a￿Vr￿m ￿th Ihe requlrements of lh& cC￿panieS Aet 201. Basis for Dpinion W8 conducted our audlt in a¢(￿rdance wrth Intemthn81 Standard$ on Auditiry IUKI IISAS IUKII and appkablè lèw. Our T95p￿sibIlitieS utvjer those slandards are further d8sryibgd in Ihg Auditorfs responslbllilles for tha audlt of lh8 financlal Staterfftnts sodon of ¢)ur repcrt W8 ar8 ind8pandent of th8 group and parent charrtabb wnpany in accordance wlth the ethleal r8quiramènts thAt are rebv8nt to ouraudi( of the fthartial statem&nts in th8 UK. indudiro the FRC'S Ethieal Standard and we have fvmued our other elNeaJ r8gponsibiiitlts kn accord8nr wrth mese quir&mgnts. We believe that the aud￿ ￿dence we have obtslnedls sUffic￿l￿nd appropriate to provSde a basi¥ for our Op[n￿n. Con¢lu$ions r•lating to golng ¢on¢ern In aud¢ting th& finants81 Slaternenis. w8 hava o)nclLNYed that th61n￿le69. u86 of the going con¢8m t•Si6 0fac￿untr.ng In the preparouon of the finarwl statements Is aF¢)ropiiale. Ba3ed ¢￿1h6 W￿kWehave perS)m)ed. ￿ h&vè not Idèntifitd any material uncertalnues relalng toev8nts orconditio that. indNKlualty or cdlectivety, rnay ca8t sigraficant doubt on the groups or pargnt Cha￿tab￿ companls abllity to conJnue 88 a golng cC￿¢M 8 pèriod ofat kgast lythe months from Wh￿ the financlal statèmants are authorised fr)r L8SU2. Our rèsptsribilrtie$ and Ihe respOrtsbl￿ts ofthe truste•s resFttt to giing con¢em a￿ des£rfb￿ in th• r•Kwant sg¢tion$ of IhLs report. Oth•r 1rrf0rn￿0n rh• other Information r￿p11￿&S ts Infcffladon Included In the Annual Report olherthan ihè rAwn¢￿ ststements and our a￿dItarf8 report th8r80n. The trusteos ale res￿$1￿0 lortho Othor information ¢ontwned wfthSn the Anrwal Rgport CJr op1n1￿ tsn the financ4al siatements does not cover the other informBtion and, gxcew to lh• •xt•nt 0thoThvi5e oxpTrcrfy Btsted In our repor¢ ￿ do not 8xwès$ any ft)rn of8ssuranc8 concluskjn thereon. Our resFai8lbllty18 to thè )th•rlnfom)8llon In doing so. (z•n6ider whether the olher InfonnatkM ￿ m8t8riaNy Incon￿Stant wth thè financial stal8m8nts or ourknowledge obtalned Sn Iho Course of the gudit or olherwbe appears to bè materlally m5s8tated. If w8 hlenllfy such materlal Ir￿n8k8tenCles or apparenl mateii81 misstotements. we are required to detemiine wh&th•r Ihts givès rise k) a material rnis5tat8rnent in the financ￿1 statemènts thgmsgfv95. 11, based on the wort we have perfonnad, wo Co￿Vd9 that thsro16 a material misslatemènt olthis Lth8r infonnaoon. we e wuired to reF¥xt1h#tfact. W6 have nothlng to tèpNt In IN8 ￿gard. Oplnlon¥ on other matteys Pr￿¢rtbOd by th• Compan1•¥ Act 21￿6 In ouropSnbn, based on Ihe und•rtak•n In tho courn& of tho audtt.. the Info￿ation glven In Trust•es' Réport, w￿ch nclud&s Ihe Dlrectors, Report and tha Strdtegic Report prepared for thè purp0888 of cc￿panY law. for ts financkql yearfor vthkh the flnand81 st*ternents 8re prepared 1$ ￿￿￿(stent wNh thg financkgl statements: and 13

Leicester Theatre Tntst Umlted Ind•p•ndont auditorfs rnport to the m•mb•rB of L•ic•it•r Th•atr• Tnmt Llmlt•d (¢ontlnu•d) tho Dlrectors. Report and Ihe Strala Rewt knduded ￿1h1n the Truste88' R8port have prgporwd In aety)rdarKe th applcable legal wu1rew￿nts. Mattors ¢)n whl¢h w• af• r•qulr•d to r•port by •xc•pdon In the I￿h101th$ knothlge and understsndlng ofthe group aThJ the parent charltabl6eompany end thelr envlronment obtalnad In th8 course of Ihe audK we have not Ident￿ed matgfial m155tatem8nts ￿ Ih8 Directors. Report StrÈtegie Roport Ineludthj ￿1h1n Ihe Truste8s' Report. Wè hava Tr)thlr¥J to rnport In r09pact of lh8 follovAw mgtteTS whwe the Ccfflpanies Acl 2￿6 requlr8s us to report to you if. n ourotMnion- ad•Juale aryxjuntlng records have nol been k?pt by the pawnt coryany. sy r¢tttmg adsquato fr1 our audit have not been receNed Irom branthgs notvi8it8d ty us., or the parent Charflabkn cOm￿Y fiTranc4￿ slatsments aro Th)1 In agr¢om0nl Yw a￿ou￿ng rKoTd6 8nd rebJms,' or Certaln dr8dowre8 oftnRtees' rgmuneralon spedfigd by Lqw4rB not rnade,. or have not TeceNed all the infonnation and explan8li?nswè rèquir8 tor ourAudK. R￿PonsIbl111[￿ of tru8t••• As èxplainèd more lulty in thè Statement of Trnsto&s' re6ponslbillli86 Set out on pw 12, the trustees Iwho are a160 th8 dir8Ctots ol th$ ¢haritstAe company for th• wrpos•s of e1)mpany Lqwl are regponslble for the preparalon of the ffinanrial St?tsn￿ts and fr)r being 88lisf8d that they grve a true and fair vièw. and for such interrAI contrd a5 the trust889 detgmlne 1$ ne¢e88ary to enablg th8 pT8paratirffi of financ14 8tatarnents that am fre8 from rnat8ri81 misslatem& whethw due to fraud or error. In prèparing lh8 financi&l st2tèmènt$, Iha trusta8s are r8sponsfok for assesslng the group's and parent eharftoble company's ablltylo conynue as a golng con￿rn. dlsdoslng. as applicable. matters related to going concem arml using the goiwJ concem b9￿$ of actxunting unless the tnffjtees either intend to Iquld#t• thè group or parent ¢harttable )mpany or to (ase oporatlons, or hav8 rK realstlc altemative but to do so. Audrtor's responsibilitles fortho autht of th• financial $tat•m•nts Our obloth¢5 arg to obtain rewnabl •ssur8neo ¥boLrt whather ts fina￿la1 statoments as a ￿018 freè from matorfal mL%stat•ment, whether due to fraud or errw. and to 18SU8 an 8uditoffs report that indudes ow opin￿n. Reasonabk as$uranea1$ 4 hèh lèvd olassurancè. but Is not a guare4*ee that an audit conducted In aetordanee ￿th ISAS IUKI VAII amays detect a moterlal mLsstsiement when R exlsts. Mlsstatsments can atsg from fraud or errcf and are consldered matsrlal if, In(Ivklually orln thgaggrggale, Iheyojubj reasonab￿ beexpoctsd to influ8nEetheeconDmtc decisrons of ￿r$ tsken on the basis of these ftnandol statements. Thg oxtgnt to whl¢h tho #udft wa$ ¢onsldBr•d eapabl• of d•t•¢ting Irr•Yularftl￿, Indudlng fraud lffegul8rflle8 are Ir￿tanc£S of non-corn￿lar￿ wlth law6 Bnd wuktions. The oblectives of our audlt we to obtaln Sufficknt appropriate audll ewdence regarrfing cornpliance vjrth Pdws and ragulat%)ns that hav• a dir8ct effect on tho detemiination of material arnounts and dlsck78ur88 In tha finand81 statam$nt8. to perfom aud￿ proc£durès to halp Idanty Instanc8s ol n0￿COmplIance with other laws and wulations that may have 8 rnateri81 effect on the fin8nci81 stalemontg, 8ThJ lo resp￿1 approprf8taly to Idarthfied orsu6Fecled nonacompNancawsth k3ws iegulations idendfied uring the audit. In relatlon to fraud, Iheobi8cli¥esof ouraudit areto identfy assèssthè riskof matsrial mlsstgtsmèntof the finantial ststements du6 to fraud, to obtain $uffl¢kgnl appropriatg audit evid8nc8 r8g8rding 1he assessed risks of m8t8ri81 misstatamont due to ts8ud thKyJgh designing and imptementing appropriate reS￿nseS and to respond approwiately to traud orswp8Ct8d fraud Klentif18d during Ihe audit. How•v•r. itislho pnmary rasw)nsibilityofmanag•m•nt. wNhtheoverslghtofthoseeharg&Jwlth govemanee. tOe￿U that the enW$ operalons are ¢onductsd In awdanc8 Mth thè proviswjns of law6 arKI regvTations and for thè prevenuon and detection offraud. 14

