2024-03-31-accounts

Theatre liill Royal Newcastle Theatre Royal Trust Limited (a company limited by 8uarantee) Annual Report and Financial Statements for the year ended 31 March 2024 Reglstered Number: 01217427 Charlty Number: 504473

Newcastle Theatre Royal Trust Limited Contents Legal and administrative details................................................................................. Trustees, report Ilncluding Strategic report) for the year ended 31 March 2024.. . Statement of Trustees, responsibllitles . 12 Independent auditors, report to the members of Newcastle Theatre Royal Trust Llmlted............................... 13 Statement of Flnanclal Actlvltles Ilncluding income and expendlture account) for the year ended 31 March 2024.............................................................................,...................................................................................... 16 Balance Sheet as at 31 March 2024 .............................,..........,....... .. .18 Statement of Cash Flows for the year ended 31 March 2024............................................................................ 19 Notes to the flnanclal statements for the year ended 31 March 2024.............................................................. 20

Neweastle Theatre Royal Trust Limited Legal and administrative details Registered charity number: 504473 Re8lStered company number: 01217427 Trustees Nicholas Swales, OBE, DL (Chair) John Carver (Vice-chair) Ireslgned 29 September 20231 Raymond Mills (Vice-chairl (appointed 16 October 20231 Julie Blackie Lorna Edwards Ben Fletcher-watson Scott Holland Andrew Roberts lappolnted S, June 20231 th th Allson Jone5 (appointed 5 June 2023} Chlef Executlve Marlanne Locatorl Management Team Jo Kirby Slobhan Lightfoot Colin Johnston Dlrector ofAudlence & Commuications Director of Operatlons Director of Flnance Company Secretary Colln Johnston Bankers HSBC UK Bank plc 3rd Floor Central Square South Orchard Street Newcastle upon Tyne NEI 3AZ Independent Audltors Azets Audlt Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS Principal address and registered offlce Newcastle Theatre Royal Trust Llrnited 100 Grey Street Newcastle upon Tyne NEI 6BR

Newcastle Theatre Royal Trust Limited Trustees, report for the year ended 31 March 2024 The Trustees (who are a150 the directors for the purpose of company lawl submit their report including the Strategic Report and the audited financial statements of the Newcastle Theatre Royal Trust Limlted 1.the Trust"} for the year ended 31 March 2024, The financial statements comply with the Charities Att 2011, the Companies Act 2006, the Memorandum and Articles of Association and have been drawn up in accordance with the Statement of Recommended Practice ISORP) applicable to charities preparin8 their financial statements in accordance with the Flnancial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Structure. governance and management The Trust Is a charltable company Ilmlted by guarantee and Is a registered charlty. The members have no shareholdlngs, but in the event of a winding up they have each undertaken to contrlbute to the payment of Ilabllltles, such amount as may be requlred, not exceeding a total of £1. The Trust Is governed by Its Articles of Association (last amended by special resolution on 13 December 20191. As stated in the Article5 of Association, the Trust shall have up to eleven trustee5 who shall be appointed at the Annual General Meeting. Trustees are appointed for a three-year term of servlce, wlth reappolntment beln8 permltted provided that the maximum period of service is 3 x three-year terms. The Board of Trustees normally meets flve tlmes per year which includes an annual away day and all major decisions are put forward for con51deration at Board Meeting5. There is a Finance & General Purp05e5 Committee, which a150 has responsiblllties for Heath and Safety, with a membership of up to flve Board Member5, whlch normally meets flve tlmes per year and 15 from time to time given delegated authority for certaln matters. Other speclfic committees are created for specific purposes and projects as necessary. The senlor management team are responsible for the day-to4ay runnin8 of the charity. New Trustees have a full Inductlon whlch Includes rneeting with the Chair, Chief Executive and Senior Leadership team and a briefing is given on the organlsatlon and its practices and procedures, as well as the responslbilities of Trustees. An introduction to the operational aspects of the Trust is glven together wlth a tour of the Theatre Royal and all new Trustees recelve a comprehen51ve Snduction pack. Specific training for all Trustee5 15 also arranged as required. The Trustees set the salary and remuneratlon package for the Chief Executive taking into account industry norms and the need to attract hl8h quallty candldates. The salarles of the Trust's key management personnel are set by the Chief Executive in conjunction with the Finance & General Purposes Commlttee. Both are benchmarked agalnst salaries of comparable position5 in the industry, Subsequently any increase is 8enerally in line with any pay award made to all staff.

Newcastle Theatre Royal Trust Limited Trustees, report for the year ended 31 March 2024 (continued) All Trustees give their time freely and receSve no remuneration. The Trustees are responsible for malntalnlng a sound system of internal control in order to Safeguard the assets of the charity. An annual budget is presented and approved by the Board in March each year, having been reviewed in advance by the Finance & General Purposes Committee. Management accounts in which actual results are compared agalnst budgeted results are prepared and clrculated to the Management Team monthly and Trustees at each board meeting. One volunteer assists the Trust as an archivlst, and the Trustees and senlor management team are very grateful for the ¢ontributlon5 made by our volunteer. Objectives and actlvltles The Trust's primary charitable objectlves are to promote, malntaln, Improve and advance educatlon, partlcularly by the productlon of educatlonal plays and encoura8ement of the arts, Includln8 the arts of drama, mlme, dance, singing and music. This is normally achleved by the presentation of a wlde ranging and pro8ramme of quality drama, dance, musicals, opera, ballet, pantomime, live music and comedy performed in the 1,247 Seat, Grade l L15ted, Theatre Royal, alon8slde a creative engagement programme that is embedded at the heart of the overall creative programme. The performance programme Is a careful balance of creatlve endeavour, cornmerclal success and financial prudence, to ensure that a key source of income, tlcket sales, makes a significant contribution to the cost of operating and malntaining the Theatre Royal bulldlng. The Trustees have complied with the duty In the Charitie5 Act 2011 to have due regard to publlc beneflt guldance published by the Charity Commission. In dellverlng Its objectives, the Trust achieves Its charitable purposes for the beneflt of the public.

Newcastle Theatre Royal Trust Limited Trustees. report for the year ended 31 March 2024 (continued) Strategic Report In May the Trustees agreed and approved a new strategic plan with a new vision, mission. values and guiding Principles for the charity. Thls work was the result of a 6 month programffle of con5ultatlon and input from all members of staff and Trustees and facilitated by Theatre sector consultants. The resultin8 Strategy as detailed below is in the process of being put in place.. Our Vlslon.. A love of theatre for everyone, that lasts a lifetime. Our Mlsslon.. To create moments of maglc on and off stage, through an ambitious creative programme for audiences and communitles across the North East. Our landmarktheatre in the heart of Newcastle is a place where everyone is welcome and a space for all to enjoy. Our Values.. Ambltlou5.' We are ambitious in all that we do.. excellence and quallty are pre-requlsites and we endeavour to be the best that we can be. Incluslve.. We celebrate dlverslty.. we welcome and respect dlfference volces and perspectlves knowlng that together we can achieve more. Collaboratlve.. We value trust: we embrace partnership working to achieve and celebrate shared success. Creative.. We nurture creativlty; we recognlse and celebrate Ima8lnatlon and orlglnallty In everyone. Progresslve.. We are forward thinking; we look to the future and embrace change, Underpinning the strategy are Buldlng prlnclples that are the lenses through which we plan and dellver all activity. This framework has Informed the developrnent of key organisational strategies over the last year, with more development requlred in the year to come. People.. Our success Is driven by our people. We support and develop our teams and Trustees to be a talented and diverse workforce, empowered and appropriately skllled to dellver and support our creative programme, our creatlve engagement programme and commercial operations. We value our teams, health and well-bein8 and we look to take care of the 'people experlence, at NTR, Flnonclol Resllience.. We embrace an entrepreneurial approach to broadening our income streams, increasing trading and developing new income generating opportunities. The areas of current financial focus are commercial operation5, fundraising and development ticket income- particularly growth in customer loyalty and membership. Ploce.. We are a cultural hub In the city centre, welcoming audiences from across the North East. We reflect, and are representative of, our distinctive region and communitie5 on and off stage. We want to ensure our theatre building is open and accessible for everyone to enJoy more of the time. Proce55.' We wlll embrace change and focus on continuous improvement, always looking to modernise and digitise where possible. Partnership worklng is inherent In all our programmes and welcome collaboratlon to support growth. Sustainobility: We value and respect the envlronment and take responsibility to ensure our policles and actions contribute to Improved 5UStainability.

