2024-03-31-accounts

Charlty Reglstratlon No. Z74697 The Theatres Tru￿ Charltable Fund TTh￿tee< Report and Accounts For the year ended 31 Marth 2024

The Theatres Trust Charilable Fund Contents Pa Legal and administratbve information Report of the Trustees 2-15 Independent auditors. report 16-18 Statement of finanaal artmbes 19-20 Balance sheet 21 Statement of ca5hflows Notes to the accounts 23-39

The TheatresTrust Charltable F¥nd Le841 and adffllnlstr*fve Snfonnatlon Tfllstees: David Moutrey OBE Katherine Town Vicky 8rownin8 08E Paul car￿lIght Anna Collins James Datre Suba Das am Evans-Ford Stephanie Hall Annie Hampson Richard johnston Gary Kemp Tracy.Ann Obemian Lucy Osbome Saratha Aajèswaran Jane Spiers Truda Spruyt Michèle Taylor MBE Chair Ice Chair {appointed l April 20241 {retired 31 December 20231 {appointed 29 April 20241 {appointed l April 20241 Iretired 31 Oecember 20231 Iretired 31 Oecember 20231 (appointed l April 20241 (appointed l Aprrl 20241 (retired 24 December 20231 (appointed l April 20241 Dlrector Jon Morgan Charity number 274697 Prlndpal address 22 Charirrf Cross Road London WC2H OQL Audltor5 Saffery Lip Chartered Accountants 71 Queen Victori st￿et London EC4V 48E Bankers Coutts& Co 440 Strand London WC2R CQS Solkltors Harbottle & Lewis LLP Hanover House 14 Hanover Square London WIR OBE Investment advisors JM Finn & Co 4 Coleman Street London EC2R STA Page I

TheTheatres Trust Chariiable Fund Report of the Trustees For the yeaf ended 31 Marth 20Z4 Chalr and Dlrertorfs Report A5 the UK'S theatres continued to recover from the pandemicand face newc05t of living and fundingchallenges, Theatres Trust launched its new 3 Year Strategy 23-26. Theatres Fit for the Future, to ensure the organisation responds to the chan8in8 SOtiO-etonomic context and continues to support theatres to thrNe. The new strategy focuses on four key thernes that underpln the health of ourtheatre network: relierKe. indusion. sustainability and placemaking. 23124 saw us deliverihe first year of the new strategyand, as well as embeddingthese theme5 in our advite and planning Wofk. we have delivered a range of irlltiative5 to help strengthen our work across all lour themes. Resilrence Alongslde advi&ng theatres around business planning and hJndraisin& through our Small Grants Programme with the tinbury Trust, we hdped twenty-three theatres wth urgent repairs to avoid d05ure, tost.saving sustainabiltty improvements and enhanced digitol capability- We coM￿eted the first year of our Resih'ent Theatres- Resilient Communities programme which focuses on ensuring theatres on our At Risk k'st and others fa0￿ thallenges have the skills and the guidance to navigate their difficulties and find a ￿able future, through traiThng events. grants and access to a bank of specialist consultant5 for bèspoke advice. We ￿s0 supported theatres dealing Afjth structural issues due to the presence of RAAC panels. partnerin8 Wlth the Associath"on of British Theatre Technioans to publish an advice note. working with individual theatres on surveying and mitTrg3tion measures, and regularty updatin8 DCMS with the latest intelli8ence on how theatres are bekng afferted. su510inability We led the work to develop a more secure govemance structure for the innovatbve Theat￿ Green Book to ensure It can be developed further and to prornote even wder uptake. A5 wdl 35 taking on the secretariat, Thèatres Trust raised funds and employed a part-tlme Coordinator. We also continued our multi-year partnership V•ith the Wolfson Foundation offering grants for 5UStainabillty improvements to a lurther six theatres. as well as advislng theatres and reSp￿dIng to planning proposals for SU5tainability improvements. Inclusion We advised theatres on ways to improve access for Peop￿ *lth disabilrties. recommended access improvements in our planning responses and gave grants to fourteen theatres io make much needed upgraded accessibility provislon. We initiated a programme of work to ensure that own organisation 15 indusive. Induding training for all trustees and staff and establishln8 a team EDI working groupto reviewourpolicies and working prattices. We partiop3ted for a 5e¢ond year in the OLUHC funded Boardroom Apprentice xheme which aims to diver5ifythe boards of public bodies, welcoming our new Apprentice in January 2024. Plticemoking We advocated forthe placemaking value oftheatres at both I￿al authority and national govemrnent level. This included responding to fifty local planning poliry consuhations. four nation31 planning policy consultations and $peaking at local authority c￿tUre and planning events. Understanding the complex diversity of the UK'S theatre types, scales, management. funding models and building condbtion is vital in informing our adwce work and our advocacy for the value of the2t￿S In communities across the country. We made sgnificant progress this year in scopin8 the UK'S first comprehensive database ol theatres and we continue to eMrAore costs and fundin8 Qplions to deliver the database. Supporters. ombossodors. tru5tee5 ondstaff We remain extrtmely grateful to al our dedicated funders. donors. legacies. sponsors. Corporate Supporters. Patrons and Friends, induithrvd the manytheatre producers andvenueswhosupported our Successful Christmas bucket campai8n. Page Z

The Theatres Trum Chathable Fw Report ol the Trustees Forthe year ended 31 Marth 2024 We would also like to thank our Amba55adors who have been so helpful with fundraising and continue to lend their valuable voices in support of our work. We are grateful to the Trustees who freely give up their Valuable time to offer their expertise in support of thè Tru5t'5 Wofk. We would also like to express our thanks and 8r3tttude to the Staff Team who have worked incredibly hard to deliver a strong programme of activity in support of theatres. Sadly in 2024 we lost three very dear. committed and dedicated Theatres Trust colleagues. Rupert Rhymes Ipast Chair), John Earl Ipast Director) and Ruth Eastwood (past Wice Chair and Theatres Advi5erl. All of them were dedicated and knowledgeable experts who made a major contribution to the organisation ond we want to mark our respect and gr•titude for all they have done forTh atres Trust. Dawd Moutrey OBE Jon Morgan Chalr Trustees Report The Trv5tees are pleased to present their report and the audited accounts for the year ended 31 March 2024. The financial statements have been prepared in actordante with the Charities Act 2011, the Theatres Trust Declaration of Trust dated 31st October 1977 and Supplemental Deed dated 13th December 1989. and Accounting and Reportin8 by Charities, Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. Our purposes & adl¥hles The purposes of The Theatres Trust Charitable Fund art: 'ro promote the advancement and improvement of general education in relation to all aspects ofthe dramatic arts and the development of public appreciation of such arts. particulafty by promoting the maintenance. use and better protection of theatres and places of entertainment for the benefit of the nation by all charttable means., The Theatre5 Trust Charbtsble Fund IRe¥istered Charity No: 27469} was established in 1977 to support and deliver the work ofthe Theatre5 Trust, which was established in 1976 by Att of Parliament. The Secretary of State for Cultu￿. Media and Sport appoints the IS trustees of the Theatre5 Trust. They provide the Trust with influence and are ietognised as leadefs in their fields. Trv5tee5 5Lt on the councils of both the Theat￿$ Trust and The Theatres Trust Charitable Fynd and are responsible for governance of both organisations. They meet quarterty and guide the strategic direction of the TrusV5 worl whith is delivered through its staff team. Our Vlslon Theotres Fitfor the Future We believe people should have access to theatres wherever they INe acro55 the UK. whether in small communltles. towns or cilies. so they can engage in creative artivity and attend I￿e perforrnance. Page 3

Th• Theatres Trust charl￿ble Fund Report of the Trustee5 Forthe year ended 31 March 2024 Theatres have a positive rolè to play in placemakin& contributing to the local economy and to people's well-bein& makin8 our villages, towns and citie5 great plates to live. wofk and ￿51t. Theatres are central to the continued health and vibrancy of the theatre sector which depends on well designed and well-run theatres of all scales and styles acr￿5 the country. nurturing talent. providing platfom)s and en8agin8 with their diverse local tommvnities. In order to play this wtal r￿e in our communities and in the theatre sector. theatres need to be resilient, environmentally sustabnable and inclusive. Our MIS￿On Theatres Trust is ihe national advice and advocacy body for the UK'S theatre5 5UPPOrtin8 311 fomis of theatres, whether old or new, comrnerual. subsidised or cowmunity-rurb. We protect theatres and champion the future of live performance by advising and supporting OUT nation's theatres to develop best prauice in design and management followng the four principles of resilience. envronmental sustsinability. inclusivity and plxemaking. Re¥lew 012023124 We are reporting our work in 2023124 ag3iist our three main aims. as follows: AdTAtè & Plannlng To provide expert advice on the design and mana8ement of theatres a5 live perforrnance spaces that are resilient, environmentally sustainable. indusive and contribute to placemaking. Campalgnlng To advocate and influence key stakeholders about the importance of theatres in pla¢emaklng and In the theatre etology in order to secure the future of the UK'S theatres. Grant gl¥ing To provide strategic capital and other funding io theatres to help them become and rernain resilient, eAvironmentally sustainable, inclusive and to contribute to lo(al pla¢emaking. Athievemenls and perforniance Advlce and plaMln8 To provide expert advice on the design and management of theatres as live performance spaces that are resilient, environmentally sustaina1￿e. inclustve and contribute to placemakin8. One-to-one empert advke t￿tr 2023124. we provided advice to 132 theatres. Many of those theatres were PTov*ded advice on an ongoing b3si5 th¥oughout the year. This included a broad range of advice from business planning and fundraising advice. through to more technical advite on RAAC Ireinforced autoc13ved aerated concretel and sustainability- We saw more request5 for advice relatin8 to lundraising and a significant emer8in8 trend was Irorn councils seeking advice on the outsovrcing of theatre operations. Our advice to theatres also included support to 34 theatre5 1 theatre groups on the Theatres at Risk Register 2023 and to the two theatres IAbbeydale Picture House and the Epstein Theatre) that were added to the 2024 Theatres at Risk Register. Page 4