Lelcester Theatro Trust Limltèd Independ•nt auditoes report to tho m•mborn of Lo1￿$1•r Thoatre frust Llmltsd {¢•nllnu•d) In Ident￿ng and asses8ln9 rf9kg of m8t¢rfal ml8ststem8nt in respect of lYreguLq￿l$$. K￿dIng frwjd, the group audit enga90n￿nt team.. obtslned an uThJarst8ndkvJ of the natyre ofthe seetor. IrdudlrKJ Ihé lsg818nd regulatory framtrWC￿ that Ihg group and parent chertsble wmpany operdte5 in gnd Ihg grwp and parent clwttable company ¢ompJylng tho bgal and regulatory frarnework.. inquired ￿ manag•mnt, and Ihose tharged wlth g)vamance, atK)ut thglr ¢hvn Id￿tif￿a￿On and as88ssmgnl of the rtsks of Irregularflfes. Induding any known acbjal. SU$ped￿ or all¢9gd Instsnces of froud,. dSscuss8d matt•r5 atsjut ngnpcornpl&ncé ¥￿th laws artd wulath)n$ and how fraud mlght ¢wr Indudlng as98ssmant of how and where the finandal statwftonts may be susceptible to fraud. As a wuli 01th￿? procwJwes we consld¢rlh• rno8I8￿nth¢aTrt laws and regulalorts that ha￿ 8 di￿1 impact on Ihe financlal 8tstam8nts are FRS 102, Chariti88 SORP IFRS 102}, Companles Aet 2006, Chariti8s A¢t 2011, the parent charitoble ¢ompanYg govgming d￿UmenL tax legL8Lqtlon and ChAritiag {Protoct￿n and Sodal Inveslmentl Ad 2016. We p8rfonrnd audlt procedures to detect nonrfompllantss whith may hav8 8 materiel impact on th8 ffinandal 8tst•m•nts which irrduded revlthng th8 flnaneAal slat8ments Includi￿ the Trust8es' Report, remain1￿ 81&rt to new or unusual tr8nwtK)ns w￿Ch may not be in 8rmrdan¢e w+th Ihe goveming dorjjments. Inspecting Correspc￿der￿ ￿th tax authorftlos and •valuat￿g advlce re¢elvod from intomavgxtgmgj ad￿80[$. The Tmst slgntfieant laws And r¥gukgt￿6 that have an Indirttt impact on th8 finandal Slatements ar• those in relallon to UK Gonaral Dats Protedon Regulation (UK GDPRI. Wo perfomwd audltprocedures to inqulre of managennt and those charged wlth govemaTrce whether the grrrtjp is in compl'ance vthh th8s8 Law and regulations and Inspa(èd corr8spond¢nce wth wujatory authorikne¥. Thg group wdit eNJagem•ntttarn id8ntifi8d th8 rfskofmanag8m8ntovèrridè ofcontrobas the area wheTeth8finand81 61atsments mgst sus¢eptible to materi81 mlsstaternent dug to fraud. A￿lit procedures ￿rfO￿)ed but wore not lknited to testirg manual ioumal entrlès and Olher adjustments, evaluatSng the buslnass rationale in relation to sIgnffi￿nL unusual Iran5acbons arMltr8nsacllon6 entered Intooutsldotha normalMu￿¢0f busln8ss and ehallenglw¥ judgments esdmates. A further d¢stYrplon of our responslblllkn for thè aud￿ of the fina￿l816￿ternents (8 pThhJed on th8 Fln8nel81 Rep￿.￿j Cou￿￿rI wobsite at http.'IAwM.frc.org.uklauditorsrespor6ibiliOts. This deso¥ipt¢on fr•nn8 part of our audiiorfs r8pryL USÈ of our Yeport Thls report is mado to the charitatrAe cornpanY$ m￿bers. 8s a body, in accordance wlth Chaptér 3 of Part 16 of the Comp8nSes Act 2fA16. Our audit work has been und8rt8ken 50 Ih81 we might stale to tho charit8t49 compan￿$ member5 those matters we aro r8qulrèd to 51at8 to them in an audW8 report And for no tsthgr purFX)Be. To the lullast ext9nl perynittgd by law. we (kn not 8eCéPt or 88$ume resKx)nslbllrty to anyom olher than thg th8ritabt8 company 8Th1 Ihe tharifablg ¢xJThynl8 m•Jrb8rs as a Wy. lor our audIt￿, forthls rgklyt. or for th? Opin￿n8 we hav8 fomiJ. LSfyI UK I,I,è Jn Gareth Jones (SOn￿r Statutw Audknr} For on th8Jfof Fism UK Audrt LLP, Stotutory Audlt¢ Chartered Accwntsnts R￿ve￿r￿ad House 7 Lets Court Grov0 Perk L•ic8St*r Lei￿SterShIr LE19 1SD Date 1711212021 15