Newcastle Theatre Royal Trust Limited Trustees, report for the year ended 31 March 2024 (continued) Our key strateglc objectives ro Present G creative programme of quality and excellence Our programme on stage is rooted in quallty,. It is ambitious and embraces diversity. We are the largest Theatre in Newcastle and draw our diverse audiences from acr055 the North East and, In order to serve these communities. our programme wlll present a broad range of the best regional, natlonal and international drama, dance, musicals, opera and pantomime. We will explore collaboration to facilitate or open new musical or drama productlons and we will develop a programming strategy for our smaller studlo space. Produce a creative engagement programme providing pathways and opportunities for communltie5 in Newcastle Our Creative Engagement programme slts at the heart of our overall Creative Programme, providing partlcipants with pathways to find their own creatlvity, support their personal and professional development, Improve well- being and provide positive health outcomes. The work is focused in three areas: Young People, Communlty and Talent Development. The Theatre Is o publlc space In the clty that is ¥velcoming and accesslble Our theatre building is a 8reat asset for the clty and we are proud custodians of one of Its recognlsable landmarks. Wh115t recogni5ing the challen8es presented by the Grade I listingi we wlll develop its earnin8 Potential whllst aiming to maximlse access and provide opportunity for everyone to enJoy the building. We will endeavour to ensure our Theatre Is a place to create, to connect, to feel safe in, to Inspire and a place to have fun. Achievements and performance We welcomed nearly 330,000 audience members to See 5how5, presenting 61 productlons and 410 performances across a range of genres. 39% of our audience came to see musical theatre, 22% for pantomime, 15% for dance, 7% for drama. The remalnlng 17% comprlsed audiences for famlly shows, opera and comedy. We launched the premlere of Michael Harrison's new pantomlme Plnocchlo (Crossroads pantomimesl welcomin8 85,¢)00 to a nearly Sell out 7 week run 194% occupancy). Musicals were an Important part of the creatlve programme, driving audiences and tlcket sales highlights Included Six 198.5% occupancy), Slster Act {89% occupancy), 42. Street180% occupancy), Jesus Chrlst Superstar186% occupancy}, The Drlfters Girl {67% occupancvl, Everybody's Talking About Jamie189% occupancy) and The Bodyguard (93% occpauncvl. Whi15t drama Is proving challen8in8 for many venues, we presented a number of nationally acclaimed productlons: the National Theatre's Ocean At The End Of The Lane, We5t-End hit 2:22 A Ghost Story, James Grahams, Quiz and partner company the Royal Shakespeare Company's Jullus Caesar. Working in collaboration with the RSC we created a communlty chorus of 6 female identifying community members to develop their vocal and performance skills In regular workshops wlth the RSC before performlng wlth the professional company on stage for the run of Julius Caesar in Newcastle. Dlverse national and International Dance Companles have presented a range of classical and contemporary dance on our stage this year. including three Dance Consoritum productlons- Dada Masilo's Sacrifice (South Africa), Alley 2 Alivn Alley American Dance Theatre's second company IUSAI, Sao Paolo Dance Company (Brazill. From the UK we welcomed partner company Matthew Bourne's New Adventure's sleeping Beauty, Northern Ballet's Beauty & The Beast and Scottish Ballet's Cinders! Further enrichement for dance audiences has included 900 attenders at pre-post show talks, 110 attenders to observe company classes and the opportunity for 5 adult dancers in training to participate in a master class with Ailey 2.

Newcastle Theatre Royal Trust Limited Trustees, report for the year ended 31 March 2024 (continued) We welcomed 7,536 new attenders to see a production on stage and in total sold 71% occupancy across the year. Our average ticket price paid was £32.20 and average number oftimes an audience Member attended in the year was 2.27. At the centre of our vision and mission is our Creative Engagement pro8r3mme. This work has provided pathways for people in Newcastle and the North East to discover and experience Ilve theatre as well as develop the abundance of creative talent and the industry's future workforce here on our doorstep. The past 12 months have seen us reach out further into the communltV• collaborate with organisations representing under-served groups and nurture relatlonships wlth 5choo15 In economlcally deprived areas. In 2023124, we have worked directly with over 1,300 individuals through practical workshop activities within the Theatre, a further 327 School age puplls in their school settings and over 130 adult participants in communlty settin8s. We also opened the doors to our backstage areas and welcomed 178 people to particlpate in Insight v151t5 which enabled them to get a glimpse into how the theatre works. We have formed a partnership arrangement wlth West End Schoo15 Trust IWESTI, a charitable company of primary schools and partner organi5ations located in the west end of the city of Newcastle upon Tyne. In January we officiallv became a partner organi5ation of WEST and with them developed a 3 year plan to deliver creative engagement activity to the schools in the Trust over the coming 3 years. We launched a weekly after school club, delivered on site at Theatre Royal, as well as starting to deliver our Oracy and Literacy work in School. We continued our partnership with both Twlstlng Ducks, a North East charlty that airns to change the Ilves of people with learning difflcultles and autlsm, and Newcastle College, working with neurodivergent young adults and those with additional learnlng needs, supporting 53 individuals develop confidence, social and performance skills. On stage, we developed two large scale maln auditorium productlons, el6ht full scale Studio productions and a further 27 show back and sharing events across our Studio and Rehearsal Room spaces, welcoming 1,480 audlence members. Our Youth Theatre contlnues to grow wlth 572 young people developlng performance skllls and creatlng small scale devised projects. Our popular Summer School programme saw 286 youngsters f rom acr055 the region participate In a number of week-long, performin8 arts projects includlng creating a play in a week, exploring backstage roles, a five-day film challenge and muslcal theatre showcase. In total, 4901 young people partlclpated In our creatlve engagement actlvlty th15 year. As a longstanding flagship Creative En8a8ement programme, Project A- our actor training programm,-welcomed 18 young people from across the North East In our 23124 cohort. Vlsiting Director5 worked with the group to create two new pieces of work. Wlth the permi55ion of the Julia Darling estate, one of the piece5 was further developed and performed as epi108ue to a sell-out, weeklon8 run of Darlinls A Manlfesto for a New City. Over 90% of the graduate5 have gone on to continue their training in Drama School settings or have received professional representation, working in the industry from graduation. Evry is the city wide Strategic plan, led by Newcastle City Council, which seeks to make Newcastle a place where every baby, child and young person can feel happy & healthy, ready for their next 5tep5, safe and heard. A5 one of the first organisations to join the partnership, over 800 young people and their fami lies, who would have been otherwise unable, attended the preview performance of our pantomime, Pinocchio. Our contlnued comrnitment to introducing new audiences and providing opportunitie5 for as many people as possible to enjoy and experience live theatre enabled us to forge and grow valuable relationships with a number of communlty and outreach partners.

Neweastle Theatre Royal Trust Limited Trustees, report for the year ended 31 March 2024 (continued) Through Gem Arts diverse arts development organisation committed to delivering a culturally eclectlc programme of work- we welcomed members of the South East Asian community to experience Opera North's Orpheus. A collaboratlon with Newcastle City of Sanctuary enabled a group of migrant and asylum seekers to experience opera for the first time. Flnancial review The Trust's income was £15,996,798. compared to £17,281,991 the prevSous year120231. The reduction was as a result of a less commercially focused programme on stage but one that presented a wider breadth of genres and artistic innovation. The Income generated by the foyer bar sales resulted in £743,956 net Income to support the Theat￿ operation. Due to the continued hl8her level of Interest rates, the Trust benefited wlth Interest recelved of £627,520. This Income ¢ontrlbuted signficinatly to the year-end surplus but it should be noted that thls Income Is not sustalnable mid to lon8 term and will reduce as Interest rates fall. Therefore a focus on generating new income streams for the Trust Is essential to generate a surplus In future years. The Trust awarded a 4% pay increase for all staff in this year. Thls Increase recogn15ed the levels of inflatlon over recent years and a number of years of nll pay increase for staff. The Trust does not normally recelve any external fundlng in the form of Government (national or Locall Grants. The Trustees are, howeveri grateful for all supporters and cu5tomer5 of the Theatre Royal who have contlnued to 5UPPOrt by attending productions and continuing with thelr memberships and donatlon5. Overall expenditure on charitable activities was £15,649,151 and Income generated was £15,996,798, therefore resulting in a net surplus of £347,647 for the financial year. The Trustees regard the resultin8 surplus as a good result In the contlnulng challenging climate of increased costs for presenting the work on stage, staffing and overheads. Pension scheme The last full trlennlal actuarial valuation was at 31 March 2022. The Trust continued to benefit from lower employer contributlonsfollowing the newsubsumption agreement with Newcastle Clty Council and theTyne & Wear Pension Fund. The contribution rate durlng the year ended 315r March 2024 was 10.3% {2023: 14%). The accounting valuation of the Balance Sheet pen51on scheme for LGPS funded benefits improved from a surplus of £2,680,000 as at 31 March 2023 to a surplus of £3,430,OCKJ (although this wa5 capped at Enil on the Balance Sheet) and for LGPS unfunded benefits, made on a discretionary basis upon early retirement, the liability remained at £70,000 {2023'. £70.0001 (which was oftset agaln5t the above surplus, with no surplus nor liability for the pension scheme being included in the Balance Sheet). The increased surplus reflect5 changes in the financial assumptlon5 Used to value the assets and Ilablllties frorn an accounting perspective, these are different to the a55umptions used by the actuarie5 in determining the employer contribution rate5. Further details on this decrease are given in note 12. In accordance with FRS 102 the net surplus of the LGPS scheme 15 not recognised on the Balance Sheet.