The Theatres Tfust Charitsble Fund Report of the Try5tee5 For the year ernled 31 Marth 2024 C•se 5tutr. Thè Forum, Narthall¢rton The Forum has a small staff team supported by many volunteer5 and like many theatres. it Was bein8 challenged by rising costs and the difficulty of maintaining and developin8 audiences post-covid. Tmstees had identified that this could havè an impact on the theatre'5 Potential viability. so contacted Theatres Trust lor 5UPPOrt to address this before it became a problem. They were particular￿ interested in support with audience development and fundraising. We identified a consultant with relevant skills to work with the group. who produced a report irbcludin8 bespoke recommendation5 for Trustees including Strate8ies for volunteer engagement. audience development and fundraising advice. and an outline case for SupF￿rt. Thb5 will provide The Fonsm with a usefvl roadmap for the years ahead. Re5111ent Theatres: Reslllent Communltles Funded by the National Lottery Heritage Fund, the Pilgrim Trust and Swire Charitable Trust, Resilient Theatres.. Resilient Communities is ourthree-yeor pilot programme aiming to reduce the threat to at risk theatres and enrich the knowledge. skills and confidence of the theatre sector. We have completed the first full year of programme delivery, providing tallored support to groups working wlth at risk theatres through an annual found of grants. a(fvice from a bank of 76 speclalist tonsultants and a training programme focusing on govemante for a cohort of eight Theatres at Risk. We also delivÈrèd a sèriès of three webinars for the wider sector on heritage projects, fundraising for capital projects and 80Yernance. which were attended by a total of 203 people. Sustalnablllty Theatre Green 8¢M>k Theatres Trust has taken on the Tole of secretariat for the Theatre Green Book UK and worked with partner5 lo develop and chair a new governance and management Strurture alon8 Wlth the Association of British Theatre Technicians IA8Tt). Buro Happold. Renew Culture. UK Theatrelsociety of London Theat￿ and the UK'S three national theatres. To support thls new structure WÈ were able to appoint a part time Coordinator thanks to support from A8￿. LIK TheatrèlsoLT and The Steel Charitable Trust. The ambition forTheatfe Grèen Book UK is for all theatres in the UK to achieve Theatre Green Book baseline standards across buildirbBS operations and productions by the end of 2026. To support this. in 24125 wewill create a newversron ofthe bookalongwith a range oftoo15 and trnckers to hèlptheatres progress on their journey to Net Zero by 2030 and we also plan to appoint a part-time (h"rector for the Theatre Green Book UK. We are grateful to the Fo￿tr FoUr￿ation. the Frederick Mulder Foundation and Unusual Ri88ing for their sUPPQrt for thi5 further work. Case Sludv: Reinforod Autodjved Aerated Concrete {RAAQ Following news of the dosure of the 8runton Theatre at the end of March 2023. Theatres Trust en8a8ed with colleagues within the theatre sector and wTrth structural en8ineers to understand more aboutthe material and the scale of the issue. This early inve5tig•tion allowed Theatres Trust in conjunction with the Assotiation of British Theatre Technici3n5 IA8Th1 to publish a new advice note explaining the nature of the construction material and slEnp05tin8 to 8uidance on RAAC. We have since given adwcetothree theatre5 re8ardin8 RAAC ranging from ad¥ite on undertaking initial review and survey work to understand whether their theatres are affected through to discussions with theatres where RAAC has beerh discovered. We also reached out to venues that closed due to RAAC to understand mitigation measures that were being put in place to support the theatre and future operation. In addition to working with theatre5, we also engaged with DCMS to ensure that the govemment was aware of the impact on the theatre sector. Plannlng Through its role as a statutory consultee and through it wider planning advice, the Theatres Trust safeguards theatre use arbd ensure5 theatre buildin85 are fit for purpose. We responded to 140 planning applications. 123 listed buildin8 consultations. 22 pre-applitation5 and 4 planning appeals in 2023124 across the UK. Of thèse consultations, 242 were Irom England. 25 from Scotland, 22 from Wales and O from Northern Ireland. and we achieved a 100% record of resp(xbses submitted within the agreed timeframes. Page 5

The Theatre5 Trnst Charltable Fund Report of ihe TNstees For the year ended 31 March 2024 We advised on a wide range of planning applications including for substantial extensions to enhance facilltle5 at the Alexandra Theatre in 808nor Regis. the Marina Theatre in Lowestoft, the Royal Court in Liverpool. the Todmorden Hippodrome, the Hexagon in Readin& the Y•rd in Hackney Wick. London and the Che5il Theatre in Winchester. At the Harlow Ployhouse and 5hanklin Theatre on 151e of Wight the￿ are to be new facilities provided w¢thin separate buildings. We also commented ¢)n refvrbishment plan5 and signifiont internal alteration5 at Stephen Joseph Theatre in Scarborough, the F*ramid Arts Centre in Warrin8ton, the Comerstone Theatre in Sutton-in-Ashfield and the Brook Theatre in Chatham. Case Study. Alexandra The￿re, 8ognor Regls With origins going back to an Edwardian entertainment complex, the Regis Centre in Bognor Re815 houses the Alexandra Theatre. a well-regarded theatre that is in need of some up8rade5 and improvements to support the venue's viability. We 5UPPOrted plans which included an expanded tafé I bar which opens onto the public square. enhanced wheelchair accessibility and a Changing Places facility, creating two more studios and yp8raded WC facilities. However, we also recommended further thought into the redevelopment of back-of-house areas and on how a theatre programme can be maintained within the loc31 area to ensure that audiences are not lost whilst the works take place. The application was approved by Arun District Countil. We ad￿Sed on a number of application5 relating to burldin8s on our Theatfes at Risk list. We made an initial objection to residential development wrh some prop05ed homes directly adjoining the rear of the auditorium of 8orouEh Hall in Greenwich, London due to lack of acoustlc a5se5sment which was subsequently undertaken. We objected to plan5 to convert Conw¢s Qvic Hall to a food hall and holiday apartments due io loss of its theatre provision without replacement and no evidence it Wa5 Surplus to requirements. Whi15t wè did not object to the principle of development at the Garrick in Southport which would see its auditorium utili5ed as an events venue wth hotel and residential uses around it. we were unable to support the plan5 due to lack of information and justification as well as concern around the level of harm in heritage terms. We alsg objected to a number ofother developments that would have resulted in irreversible loss of wothn8 theatres or valuable theatre herltage. This included loss of the Open Sta8e Performin8 Art5 in Northampton to residential use,. it is in active use and no justificatton or evidence to 5UPPOrt its loss had been provided. The application was subsequently refused. We initially objected to loss of historic a5terns at Leeds Grand Theatre & Opera House. following which an improved proposal came fon￿3￿￿ keeping one on display wtth a plaque to explain its 518nificance. Similarly following an initial objection to works at the Dome in Worthirb8 the applicant submittEd addttional plans. One ol our appe31 responses was concerning a nei8hbourin8 development to which we had objected due to harm to the setting of the Old Vic in Lambeth. London. We support the position of the local authority and wish to see the appeal di5rnTr55ed. Case Study: Shanklin Theatre. Isle of Wight Shanklin Theatre is a buildin8 that Theatres Tnjst has had a lon8 hlstory of supportin& helpin8 local campai8ners to set up Shanklin Theatre and Communrty Trust to take over running the Venue when its future was under threat. More recently we have supported the theatre throu8h planning advice about a proposed new performlng arts centre. Due to the constraint5 of its statutory listing and there being a lack of space, there was no way to expand the existing theatre, therefore a neighbouring 51te was identified. The proposed workswiu provide a new 106-sÈat flexible auditorium. studios and a heritage centre. We met with the theatre to discu55 Its plans prior to submitting a plannin8 application. We highlighted some points for furthef consideration and provided a letter of overall support. The planning perrni55ion has now been granted for the scheme. We welcomed plans to create a new theatre space wthin a disused methodist chapel in Winchcombe, Gloucestershire to be called the Winchcombe Arts & Community Hub. We also supported the change of use and internal alterations at forrner Gaumont in Camden Town which after many years of bin8Q Use will retum to theatre use for an immersive theatre and cinema operator. Page 6

The TheatresTNst Charltable Fund Report ol the Trustees For the year ended 31 March 2024 L￿al Plans and Plannlng Pollcy Theatres Trust received 367 local planning policy consultètion5 over the year. We responded to 50 of these where they needed enhancing to include the protectign and enhancement of cultural facilities in the local authorivs planning policies. These included local plans, development management polioes, area action plans. neighbourhood plans. supplementary plannin8 docurnents. and communbty infrastrurture le￿ consultations. Campalgnlng To advocate and influence key stakeholders about the importance of theatres in pl3¢emakin8 and in the theatre rf0108V In order to secure the future of the UK'S theat￿$. Theatres Ht for the Fulure We launched our refreshed vision and three-year business plan, under the tagline Iheatres Fit for the Future. at the International Theatre EnBineerinB and Architecture Conference IITEAQ in September, where Theatres Trust ¢o-h05ted the reception. The wsion and business plan are focused on four key principles of resilience, indusivity. sustainability and placemakinB. To promote our refreshed focus and our priority projerts under for four themes, we made a short vlde¢) with the help of Ambas53dor5 Pippa Bennett-wamer. &"rnon Callow and Gary Kemp. This wa$ Screened for the flrst time at the ITEAC reception and subsequently used across our digital channels and at fundraising events. Advocallng for support and InvestrY*nt In theatres Theatres continued to lace a challenging post-pandemit environrnent. adjusting to newaudience patterns and continued cost of livin8 pressures. In particular. rising ener8V Costs threatened the viability of many theatres and escalating corbstruction costs risked jeopardising much-needed theatre capital improvement projects. Theatres Trust worked with a wide range of stakeholder5, and through artides and blog5. to put the case for support to help theatres weather these storms. as well as supporting theatres directly who werè facin8 these issues. We engaged with govemment around the pressing need for addltional capital investment in theatres, both to address hlstoric under-investment and to help make income generati￿ and cost saving improvements, including reduced ener8y usage. As a result of this work, towards the end of the year DCMS commissioned research into thè capital and maintenance needs of theatres. Theatrè5 Trust helped scope the tender document and subsequently worked with the appointed consultants to advise on sector researth and case studies. The research is expected to conclude in sprlng 2024. Theatres at Rlsk The Theatres at Rbsk Register lists theatre buildings across England. Scotland and Wales that are most at risk of belng lost. but whith the Theatres Trust believes have real potential for a 5U5tainable future as a working performance space. The 2024 Re8lSter Con￿St$ of 39 theatres with two theatres being added to the list, Abbeydale Picture House in Sheffield and Epstein Theatre in Liverpool. and one theatre. Dudley Hippodrome, rernoved due to demolitbon. We held an onllne event. sponsored by Tysers InSUTance. for key stakeholders to 5UPPOrt the announ￿ment of the new list. which wa5 attended by around 220 people indudin8 councillor5. funders, arts and heritage bodTres. a5 well as Theatres Trust Friend5 and Corporate Supporters. Arts and Heritage Minister Lord Parkinson gave an introduction to the event with Theatres Trust Ambassador Slobhan Redrnond Speaking about her passion for theatres and their importance to artists and audiences. There was also a series of presentations from theatres rec￿¥1￿8 support throu8h the Resillent Theatres.. Resiliènt Communities programme. The press release focused on the changes to the list= new addrÉTrons to and removal from the It5t. The announcement achieved more than 320 pieces of media coverage. including Channel S news, 88C Look North, The Independent. Daily Mail. Evenin8 Standard and The National and eight local BBC radio Stations. It wa5 5UPPQrted on social media by Theatres Trust Arnbassadors. helpin8 the campaign reath a wider audierKe. 8eyond the launch event. we supported Theatres at Risk thrnughout the year with advice and by raising the profile of their individual tauses. This has included support to campaign 8rovps with capital work5 advice, advising groups in the initial stage5 of formation. business and stiategic plannin8 and worknng wtih kKal authoiities and public funder5 to 5UPPOrt these important community buildings. Page 7