Lelcester Thoatre Trust Limlted Consolldatsd stat•mgntof financlal4ctlvltl•s (Includlng Incomeand•xp•ndltyro 8¢count) for tho year •ndtd 31 March2021 Totsl 2021 To 202Ct fijnds fiJnd5 funds Ints￿o From and 3.858.182 952,rrtlO 4810.182 3.1x832 355,5fj4 3545e4 8A68,289 Qthertmdlng Actsiribè#.' comm9￿181 Trading Or*¥a 42,830 1.019222 Inv•&thién18 11,779 Total 4,259.eth 952 000 11513 922 ndltur• On l$lry l￿d8.. GenwatiNJ VO￿N￿ry Inr4)me 137,643 137,643 131A4S CommwThalTTadlrvJ OFWa 140.114 140.114 10 4.014.552 376.982 4.391.534 10,376286 4,292,209 376.982 4669,191 11.706.WO •x nd￿re l incom• Tran8fw8 bots¥88n lund8 807,232 18.644 1221,7591 X13,115 Not movémÈnt In fund¥ 113,9591 353259 203.115 042,416 007.232 RgDJncllalorb Llfvnd6 Totsl fuThJ8 ￿0￿ht1¢)Th￿r 2,449,546 156,813 196,885 2,804244 1.M112 Total frJTrJ8 carr1gdfor￿r￿ 2.435.587 510,072 41XI.O(KI 3,344859 I￿&244 All of the above resums arose from continuing operations. Therewere nooth8rgains or losses r8¢ogrusod in th8 year, oth8rthan ihos8hcluded above. The notes on pag&s 21>34 fom) part of th￿e financlal ststemenls. 16

Lelcester Theatre Trust Llmlted Consolidated Statement of financial a¢tMll8s Iln¢ludlng Incom•and8xp•ndfturn a¢Gount} for the year Ond￿ 31 March2020 funds funds 2020 2019 InB¢m• From Domtions le9OG 2,420,2 704.333 41x6> 2.787,689 Ch8rflablè IL1th.Opernlb￿ ofThoatre 8.328.736 29.553 8,358909 7,S43.632 CoTh))erdal Tr8dlng Oporknm 1,019,222 1.019.22Z 931.456 11,779 11.779 9.181 Total 11,780.036 733 886 11271958 Ex n11￿r On Genor3Ung VokJnlry Income 131.845 131,045 123,941 1.19B.580 1,198,360 1.246.163 char￿10 £tkitks. afTh•atr• 10 10.339.212 37,073 11.37fj285 9,453,114 388.￿5 Tol41 11.669.617 37.073 11,700, 11,211,283 N•t Incomollexpendltur•l Tran6f8rs betsv8en funds 110.419 696.813 540.(￿ 1540.0001 807232 60.675 Net movement In fvnd¥ 6￿,419 156.813 807.232 fj0,675 Rettfficllatknn thffund# Tola fvrth brwphtfomrd 1,799.127 196,885 1.M012 1.935.337 2.449,546 156,813 1￿.885 2,803.244 1,996,012 17

Lelcester Theatre Trust Llmited Group and charltable company balance shoets as al 31 March 2021 Company number 00772380 Grwp Chathabl• Comp8Dy 2021 3)20 2021 2020 Note Flxed ass•ts Tarvjible 8$¥9ts Currgnt a559t5 14 2,020,901 1264,3B3 2,020.901 2,26(383 1S 5,IKIO 5.000 5.1)00 18 871,1)04 971 J83 912.142 2.228.772 Cash 8t bank and in trrd Total cuffent &85ets 2,516,582 2.639WS7 2.516.581 2.639,856 3.392,566 3,616240 3.433,723 4.873,628 12,067.82BI 13.077J791 ￿108.966) {4,334.7681 Creditors - amounts fallin9 due within one N•t current asset¥ Totsi 8¥set• lé$$ currentllobllltles 17 1,324,758 538.861 2,803,2 1,324.757 538.860 Th• lund6 dth• Charlty Restricted FuTrJs 510.072 158,813 510.072 14813 Unrestricted Fund8 2A35.587 1449.Y6 2,435,586 449,545 Dèsignat8d FU￿1$ 400,000 190.885 400,QOO 196,885 Total Charltsble Funds 20 3,345,659 2,603244 3.345.658 2.803243 As pemiitted by S408 Comp8ni8s Act 2006, the tharitable company has not presented tts own ststsment of financaAI activities and related notes as tt prepared group accounts. The thariteble compan￿$ $urplLLS for the year is £542,415 (2020.. £807,232}. The financi81 ststemenls on pages 16to 34 weieapproved and aulhortsed for L%su8 bythe Board of Trustee8 on 7th December 2021 and were slgned on its behalfby: lan Squirgs Chairman 18

Leicestsr Theatre Trust Limitsd Group statement of cash flows for the year ended 31 March 2021 Ca$hfl¢)ws from oporatlng actMtI•$ 2021 Nol• N•t ush ly$•d Inll prwld•d by •P•Milni a¢tMiI•s 21 {1N255) 1,058,788 ¢•¥h 110￿ from Inv••Ung XIMII Im•rtsl rtoived Purch88• of 18ngth fwl awts N•t cnlh luud In) In¥•Jtlng actmd Iwoi 1&0201 16a2821 1810,6031 Chany h Ixsh cash eqJl¥alerts (a8h 8qufva0n18 atth8 818rtofth•y88r 1124275) 2.63•.857 448.288 2,191.511 Totsl ¢••h •qufv•lwbts at lh• •lth• y 1516,$82 2.639,857 19