Newcastle Theatre Royal Trust Limited Trustees. report for the year ended 31 March 2024 (continued) An actuarial gain of £1,030,000 has been recognised on the LGPS benefits12023'. £6,490,000>. There is no change to the unfunded LGPS benefits in the year, whlch reflects the movement on the net defined benefit pension scheme obligatlons following the actuary's annual review of this liability for accounting purposes. As a result of this actuarial gain, and the accountin8 treatment to Ilmlt the surplus to £nil, the overall net movement in funds (shown on the Balance Sheet) for the year is an increase of £nil12023'. increase of £3,140,000). The pension surplus represents a snapshot of the pension scheme at the year end, however, It should be noted that the average duratlon for the LGPS funded scheme liabillty Is 19.5 years las calculated by the actuarial advlsors to the Tyne and Wear Penslon Fund) and the surplus for this scheme of £3,430,000 (capped at £nil on the Balance Sheet) Should be assessed in this context. It is Important to note that on 27 June 2024 trust left the Tyne & Wear Pension Fund. The guarantee in place at 31. March 2024 between Newcastle Clty Councll and South Tyneslde Councll las Admlnlstering Authority for the Tyne and Wear Penslon Fund) In relation to the Trust's admission to the Fund, was subsequently released and the bond repaid. Reserves pollcy and golng concern The Trust aims to generate sufficient funds to Invest in culturallart15tlc actlvltle5 in furtherance of it5 charitable objectlves (education through the arts). Its aim is to hold sufficient 8eneral reserves to cover the normal operatlng costs for a minimum 3 month period in order to manage an orderly wlnd up of the buslness Ilf ever requlred) and to retain sufficient cash funds to repay any deferred incorne balances held in relation to advance ticket Sales. Restrlcted reserves represent funds that are retained for a speclflc purpose In accordance wlth the terms upon whlch the Income was received. The desi8nated reserve Is part of the general reserve and represents reserve5 that have been set aside to meet specific obligatlons. These obligations include the 3 year cost for planned restoration and refurbishment of the Theatre Royal bullding, together with commitments to fund creative engagement projects, artlstlc partnershlps, and any capital commitments. The deslgnated reserve also Includes an amount 5ufflcient to cover the normal operating costs for a minimum 3 month period. Unrestricted funds amounted to £6,699,573 at 31 March 202412023: £6,351,925). The general reserve, excluding the desl8nated reserve, amounted to £441,573 at 31 March 2024 {2023'. £5,215,925). The designated reserve at 31 March 2024 amounted to £6,258,00012023: £1,136,000). The restricted reserve at 31 March 2024 is unchanged and amounted to £2,582. Total funds held at 31 March 2024 amounted to £6.702,15512023: £6,354,507). The Trustee5 appreciate the careful balance required in maintalnlng reserves whllst CDntinuing investment in building maintenance and improvernents, and ensuring funds are available to protect a8ainst fluctuations in audience numbers alon8side the challenge of offerln8 a varied artistic programme. Goln8 concern In light of ongoing prudent management and the steps taken above, the Trustees are confldent that the Trust is 80ing concern and a5 such the going concern basis ha5 been adopted in the preparation of the financial statements. The Trustees consider there are sufficient reserves and cash to enable the Theatre to continue in operation for the foreseeable future and the financial positior) of the Trust continues to be closely monitored.

Newcastle Theatre Royal Trust LRmited Trustees, report for the year ended 31 March 2024 (continued) Investment powers pollcy and performance The Trustees have the power, a5 detalled in the Trust's governing document, to invest the f unds of the Trust as thev see fit. The investment policy Is to hold the funds needed for the day-to-day operations as cash. Should surplus fund5 arise they are invested with a view to maximise income return wh115t rnaintaining the liquidity requirements of the Trust. NTRT Tradlng Ltd INon-tradln81 NTRT Trading Ltd is incorporated in En8land, registration number 11036273 and Its registered office is 100 Grey Street, Newcastle upon Tyne, NEI 6BR. This company was dissolved on 9 July 2024. NTR Green Room Llmlted (Non-tradln8) On 11 March 2024 the trust ended the leases in respect of the demises tradlng as Datbar and Nltehawks. NTR th Green Room Limited was incorporated on 30 January 2024 to carry on commercial operations at the theatre when the areas prevlou51y occupied by Datbar and Nltehawks reopen. We are currently engaged in a process of consultation to consider the design and use of those spaces. Prlnclpal ri5k5 and uncertaintles In deliverin8 the charitable objectives, the Trustees are mlndful of the risk involved and have established systems and procedures for identifyin8, reviewin8 and mitlgating the key risks. A risk register 15 malntalned which is revlewed regularly and updated as necessary by the Senior Management Team, Flnance & General Purpose5 Committee and then annually by the Board of Trustees. The reglster detalls the significant risks to which the Trust is exposed and the steps taken to mitigate those risks. The r15ks are reviewed by rnanagement throughout the year. The key rlsks whlch the charlty faces are: Econom1¢ rfsk- The flnancial 5ucce55 of the Trust rests on 8eneratlng sufficlent Income from across a mlx of box office sales by malntalnlng/ln¢reasing audlence attendance rates, commercial operations, sales income and development, and fundraising Income. This year there has been a squeeze on the marglns achlevable from the stage programme due to Increased costs set a8ainst challenglng customer confidence due to the c05t of living crlsis, inflatlon and continued economic uncertalnty meanin8 ticket price increases remained modest. Ticket and commercial sales are closely monitored by management and the achlevement of flnancial tar8ets are regularly reported to both the Finance & General Purposes Committee and Board. ArtlstlcRlsk- A failure to malntain the quality, diversity and popularlty of the artistic pro8ramme will dirertly impact box office sales. A level of confidence has returned to some Theatre producer5 who tour work nationally, however increased costs mean that the breadth of their artistic risk is somewhat Impacted. Action5 taken to mitigate this risk include ensurlng the relationship5 With commercial and subsidised producers are stron8, maintaining close and regular contact as touring plans are developed. The Theatre's Programming Team meeting, comprised of kev creative staff and the Senior Leadership Team contribute to the programme planning. The board receives regular updates on the status of both the current and future programme. Penslon scheme risk- The Trust Used to participate in the Tyne & Wear Pension Fund. which is a defined benefit local government pension scheme, which exposed the Trust to increases in the required employer contribution rate. over which the Trust ha5 no control. Following the actuarial valuation and enterin8 of a new 5ub5umption

Newcastle Theatre Royal Trust Limited Trustees, report for the year ended 31 March 20241continued) agreement with Newcastle City Council and the Tyne and Wear Pension Fund, the Trust's employer contribution th rate was set at 10.3% for the year ended 31. March 2024. On 27 June 2024 the Trust exited the Tyne & Wear Pension Fund and is now no lon8er exposed to the risks of a defined benefit pen5i0n scheme. The Trust now operates a defined contributlon scheme wlth Smart Pension and the employer contribution rate contlnues to be 10.3%. Stoff Recrultment and Retentlon rlsk- Recruitment of staff acr055 all sectors, including Theatre, has been difficult as pressure on wages and work life balance expectations continue to increase. The Theatre's minimum pay levels are, however, aligned with the Real Living Wage Foundatlon wage. Beneflts Include an Employee Assistance Scheme, mental health first aiders and a well-being group. A new role of Head of People h35 been Introduced this year along with a newly developed People Plan, which includes a review of employment terms and benefits being undertaken. The new Senior Leadership and Head of Deptarment structure has Introduced more expertise and capacity to the wider leadershlp team. The Flnance & General Purposes Committee scrutinise5 the annual budget in detail before it is approved by the Board and close attention Is given to the level of pay awards made. Terrorlsm a Cyber Securlty• IT reslllence rlsk- The Charlty relles heavlly on Its computerlsed booklng systems and other supporting IT systems, The risk of criminal cyber actlvlty remains constant, The Trust engages specialist IT provlders and has payment Card industry compllance certlflcation. All staff recelve IT security tralnlng and the Trust implements regular training updates. however, thls remalns an area where on8oln8 vlgilance Is requlred throughout the organisatlon and by all levels of staff at all times. The introduction of a new role of Head of Business Support has resulted In the Introduction of modern15ed, fit for purpose, cloud based and future proofed systems acr055 HR and Flnance which further mitl8ate IT system failures. The Trust monitors and endeavours to improve the Counter Terrorism procedure5 taking advice f rom CT speciallsts, leglslative changes, to Inform policy changes. Plans for future year5 The three strategic oblectlves wlll be the focus of the comlng year and the Trust wlll expand on the work Inltlated thi5 year in each of these areas, Creative Programme - the Trust will look for partnershlp opportunltles to faclllate and launch new productions that align to our artlstlc vision and that are relevant and representative of the North East, celebrating the talent in the region. Creative Engagement-this programme of work will grow, particuarly focused on the West of the city where there is limited creatlve and cultu ral provision and Significant area5 of deprivation. Thi5 work will expand and build on the partnership with West End Schools Trust, to ecompass community enga8ement In communlty settings. Talent Development programme5, to nuture and sUPPOrt creative talent in the region will also be a focus, The Theatre Building- following the end of the lease arrangements for the Theatre's demise that were previously Datbar and Nitehawk5, consideration5 will be given to how those spaces can be best used to create a building and cultural hub in the clty that is open More of the time to more people. 10