The Theatres Trust Charllable Fund Report of the Trustees For the year ended 31 Mafth 1024 A number ofTheatres at Risk have made progress in securin8 fvnding this year to help them in their re5pertive tampai8ns to save their the3tTes. Ramsbottom Coop Hall successmty applied to the Community Ownership Fund, Hulme Hippodrome and The Amulet both received funding from the Architectural Heritage Fund for feasibility work, 8urnley Empire has been supported by the National Lottery Heritage Fund and Morecambe Winter Gardens raised money to tomplete the re5tor3tion of their historic m05aic floor. Leith Theatre ha5 also taken a ￿gnificant step forward when Edinburgh City Council agreed grant a new So-year lease tL) Leith Theatre Trust. Case Sludv: Amulet Theatre. Shepton Mallet We added the Amulet Theatre to our Theatres at Risk list in 2022 artd in the past year the campaign to revive it has gathered momentum. A new group formed in 2023 bringing together local arts organisations we have been talking to and Shepton Mallet Town Council. in light of new5 that the building owner would be open to selling it. We have since provided early-stage capital works advice (building. design. viability and fundraising) and the group has subsequently been 5u¢¢essful in IES bid to the Arthitettural Herita8e Fund and also had its Expression of Interest accepted for the Community Ownefship Fund. We are continuing to provide support to the group and hope there will be more positive updates in the near future. Theatres Dalabase Led by Theatres Trust, the aim of thls projert 15 to create a user-friendly and comprehensive tlatabase that is useful to thèatre operators, producers. lotal authority planninB and culture departments, heritage researchers. and cultural policv maker5. It wll ensure Theatres Trust has high quality up to date infomiation on the health of the VK'S theatres which 11 both guide our strategic prioritie5 and support our advocacy. We completed work on stoping and costing the database and devebopin8 the business model. While we continue to pursue funding options we are also exploring alternative models for delbverin8 an equNalent resource more ¢ost*ffectively. Consulta￿0￿$ As part of our campaigning work on behalf of theatres we responded to national and regional consultations on i55ues impacting theatres. During this year we responded to foul ri31ional planning policy consultations, all within England.. Technical consultation on the Irbfrastructure Levy,. High street ￿ntaI auctions,. additional flexibilities to support housin8 delivery. the agricultvral sertor. businesses. high streets and open prisons. and Strengthening planning policy for brownfield development. In our re5pon5e5 we cautioned a83in5t relaxlng plannin8 restriction5 where there may be conflicts and IMpa￿S on theatres, for example ensurin8 propo5a15 for loss of theatre buildin85 and theatre use remain fully justified and wdenced. that acoustic impacts from nei8hbourin8 development are fully understood with sufficient mitlgatlon5 in place, and that Infrastructure contributions can be utili5ed to ensure cultural needs are met and that theatres recetve the invesiment they require. Contrfbutlon to Industry events We W0￿ed swth our partners to 5UPPQrttheatres and contril)uted to the wider debate on theatres, culture. sustainability and placemaking.. International Theatre En8ineer6ng and Architecture Conference- Dirertor Jon Morgan took part in two panel discussions. WhaV5 New in Architecture and Supportbng Culture. Kenyarb Theatre Festival- Architerture Adviser aaire Appleby gave a presentation on the Theatre Green Book. Pink Podca5t-Jon Mor8an was inteThiewed abo￿ enwronmental svstainability for the podcost h05ted by Chloé Nelkin. Planning and Culture round table- National Planning Ath5er Tom aarke 8ave a presentation to the Chief Cultural and LeisurÈ Officers Association. RAAC and the cultural sectoT-Ju5tine Harvey. Marketing and Communlcations Manager represented Theatres Trust at the What Next? discussion about the sitvation with Reinforted Autoclaved Aerated Concrete in theatre buildings. Town and Oty Regeneration - National Plannmig Athser Tom aarke Spoke at the Royal Town Plannirb8 Institute event. Page 8

The Theatres frust Charltable Fuhd Report of the TNstees Forthe year eTrded 31 Marth 1024 Supporter and stakeholder engagemtnt è¥*rtts Our many funders. dL￿or5, Corporate Supporters. Friends and Patrons of Theatres Trust are extremely important to our work, 8ivin8 their time and valuable support. We held a number of events to engage them across the year includin8 a tour ofthe Shaftesbury Theatre- two'Gary KÈmp in conversation. events atthe ￿(lub with Tim Rice and with Don Black, and online talks about Sheffield Crucible by Tedd George and Modem Thèatres by David Staples. | Grant glvl To provide strate8iC Capital and other funding to theatre5 to help them become and remain resilient. environmerttally sustainable. indusive and to contribute to local placemaking. We awarded SO grants totalling £345.248 a¢r055 three sthemes. Our grant5 fvnded projects that improve business resiliente. accessibility and enwronrnental sustainability of theatres and helpTheatres at Risktske the next strategic steps toward5 s4¥in8 their local theatre. SmaH Grants Programme supported by Thè Linbury Trust The Small Grants Pro8ramme wa5 launched thanks to the generous support of The Linbury Trust. In autumn 2022. the Mackintosh Foundation comrnitted funding over five years to the scheme. Charles Michael Holloway Charitable Trust also kindly made a further donation to the scheme in 2023. I￿eT two rounds. we awarded grants totalling £ 169,266 to 37 theatres.. Aberystwyth Art5 Centre.. Alexandra Palace Theatre. London. Idmedia Theatre. London,. The Barn, Banchory, Aberdeenshire,. Barn Theatre. Welw Garden City. Blackpool Grand Theatre.. Bristol Old Vic,. Cambridge Junct40n,' Celynen Collieries Institute and MÈmorial Hall,. Colchester Arts Centre,. The Courtyafd. Hereford,. Duchess Theatre & Chatsworth Arts Centre, Long Eaton- The Gateway Theatre, Seaton,. Hackney Empire. London.. Hope Mill Theatre. Manchester.. Horse + Bamboo, Rossendale.. Leeds Pl3yhouse.' Lichfield Garrick Theatre.. ￿ghthOU5e, Poole- Little Theatre, Gateshead- Lyric Theatre Hammersmlth. London- The MAC Belfast.. The Market Thèatre, ledbury,. The Mowlem Theatre, Swanage.. Orange Tree Theatre. Richmond, London.. Pitlochry Festival Theatre, Scotland,. Sherborne Studio Theatre. Dorset- Southwold Arts Centre- Studio IA Theatre. 8angor. Northern Ireland,. Theatre Royal Stfatford East, London.. Tolman Centre, Constantine, Coinwall- Torch Theatre. MTrlford Haven; Trestle Arts Base. St Albans; Tyne Theatre and Opera House, Newcastle.. Watermlll Theatre. Newbury: The Welfare Ystfadgynlais, Swansea; The Woodshed Theatre, Oxford. Case Studi￿. The MAC Belfast Purpose-built in 2012, the MAC is one of Belfa5Vs leading art5 spaces. A Brant of £4,932.61 from the Small Grant5 Prograrnme, has funded the ￿c to replace it5 existin8 foyer announcement system with an enhanced system that is adjustable, adaptable. and fit for purpose. The system will facilitate audible announcements across 10 zone5 Wlthin the venue. catering to the diverse requirements of the audience. including those wth hearing impairments and additional needs. ensuring that shows start on time and providing a consistent warm welcome for all c4rstomers. The system is more ener8y effictent, contributing to the MACS ongoing 5U5tainability commiimeni. Pltlochry Festtval Theatre Pitlochry Festival Theatre opened in 1951. moving to its Cul￿At purpose-built building in 1981 where it produces large- scale plays and musicals and hosts 3 summer season across its auditorium. studio and amphitheatre. The theatre had previously hired captioning equiprnent, lirnitin8 the number of captioned performances it could host. A £5,000 award from the Small Grants Prograrnrne has funded one of the two caption displays it has installed, which will increase its accessible perfomiances and reduce costs and environmental impa¢t. Page 9