Leicestsr Theatre Trust Llmited Note8 to the flnanclal stat•monts for the yoar ondèd 31 March 2021 1 Accounting poll¢l•s Basls of pr8paratlon The financial slatements are prepared in accordanc9 With: Accounting and Reporting by Chariti6S: Slalement of Recommended Practi¢9 applicable lo Charities preparing their accounts in accordance with the Financial Rewting Standard applicabkg li the Unlted Klngdom and Republlc of Irèland IFRS 102) (Charities SORP IFRS 10211. the FinancSal R8POrtlng Stsndard applicable in the Unrted Kingdom and Republic of Ireland (FRS 102), and the requlrements of the Companies Act 2006 and UK GeneT81ty Accepted Accounting Practice. The fina￿la1 statements are prepared In sterllng, which is the funelional currency of the group. Monetary amounts in these flnanclal statements are rounded to the nearest £. The principal accounting policies adoptsd, judgem8nls and key sources of esttmation uncertainty in thg pr8paratM of the finanaal statements ar8 s&t out below.. Leicester Theatre Tr￿￿t LinThled meets the definltlon of a publlc beneflt entlty under FRS 102. Assets arKI riabilities are initially recognl8ed at hlslorlcal C￿$1 ortransaction value unless othèrwise stated in th8 relevant accountirrfJ policy notes. The Choritsble ¢ximp8ny has taken advantag05 of the gxemptions from the following information in its charitable company onty accounts. as permltted by the reduced regime With￿ FRS 102. Section 7-'Stat6mgnt ol Cash Flows' Prgsentatson 018 Statsm8nl of Cash Flow and related nofes and disclosures. Secllon 22 'Related Party Disdosure$' Conwen$ation forKey Managgmenl personnel. Basls of con8olldallon The group financial statements comprise the finan￿al statements of the d)aritablè cornpany and its subsidiary made up to Ihe end of the finan081 peri¢)d arKI arè corksolidated on a lin8 by ling basis In accordance with Ihe SORP. Ml intra-group balar￿e$ and transactlons are ellmlnated on consolidalk)n. Accounting policies are consislenl throUg￿￿￿t the charitable group. Charlt4ble company stat•m•nt of Ilnanclal actlvttl05 As pennitted by Section 408 of Comp8nles Act 2006, the charitable company has not presented its own 8tstemenl fin8ncSal actfv6tl88 or Inco￿ and expenditure acrA)unts 8$ It prepares group accounts. The Charitab￿ compan￿S IndMdu81 balance sheet shows the Gharrtable company's net IncomSng rnsourcès for tho ffinanckgl year. Golng concem Tho financial sL7temonls arg prepared on a golng conc8m ba818. The charltable group's obility lo retum to prg pandemlc a￿[vIty levels Is dependent upon the financial success of futuro productions and on the ntinu9d support of the granl-akjing bodies. The principal gTant4iding body (Arts Coundl of England) has confiM￿￿ its support for the period to 31 March 2022 and so too has Lgicgstgr City Councll. The trustges have undertaken an assessment of the golng concem of the group. This assessment consbjered, for a pgriod In excess of tsvefvfr nKJnths from the date of approval of the flnan¢lal statements, Ihe Ilkefy Iradlng condllions, the effect arHJ timing ofthe relaxalw of the presontpandemlc rgstrictions alongside slak8hold8r support and expacled consumer appetite. Folbwlrtg considerallon of the Ilkety Iradlng conditions. and o number of dlfferent adver8e scenarios and the ¢urrgnt cash roservgs, the tnjstses have concluded that the group remains a golng concem and it therefore approprialo to prepare the finandal statements on a golng ccttem basls. 20

Lelcester Theatre Trust Llmited Notes to the flnanclal Statements for the year •nd•d 31 March 2021 (continuadl Tanglbl• flxod ¥$$ets and d￿ra¢18110n T8￿[blo r￿ed as88ts are statsd at historic purchaso cost bss a￿uMUlated depreoatbn. Cost Inclu(188 th 0￿gInal purchase ￿¢è of the ass81 and the costs attrlbulable lo bilnging the asset to Its working conditK)n for Its intended use. Ind￿idual fix8d assets Gosting £1,000 oi more are Cap￿alISed at cost. Depreciation is calculated to vrrite ¢)ff the cost of all tanglble ftxed 888ets by equal monlhly instalments over their expected US8ful Ilv89 as follows. staUc Installed equlpment linc buildirvJ works) Mechanlcal & Elethcal Equlpment (lo￿ fifespanl Equipment vAlh emb8diJed elèctronic systems Ifirnwaro) Mechanical & Electrical Equlpmenl (Short lifespan) Equipment wlth an operating system Ilnc so￿are) Mechanul & Electrical Equipmanl (High t￿ty Cycfe} Client Facing Conferencing Equipment 25 years 15 years 10 years 10 y9ars 5 years 5 years 3 years Impalm&nts offlxed assets An assessment is rnade at 8￿h reporting date of whether there are indi￿110n$ thal a fixed asset may bè Impaired oi that an impaiment10ss previousty recognlsed has fully or partlalty reversed. If such indications exisL the charitable group estimates the recovarable amount of the asset. Shortfalls belween the e8Trying value of fixed assets and Ih8ir recoverable amounts. belng the highèr of fair value le5S Costs to sell and value-in-use. are recognised as Impalrmenl bsses. Impalmlents of revalued assets are treated as a revaluatlon bss. Al other Impalrment losses are re(x)gnlsad In the stat¢Th￿nt of financial aCtiv￿8S. Recognised impaiment losses are reversed ff. and only rf. the reasons for Ihe impairnent bss have ceased to apply. Reversals of impairnent losses are recognised in the statement of financial activities or. for revalued assets, as a revaluation gain. On ravetsal of an imppirmenl loss, the depreoation Is adjusted to alk)cate the asset's rtiwsed carrying amount (less any resldual value) over tts remalnlng useful life. Investments Charitabb company Shores in the trading subsldlary are Included In the financlal 8lalem8nts Initialty 01 cost and subsequently measured at cost ￿sS any accumul8tad Impalmianl losses, stocks Stocks held by Ihe charitable group represent c8terlng and bar 8upplles forre8ale. Al stock is valued at the lower of cost and nel realisable value. Income Income Is r9cognisgd when the Char￿able group ha8 enthlemenl to the funds. any perfomance conditKJns attached to the ilemls} of Incom& h8ve bean mel it is probable Ih8t thé income ￿11 be received and the amount can b8 measured rellably. In¢omg from donatlon and grants Income from grants including capltsl grants, membgrshlp subscrlptlons and donallons are recognisgd on a receNabl& basis in the appropriate furKI. The bala￿9 of any granvs income recewod for speGifiG purposés but not gxpendod durkng the perfod Is 8hown In the relev8nt funds ¢Jn the balanc8 8hget. Whgro incomg is racoNad in advanco of me81ing any performance-rdated corKlltlons there Is not unconditional entrtlement to the income and its re￿gnitIon is d6ferr8d and Includèd in crèdttors as deferred income until the performance-related condhbns are met. Wher8 èntiU&mant o¢cuTr bofore Inoome18 recefvgd, the Income Is accnAod. 21