Newcastle Theatre Royal Trust Limited Trustees, report for the year ended 31 March 2024 (continued) Publlc benefit Fundralslng Income generated from the Trust's core charitable activitie5 15 Used to fund its day to day operations. Donation and legacy income usually repre5ent5 a small percentage of the Trust's overall income, but 15 an area for exapan51on with the introduction of a new Head of Development role. Income from the Friends scheme generates £155,433 and wlth over 6,600 members these supporters are a core audience base for the Theatre. During the year donations totalled £35,96012023: £84,211) and the Trustees are extremely 8rateful to all donor5 and our loyal audience5 for their sUPPOrt during the year. The Trust engaged a Head of Development on 4 March 2024 to manage its fundraislng activities and to increase external support for our creative engagement programme and improvements to the buildin8. The Trust seeks to prDtect all members of the public lincludin8 vulnerable people) in all of it5 fundraising activitles. The Trust's 'Data Promlse" whlch Is avallable on the Theatre's webslte, outllnes how the Trust treats the personal data of Its Customers, The Trust did not recelve any complalnts about Its fundraising activities durin8 the year. The Board regularly recelves Informatlon on the level of donations received and sponsorship Income generated and any activitie5 belng carried out which enables them to monitor fundralsing activities, Fixed assets Movements in tangible flxed assets are set out in note 14 to the financial statement5. Dlrectors. and off Icers, liability insurance The Newcastle Theatre Royal Trust Llmlted holds Ilablllty Insurance on behalf of the dlrectors and offlcers. Statement as to dlsclosure of informatlon to audltors The Trustees who were In offlce on the date of approval of these flnanclal statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Trustees has confirmed that they have taken all the Steps that they ought to have taken as directors in order to make themselve5 aware of any relevant audit information and to establlsh that it has been communicated to the auditors. Independent Auditors Azets Audit Services have indicated their willingness to continue In office. The Trustees, Report Including the Strategic Report has been approved by the Board and is signed on its behalf of by: Mr Nlcholas R. Swales, OBE, DL Chair Date: 14 October 2024

Newcastle Theatre Royal Tnjst Limited Statement of Trustees. responsibilities The Trustees (who are also dlrectors of Newcastle Theatre Royal Trust Limited for the purposes of company lawl are re5pon5ible for preparing the Trustees. Report (including the Strategic Report) and the flnanclal Statements in accordance with applicable law and regulations. Cornpany law requlres the Trustees to prepare financial ststements for each financial year. Under that law the Trustees have prepared the financial statements in accordance wlth United Kingdorn Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and appllcable law {Unlted Kingdom Generally Accepted Accountlng Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair vlew of the state of the affairs of the charitable company and of the incoming resources and application of resources, Includlng the income and expenditure, of the charitable company for that period. In preparing these financial statement5, the Trustees are required to: select sultable accounting policies and then apply them conslstentlv; observe the method5 and principles in the Charities SORP; make judgments and estlmates that are reasonable and prudent,, state whether FRS 102 Yhe Flnanclal Reportln8 Standard applicable in the U K and Republlc of Ireland" has been followed, subject to ar)y material departures dlsclosed and explalned In the flnancial statement5,' and prepare the flnanclal statements on the going concern basis unless It Is Inapproprlate to presume that the charltable company wlll contlnue In busine55. The Trustees are respon51ble for keeping adequate accounting records that are sufficient to show and explain the charltable company's transactions and disclose wlth reasonable accuracy at any tlme the flnanclal position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of the charltable company and hence for taking reasonable step5 for the prevention and detection of fraud and other Irregularitie5. The Trustees are responslble for the maSntenance and integrity of the charitable company's webslte. Le8lslatlon In the Unlted Klngdom 8overnin8 the preparatlon and dlssemlnatlon of financial statement5 may differ from le8lslatlon in other jurisdictions. Approved and signed on behalf of the Board by.. Mr Nlcholas R. Swales, OBE, DL Chair Date: 14 October 2024 12

Newcastle Theatre Royal Trust Limited Independent auditors, report to the members of Newcastle Theatre Royal Trust Limited Opinion We have audited the financial statements of Newcastle Theatre Royal Trust Llrnlted Ithe'charlty'l for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet. Statement of Cash flows, and notes to the flnancial statement5, including a Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accountin8 Practice). In our opinion the flnanclal statements: give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of Its Incoming resources and appllcatlon of resources, including its income and expenditure for the year then ended; have been properly prepared in accordance wlth United Klngdom Generally Accepted Accounting Practlce; and have been prepared in accordance wlth the requlrements of the Companles Act 2006. Basis for oplnlon We conducted our audit in accordance with Internatlonal Standards on Audltln8 IUKI IISAS IUKII and applicable law. Our re5pon5ibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of Okjr report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbllltles In accordance wlth these requlrements. We believe that the audlt evldence we have obtalned Is sufflclent and appropriate to provide a basis for our oplnion. Going Concern In auditin8 the financial Statements, we have concltjded that the Trustees, use of the 8oln8 concern basls of accountlng in the preparatlon of the flnancial statements is appropriate, Based on the work we have performed, we have not identlfled any materlal u ncertalntles relating to events or condition5 that, Indlvldually or collectlvely, may cast significant doubt on the charity's ability to continue as a going concern for a perlod of at least twelve months from when the financial statements were authorlsed for issue. Our responsibilities and the responsibilities of the Trustee5 Wlth respect to going concern are described In the relevant sections of this report, Other Information The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinlon on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connertion with our audit of the financial statements. our responsibility 15 to read the other information and. in doin8 so, consider whether the other Information is materially inconsistent with the financial statement5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. 13

Newcastle Theatre Royal Trust Limited Independent auditors, report to the members of Newcastle Theatre Royal Trust Limited (continued} Other Information (contlnued) If we identify such materlal inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report in thls regard. Opinion on other matters prescrlbed by the Companles Act 2006 In our oplnlon, based on the work undertaken In the Course of the audit., the Informatlon glven in the Trustees, report for the flnanclal year for which the financial statements are prepared is conslstent wlth the financial statements,. and The Trustees, report has been prepared in accordance with appllcable le8al requirements. Matters on whlch we are required to report by exceptlon In the light of our knowledge and understandlnB of the company and Its environment obtained in the course of the audlt, we have not identified material mlsstatements in the Trustee5' report. We have nothlng to report In respect ofthe following matters where the Companies Act 2006 requlres US to report toyou if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audlt have not been recelved from branches not visited by us; or the financial statements are not in agreement with the accountlng records and returns; or certain disclosures of trustees remuneratlon specified by law are not made,. or we have not received all the Information and explanations we require for our audit. Responsibilltles of Trustees As explalned more fully in the Statement of Trustees, Responslbilities set out on page 12, the Trustees are responsible for the preparatlon of the financial statements and for being satlsfied that they give a true and fair view, and for such internal CDntrol as the Trustees determine is necessary to enable the preparation of financial statement5 that are free frorn material mi5Statement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for a55e55ing the Charity's ability to contlnue as a going concern, disc105in8, as applicable, matters related to 80in8 concern and u51ng the going concern basis of accounting unless the Trustees either Intend to liquidate the Charity or to cease operatlon5, or have no realistic alternatlve but to do so, Auditorfs responslblllties for the audit of the financlal statements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditorfs report that includes our opinlon. Reasonable assurance is a hi8h level of a55urance, but is not a guarantee that an audlt conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exi5t5. Misstatements can arise from fraud or 14