The Thèatres Trnst Charitable Fund Rep¢￿ olthe Trustees For the year ended 31 March 2024 Case Studles {¢ontdl- The Welfare Ystrad8ynlal¥ Swansea One ofthe aims of the Sfflall Grants Programme is to fvnd works which make theatre buildings digital-ready. so we were dellghted to support lour theatres with projects of this kind in the latest round of the 5theme, Including The Welfare Ystradgynlais. The Welfare Ystradgynlass has a lon8 history as a community and cultural venue. having continuous operated as a CLtltural centre and 50¢ial hub for its community Since it wa5 built in 1934. A £4,(K)0 8rant from the Small Grants Pro8ramme funded the venue to in5ts11 a mesh Wi-Fi ￿$tem, whith wll provide reliable buildin8-wide Wi-Fi. This wS115UPPOrt the installation of a new phone system and improve the appeal of the building to hirers, visitois and performer5. Thealre Improvement kheme wrth iht Wolfwn Foundalion The Woltson Foundation tontinued its 8enerous SUPPOrt for the Theatre lrnprovement Scheme, hjnding theatres to improve their environrnental sustainability. In 2023124. we awarded six 8rants totalling £115.982= Battetsea Arts Centre, Londofi- 8irmingham Repertory Theatre.. Midlands Arts Centre (MACI. 8lrmingham. New Vic Theatre. Newcastle-under-Lyrne.' Park Theatre. london.. Storyhou5e. Chester. Case Study: Storyhouse. Chester Situated in converted 1936 Odeon cinema. Storyhouse was repurposed as an arts centre and library in 2017. During the winter month5, it acts as a wami hub forthe community. SO It is vitally important thai Its spaces can be heated efficiently. Partly lunded by a £20.(QO grant from the Theatre Improvement Scheme in as50Clation with The Wolfson Foundation. its solar energy capacity will be trebled 4Mth the installation of additional solar panels. This will reduce carbon emissions, help the theatre generate more self-sustainin8 power. and make signifKant savlngs. Re5115ent Theatres: R¢4llent Communltles 8rJnts programme Funded by The National Lottery Heritage Fund. the Pilgrim Trust and Swire Charitable Trust, the grants aim to help progress the restoratii)n, reopening or revitalising of At Risk theatres by funding expert support. In this first year ol the programme. we lunded seven theatres with grants totsllin8 £60.O)0: 8urnley Empire.. Derby Hippodrome: Doncaster Grand.. Mar8ate Theatre Royal.. Morecambe Wintèr Gardens,. Salford Victoria,. Tameside Hippodrome Case Study: Derby Hippodrome Oerby Hippodrome, which has been on ourThèatres at Risk Registersince it began in 2LN16. ts a rare survival from an early stage in the crossover period when buildbn8s were berngconstructed forboth livetheatre and cinema. Derby Hippodrome Restofation Trust, working with Derbyshire Historical Buildings Trust, received a grant of £IO.000 to build on a previous viability report and create a Vbsion for a revitalised arts venue that breathes new life into the venue. Work includes 80vemante and operational planning but also stakeholder engagement with a Music Industry Workshop and the formation of a music pand to link the restoration of the Hippodrome and the strate8ic development of music in Oe¥by. Future Plans Over the year the 8oard and Team worked hard to deliver the first year of our new Three-year Plan for 2023-2026, Theatres Fit for the Future. Focusing our priorlties and identifying how we can best 5UPPOrt thÈatres navigate the post- pandemic challenges they face, we delivered initiatives acros5 the priority themes of Resilience, SustaTrnability, Inclusion and Placemaking. Pège 10

The Theatres Charltable Fund Report of the Trustees For the year ended 31 Mar¢h 2024 These themes will continue to sefve as a 5trate8ic focus to prioritise and guide our core work across Advice ond Plannin& Campaignin& and Grant Giving. In 24125 we will also deliver the second year of the Resilient Theatres. Resilient Communities programme. launch a new edition of the Theatre Green Book with enhanced tools and resource5, alon85ide recruiting a Director, further develop our understanding and prartice around Equality, Diversity and Inclusion and launch a new comprehensive database of all UK theatres. Additionally. we will invest in further training to build our in-house skills. knowledge and practice across these areas, as wèll as further developing our Skills Bank of external specialists who we draw on to supplement and complement our work, further extending the depth and reach ol our advice giving. John Earl. Rupert Rhymes and Ruth Ea5Qwood: An Appreciation Sadly in 2024 we lost three very dear. committed and dedicated Theatres Trust colleagues, all of whom made major contributions to the orBanisation. Johth Eafl was the Theatres Trusvs first paid Director from 1986 to 1996. He took over at a key point, building the Trusrfs influence and profile on modest resources and enabling the Trust to estsbli5h itself as an important source of advice and advocacy for the nation's network of theatres. l John was printipal author of what would become the 1982 publication Curtains!1 I lor 3 New Life for Okl Theatresl. Eighteen years later. in 20LKI. its successor. the Guide to British Theatre5 1751>1850 A Gazetteer, was published, edited by John Earl and Michael Sell. John was also responsible for establishin8 the Theatre Protection Fund. the umbrella terrn Theatres TrusV5 various 1 grant schemes that continue to this day to provide ffinancial support dirertly to theatres. John's passion fortheatfe IwJildin#5, infinite wisdom and guidin8 hand in supporting subsequent Theatres Trust Direclors W45 invaluable. Rupert Rhymu served as Chair of the Theatres Trust from 2CK12 to 2Crf)9. A true man of the theatre Ruperfs working life was devoted to the theatre industry and his passion for theatre arthttecture and performance wa5 recognised in 2002 when he recewed an OBE for services to theatre and • special L•uren¢e Olivier Award. ID a career spanning many decades he managed or was a tnjstee of many of the UK'S leadinB theatres, including the Old Vic Theatre, Sadlerfs Well's Opera The Oxford Stage Company and The Bristol Old Vic. Rupert uniquely served 35 both President of The Society of West End Theatre and as Chièf Executive of The Society of London Theatre and The Theatrical Management Association Inow UK Theatre) and in these roles was responsible for many initiatives that not only refomied the organisations themselves but also led to major improvements across the industry. Ruth Eastwood served on the Theatres Trust Board for nine years from 2011 to 2020 and was Ifice Chalr for her last six. Ruth's knowledge of theatres and theatre man38ement, including serving as CEO of major theatres suth as Blackpool Grand. Curve Leicester and Lighthouse Poole, was an invaluable asset in support¥ng the Tru5t'5 advice work and overall 8overnance. She a150 drew on her organisational development and coaching skills to 5UPPQrt the staff and trustees at key moments of organisational change. Such was her Commitment to Theatre5 Trust She then joined as Theatres Adviser in February 2024, a role which she hu8Èly enjoyed and in which her colleagues and the theatres she supported valued and respected her considerable expertise and wisdom. Ruth's passion for the work of Theatres Trust and her knowledge and expertise provided the Trust with vital guidance and support over almost fourteen years. Page 11

The Theatre5 Trnst charilab￿ Fvnd Report of the Trustees For the year ended 31 Marth 2024 Financial Review Results forihe year The Theatres TNst Charitable Fund made a loss. beforegains and losses ot) investments, of £49,829 in the year12022123: surplus £66.16SI. There were realised and unrealised gains on investments resulting in an ove¥all surplus of £22,126 12022123.- loss £81.333}. Fundrahlni Prartlses Statemwtt & Re¥lew off￿dIal$l￿ artlvlty The Trvstees take their responsibility under the Charit￿5 IProtection and Social Investmentl Act 2016 sérlously and have considered the implications for the activities of the Charitable Fund. Over the course of 2023124 the Charitable Fund dld not employ any staff with a specific remit for public fundraising. The Trustees have reviewed the Charity Commission Charity fundrai5ing.' a guide to trustee duties ICC201 guidance and are confident that obligatbons are being fulfilled. The Director ha5 a role in diversifying the Charitable Fund's income, with 5pe¢ific responsibility allocated to our Dlrector of Development. The Director of Development is a salaried member of staff who ha5 oversight of all grant applications and has a rernit to diversify the Chariiable Fund's income. The Charitable Fund doe5 not recruit volunteer fundraisers. The Charitable Fund does not have any subsidiary trading companies. ror do we employ cornmer¢ial third parties to undertake fvndraisin8 on our behalf. Our corporate supporters, friends. and patrons do not undertake public fundraising on our behalf. We have an open cOm￿alntS proce55, which the TrvstLÈS have reviewed and a8reed, which applies to Charitable Fund staff and volunteers. Our COm￿alntS procedure 15 published on our website. We have received no complaints about our fundr•isin8 over the course of the year. Financial oversight of incorne generation and expenditure is provided bythe Executive Comrnittee. which reportsto every Board meeting. Effective fin3n¢ial Controls are in place and any serious incident would be reported to the Charity Commission and other relevant agencies. Reports are filed in accordance with the regulations Out by Companies House. the Charity Commission and OSCR. The Charitable Fund receives the lar8est proportion of its income from The Theatres Trust by way of an annual covenanted payment. In the year ended 31 March 2024 this amovnted to £427,60712022123.. £440.0591. The Charitable Fund Is also supported flnzncially by Historit England and received an annual core 8rant of £15,91812022123.. £15.6061. Other sources of income are largely from donations and grants from individuals and charitsble trust5 and fovndations, as well as subscrsptions and fees received from Friends. Cotporate Supporters and Patrons of the Theatres Trust Charitable Fund. io whom it remains grateful for their on-8oing support. Expendltwe Total expenditure in the year was El.354.426 in total. being £244,664 higher than in 2022123. Investment powers •nd politv The Charitable Fund's Investment portfolio was managed on Its behalf by JM Finn & Co. The in¥e5tment objective is to provide growth in ihe real value of assets over the long temi and to generate income. The investment objective is to be achieved by investment in a balanced portfolio comprisTn8 equities with a medium risk profile Of fixed Interest and cash. This policy is reviewed annually. The investment strate8y is not constrained by income requifemènts bul provided that there are no large ¢alls on capital. the Trustees woukl expect to achieve a 8ro5s incom* of an amount to be Nxed annually by agreement. Page 12