Leicoster Thoatre Trust Llmlted Not•$ to the Ilnanclal statsm•nts for tho y•ar •ndod 31 March 2021 (Gontlnued) Incorno from charllablè acllvlll Incom8 from cwroducgrs 1$ aco)untsd for in thè pgrfod In thl¢h tha rgi8V8nl 8how takes pl8¢e. Fundraising income18 accounted fcf in the pariod in whlch the fund8 re￿ved. Box offtce ￿elpts have been ￿Unted for In the p8rf¢xI in which the ralevant show tskes place. Thè charitabkw group has r8celv8d cultLJf81 oxempt status for value added tsx and consequentty box office receipts are Thjt subi8Ct to vakne added tax. Any lickels sokl In advanGe arg InGluded In def8rr&J Income. Prolect 8nd educational income is derived frorn a range of funders lor $pectfic programs relatgd to Iclpatbn and leaming projects incomè is recognised upon complètion of &a¢h project. Program and merchandise income is generated from the sale of show proaram$ and associated merchandlse atKI recogni5ed at point of sale. Sundry Income Is derived from a number of actlvltles rangkng from ted)nical ad¥￿e, consullancy. to prDP and w5tume hire and recognlsed 8t point of sale. Royalty Incom8 from produotion8 transfe￿&d to other theatres Is rewnised In the finandal statements only to the exlenl that it relatss lo box office I￿ng8 whlch have beèn rec8rv8d by the balance sheet date. Interest Is recognlsed on a r￿e1vable basis. In¢omo from commerclal tradlng ¢)pgratlons Thèatre hi￿ arKI events Incom8 is SC￿Untad for in the pori¢xl in wh￿h th8 relevant aclivty takos place. Caterfng Income generated by Ihe bars 1$ r8¢ognisod in the period of rKgipL Theatre tax relief income arlses from claims for theatre tax rel￿f Credlls under UKtax law. Tha credks relate to productw)ns produced in the yoar by Curve Productions Limited, the wholly owned Subsidiary of Lei¢astsr Th68tr6 Trust Limite(18nd are accounted for on an ?￿rU81.$ basis. Exp•ndlturn Exp8ndlture is recognised once there is a legal or constructNe obligation to make a payment to a thlrd party, it is probablo that settlement wlll ba required and the amount of the cJllgatlon Can be measured reliably. Eypendhure Is included ￿ the Statement of Financial Actwities on an a￿ru¥1$ basls, Inclusrve of any vakno added tsx whlch cannot be ￿cOVered. Certaln expendrlure is dirnctty atmbutable to speafic activrfies and has been included in those ¢061 tegoiies. Certaln other ￿)sts. which are attributabl8 to more than one adNity. are apportiongd acro88 C)Ydt calegctes the basis of an 9$￿M818 of the proportion of time spent by $taff on those 8Ctfvili8$. Costs of generating voluntary Income represents tho$8 costs attributable to maintaining arKI se￿ring sponsorship and grants. Expenditure ￿1¢h relat8s directly to the Trusfs charitat￿e objectives 18 analysed between.. self- produced Shows. presented shows by lourlng companies. wmmunty and research and development projects. 22

Lelcester Theatre Trust Limited Nots8 to the Ilnanclal 8tatem•nts for the y•ar ended 31 March 2021 {eontinu•d) Expendlturn {ContInu￿) Pr&production expenditure incurred prlor to the openlng of a production 1$ defarred until the perlod In which th8 production lakes place and charged agalnst the income forthat period. Rgsourcos expgnded which relate to wmmercial Incomo are analysed botwaen: evants, and b8rslc8tering activities. Govem8nc6 costs represent the (%>sts ofthe Company Setretsry. Board expenses and a proportion ofthe execut1￿ management team costs. SupFKNt co818 rapresent dèpartm8ntsl overh88d8 that not alk>cated to spedfic operatlonal aC￿vItIes. They are detalled In nots 11 to th6 fin#nei#l slotements. Fund accounting The charitable group has ￿Qu$ types of funds for which it 1$ responsible. thgse are a$ follow8.' Reslricttsl frJnd8 have been wedomin8ntty provided by the kn Council of En9knd fcy specmc purposes through their Grants for the Arts programme. Dgslgnatod funds aro expondabla atthe dtsGrellon of the Board In fvlfilllng the recommendatlons ofthe Capital Asset Management plan. Unroslricted fvnd8 are expèndable at the dk8cretlon of th8 Board In dellverfng the object8 of Ihe charitable group. P•nslon s¢hom• arrang•m•nl• SlntÈ l November 2000 the has operatod a group personal pgnsion sch8me, whlch 1$ 0 5tskgh0￿fjr exempt scheme. Penslon costs ar8 accounlgd for on th8 basls of payments made lo the Schgmos. The assets of the scheme$ are hold separatety from tho Trust. In Juty 2014 the Trust dosed this scheme to new &mploy8es in favour of the Gov&mmenl Auto Enrolmgnt scheme which went live in Juty 2014. Ternilnatlon costs TemilnaUon beneffts are m¢ognlsed immedlately as an expense when the company is demonslrably mmllted lo temilnats the employment of an employee or to provlde lermlnatlon beneffts. 0￿ratIng19a$gS Costs in respect ofoperaling leases are charged tothe Statement of FinanclalActlvStles on a stralghl fine basis over the term of tho lease. Flnancial instruments The charflable group only has financial assets and financial liabilrbes of a knnd th8t quality 88 basic financial Instruments. Baslc Ilnanclal instruments are Inldalty re￿￿nised al Iransaclion value and subsequenlly asured at thelr settlemenl v8lue, Dobtorts Trade ond other debtors which are rec8Nabla within on9 year and whlch do not ￿nstitute a flnancing transaction are In￿allY moasured at the transaction pri￿. Trado and olhor debtors are measured al 8mortised cosL being transaction price les8 Sett￿Ment amount dug after any trade discount offered. 23