Newcastle Theatre Royal Trust Limited Independent auditors, report to the members of Newcastle Theatre Royal Trust Limited (continued) Auditorfs responsibilities for the audlt of the flnancial statements (continued) error and are considered material if, indlvldually or in the aggregate, they could reasonably be expected to influence the economic declslons of users taken on the basis of these financial statements. Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularltles, including fraud, The eKtent to whlch our procedures are capable of detecting Irregularltles, Includin8 fraud is detailed below: Enquiries with management about any known or suspected Instances of non-compliance with laws and regulatlons and fraud,. Revlewlng board mlnute5,' Review of legal expenses Incurred by the charity; Challen8lng assumptions and judgement5 made by management in thelr 518nlflcant accounting estimates,. Auditing the r15k of management overrlde of controls, Including through testln8 journal entrles and other adjustments for appropriatene55. Because of the field in which the client operates, we identified the following area5 as those most likely to have a material Impact on the financial statement5 and compliance wlth the UK Companles Act, and the Charities Act. Owing to the Inherent limitation5 of an audit, there is an unavoidable risk that some material mi55tatements in the financial statement5 may not be detected, even though the audit 15 properly planned and performed Sn accordance with the ISAS {UKI. For instance, the further removed non-compliance is from the events and transactlon5 reflected in the financlal statements, the less likely the auditor Is to become aware of It or recognise the non-compliance. A further descriptlon of our re5pon5ibilitles for the audit of the financial Statements Is located on the Flnanclal Reporting Councll's website at www.frc.org.uk/auditorsresponsibilities. This descrlption forms part of our auditor's report. Use of our report This report is made solely to the charitable company's Trustees, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them In an audltor'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbillty to anyone other than the charitable company and Its Trustees as a body, for ou r audlt work, for this report, or for the oplnlons we have formed, Slmon Brown BA ACA DChA (Senlor Statutory Auditor) For and on behalf of Azet5 Audit Servlces Chartered Accountants statutory Auditor Bulman House, Re8ent Centre, Gosforth Newcastle upon Tyne, NE3 3LS Date: 2024 Azets Audit Services is a tradlng name of Azets Audit Services Llmlted. 15

Newcastle Theatre Royal Trust Limited Statement of Financial Activities for the year ended 31 March 2024 Unrestricted General funds Unrestricted Designated Funds Restricted funds Total 2024 Total 2023 Note Income from Donations and legacies 35,960 35,960 170,179 Charltable actlvltles.. Operatlon of Theatre Other including Government Grant fundln 15,274,208 15,274,208 16,837,125 59,110 59,110 37,724 Investments 627,520 627,520 236,963 Total Income 15,996,798 15,996,798 17,281,991 Empendlture Expenditure on charltable activities.. Operatlon of Theatre 115,649,151) 115,649,151} 115,626,400) Total expendlture {15,649,1511 IIS,649,151} 115,626,400) Net Income/(Expendlturel 347,647 347,647 1,655,591 Actuarial galns/llossesl on defined benefit pen510n schemes 13181 & Ikl 3,140,000 Transfer to desi8nated funds Transfer to restricted funds 15,122,Q)01 5,122,000 Net movement In fund5 14,774,353) 5,122,1)00 347,647 4,795,591 16

Newcastle Theatre Royal Trust Limited Statement of Financial Activities (continued) for the year ended 31 March 2024 Unrestricted General funds Unrestricted Designated Funds Restricted funds Total Z024 Total 2023 Note Net movement In funds (4,774,353) 5,122,000 347,647 4,795,591 Reconclllatlon ot funds; Total funds brou8ht forward Totsl funds carrled forward 21 5,215,925 1,136,OCN) 2,582 6,354,507 1,558,916 21 441,572 6,258,000 2,582 6,702,154 6,354,507 The statement of flnanclal activltles Includes all galns and losses recogn15ed in the year. Income and expendlture for the year covers actlvltles at the Theatre Royal and for the year ended 31 March 2a24, 17

Newcastle Theatre Royal Trust Limited Balance Sheet as at 31 March 2024 Note 2024 2023 Flxed assets Tangible assets Investments in subsidiarles 14 15 748,415 506,398 748,416 506,399 Current assets Stocks Debtors Cash 16 17 23 16,751 1,006,838 13,163,523 14,187,112 16,446 881,589 13,042.143 13,940,178 Credltors: Amounts falllng due wlthln one year Net current assets 19 18,233,373) 5,953,739 18,092,070) 5,848,108 Total assets le55 current Ilabllltles 6,702,155 6,354,507 Credltors fallln8 due after more than one year Deflned beneflt penslon liabilltv 12 Icl, Ikl Net assets 6,702,155 6,354,507 The funds of the charlty: Restricted funds 21 2,582 2,582 Unrestrlcted funds Revenue fund5 Pension reserve General 21 21 441,573 5,215,925 441,573 5,215,925 Designated fund5 21 6,258,000 1,136,000 Total funds 6,702,155 6,354,507 The financlal Statements on pages 16 to 41 were approved for Issue by the Board on 14 October 2024 and were signed on its behalf bv.. Mr Nlcholas R. Swales, OBE, DL Chalr Date.. th 14 October 2024 Registered number: 01217427 18

Newcastle Theatre Royal Trust Limited ststement of Cash Flows for the year ended 31 March 2024 Note 2023124 2022123 Net cash generated In operatini actlvltles 23 lal 1154,0741 1,132,847 Cash flows from Investlng actlvltles Interest received 627,519 236,963 Purchase of tangible fixed assets 1352,0661 Dlsposal of tanglble flxed assets Net cash used In Inve$tln8 a¢tlvltle$ 275,453 236,963 Cash flows from flnanclnB actlvltles Government grant- Culture Recovery Fund Government 8rant- Coronaviru5 Job Retentlon Scheme Cash Inflow from flnanclng actlvltles Increase In cash and cash equivalents 23 (bl 121,380 1,369,810 Cash and cash equlvalents at the beginning of the year 13,042,143 11,672,333 Cash and cash equlvalents at the end of the year 23 Icl 13,163,523 13,042,143 The reconciliation of net cash flow to movement In funds Is shown In note 23lal. 19

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 Principal Accountlng Pollcles al Basls of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland IFRS 102 - (Charities SORP FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Cornpanles Act 2006. Newcastle Theatre Royal Trust Limited meets the deflnltion of a publlc benefit entity under FRS 102. Assets and liabilities are initially reco8nised at historical cost or transaction value unless stated in the relevant accounting pollcy note{sl. The future operations of the Trust are dependent on sufficient net income 8eneratlon. The Trust Is constantly lookln8 at ways to maintaln high levels of tlcket sales and Increase revenue stream5 in order to create flnancial security. The majority of show programming is put in place at least 12 months In advance and Is monltored very carefully against targets when It goes on sale. The Trust's forecast5 and prolectlons for the next twelve months show that the Trust should be able to continue In operational existence for that perlod, taklng into account reasonable p0551ble changes In tradlng performance and the potential impact on the Trust of possible future scenarios arlsln8 from the on-goin8 impact of Covld-19. The Trust has stron8 Posltlve cash balances and Is forecasting for thls to continue to be the case. The Trustees have stress-tested thelr forecasts, taking into account various scenari05, and remain confident that the uncertainties do not cast 518nlflcant doubt on the company's ablllty to continue as a 80in8 concern. The Trustees have considered the reserves and financial plans for the Trust and are of the view that, at the date of approval of the financlal statemer)ts, the Trust has sufficient reserves to continue to operate for the foreseeable future. The Trustees consider the charitable company to be a 8oln8 concern and the flnancial statements have been prepared on that basls. The prlnclpal accountlng pollcle5 adopted, judgements and key sources of estimation uncertainty in the preparatlon of the financial statements are set out in the following notes. b) Areas of lud8ement and estlmates The preparatlon of the financial statements requires management to make judgements, estlmates and assumptlons that affett the appllcatlon of pollcles and reported amounts of asset5, liabilities, income and expenditure. These are based on historic and other factors that are belleved to be reasonable, the results of whlch form the basis for making judgements. The estimates and underlying assumptlons are revlewed on an on-going basls. Specific areas of estimatlon include depreciation and useful economic live5 of asset5. provision5 and impairment. The nature of the estimation means that actual outcomes could differ from those e5tirnate5. None of the judgements or e5timate5 have a Significant effect on the financial statements. c) Income recognltlon Income from government and other grants, whether 'capital' or 'revenue' grants, is recogni5ed when the charity has entitlement to the funds, any performance conditlons attached to the Item(51 of income have been met and it is probable that the income will be received and the amount can be measured reliably and is not deferred. 20