The Theatres Trust Char5table Fund Report of the Truste For the year ended 31 Marth 2024 The value of the Charitable Fund's investment portfolio increased during the year such that the morket value of the portfolio on 31 March 2024 was £1.058.77212022123= £996.2711. Income received fiom the investments during the year was £30.64312022123-. 28.4621. The relative performance ofthe portfoliowas closefy aligned to thegeneial market trend. The Tru5tee5 regularly review p)rtfolio perfornian￿ In accordance with the guidan¢e provided by the Charities Commission. Reserves pollcv The Charitable Fund carrbes out a diverse range of artivities, some of which comprise short term and externally funded projects whilst others comprise long term pmjects requiring significant ongoing financial commitment and investment. The Trustee5 have reviewed the requirement for free reserve5 i.e.. those unrestricted funds not invested in tangible fixed a55ets, des18riated for specific purpose5, or othenwise cornmitted. Based on anticipated increased turnover for the next 3-Year plan period and taking account of the level of General Funds held by the Theatres Trust. the Trustees tonsidèr that, given the naturè of the Charitable Fund's work. the level of free reserves should ￿ approximately £348,847 equivalent to 6 rnonth5' annual expenditure on unrestricted fund5 at any one tirne, including provi5i0n5 for staff redundancy and similar costs. The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources due to the timing differences in income flows. adequate working capital to covèr core tosts. and will allow the Charitable Fund to cope wth and respond to unforeseen emeigencles whllst spetifit action plans re implemented. On 31 March 2024 Sufficient free reser4es were held after a transfer of £36,601 from the Capital Provision Fund. The balance sheet shows total funds of £1.127.588. This includes £34.729 of restricted funds where their use is restricted or subjert to donor-irnp05ed conditions and fund5 totallin8 £744,012 that have been designated, or set aside, by the Trustees to fund additional theatre protection measures such as Viability Studies for Theatres at Risk and for further organisational capacity and resource buildin& including further database and web development. An analysis of the movemènts on the funds is set out in note 12 to the actourtts. General Funds of the Charitable Fund on 31 March 2024 total £348,847. These lunds are represented by tangible fixed assets with a net book value of £14.638 and free reser¥es of £334.209. The Trustees conslder that ihis level of free re5ervè5 is in lirbt with thè parameters set out in The Theatres Trust Charitablè Fund's rèsÈrve5 policy 3bove. Trustees The Trustees and senior Offi￿rS serving during the year were as shown on page l of thls report. Structure. Govemance and Mana8emenl Governlng document The Theatres Trust Charitable Fund was established by a Trust Oeed dated 31 October 1977 and registered with the Charity Commission under tharity number 274697. It is fvrther governed by a Supplemental Deed dated 31 De￿mber 1989. Appointment of Truste Trustees are appointed by the Secretary ol State for Culture. Media and Sport through the Public Bodies Division of the DCMS. In July 2011 the Department of Culture. Media and Sport announted proposals to de¢la55ify The Theatres Trust. For the time being these plans are not being Carri￿ out and Tht Theatre5 Trust continue5 as an advisory non departmental public body, promotin8 the better protertion of theatre5. Trustet Indudlon and tralnlng New Trustee5 undergo an induction to brief them on their le8al obli8ation5 under charity law, the Charity Commission guidance on public benefit, content ol the Trust Deed, committee structure5 and the decision-making proce55. the Charitable Fund's relationship to the associated statutory body (The Theatres Trustl, the business plan and the recent Page 13

The Theatre5 Tryst Charitable Fund Report of the Truslees For the year ended 31 Marth 2024 financial performance of the Charitable Fund. During the course of their induction, they olso meet with employees and. where pgSStble. other Trustees. Trustees a￿ also encoura8ed to attend external orientation and other trainin8 events that may a5S15t in a fuller understanding of their role as Trustees. particularly those ofgani5ed by the DCMS. Orlanisatlon The Council of Trustees, which can have up to 15 rnembers. administers the Charitable Fund. The Councll meets quarterlv and there is a sub-committee. the Executivè Committee. which also meets quartedy to consider matters relating to investments and other financial and managernent rnatters. A chief executbve. the Dlrector. is appointed by the Trustees to manage the day-to-day operations of the Charitable Fund. To facilitate effe¢tive operations. the Dire¢tor has delegated authority. within the terms of delegation approved by the Trustees. for all operational matters includin8 finance, employment and ddNery of the Three-year Plan. Rel￿ed parties None of the Trustees receive remuneration or other benefit from their work with the Charitable Fund. The Theatres Trust Charitable Fund works dosely wth The Theatres Trust, a body eSta￿lshe￿ by an Act of Parliament in 1976 to promote the better protection oltheatres. As the original Act of Parliament did not provide for The Theatres Trust to be a charlty. so the Charitable Fund was Set up as a separate orEènisation and 5UPPOrt5 the Trust in its work. The Charitable Fund and Theatre5 Trust share the same staff. Trustees and offices. The Charitable Fund pays all primary CQSt5 relatin¢ to the ernployment of staff and office costs and as a result levies an annual char8e upon The Theatre5 Trust in respect of management and administration cos Board Effe¢tfveness Re¥lew As an Arni's Length Body under DCMS the Theatre5 Trust. which shares the same Tnjstees as the Charitable Fund, under￿keS annval Board Effectyveness Reviews. There was an extensive review in 22123 of governance, policies and procedures. trusiee and stalf engagement. board skillset and individual performance. In 23/24 all policies and procedures were revièwed and updated on a idling basis. Additional￿, the Chair undert(bok trustee appraisals, and the Chair was appraised by the Vite Chair Èn April 2024. Rlsk management The Trustees are committed to embeddin8 effective risk management strategie5 into all of their management processes. The key objectives of the approach to risk are to address matters that impact upon the Charitable Fund'5 Statutory duties and its abilityto= control expenditure within fixed budgets- rneet key aims. objectives and policies- manage relationships Wbth stakeh￿derS. funders and supporters; and manage its assets and liabilities. As well as preparin8 a Risk Management Statement and Risk Anatysis Register. both of which are reviewed annually. a system for continuous risk identification and forecastin8 has btert implemented. The Trustees are of the opinion that the measures taken are sufficient to mitlK3te the exposure to all potential major risks the charity may face. The Trustees have evaluated the risks for the 23124 financial year and have approved the budget. The Trustees confirm Ihat the Thèatres Trust Charttable Fund continues to operate on a 80ing concern basis. Trnstees. responslbllltles In relallon to the financial statements The Trustee5 are responsible for preparing a Trustees, rep￿ and financial siaternents in accordance with applicable law and United Kingdom Accountin8 Standards Iunited Kingdom Generally Accepted Accounting Practicel. Page 14

The TheatresTru# Charttable Fund Report of the Trustees For the year ended 31 March 1024 Law applicablè to charitles In England and Wales requires the Trustees to prepare financial statement5 for each year, which give a trne and fair view of the State of affairs of the Charitable Fund and of the incoming resources, including the income and expenditure. for that period. In preparing the finanaal statements. the Trustees are required to: select suitable accounting poliaes and appty them consistently. observe the methods and prin¢iples in the Charities SORP- make jud8ment5 and estimates that are reasonable and prudent- state whether applicable accounting Standards and ststements of recommended practi￿ have been followed. subjett to any material departures disclosed and explained in the financial statements.. prepare the financial statement5 on the going concem basis unless it is inappropriate to presume that the Charitable Fund will continue in operation. The Trustees are responsible for keeping accounting records that disclose with reasonable a¢cura¢y at any ttme the financial p051tion of the Charitable Fund and to enable them to ensure that the financial Statements comply with the Charities Act 2011, the Charity IAccounts and Reportsl Regulations 2(X)8 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the (hariiable Fund and hence for taking reasonablè steps for the prevention and detection of fraud and other irregularities. Publlt ￿nefft The Trustees confirm that they have regard to the Charktycommission's guidance on public benefit and considerthatThe Theatre5 Trust Charitable Fund provides a public benefiL On behalf of the Trustees David Moutrèy 08E Chair 2024 Page 15

The Theatre5 Tr￿t ChaTitable Fund IndependMI audltor< report to the Trustees For the year ended 31 Marth 2024 Opinion We have audited the financlal statementsof The TheatresTrust Charitable Fund forthe yearended 31 March 2024 whirh comprise the statement of financial actt¥ities. balance sheet. statement of cash flows and notes to the financial statements. including a summary of significant accounting pcdicies. The financial ￿porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102, the Firbanoal Reportin8 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements.. give a true and fair view of the stste of the charitrfs affair5 a5 of 31 March 2024 and of it5 incorning re50urce5 and appllcation of resources lor the year then ended: have been properly prepared in accordance with United Kingdom Generally Ac¢epted A¢¢ountin8 Practi￿,. and have been prepared in accordan￿ with the requirements of the Charitie5 Act 2011. Basis for opini( We conducted our audit in occordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our ￿pOrt. We are independent of the charity in accordance wlth the ethical requirement5 that art relevant to our audit of the financial 5tstements in the UK. Indudin8 the FRCS EthKal Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the avdit èvidencè we have obtained ￿ suffitiertt and appropriate to provide a basis for our opinion. Conclusions relatin8 to lolng ¢oncern In auditin8 the finanaal Statements. we have concluded that the trustees. use of the 8oln8 concern basis of accovntin8 in the preparation of the finanual statements is •ppropriate. Based on the work we have performed, we have not identified any material uncertainties relatingto events or condltions that, individually or eollectively. may cast $18nificant doubt on the chariws ability to continue as a going concern for a period of at least twelve months from when the financial statements are outhorised for issue. Our cespon5ibilities and the ￿pOnSibIlItIeS of the trustees Wbth respert to going concem are described in the relevant sectlons of thls report. Other Informatlon The trustees are reSponsi￿e for the other inforrnation. The other informatTron comprises the Information Included in the annu31 report, other than the financial statements and our auditorfs report thereon. Our opinTron on the financial staternents doe5 not tover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance condusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inCon￿stent with the financial statements. or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material incon515tenties or apparent material misstatements, we are fequired to determirte whether this gives rise to a material misstaternent in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of thls oiher inlormation- we are required to report that fatt. We have r￿thIng to report in this regard. Page 16