Leicester Theatre Trust Llmited Not•B to tho financial statem•nts for th• ywr •nd•d 31 Mar¢h 2021 (Mntlnuod Cash at bank and In h•rbd Cash * bank and wh in hand inokjdes cgsh and shorttsmi highly liquid Inveslments with a slb)rt ms￿rty of three months or less from the date of a¢qu￿1t￿ or openlng of the deposit OT similar account. CrodStors and provlslons CTedltors and provisions are recognlsed where the charftable group has a present ot4lgath)n r88ulting from a p8St event that wlll probably resum In th8 transfer ol fvnds to a thlrd party and the amount due tr) selllo the obllgalk)n can be mea8ured or estimatèd relièbty. Creditors and provistons are nomialty rocognised at their Sett￿ment amount after allwrng for any trade dI$￿un￿ due. Cfltlcal accountlng esllmale8 and area• of Judgement Estimates and judgements are continualy evaluated and are based on histr)rical experience and other factors. induding expe¢tations of future events that are believed to be reasonabl& underthe arcumstances. Thero no GritiGal accounting estimates and areas ofludgement to note. Legal Statui of the Trult The Trust Is a reglstered dlarity (fegisterad number 2307081 and operdtes on a not for profft basls. Th Trust Is a (*mpany Ilmlt8d by guarants6 Iregist8r8d numbor 00772380} and Is reglstorgd In England and Wales. In the event of the Tntst being wound up, th9 Ilablllty In rgspgct of thg guaranlge Is limited to £1 per member of the Trust. The Trust reglslered offlce and prlnclpal place of buslness Is Curve Th&atr&. Ruuand Strget. LeI￿ster. LE1 1SB The group's princlpal objective18 operallng and managlng the CuNe. a state of the art modem theatre 8ltuat8d In the heart of Lelcastar. The Trust meets the definition of a public benefit entity under FRS 102. 24

Leicester Theatre Tnvdt Limited Nots8 to thè tlnan¢lal stat•m•nts for lh• y￿r •nd•d 31 March 2021 {¢ontinued} 3 Donatlons aftd lfjgaGl•$ In¢om• Unr&8trfded funds R￿trthd Totsl 2020 2021 rants or gfjngTal ndlng purposes: Arts Counal of England Leice$tsr City Council Donatlons Coronavirus Job Relentlon Sfhme 1,949,242 428,$72 94,003 1,386,365 1,949,242 1,914.029 428.572 436.109 96,003 70,161 1,386,365 2,000 Grnnts for spe¢lnc purposgs: Lelcestgr Clty CoU￿fI John Elleman Foundatle Governm8nt CuKural R6covery Fund 1 Other 680,CQO 16.000 950.000 950,000 8,333 Notes: Arts Council of England and Leicester City Council continue to support the Trust, providing £2.4m of revenue fvnding during the ye8r. The restrfcled Income of £952k Is predomlnanlty £95CI( funding from the Cultural Recovery Fund pha88 1 to en8ur8 the continuing operation ol the theatré. 4 I￿orn4 from Charltablg AGtlvltl•s Unrnstricted Resiricted Designated funds Funds funds Tatal 2021 Total 2020 Box OffiG9 receipts 208,131 208.131 5,940,172 Cwroductlon Income 34.607 34607 705,838 TechnKal recharges 1.008 1.008 500,976 Educatlonal Income 11.235 11,235 108,301 Fundralslng 85.245 85,245 303.707 progra￿ arKI Merchandi 88,641 Sundry In￿me 7,501 7,501 438,095 alre tax rellef 7.837 7,837 274,559 355.564 8,358,289 355,564 Notes". Box offKe receipts were predominantly for 2 p￿juC￿l shows streamgd on line. producthn Int￿me was received during the year for The Col¢y Purple and 8 Leicester Clty Coundl Christma8 video. Unrestrtcted SurKlry income 15 princtpally mad8 up of Booking foes and v•nue hire. 25

Lelcester Theatre Trust Llmlted Not•s to the financial stat•m•nts for th• y•ar •nd•d 31 March 2021 (¢ontlnu•dl 5 Income from Other tradlng •ctiviti•s Unroslri¢t8d Rè61ricted Designated funds Funds fvnds Total 2021 Total 2020 Catering {Bar & Café) In¢om6 777,360 Ev8nts Incom8 210,830 Other 42.830 42.830 42,830 31,032 42.830 1019.222 Other tradlng Income durlng the period comprised mainly of Insuran￿ roGeipt$ for ropair work. 6 Invgstm9nl Incom• Unrestrict8d funds Restricted funds Totsl 2021 Totsl 2020 3,030 .77 26

Leicestsr Theatre Trust Llmlted Notes lo the flnanclal $Lthments for th• y•ar ondod 31 Mar¢h 2021 (¢ontrnu•d) 7 Op•ratlon8 of Tradlng Subsldlary The ch8rit8bl& company has an investment of£1 In Its wholly owned tradlrwj subsldkry CuNe Prothtiu Limite(F which is incorpor8ted in the Unlted lQngdom. Registered number 09288490 and reglslered offlce Curve Theatre. Ruuand StreeL Lebcester, LE11SB. These are the onty shares alk)tt8d. c8lbd up aThJ fijlty paid. A summary of th8 results of th8 Ir&Jing subskllary, Curve Producllorts Llmlted, whose prfn(4pal a¢twlty 1$ the produdon and opèration of th8otriGal productions 18 set oui bah)w'. Curve Productlons Llmlted - Profit and Loss Total 2021 Total 2020 Incomè EXp￿se8 41,138 1.257,389 (48.975) 11.533,798) Oss on ordina activiti&s before tsxatlon ax on loss on ordinary athvitiès esults nanc al Year Curve Producllons Llmlted - Balance Sh••t Total 2020 Total 2019 Curr•nl As$•ts Debtors Cash at bank and in hand Total assets 325.290 1,759.334 59.3 Creditors.. amounts falling due within one year (325,290) 11,7S9,334) Total IlabllltSe$ 5,290 11, Not current assots Capital and Res•rvo$ Shar8 Gapltal Total Capital and Reserves 27

Leicester Theatre Trust Limited Notss to th• finan¢lal statem•nts for the y•ar •nd•d 31 Mar¢h 2021 Icontinu•d) 8 c￿ts of G•n•ratlng Voluntary trbcom• Unrestri¢l8d Rostricted Dgsignatod funds funds funds Total 2021 Total 2020 Support costs 137,543 137,543 131,845 137.54 Not•s.' Thes& ¢o$ts have been apportioned actx)rdlng to a management revlew of resource8 88 detalled In note 11. 9 Costs of Commorclal Tradlng Op•ratlo Unrestricted Restricted Designated funds nds nds Total 2021 Total 2020 Bars & catering Events Support costs 9.809 9.809 289.701 94.213 814,646 130.305 130,305 140,114 140.114 1,198.560 Not•S: Supptyt Costs hovg bogn opwtsoned accordlng to a Mana￿Ment rev￿W of resources 88 detailed in note 11. 10 Costs of Charllabl• Acllvltl•s Unrostrlcted Restricted D88ign8tsd Jnds funds fiJnd8 Total 2021 TrAal 2020 Produced shows Pres9nled shows Projects & Education Ancillary activity Fundraising Support ¢osts Govemance -8UPPOrt C08ts Trustees, ex nses 726,658 1,607 58,405 2,087 4,856 2,985,329 612,592 726.658 2.767,698 1.607 3.209,472 58.405 144.409 2,087 5D.473 4.856 24,787 2.985.329 3,721,366 612,592 457,912 168 391.534 10 376.285 4.391.534 The majority of the costs related to produced shows cover company so18ries and feos, set and costume osts, marketing costs and tochnlcal fees. Pr8s8nted shows Costs are pr6dominanlly guarante88 or splits pald to the vlsiting companle8. Unrestricted project and educat￿n costs are made up of matarials and fw pa￿￿ to fr88lan¢e contractors to enable the Successful dellvery of on line workshops. induding those for'curve Young Compan￿. Fundraising costs ar6 prede(nin8ntly us8d to build 8xlfjmal rolalionships and encourage new Buslness Club members. Support costs have been ap￿tIoned according to a managgment r8vth¥ of resources as detsiled in not8 11. 28