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) c) Income recognltlon {continued) Income from charitable actlvltles, Future Levy Fund income and sponsorship and business membership Income is recognised as it is earned and is deferred when It is received in advance of the performance or period to which it relates. ficket Sales income comprises of gross income receivable. No Value Added Tax I'VAT'I is due on it because the activity falls within VAT exemption for cultural se￿ICe5. Gift vouchers, credit notes and tlckets sold in advance are Included in creditors as deferred income and are recognlsed as Income when the performance is held or when the expiry date is reached. Interest on funds held on deposlt Is recognlsed when receivable and the amount can be measured rellably by the charity,. thls Is normally upon notification of the interest paid or payable by the bank or Newcastle City Council. d) Resources e)tpended & Irrecoverable VAT Expendlture Is recognised once there is a le8al or constructlve obllgatlon to make a payrnent to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure Is cla55ified under the following headings: Charitable actlvities include expenditure associated with performances and educatlonal actlvltle5 and include both direct C05t5 and sUPPOrt costs relating to these activities. Support Costs Include expenses incurred for the management and ad ministratlon of the Trust. These costs have been allocated to the charitable activities on the basis of time spent on activities. Governance costs comprise expense5 relating to governance of the company and are prlmarily as50clated wlth constitutional and statutory requirements. All resources expended are classlfled under attivity headln8S that aggregate all cost5 related to the category. Where appllcable, irrecoverable VAT Is apportioned to expenditure based on the total department spend. e) Fund accountln8 Unrestrlttedfunds Unrestrlcted funds are available to spend on actlvltles that further any of the purposes of the charity. They may be desi8nated or undeslgnated, Deslqftotedfvnds The designated funds include funds set a51de by the Trustees to cover the refurblshment and restoration of the building, repair and renewal of equipment, a contrlbutlon toward5 creative en8a8ement projects, potentlal technlcal upgrades and minor one-off projects, Re5trlctedfvmls Restricted fund5 are funds which are to be used in accordance with specific restriction5 imposed by donors or whlch have been raised by the charity for a particular purpose. 21

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) fl Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Assets wlth a value of below £10,000 are not capitalised. Depreciation of flxed assets is charged by equal annual instalments commencing with the period of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives, which are as follows.. Computer hardware and software 3 years Box office system 5 years Other equipment 5 years Buildings flxtures & flttlngs between 5 years and 10 year5 8uildin8s Royal House depreciated over asset life gl Stock Stock of 8oods for resale have been included at the lower of cost and net rea115able value. Net realisable value Is based on estimated selling price less further costs expected to be incurred to disposal. h) Debtors Trade and other debtor5 whlch are receivable withln one year are Inltially recognised at the transaction price and subsequently measured at amortised cost, bein8 the transactlon price le55 any amou nts settled and any Impairment losses. 11 Cash at bank and In hand Cash at bank and cash in hand includes cash and short term hlghly liquid Investments wlth a short maturity of three month5 or less from the date of acqulsitlon or opening of the deposit or Similar account. J) Trade credltors & other Ilabllltles Trade ¢redltor5 and other Ilabllltle5 are recognised where the charity ha5 a present obllgation resulting from a past event that wlll probably result in the transfer of funds to a thlrd party and the amount due to settle the obllgatlon can be measured or estimated reliably. Trade creditors and other liabilities are Inltlally measured at the transaction price and subsequently measured at arnort15ed cost, being the transaction price less any amount Settled, kl Flnanclal Instruments The Trust only has financial as5et5 and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactlon value and subsequently measured at their settlement value. l) Penslon costs Employee5 are entitled to join the Tyne and Wear Pension Fund which operates a Local Government Pension Scheme {LGPSI. The LGPS15 one of the largest publlc sector pen51on schemes In the UK. It is a natlonwlde penslon scheme for people working in local government or working for other types of employer participating in the Scheme. Newcastle Theatre Royal Trust Limited has admitted body 5tatU5 in the Scheme. Contributions are paid by the Trust and by its employees. 22

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 11 Pension costs {continuedl The LGPS 15 a deflned benefit plan with benefits earned up to 31 March 2014 being linked to flnal salary. Benefit5 after 31 March 2014 3re based on a Career Average Revalued Earnings scheme. Member5 ofthe LGPS may also contribute towards added years or join the Additional Voluntary Contrlbutlon Scheme, each of which is funded by the employee alone. Member5 a150 have the flexibility to Join the 50150 part of the scheme whereby they will pay half of the normal contribution but thelr beneflts wlll also be reduced. Beneflts In the LGPS built up before l April 2014 are b35ed on the final pay of the member when they leave the Scheme. New employees are automatically enrolled into the LGPS scheme unless they have exercised their right to opt out of scheme membership. All benefits built up In the LGPS for membership after 31 March 2014 are calculated under the rules of the new career average scheme. Pension Is built up at a rate of 1149th of the amount of pensionable pay recelved in that Scheme year, or at a rate of 1198th if in the 50150 section of the Scheme. An actuarlal revlew on 31 March 2024 valued the Newcastle Theatre Royal Trust Llmited's share of the scheme's net pension surplus as £2,680,00012023,, deficit £3,060,000). The surplus In relatlon to funded benefits is not shown on the balance sheet In accordance wlth the requlrements of Financial Reporting Standard FRS 102, Further Informatlon IS glven in note 13. 2 Legal status of the Trust The Trustls a charitable company limited by guarantee, incorporated in England. The members have no shareholdings but in the event of a windin8 UP they have each undertaken to contribute to the payment of liabilities such amount a5 may be required, not exceeding a total of £1. 23

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 {continued) 3 Comparative Information - Prior Year Statement of Flnanclal Actlvltles Unrestricted General funds Unrestricted Designated Funds Restrlcted funds Total 2023 Income from Donations and legacles 159,280 10,899 170,179 Charltable actlvltles: Operatlon of Theatre 16,837,125 16,837,125 Other Includlng Government Grant fundlng 37,724 37,724 Investments 236,963 236,963 Mlsc. Income Total Income 17,271,092 10,899 17,281,991 Expendlture Expenditure on charitable actlvltie5'. Operatlon of Theatre 115,615,501} (10,8991 I15,626,4￿) Total expendlture 115,615,501} 110,8991 115,626,400) Net In¢ome/(expendlture) 1,655,591 1,655,591 Actuarlal galnsl{lossesl on deflned benefit pension schemes Transfer to de518nated funds 3,140,000 3,140,000 1577,0001 577,000 Net movement In funds 4,218,591 577,000 4,795,591 24

Newcastle Theatre Royal Trust Limited Notes to the f inancial statements for the year ended 31 March 2024 (continued) 4 Income from donations and legacies Unrestricted Unrestricted Restricted General Designated 2024 2023 Individual Givlng Scheme 1,558 1,558 1,571 Other donations 34,402 34,402 168,608 35,960 35,960 170,179 5 Income from charitable actlvltles 2024 Cost of Net Income sales 2023 Cost of sales Turnover Turnover Net Sncome Unrestrlcted funds Box offlce Ilncl. booking feel 13,458,580 18,299,995) 5,158,585 14,872,108 19,330,S981 5,541,510 Ancillary 434,812 1180,2121 254,600 568,153 1262,7981 305,355 Caterlng & bar 999,146 1255,1901 743,956 1,025,777 1264,9231 760,854 Member5hlp5 199,082 199.082 215,033 215,033 Creative Engagement 137,708 177,2621 60,446 105,948 164,8121 41,136 M15cellaneous 44,880 44,880 50,106 50,106 15,274,208 18,812,659) 6,461,549 16,837,125 19,923,131) 6,913,994 Mlscellaneous Income Include5 Postage income relating to ticket sales and member events a5 well as funds arising from the cancellatlon of explred hlstorlc glft voucher5 and credit notes, 25

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 6 Other 2024 2023 Sponsorship 59,110 37,724 All of this Other income relates to unrestricted funds. 7 Investments 2024 2023 Interest recelvable 627,520 236,963 Interest receivable relates to Interest earned on cash deposlts. All Investment Income relates to unrestrlcted funds. 8 Analysis of expendlture on charltable activities The Trust undertakes direct charitable artivities only and does not make grant payments. Unrestrlcted Unrestrlcted General De518nated funds funds Restrlcted funds Z024 2023 Cost of charltable a¢tlvltle5: Cost of sales (see note 51 Marketing 8,812,659 8,812,659 9,923,131 890,525 890,525 695,002 Box office 487,118 487,118 493,872 Front of house rnanagement BuIldin￿ overhead cost5 Development Technical 1,115,360 1,115,360 1,052,848 1,119,351 1,119,351 50,392 1,128,732 50,392 49,842 803,083 803,083 940,026 Creatlve EnRaRernent 172,366 172,366 127,645 Depreciatlon 110,048 110,048 98,248 Support costs (see note 91 Governance cost515ee note 91 2,070,075 2,070,075 1,103,511 18,174 18,174 13,543 Total cost of charltable a¢tlvltles 15,649,151 15,649,151 15,626,400 26

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) Analysis of 5UPPOrt and governance costs The Trust allocates its support costs as shown In the table below. Support costs are allocated on a basls consistent with the use of resources. Support costs (Note 81 Governance (Note 81 2024 2023 Central Offlce, Admin & HR Finance Office Informatlon Technologv Internal Audlt 687,803 1,076,782 305.490 687,803 1,076,782 305,490 5,013 5,013 13,161 13,161 18,174 2,088,249 646,872 250,512 206,127 3,043 10,500 1,117,054 External Audit Total 2,070,075 10 Net Income/{expendlture Net incomellexpenditurel Is stated after charging: 20Z4 2023 Depreciation of tanglble flxed assets Operatlng lease rentals- plant & equipment Audltors, remuneration Audlt fee Directors, and officers, Ilability Insurance Cost of stock recognised as an eMpense- stock write off 110,048 98,248 12,800 2,604 10,500 2,604 27