The The*res Tru# Charhable Fund Independent audltors, report to the Trust•es For the year ended 31 March 2024 Matters on whlch we are requlred to report by excep We have nothing to report in respect of the following matters in relation to which the Charities IA¢¢ounts and Reportsl Regulations 21X)8 require us to report to you if. in our opinion.. the information 85ven in the Trustees. Annual Report is in¢t)nsi5tent in any material respect with the financlal 5tatements- or the tharity has not kept sufficient accounting records,. or the financbal statements are not in agreement with the accounting records and retUrn5,' or we have not received all the infomiaiion and explanations we require for our audit. Responslbllltles of trustees s explained more fully in the Trustees. Responsibilitits Ststemènt set out on page 13, the trustees are responsible for the preparation of the financial staterntnt5 and for being Satisfied that they 8bve a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparin8 the financial statements. thetrustees are responsible forassessinB the charit¢s abillty to continue a5 a 8oing concern, disclosinB. as applicable, matters related toBoingcOn￿rn and usingthe going ¢oncern basis of accounting unless Ihe irustees either intend to Ilquidate the tharity Lv to Cease O￿TatIOnS. or have no realistic alternative but to do so. Auditors, re5POn5ibililies forihe audit of the fvwncial ststements We have been appointeil as auditors underthe CharitiesA¢t 2011 and report in accordance with regulations made under thai Art. Our objectSves are io obtaln reasonable assurance about vthether the financial 5tstements as a whole are free from material misstatement. whether due to fraud w error, and to issue an auditors, report that includes our opinion. Reasonable assurance 15 a hi8h level of assurance. but is not a Buarantee that an audit condurted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could rea50nabty be expected to influence the economic decisions of users taken on the basis of these f￿an(la1 5tstements. Irregularities. including fraud. are instsnces of non-compliance with laws and regulat￿ns. We design procedures in line with our respon5ibilitie5, Outlined above, to detect material misstatements in respect of irre8ularitles. Including fraud. The Specific procedures for thi5 engaBernent and the extent to which these are capable of detecting iffegularitie5, indudin8 fraud are detailed below. Idtntifying and 355essing risk5 rélated to irregulzrtties= We assessed the SUS￿ptIbilityof the charitW5 financial ststements to material misstatement and how fraud might O¢CUT, includin8 throu8h discussions wth the management. discussions within our audit team planning meetin& updatin8 our record of Internal controls. and ensLtring these contmls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the finantial ststemènts. Wè identified laws and regulations that are of $18nilicance in the context of the charity by discussion5 With management arKI trustees and updating our under5landin8 of the sector in which the charity operates. Laws and regulations of direct Signif￿n¢t in the context of the charity indude the Charities Act 2011. the Charitles IAccounts and Reports) Regulations 2008 and 8uidance issued by the Charity Commission for England and Wale5. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial staiemtnt itèms intludirtg a rèview of financial statement disc105ures. We reviewed the charity's records of breaches of laws and regulation5. minutes of meetin85 and correspondence with relevant authoritie5 to identify potentiol Page 17

The The•tresTrust Ch•ritable Fund Independent auditor< reportio the Trustees Forthe year ended 31 Marth 2024 material mi$5tatements arising. We discussed the charitys policies and procedurs far tomplianc with laws and regulations With mernbers of management fesponsible for compliance. During the planning meetin8 with the audit team. the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulation5 or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulation5 or knowledge of any actual. suspected. or alleged fraud. We addressed the risk of fraud through m3na8ement override of controls by testing the appropriateness of journal entries and identifying any significant transactions that We￿ unusual or outside the normal tourse of business. We assessed whetherjyd8ements made Fn making accounting estimate5 gave rise to O P055ible indication of management bias. At the completion stage of the audit, the engagement partnerfs review included ensurin8 that the tearn had approached their work with appropriate professional scepticism and thusthe capaotyto identify non-compliance with laws and regulations and fraud. There are Inherent limitations in the audit procedures destribed above and the further removed non-compliance wlth laws and regulations 15 from the events and transactions rÈfiected in the financial statements. the less likely we would become aware of it. Also. the risk of not detectinE a material mi55tatement due to fraud is higher than the risk of not detecting one resultin8 from error. as fraud may involve dekberate concealment by, for example. forgèry or intentional misrepresentations. or through collusion. A further descriptlon of our re5ponsibilitie5 Is avalable on the Financial Reporting Council's website at.. www.frc.or . auditorsres onsibilitie& This description forms part of our auditors. ￿pOrt. Use of our re￿1 This report is made soldy to the charitWs trustees, as a body. in accordance with Part 4 of the Charities IAccounts and Reportsl Regulations 2C#)8. Our audit work has been undertaken 50 that we might state to ihe injstees those matters we are required to state to them in an auditorfs report and for no other purpose. To the lulle5t exlent perrnitted bylaw, we do not accept or assume re5pon5ibility to anyone other than the charity and the trustees a5 a body. for OUT audit wor for this report, or for the opinions we have fomied. LLP Saffery LLP Chartered Accountants Statuiory Auditors 71 Queen ￿￿Or18 Street London EC4V 4BE Date.. Saffery LLP is eligible to act a5 an auditor in terms of section 1212 of the Companies Act 2(K16 Page 18

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The Theatres Trust Charltable Fund 8ala￿e Sheet For the year ended 31 Marth 2024 2024 2023 Notes Flxed assets Tangible assets Investment5 Total fixed 45sets 14,638 1,058.772 1.073.410 33,171 996,271 1.029.442 Current assets Debtors Cash at bank and in hand Total current a5xts io 198,487 107,325 305.812 95,978 158,537 254,515 Uabllltles Creditor5: amounts falling due within one year li 251.634 178,495 Net current assets 54.178 76,020 Total assets less current 1.105 462 1.127.588 1,105,462 Funds Restrlcted funds 34.729 66.692 Unrestritted funds: General lund5 348.847 744.012 356.129 682,641 De548nated funds Total lunds 13 1 105 462 The financial statements were approved by the Trustees on 2024 and signed on its behalf by.. Oavid Moutrey OBE Chalr Jon Morgan Dlrertor 2024 2024 Page 21

The Theatres Trust Charitable Fund ststement of cashflows For the year ended 31 March 2024 2024 2023 Notes Cash flows from operatlftg artlvltle5: Net cash lused inllpfovide(I by optrating activities 187.9861 5,264 Cash Ilows from In¥•stlng artl¥ltles: Dlvldends and interest frorn investments Purchase of equipment Leasehold improvements Pr¢xeed5 from sale of investments Purchase of investments 30.643 13.3231 28.462 16,3491 Ic￿.265 {94.8771 195.494 1196.1551 Net cash provlded byllused Inl hwestlng actlvltles 32.708 21.452 Change In cash •nd tash qulvalents in the reportin¥ wlod {55.2781 26,716 Cash and cash equNalent5 at the beginning of the reportin8 perlod 163.851 137.135 Cash and cash equivalents at the end olihe report5ng perlod 108.573 163,851 An•lysis of ¢ash and cash equl¥alents Cash In hand Cash held as investments Total ¢ash and (ash equl¥aleThts 107.325 1,248 108,573 ISB.537 5,314 163.851 Page 22

The Theatres Trust Charttable Fund Natss to the accounts Forthe year ended 31 •Aarth 2024 Accountlng polkles Basls of preparatlon The accounts (financial staiementsl have been prepared in atcordance with the Statement of Recommended Prartice.. Accounting and Reporting by Chartties preparin8 their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from l January 2019. The accounts (financial statements) have been prepared to gbve a 'true and fairf view and have departed from the Charities IAccounts and Reports) Regulations 2(K18 only to the extent required to provide a 'true and fair vie￿. Thi5 departure ha5 invglved following Accounting and Reportin8 by Charities preparlng their accounts in CcOrdan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in Odober 2019 rather than the Accounting and Reportin8 by Charities.. Statement of Recommended Practice effectfve fmm l April 2LK15 whith has smite withdrawn. The Charity constitutes a pU￿1C benefit entity as defined by FRS 102. The finantial statements are prÈpartd in stertin& which is the functional currency of the Charity. Monttsry amounts in these financial statements are rounded to the nearest £. Golng concern The trustees consider thai there are no material uncertainties about the charity's ability to continue as a going concern. After reviewing the charity's revised forecasts and projections, the trustees have a reasonable expectation that the (harity has adequaie resources to continue in operational existence for the foreseeable futurè. The Trustees confirrn that the Thèatres Trust Charitable Fund continues to operate on a going concern basis. Incom Don¥tion5 and legacies are accounted for as and when entitlement arises, the amount can be rellably quantified and the economic benefri to the charity is considered probable. Gifts in kind are valued at estimated open market value at the date of 8ift, in the case of assets for retention or consumption. or at the value to the tharity in the case of donated services or facilities. Investment income from bank balances and fixed interest seturiti¢s is ¥counted for on an aCCTuals basis. Expendlture Expenditure is accrued as soon as a liabilitii is considered probable. Grants payable. made to third partits in furtheran￿ of the Fund's charitable obJ'ectNes. are accrued in that financial period, eX￿pt where these are subjert to conditions under the charity's control. Grants committed at the balance sheet date but not accrued 85 conditions have not been met are disclosed as su¢h in the notes to the attounts. Alloclon ofo¥erheads. 5UPPOrt and w4emance costs Overhead and support costs have been allocated firstly between charitable activity and fundraising. Overhead and support costs relating to tharitable activities have then been apportioned based on the aveiage amount of staff time Spent on each actbvity over the course of the financtal period. The allocatlon of overhead and support costs is analysed in note 4. Governance costs comprise all costs involving the publlc accountability of the Charitable Fund and its comp5iance with regulation and good prattice. These tost5 ifbdude expenditure related to statutory audit and legal fees and are induded ￿thin support ¢ost5 a5 shown in note 4. Page 23