Leicester Theatre Trust Limited N•)tes to Iho flnanclal statements for tho ￿ar •nd•d 31 March 20211¢ontinued) 11 Support Co•ts Total 2021 Total 2020 VrJunt8ry Gh8rltabl8 Gov8mance Commerclal Chief ExecutNo Flnance & Admln Communicatlons Artistic Operallons 23.173 17,477 61,940 14,984 69.519 157.291 232.278 269,712 587,512 67.527 194.899 12,903 245,883 310.405 102,748 734.652 2,985.329 61.795 174.768 15.485 14,984 225,966 67,527 154.487 245,553 349,536 548.812 309.703 567.828 299,680 424,366 903,864 1.075.633 150.060 115.160 234,818 200,645 19.851 124.003 245.883 328,188 310,405 393,087 114.164 138,781 773,318 963,715 130,305 3.865.769 5,125.769 90,386 15.006 Dapreclalknn Fundraislng Customer Servrces Tlcket Sales ICT Produclron 39.919 4,963 1.985 11,416 38,666 612,592 137.543 otg Suppcft costs represgnl the d9partmgnlal ovetheads. Includlng salarfes, that have been allocated lo thg prinapal functions of the ¢h8ritabl8 group. The basis of allocation has been a management review of the estimated use of resources, as per the following tsble. Baslsof allocallon for Support ¢o$ts Departmont Voluntary Charitabl8 Govèmance Comm6rclal Chief Executfve Flnance & Admin Communications Artistic Operalh)ns Human Resources DepreciatvJn Fundraising Cuslom8r Services ricket Sa ICT Productbn 15% 40% 50% 45% 75% 90% 65° 45% 83% 65QA 100% 100% 90% 95•A 20% 5% 25% 4S% 10% 10% 17% 25% 10% 10% S•A 29

Leicester Theatre Trust Limited Not05 to th• flnancial stat•monts for th• y•ar ondod 31 March 2021 (continuod) 12 Staff numbers and costs Includlng trustee's r•mun?r•tlon and •xpensgs, rel•tod party transactloni and ¢o$t of key managom•nt powsonnol The average numb9r of permanent empbyees, Includlng part-tlme empk)yees bLrt excthjdlng casual employeos and trustees of th8 group 8nd charitable company during th8 year were a5 follows.. Totsl 2021 Total 2020 y activity Execulivo Managoment Adrnlnlslratlon Production and Technical 11 67 22 22 2021 2020 Staff cosls (for the above personsl Wag8s and salarias Redundanw Go$ls Social Security Pension costs 2.016.905 24,019 168,895 56.697 2,266,516 2.449,448 232,871 68,593 2,750,912 Notss: There was one employeè {2020." one}who 8am8d betsvean £60.000 and 270.000 and ong amph)y88 {2020: on8) who earnad bakn8n £90,000 and £100.000. Th&ro were payments mado lo the dgflned contrlbuuon pension scheme for these empbyeo$ of £6,746 {2020'. £6,746). During the year the T￿￿88S r8C£iV8d no remun8ratM. No expenses were re1mt￿rS8d to Tru8tees durfng the year (2020: £168 reimbursed to one TTUStee In respect of travel expenses). trustees consider that the Key Managgmgnl Parsonnel era deflnod as Iho Sanbr klanagemenl Team list8d on page 1. Thg total employee b¢nofits {including employer national insuranL and pension contribulK)￿l of the Key Management Personnel was £573,881 (2020: £622,127) 30

LelGester Theatre Trust Llmlted N¢)tes to the financlal statements for the year ended 31 March 2021 (contlnued) 13 Nat Incoming rnsour¢•s Not incomlng resources for the year ara staled after Gharging: 2021 2020 DeprgGiation of tangible frxed asFgts Loss on disposal of tangibl8 fixed assets Operating lease charges - Land and Buildings Operating lease charges - Other 234.818 200,645 14,714 44.707 33.060 33,060 5,242 7.725 Notgs: The operating lèase charge for land and buildir¥Js 1$ for the NCP basement which provides storage for costumgs and props. Fees payable net of VAT to RSM UK Audll LLP and Sts assodales In respect of audtt and n0fv8￿￿It seryices are as follows.. 2021 2020 Audlt serviGg$- $tatirtory audit of trust and consolldated arKounts Audrt services - Slatulory audit of the subsidiary COTnpany All other non-audil services 28,850 28.325 1.550 3,500 33,375 7,000 37.400 14 Tanglbh *$s•ts The Group and Charltable Company". Fixlur•s. fitlings, •quipm•nt Cost at 1 Aprll 2020 Addltbns Assets written off in the ygar 3,255,193 6.050 {114,448) ost at arc Accumulated Dewgclallon at 1 Aprll 2020 Charge for the year Wrltten off In the year 990,810 234.818 199.734) ¢cumu eprec al ona arc Net book value: Al 31 Mar¢h 2021 2,020.901 At 31 March 2020 2,264,383 The Tnjsl slgned a 60 year lea88 In 2008 for Curve wth Lelcesl8T Clty CIMJncll at a pappgrcorn rent. In 71Jdition to th9 buikling. the leos8 includes all the nocessary thoatre oquipmenl, and fvmllur8 & flttlngs lo ensure that Curve Is one of the most technically advan￿￿ thgatres in th& UK. 31