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 11 Employee informatlon al Average number of employee$ The average rnonthly number of employees, includln8temporary5taff, employed durlngthe year was 259 {2023: 1881 split between Theatre Royal operations 240 {2023'. 170} and management and administration 1912023.. 18). b) The cost5 Incurred In respect of employees were: 2024 2023 Wages and salarle5 Social security costs Pension charge5 2,927,815 233,827 261,980 3,423,622 2,656,864 210,039 333,439 3,200,342 Penslon charges for the year include employer contrlbutlons of £261,98012023: £333,439) into the Tyne and Wear Penslon Fund in respect of employees, pension costs. The employerfs contribution rate for the year was 10.3% of pensionable pay12023.. 14%1. Employee contrlbutlons vary according to their annual pay. At the year end £34,784 12023.. £40,5541 was owed in respect of employer and employee contributlon5 due to the scheme which were paid across in April 2024. The number of employees earnin8 over £60,000, excluding pension contrlbutlons,15 as follows.. 2024 Number 2023 Number £60,001- £70,000 £90,001- £100,000 £ioo,ooi - £iio,000 c) Key Management Personnel For the purpose of thls disclosure Key Management Personnel are deflned as the Trustees, Chlef Executlve, Dlrector of Finance, Director of Operations, and Director of Audience & Communications whose ag8regate remuneration in the year, excluding employer pension and national insurance contributions, was £295,31412023.' £249,023}. A8gregate remuneration Including employer pension and national insurance contributlons was £356,50512023'.£310,7501: 2024 Number 2023 Number £50,001- £60,000 £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £120.001- £130,000 £130,001- £140,000 28

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 11 Employee information Icontinuedl d) Trustees, emoluments Trustees recelved a remuneration or expenses during the year ended 31 March 2024 for serwice5 rendered to the Trust of £671.2512023.. £731. Directors normally attend a number of performances each year in orderto monitorthe qualitv of productlon5 and rnaintain a Board presence at the Theatre. In 2024 the value of tickets for performances attended by the Dlrectors was £2,05012023 £1,889). 12 Penslons The dlsclosures Ibelowl relate to the funded liabilities within the Tyne and Wear Pension Fund (the "Fund'l which is part of the Local Government Penslon Scheme (the "LGPS"). The LGPS Is a funded deflned benefit plan wlth beneflts earned up to 31 March 2014 belng Ilnked to flnal salary. Benefits after 31 March 2014 are based on a CareerAverage Revalued Earnlngs Scheme. Deta115 of the beneflt5 earned over the period covered by thls dlsclosure are set out in The Local Government Pension Scheme Regulations 2013 and The Local Government Pen51on Scheme ITransltlon Prov151on5, Savlng5 and Amendment) Regulatlon5 2014. (a) Fundin81 Governance Arrangements of the LGPS The funded nature of the LGPS requires partlclpatin8 employer5 and its employee5 to pay contribution5 into the Fund, calculated at the level Intended to balance the pension liabilities with investment assets. Information on the framework for calculatlng contributions to be paid is set out in LGPS Regulation5 2013 and the Fund's Funding Strategy Statement. An actuarial valuatlon was carried out as at 31 March 2022. Employer contributions for thi5 period have been set at 10.3% of pensionable pay. Thls compares to an employer contrlbutlon rate of 14.0% for the year ended 31 March 2023. The Fund's Administering Authoritvi South Tyneside Councll, is responsible for the governance of the Fund. An actuarial revlew for accounting purposes, usln8 the roll-forward method, was undertaken to revlew the funded status of the Scheme a5 at 31 March 2024. As a result of thls revlew, the Trust's share of the dlfference between the falr value of the Scheme's assets and the present value of funded defined benef it obligations ha5 increased from a surplus of £2,68m as at 31 March 2023 to a surplus of £3.43m as at 31 March 2024. Durlng the year the falr value of assets Increased by £1,03m and the present value of the defined benefit obll8atlon Increased by £0.28m. In accordance with the requirements of FRS102, disclosure of certain information concerning assets, Ilabilitles, Income and expendlture relating to the pension scheme is required and is set out below, (b) Estlmated Penslon Expense for the Accountlng Year Endlng 31 March 2025 The artuarial revlew for accounting purposes provides an estimate of the charges to the income and expendlture account in future perlod5 based on the a55umption5 as at 31 March 2024. Analysis of amounts charged to profit and loss Period endin8 31 March 2025 £m 0.38 10.041 0.34 Current service c05t Net interest on net deflned beneflt Ilability Total Estimated Penslon Expense An allowance for administrative expenses of £O.Olm is included in the current servlce cost. The estimated expense is based on an estimated pensionable payroll overthe period of £2.53m. 29

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) {c) Changes to the Penslon Llablllty Reconclllation of Pension Liabilitv Pension asset value at 31, March 2023 2,680,000 Current service c05t 1410,0001 Interest on net defined liabilitv 140.000 Contrlbutlons attributable to the employer 250,000 Actuarial gainslllossesl 770,000 Pension asset value not recognlsed las per FRS102 para 28.221 13,430,000) Closln8 Penslon A55et at 31 March 2024 (d) Prlnclpal A55umptlons The prlnclpal assumptions used by the Actuary in updatlng the latest valuatlon of the Fund for FRS 102 purposes were: Assumptlons 31 March 2024 31 March 2023 31 March 2022 Discount rate CPI inflation Pension accounts revaluation rate Pension increases Sala increases 4.80% 2.60% 2.60% 2.60% 4,10% 4.70Yo 2.70% 2.70% 2.70% 4,20% 2.70% 2.90% 2.90% 2.90% 4.40% The mortallty assumptlons are based on the artual mortallty experlence of members wlthln the Fund based on analysls carried out as part of the 2019 Actuarial Valuation and allow for expected future mortallty improvements, Sample Ilfe expectancies at age 65 resultlng from these mortallty assumptlons are shown below: Mortallty Assumptlons 31 March 2024 Years 31 March 2023 Years Males Pension member aged 65 at accounting date Actlve member aged 45 at accounting date Females Pensioner member aged 65 at accounting date Active rnember aged 45 at accounting date 21.0 22.3 21.6 22.9 24.2 25,6 24.6 26.1 30

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) A55et Allocation Value at 31 March 2024 50.6% 10.4Yo 1.3% 19.5% 4.6% 0.7% 12.9% ioo.o% Value at 31 March 2023 51.2% 10.5% 1.3% 19.5% 4.5% 1.8% 11.2% ioo.o% Equities Property Government bond5 Corporate bonds Multi Asset Credit Cash Other Total (e) Reconciliation of Funded Status to Balance Sheet Value as at 31 March 20Z4 Value as at 31 March 2023 Falr value of assets 15,990,0000 14,960,0000 Present value of funded deflned beneflt obllgatlon 112,560,000) 112,280,000) Pension asset value not reco8nlsed las per FRS102 para 28.22) 13,430,000) 12,680,000} Funded status - Ilabillty reco8nlsed on the balance sheet The spllt of the liabllities at the last valuation between the varlous categories of members is a5 follow5: Active members 33% Deferred pensioners 21% Pensioner5 46% (Q Amounts Reco8ni5ed In Income Statement Year endlng 31 March 20Z4 Year endlng 31 March Z023 Operatln8 Cost Current servlce cost Flnancln8 Cost Interest on net defined benefit liability Interest on unrecognised asset 410,000 980,000 1140,0001 loo,000 70,000 Penslon expense reco8nlsed In Income statement 370,000 1,050,000 (g) Amounts Recognlsed In Other Comprehenslve Income Year endlng 31 March 2024 Year Èndlng 31 March 2023 Liability gain511105ses1 arising during the year Adjustment gainlllossesl due to restriction of surplus Total amount recognised In other comprehenslve income 540,000 230.000 {1,050,0001 7,540,(KIO 770.000 6A90.000 31