The Th¢atY•s Trust Charltable Fwd Notes to the a¢¢ounts Forthe year ended 31 Maith 2024 Accountlng policies (continued) RaiNB funds The costs of raisÉng hjnds consist of fundraisin8 and publicity costs and investment management fees. Charitable artivilies Costs of charitable artivitie5 comprise dirert costs attributable to each activity which indude 8rants made to third parts and an apportionment of overhead and support costs as shown in note 4. Tan8lble flmed assets and deprttiation Tangible fixed assets are stated at cost less depreciation. A51èts under £250 are not capitalised but written off in the year of purchase. Depreciation is provided at rate5 calculated to write off the tost less estimated residual value of eath asset over its expected useful life. as follows; Office equipment and fvmtture- Leasehold improvements- 25% on cost 20% on cost Leaslng and hSre purthase commltments Rentals payable under operatin8 leases are charged against income on a straight4ine basis over the period of the lease. i.io Inve5trnents Fixed asset investments are stated at market value. Profit k)ss on dt5P05als are calculated as the diflerence be￿en the sales proceeds and the market value at the beginning of the year (purchase date if later). i.ii Impa5rmeryt of fixed assets Ai each reporting end date, the charity review5 the carrying amounis of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indiiation exists, the recoverable amount of the asset is estimated to determine the extent of the Impalrment loss Ilf any). Recoverable amount IS the higher of fair value less costs to sell and value in vse. In a5sessin8 value in use. the estimated future cash flow5 are discounted to their present value using a pre-tax discourbt rate that reflects current market assessrnents of the timevalue of money and the rbsks specificto the asset forwhich the estimate5 of fvture cash flows have not been adjusted. If the retovefable amount of an asset is estirnated to be lèss than its carrying amount. the carrying amount of the asset is reduced to its recovefable amount. An impairment1055 is recoBni5ed immediately in profit or loss. Recognised impairment losses are reversed if. and onty if. the rea50n5 for the impairment loss have ￿aSed to apply. Where an impairmtnt loss subsequently reverses. the carrying amount of the asset is increased to the revised estimate ol its recoverable amount. but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been Tecognised for the asset in prioryears. A reversal olan impairment Ioss is recogni5ed immediately in profbi or loss. 1.12 Penslons The Charitable Fund operates a defined contribution scheme for its employees. The pension c05t5 charged in th* account5 represent the tontributions payable by the Charitable Fund during the year. 1.13 DesI￿ated funds Designated funils a￿ unrestrirted fund5 eannarked by the Trustees for particular purposes. Further details of each fund are disdosed irb note 12. Page 24

The Theatres Trust Charltable Fund Notes to the accounts For the year ended 31 Marth 2024 Accountlng polcies Icontinuedl 1.14 Restrirted fvnds Restricted funds comprise monies raised for. or their use ￿$tricted to. a specific purpose, or contributlons subject to donor-Smposed conditions. Further details of eath fund are disclosed in note 12. 1.15 Direci t•xati¢)n The Charitable Fund Is a registered charity and therefore is generally exempt from income tax and capltal gains tax. but not from VAT. Irrecoverable VAT 15 induded in costs and allocated over the resources expended. 1.16 Cash al￿ cash equivalents Gish and cash equivalents include cash in hand. dep05it5 held at call banks. and bank overdrafts. 1.17 Flnandal Instruments The Charitable Fund only has financial assets and financial liabilitTre5 of a kind that qualify as basit financial instrurnents. Basic fjnancial instrurnents are initialty reco8nised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at amortlsed cost using the effective interest method. There were no bank loans In the year. 1.18 Critical attO¥ThtI￿ judgements and key %>urces of estlmatlon uncertalnty In the application of the chariws accountinB policie5. the dirertors are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilitie5 that are not readily apparent from other SOU￿5. The e5tirnates and asslxlated assumptions are based on historical experlen¢e and otherfactor5 that are considered to be relevant. Actual results may differ from these estimatts. The estimates and underlwn8 a$5umptions are reviewed on an on8oinB basis. Revisions to a¢¢ounting estimates are reco8nised in the period in which the estimate is revised where the revision affects On￿ that period, or In the period of the revision and future periods where the revision affects both current and future periods. The trustees do not believe that there is a 5i8nificant risk of a material adjustment being made to the carryin8 arnounts of assets and liabilities included in these financial statements within the next financial year. Page 25

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The Theatres Trust Ch•rltable Fund Notes to the accounts For the year Èndèd 31 Mar<h 2024 Governan¢• costs 2024 2023 Tnjstee expenses Fees payable to the charit￿5 auditor5 Meetin8 Costs Annual report Other governance c05ts 1,335 8.8 3.529 1.8 7,033 1,245 8,500 870 1.700 8,512 Total to¥emance cos 22.497 20.827 None of the Trustees lor any persons connected with them) received any remuneration durin8 the year, but 4 Tnjstees were reimbursed a total of £1.335 for travelSnB expenses incurred ID attendin8 Charitawe Fund meetinB5 and event5 12023.. 3 Trustee were reirnbursed £1,245). Net Incomel{expenditurel This is stated after chawn&. 2024 Z023 DeprectationlAmortisation of fixed assets Fees payable to the Charit￿S auditors for the charitvs annual accounts Operating lease rentals- office premi5e5 21.856 22,192 8.500 46,490 48.762 Page 30

The Theatres Trum Charhable Fund Notès to thè atcounts For ihe ye#r ended 31 M•rth 2024 Employees Number ofemployees 2024 Number 202Y Mumber The average number of monthty employees during the year was.. {Management, adrnini5tratiorh. and charitable services) FTE.. 12 Headcount.. 15 FTE". 10 Headcount: 13 Empknyment tosts 2024 2023 Wages and salaries Employers national Insurance ¢0515 Employers pension contributions Staff recruitment costs Staff welfare Staff training and professional expenses 569,279 52.450 68,781 5,877 2.276 4,197 702J60 491.434 48,486 60,356 1.419 1,718 3,355 606,768 The number of employees who earned £70,rxiJ per annum or more {including taxable benefits but exc￿ding employer pen5i0n contributions) during the year was as follows- 2024 2023 £60,(K(1. £70.(KKI £70.C#XI. É80.LIXJ Total employer contributions to a money purchase pension scheme in respect of the employee that eorrted more than £70.000 per annum during the ye3r amounted to £10,66212023.. £10,351). Total remuneration of key management personnel in the period wa5 £96.07212023.. £93.6611. Page 31

The Theatres Trust Charftable Fund Notes to the accounts For the year ended 31 Marth 2024 Tanglble assets Leasehold lrnprovements Total Tanglble Assets Equlpmenl & Furni￿re At l April 2023 Additions Disposals At 31 March 2024 99.717 3.323 80,246 179.963 3,323 103,1)40 80.246 183,286 DeprKiationlAmortlsatlon At l April 2023 Charge for the year Dispfjsals At 31 March 2024 82,595 5x17 64.197 16,049 146.792 21.856 88.402 80.246 168,648 Net book value At 31 March 2024 At 31 March 2023 14.638 17.122 14,638 33,171 16,049 Flxed asset investments Markrt value Lhted lTh¥e5tments 2024 Llsted Investments 2023 Market value at l Apr4 2023 Acquisitions at cost Sales Proceeds Net realised investmeni losses Net unrealised investment 8ains Market value at 31 March 2024 Cash hdd as in¥estments Total Investments at 31 Marth 2024 9￿1,957 94.877 IILKI,2651 12,1141 74.069 1,057,524 1.248 1,058,772 1.137,794 196.155 1195.4941 128,5331 1118,9651 990,957 5,314 996.271 Historical cost At 31 March 2024 At 31 March 2023 847,897 850.414 Page 32

The Theatres Trust Charhable Fund Notes to the accounts For the year ended 31 Marth 2024 io Debtors 2024 2023 Trade debtors Prepayments and accrued income Amounts due from The Theatres Trust 7,087 176,719 14,681 4,827 81.013 10,138 Tot•1 debtors 198,487 95,978 The amount due from the Theatres Trust is repayable ¢)n demand. li Credltors: amounts fallln8 due wlthln one y 2024 202a Trade creditors Taxation and social securitv Other creditors and accruals 19,031 19.020 213.583 5,231 172,420 Total ¢redltors 251.634 178,495 Included in other creditors and actruals is deferred income of £6.59512023.. E6.9701 which relate5 entlrely to the next flnancial year. Page 33

The The*resTrust Charttabje Fund Notes to ihe account5 For the year endd 31 March 2024 12 Funds Fund5 2024 Fufids at i Apr51 2023 Income Expendlture In¥estment ¥alns1 (losses) Transfe between funds Funds at 31 March 20Z4 Rest¢lrted fvnds Theatres Protection furKI TAR Capacity Building fund TAR Enhafi￿d Support fund 2.216 10.374 54.102 285,982 133,432 1285.2481 1120.8101 145.3191 2,950 22.9% 8,783 Total restrirted fvnds 66,692 419,414 1451.377) 34,729 Unrestrlcted funds Designated funds CaFytal Provigon fund Organisational Development Match Funding funds.. Research Programme Fund Theatres Mapping Fund Theatre Green Book Fund TAR Capacity Buildin81 TAR Enhanced Support IIXl,246 176.425 71,955 171,9551 123,980 100.246 300.405 152,8Tr) 175.553 63,516 14,101 1133,0001 44,374 19.800 201,630 107,830 14,101 123.2971 121,3861 65.7C(I Total designated funds 682.641 70.7(Q 144,6831 71.955 136.6011 744.012 General fund 356.129 814.483 1858,3661 36.601 348,847 Total unrestrtrted lunds 1.038.770 885,183 1x13.0491 71,955 1.092.859 Total funds 1,105,462 1.304.597 11,354.4261 71.955 1.127,588 Page 34