Lelcester Theatre Trust Limlted NotOS to lh• flnanclal 8tatements forlhe yèar •nd•d 31 M•rch 2021 l¢ontlnu•d) 15 Sto¢k The Group and Charitable Company 2021 2020 Consumable oods 5.000 5,000 5,000 16 Deblors Group 2021 ChaTltablè Company 2021 2020 2020 Trade debtors Amount due from 3ubsldlary undertskiNJ Costg In advance Prepayments and accrued incorne Other debtors 80.518 118,673 80,518 325,290 37.090 431,463 118.673 1.759,334 68,193 222.508 60,064 37,090 715.615 37.781 68,193 724.453 60.064 871.004 971,383 912.142 2.228.772 Not08: Cosis in adv￿ reiate to costs 88$￿atsd shows which 8re 8chedule(i to be helj in fvlure pgriods. Prepayments and acLYued income ￿clUde amounts as8oclaled wlth the (J)st of produclng a new brochure, (*et system licensing fee. insurances and annual stage m81ntenance $upwt. as wo11 as grant Income confirmed but not recoiv8d at Ihg balanco sh801 date. 17 Credltors: amounts falllng due wlthln on• y Group 2021 Charltsblo Company 2021 2020 2020 Trade creditors Amount due to subsldlary undertaking Other tsxatlon and social security costs Accfuals and deferred income Other creditors 209.4T7 316,237 209.477 41,138 48.347 131.122 48.347 1,270.322 2.365.734 1.270.322 539.682 264.286 539,682 2.067,828 3,077,379 2.108.966 316,237 1,257,389 131.122 2.365.734 264,286 4.334,768 Notss: Included w6th1n aCCn￿lS and deferred Inco￿ is ¥thanc8d ticket Income of £970k (2020: £1,574k). 18 Rg¢on¢lllatlon of deferrod Incom•: Group and Charltabl• Cpmpany 2021 2020 Balance at 1 April 2020 Amount released lo income eamed from charitable actlvlues Amount refund8d In the year Amount deferred in ear Balance at 31 Ma￿h 2021 1.574.238 1.868.398 {6.290,6261 1732.5031 128.237 969,972 5.996.466 1,574.238 32

Lelcester Theatre Trust Limlted Not•¥ to th• finan¢lal stat•m•nts for th• y•ar ond•d 31 M¥r¢h 2021 (wntlnued) 19 Anatysls of n•tass•ts b•tw••n fund$ Grgup Tangible Net current fIX￿ assets assets Total Designated funds R8strict8d funds Unrestricted funds 400.000 510,072 414,686 1.324.758 4(M),000 510,072 2,435.587 3.34S.659 2.020.901 2,020,￿1 Charltabl• Company Tanglbl• N•t current fLXOd assets as$•ts 400,000 510,072 414.685 1,324.757 Total Designated ￿ndS Restrlcted funds Unreslrided funds 400.000 510,072 2.435.586 3.345.658 2,020.901 2,020,901 20 Analys1• of n•t mov•m•nt In funds Fund Fund balan¢¢$ carrlod forward 31 Mar 2021 brought forward 2020 Inc¢)me Exp8ndltur• Trnnsfer Restricted Funds: Leicester City Counc51 Cultural Recovery Fund 1 -Fundraisin Total Rostrlctèd Funds Deslgnatsd Funds Unro$trl¢t•d Funds Total 140.000 140,000 360.459 9,613 221.759 510,072 203,115 4DO,000 18,644 2.435.587 3,345,659 950,000 2,￿0 951000 1367,7821 (221,7591 {9,200} 376,982 16,813 156.813 196,885 2,449.546 2,803.244 4,259,606 5.211.606 4.292,209 4,669,191 Thg Dgslgnated Funds are hekj for the conllnuing roplac*m8nt of flxed assets. The Restricted Funds were received through th8 govemmenl's CulbJral Recovery Fund lo assist with thg overhead (x)sts of the theatr8. The transfer of £221.759 from restricled fvnds to unrestricted fvnd$ wa$ the original amount agreed to be used lo increase r8seNes %then the grant was awarded. Subsequent to the year end approval was given to use the ba18nce of the grant to further Increa58 reserv8$. This will be refiected by way of a transf9r of £360.459 from resIr￿d to unrostricted reserves kn the 202112022 flnandal statements. 33

Lei¢8ster Theatre Trust Llmlled Notes to the flnanclal gtatem•nis for th• y••r •nd•d 31 March 2021 (continu•d) 21 R•¢on¢lllatlon of n•t inGOrnO to ngt Gash flow from 0￿rnt1ng a¢tlvltlgS: 2021 2020 Nel irwme for the repo￿n9 period Interest recelvable Depreciation on t8nglble flxed assets L05s on disposal of tanglblo fixed assets Oecrease Sn sto¢k8 Deerease in debtors Decrease in cr8dilor8 Net cash used in vided b 542.415 (3.030) 234818 14714 807,232 (11,7791 200,645 44.707 19.4 708,127 709,633 1,058,789 100.379 1,009.551 120,255 eratin activities 22 Taxallpn LeKxster Theatre Trust Limlted L8 a registered tharity and a8 such Is ent￿e￿ to eertain tax exeMp￿onS on Income and proffts from investments and surpluses on 8ny tradlng 8CtNrlies cArrFed out in furtherance of the tharitls primary objectives. rf the$0 profts and sury)Iu$6s arg apPl￿d $01gly for charltable purposes. The trading subsidiary, Curve Productions Llmhed is taxable and gift ahjs any proffits annualty to Curve. Curve PrOduGli￿s Llmltsd Is entitled to cL8im Theatre Tax Relief for Its FVodu￿I work. 23 Fln•n¢lal ¢ommltments Al 31 March 2021 the company had total fvture commllmènts under nOn-G9￿811ab￿ Opern￿ng1easeS a$ fdlows:. 2021 Land & BuildingB 2020 Land & Bulldlngs Olh•r Other Payable wiihin one year able between hyo and flve 5.242 5,242 5,991 11,233 ars 5.991 The tnjstees ts)nfimi that there are no conllngent Ilabllities for the Trusl (2020.. rK)ne) 24 Pen#i¢)ns The Trust makes a contributbn to a Group Personal Penslon Plan for permanent employ08$ signed up prlor lo June 2014. From July 2014 all existing empbyees not In a pen5ron scheme along wilh new startors are enrolled into the new govemment auto enrolment p8nsion scheme. The charge for the iwefve month per￿ to 31 March 2021 was. as per note 12, £56.69712020-. £68.593). 25 Controlling party Tha Leicester Theatre Trust Llmlted is a company Ilmmed by guaranteg and not having share capital. It is incorporated under tho Companies Act and governed by the Memorandum and Artlcl83 of AssorAation of the wmpany. The Tnjstees ofthg company ar8 elected memb8￿ and act as dIr&tO￿ ofthe company who re deemed to be the controlllng party oflhe company therefore no ultimate conlrolling party is identrfiable. It is a Gondition of membership that members undertake to contdbule such amount, not ex￿ediry £1. a8 may bg r8quired towards meeting debts end liabilities of the Trust In thè event of the Trust being wound up. 26 R•latsd Partl•$ Otharlhan di$cbsed elsewhere in these financial statements there were no otherrelated party transactlons.