The Theatres Trnst Chailtable Fund Notes to the accounts For the year ended 31 March 2024 12 Funds Icontinuedl Funds 2023 Fwnds al i Apdl 2022 Incoffle Expendlttlre Investment ins/ 1105ses1 Transfers between funds Funds at YI March 2023 Restrirted funds Thèatres Protettion fund 269,018 34.126 1266,8021 131,7521 136.3661 2,216 10,374 54,102 TAR Capacity 8uilding fund TAR Enhanced Support fund Total re5trlcted funds 98.468 303.144 1334.9201 66.692 UrtrestrScted fvnds Desl8nated fuThd5 Capitsl Provision fund OrBanis¥tional Development Match Funding funds= Research Programme Fund Theatres Mappin8 Fund Theatre Green Book Fund TAR Capacity 8uildin TAR Enhanced Support Match Fundin8- Future projects Total designated funds 629.034 141.584 1147.4981 1381,2901 34.841 I￿.246 176,425 152,800 171,143 44.652 14.101 152.8C*) 175.553 63,516 14,101 9.102 14.6921 12,9621 17.937 84.718 184,7181 868.327 17.937 (7,6541 1147,4981 148.4711 682.641 General fund 220.(MXI 1767.1881 48.471 356,129 Total unrestrkted fublds 1.088.327 872.783 {774,8421 1147.4981 1,038,770 Total funds 1.186.795 1,175.927 11.109.762} 1147,4981 1,105,462 Restrl¢ted fvnds Restricted funds comprise monies raised for. or their use restricted to. a spe¢ifi¢ purpose. or contributions subject to donor- imposed conditions. The Theatres Prolectlon fund was created to help finance projects rdating to individual theatres. fundin8 a number of small grants to Improve conditions. maintenance and quality of theatre buildin85 for the benefit of audiences. usergroups and performer5. The TAR Capaclty Bulldlng lund was created to provide a¢lditional specialist SUPPOrt and adwce to priority ThÈatrè5 at Risk. The TAR Enhanced Support fvnd was created to provide ￿ditIOnal irthu5e support to Theat￿5 at Risk caMpa￿n groups a¢ross the tountry. Designated fund5 The income funds of the Charitable Fund indude the following designated funds which have been set aside out of unre5trirted funds by the Trustees for specific purpose5. The Tru5tee5 approved a new Three-year Plan for 202>2026 which includes drawing down circa £402,000 to fund key initiatNes as de￿gnated below. wlth further funds allocated to support the continuation of these activities from April 2026: Page 35

The Theatre5 Trust Charltable Fund Notes to the accounts For the year ended 31 Marth 2024 12 Funds Itorttinuedl The Organlsatlonal Development Iu+KI has been alocated to fund additional staffing capacity and irnprovernents to core resources to enable the charity to ddiver its three-￿31 plan from 2023-2026. The Rèsearth Programrne fund has been allocated to commt5SK)n and undertake research to support the organi5ation's research and advocacy work over the next 3 years. The Theatres Mapplng fund has been allocated to ¢ommi55ion. research and deliver a comprehensNe database of the UK'S theatres which will inform the organisation's Strat￿ and ad¥oc4¢y and support wider sector resilience. The Theatre Green 8ook fund has been 3llocated to support the continued running and development of the Theatre Green 8ool a free information resource to 5Ltpport theatres to improve their en¥ironmÈntal sustainability. The TAR Capaclty Building l TAR Enhanced support fut)d has been allocated to cover projected overspends on the respective Restricted Funds due to above budget C05t of livin8 and salary increases. The Capital Pro¥lsion fund has been designated as a longtr.term investment fvnd to generate income to help the Charttable Fund carry out its objects and to provide for fluctuations in inve5trnent values. General Funds The General Fund has been allocated to ensure sufficient free reserves in line with the Reserve5 Policy. 13 Analysls of net assets between lunds 2024 General Desi8nat¢d Restrkted Total Tangible fixed assets Investrnents Current assets Current liabilities Fund balances al 31 Marth 2024 14,638 314.760 77,689 158.2401 348,847 14.638 1,058,772 305,812 1251634 1,127,588 744.012 228,123 1193,3941 34,729 744,012 2023 General 0•s18nated ftestrirted Total Tanglble fixed assets Investments Current a5Sèts Cui¥ent liabilitiés Fund balanos at 31 March 2023 33.171 313.630 85,870 176.5421 356,129 33.171 996.271 254,515 1178,4951 1,105,462 682.641 168,645 101.953 66,692 682.641 Page 36

The Theatres Tru￿ Charitable Fund Notes to the accounts For the year ertd￿ 31 March 2024 14 Commltments under o￿latIn¥ lèa At 31 Marth 2024 the Charitable Fund had annual commitments under non-cancellable operatin8 le35es a5 follows.. 2024 2023 OpeTatin8 lease rentals- office premises Under one year Between two and five years 20.833 48.9S8 20,833 69,791 20.833 In July 2019 a new 10-year lease was signed for Offi￿ space with a tenant only break option at the end of year S. 15 Re¢orKlliatlon of net movement In fundsto nel cash Ilwrffrom operatin¥ artlvltles 2024 Z023 Net incomellexpenditurel for the ￿pOrting period Adjustments for. Depreciation charges (Gainslllosses on investments Dividends and interest from investments Ilncreaselldecrease in debtors In¢reasellde¢reasel in creditors Net ash Iu5ed iTrllpro¥lded by operatlry artlvltles 22.126 181,3331 21,856 171.9551 130,6431 1102.5091 73,139 22,192 147,498 128.4621 154,9361 305 16 Related partles The Theatres Trust was set up by an Act of Parliament in 1976 to promote the better protection of theatres forthe benefrt of the nation. The Trust work5 c105ety with the Charitable Fund sharing the same Trustees, staff. and offices. The char8e for the year by the Charitable Fund to The Theatres Trust was £166,74712023.. £135,045>. The Trust made a covenanted payment of £427.60712023.. £440.0591 to the Charitable Fund during the year. At the balance sheet date there were amounts tot¥llin8 £14.68112023'. £10,138) owed to the Theatres Trust Charitable Fund by The Theatres Trust. No donation5 were received from Trustee5 durin8 the year12023: £01. None of the Trustees receive remuneration or other benefit from iheirworkwith the Charitable Fund. Details of trustee expenses aredisclosed in note 5 tothe accounts. Page 37

The Thealre5Tru5t Charitable Fund Notes to the accounts For the year ended 31 Marth 2014 17 Grants paKI lfi the year All grants paid in the year. indvdin88rant ¢ommitments that had not yet l>een paid atthe balance Sheet date, were made towards the protection of theatres. and comprised the following institutions.. 2024 2023 Aberystwyth Arts Centre Alexandra Park & Palace Charitable Trust Almeida Theatre Company Limited Amateur Players of Sherbone An Lanntair Ltd Arts At The Old Flre Station Ashton Empire Hippodrome ITAR Capacity 8uildin81 8angor Orama Club Barn Theatre TTU5t knmited Battersea Arts Centre London Beccles Public Hall & Theatre 8irmingham Repertory Theatre Blackpool Grand Theatre Trust Ltd Brewhouse Theatre 8rTrstrJl Old Vic & Theatre Royal Trust Ltd Burnley Empire Trust (TAR Capacity Buildin81 Cambridge junction Celynen Collieries Institute & Memorial Hall Colchester Arts Centre Constsntine Enterprise Companv Derby Hippodrome Restoration Trust ITAR Capacity Buiklin8) Doncaster Performance Venue Ltd Ouchess Theaire Oundee Repertory Theatre East8ate Theatrè & Arts Centre Eden Court Theatre Exeter Phoenix Friends of Doncaster Grand cfAR Capacity Builtlin81 Georgian Theatre Royal Hackney Empire Ltd Hope Mill Theatre Horse & Bamboo Theatre nl5 Theatre Kirkcaldy ITAR capactty BuAdingl Ledbvry Amateur Dramatic Society Leeds Grand Theatre & Opera House Leeds Theatre Trust Ltd (Leeds Playhouse) Lelcester YMCA (The Y Theatre) Lemon Tree, Aberdeen chfield Garrick Theatre ttle Theatre Gateshead Lyric Hammersmiih Theatre Malvern Cube Youth & Community Trust Marine Theatre Metropolttan Arts Centre Midlands Arts Centre Miners Welfare & Community Hall Trust Ltd Morecambe Winter Garden5 PreseNatlon Trust ITAR Capacity Building) 4,826 5.C(10 20,0(K) 17,030 4,250 5,000 4,967 18.620 4.7LIJ 20.C(JO 4.557 5,000 11,941 4,590 2,959 3.2(Kl iO.(*J) 20.C(10 5.wo 5,1XlO 5,000 4,847 6,429 4.777 7.950 19,922 S.￿0 4.120 4.882 5,fy)0 5.(MJO 4,933 17.362 11.5( Page 38

The Theatres Trust Charitable Fund Notes to the attounts For the year ènded 31 Mardb 2024 17 Grants pald In the year Icontinuedl Z024 2023 Mowlem Theatre New Diorama Theatre New Vic Theatre Northern Stage Theatrical Ltd Orange Tree Theatre Ltd Oxford Playhouse Park Theatre Pioneer Theatre- Theatre Royal Stratlord East Pitlochry Festival Theatre Poole Arts Trust Ltd Questors Theatre Rlch Mix Romsey Amateur Operatic & Oramatic Societv Royal Court Theatre, 83cup Salford Victoria Theatre Trust (TAR Capacity Building) Seaton Town Hall Theatre Shanklin Theatre Sherin8ham little Theatre Soho Theatre South Hill Park Arts Southwold Arts Centre Thame Player5 Theatre Thanet District Council (TAR Capacity 8uildingl The Chipping Norton Theatie The Courtyard Theat The Derry Playhouse The Garage Trust The St Paul's Arts Trust The Story Museum Torch Theatre Trestle Theatre Co Ltd Tyne Theatre & Opera Hovse Ltd UK Storyhouse Limited Wakefield Theatre5 Trust Wardrobe Theatre Watermill Theatre Ltd Woodend Arts Limited (The Barn 83n¢horyl Workshop Theatre (National Youth) York Citiiens Theatre Trust n¢elled or reduced irants from fv years: Brighton Hippodrome (TAR Capacity Building) reduced 7.175 20.(￿￿) 3,178 20,COJ 4,906 4,645 4.879 io,c 4,538 S.OLYJ 20,0fy) 5.0 4,988 5,OC￿1 20.OLM) 19.891 4,920 3.030 S,C(10 4.753 Totsl 8rants paid in the year 344x113 Page 39