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) (h) Changes to the Present Value of the Defined Benefit Obligation Year ending 31 March 2024 Year ending 31 March 2023 Opening defined benefit obligation 12,280,000 17,660,000 Current service cost 410,000 980,000 Interest expense on deflned beneflt obllgation Contributions attributable to the participants Actuarlal Igain5111055es on Ilabllities Net benefits paid out 570,000 470,000 160,000 140,000 1540,0001 16,670,Crf)O) 1320,0001 1300,(X)O) Curtallment cost C1051ng present value of Ilabllltles 12.560,000 12,280,000 (i) Changes to the Fair Value of Assets Year endlng 31 March 2024 Year endlng 31 March 2023 Opening fair value of a55ets 14,960,000 14,600,000 Interest income on assets 710,000 400,000 Re-measurement galns/llossesl on assets 230,000 1180,0001 Contributions attributable to the employer 250,000 300,000 Contrlbutions attrlbutable to the partlclpants 160,000 140,000 Net benefits paid out 1320,0001 1300,0001 Closlng falr value of assets 15,990,000 14,960,000 (J.) Actual Return on A55ets Year endlng 31 March 2024 Year endlng 31 March 2023 Interest income on assets 710,000 400,000 Gain/llossl on asset5 230,000 1180,0001 Actual return on assets 940,000 220,000 32

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) (k) Unfunded Benefits The liablllty recognised in respect of the unfunded LGPS benefits is £70.00012023.' £70,000). These benefit5 are termlnatlon benefit5 made on a discretionary ba515 upon early retirement In respect of members of the LGPS. No penslon fund exists to meet these benefits. No attuarial gain has been recognlsed In the period in respect of these liabllitie5,12023', £Nill, The unfunded LGPS liability of £70,000 has been offset against the actuarial gain reported (such that whllst there is no a55et reported for the funded LGPS scherne there is no liability reported for the unfunded LGPS 5chemel. (l) Contingent liabilities Guaranteed Mlnlmum Penslon IGMP) Equallsatlon In March 2016 the Government made the LGPS responslble for paylng the full increase5 on GMPS for indivlduals reaching State Penslon Age ISPAI from 5 Aprll 2016 through to 6 December 2018 as an "interim solution" In January 2018 this interlm solution was extended to individuals reaching SPA before 5 Aprll 2021 passlng further c05t on to the LGPS, The 31 March 2019 attuarlal valuatlon allowed for the extension of the interim solutlon to those reachln8 State Penslon A8e by 5 Aprll 2021 as already required under leglslatlon. However, the valuatlon dld not allow for the impact of potentially extendln8 this Interlm solutlon Indefinitely, provlding full penslon Increases on GMP for members reaching State Pension Age after 5 Aprll 2021. Based on approxlmate calculations, at a whole fund level, the Scheme's actuary has Indicated that the Impact of providin8 full penslon increases on GMPS for those members reaching State Pension Age after 5 Aprll 2021 is an increase in past service liabilities of between O. 1% to 0.2% across the Fund as a whole. (m)Exit of the LGPS On 27th June 2024 the trust exlted the LGPS defined benefit scheme and entered a deflned contrlbutlon scheme. There Is no liability to the trust on exlt of the deflned beneflt scheme, and the subsumptlon bond of £380,000 held by Newcastle Clty Councll has been repaid in full. 33

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 13 Taxation The Trust is a charity established under the Charltles Act 1993 (now Charltles Act 20111. It15 therefore exempt from taxation in respect of income and capital gains received within categories covered by section 505 Income and Corporation Taxes Act 1988 and sectlon 256 Taxation of Chargeable Gains Act 1992, to the extent that such income and gains are applied to charitable purposes only. 14 Tan8ible assets BuSldln Ilncl. leasehold Smprtsvementsl Other Equlpment Computer Equlpment Box Offlce & HR systems Totsl At l Aprll 2023 1.079,163 310,371 52,200 244,741 1,686,475 Addltlons durln8 the year 271,201 80,864 352.065 Dlsposals 0.00 At 31 March 1024 1,350,364 310,371 133,064 244,741 2,038,540 A￿UMUlated depreclatlon At l Aprll 2023 607,656 309,163 52,200 211,058 1,180,077 Charge for the year 92,290 1.208 5,470 11,080 110,048 Dlsposals At 31 March 2024 699,946 310,371 57,670 222,138 1,290,125 Net book valui At 31 March 2024 650,418 75,394 22,603 748,415 At 31 March 2023 471,507 1,208 33,683 506,398 The main Theatre Royal premlses Is leased from Newcastle Clty Councll whlch owns the property. A new 125-year lease commenced on 20, December 2019 at a peppercorn rent. The Trustees consider the nature of the Theatre Royal'5 bu5ine55 to be such that realistic quantiflcation of the true value of this gift in kind is impossible with any accuracy, and hence no value has been attributed to it within the financial 5tatement5. 34

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 14 Tangible assets (continued) Prior year note BuSldlngs Ilncl. leasehold Improvements) Other Equlpment Computer Equlpment Box Oftlce & HR systems Total Cost At l Aprll 2022 1,354.342 310,371 52,200 244,741 1,961,654 Addltlons during the year Dlsposa15 1275,1791 1275,1791 At 31 March 2023 1,079,163 310,371 52,200 244,741 1,686,475 Accumulated d•pr•¢latlon At l Aprll 2022 798,087 306,743 52,200 199,978 1,357.008 Charge for the year 84,748 2,420 11,080 98,248 Dlsposals 1275,1791 1275,1791 At 31 March 2023 607,656 309,163 52,200 211,058 1,180,077 Net book value At 31 March 2023 471,508 1,208 33,683 506,399 At 31 March 2022 556,255 3,628 44,763 604,646 15 Investments In subsldiarles On 27 October 2017 NTRT Tradlng Ltd was Sncorporated. This company is a wholly owned subsidiary ofthe Trust and has yet to commence trading. The company 15 limited by guarantee and the Trust, as the parent charityi guarantees to pay up to one pound towards the cost5 of d15501utlon and the debts and liabilities of the company. NTRT Trading Ltd is incorporated In England, registration number 11036273 and its re8lStered office is 100 Grey Street, Newcastle upon Tyne, NEI 68R. Thi5 company was dissolved on 9 July 2024. th On 30 January 2024 NTR Green Room Trading Limited was incorporated. NTR Green Room Llmited Is Incorporated in England, re8lStration number 154S690 and It5 reg15tered office is 100 Grey Street, Newcastle upon Tyne, NEI 6BR. Oneordinaryshare has been issued and is held bythe NewcastleTheatre Royal Trust Llmlted. NTR Green Room Llmited is therefore a wholly owned subsidiary of the trust and it Is Intended that this subsidiary will carry out commercial operations relating to the theatre. 35

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 16 Stock 2024 2023 Goods for resale 16,751 16,446 17 Debtor5 2024 2023 Trade debtors 113,982 94,320 Subsumption securlty monles held by Newcastle Clty Councll - note 19 380,000 380,000 Other debtors 67,182 126,422 Prepayments and accrued Income 445,674 280,847 1,006,838 881,589 18 Amounts owed by related parties £380,000 Is held by Newcastle Clty Counc51 as securlty for the Councll agreelng to the pension scheme 5ub5umption agreement12023.' £380,000). When the Trust arranges for a penslon bond to be put In place to cover the potential risk of increased liabilities on cessation to the Council, then the monies held as security wlll be returned to the Trust. The agreements In place allow for the Councll to request further securlty to be provlded in the future elther vla monles held or vla an appropriate pension bond. The bond was repaid in full to the trust, wlthout Interest, on 9 July 2024, 36

Newcastle Theatre Royal Trust Limited Notes to the f inancial statements for the year ended 31 March 2024 (continued) 19 Creditor5: amounts falling due within one year 2024 2023 Trade creditors 1,622,643 1,348,379 Taxatlon and social securitv 161,122 131,510 Other credltors 19,084 47,561 Accruals 1,237,463 711,267 Deferred Income (note 201 5,193,061 5,853,353 8,233,373 8,092,070 20 Deferred Income Deferred Income comprises advance tlcket sales, booklng fees and heritage fund income for performances after 31 March 2024. Balance as at l April 2023 5,853,353 Amount released to Income earned from charltable activitie5 112,060,176) Amounts refunded net of show transfers 1355,462) Amount of advanced recelpts at year end Balance as at 31 Mar¢h 2024 11,755,346 5,193,061 Balance as at l April 2022 5,930,419 Amount released to income earned from charitable activitie5 {13,727,8181 1287,1721 Amounts refunded net of show transfers Amount of advanced receipts at year end Balance as at 31 March 2023 13,937,924 5,853,353 37

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 21 Funds Unrestrirted RestrSrted Revenue Penslon De518n¥ted lunds Unrestricted Restrlcted funds reseNè sU￿tOtal Funds Funds Total At l Aprll 2023 5,215,925 5,215,925 1,136,000 6,351,925 2,582 6,354.507 Net Incomlngl loutgoln81 resources for the year 347,647 347,647 347,647 347,647 Transfers 15,122,000) 15,122.0001 5,122,000 Actuarlal Galn/Loss At 31 March 2024 441,571 441,572 6,258,QQO 6,699,572 2,582 6,702,154 Unrestrlrted Re$trlcted Prevlous year Revenue Penslon Deslin•ted lunds Unrestrlrted R•strlrted fund5 reserve SulTrtot•l Fund5 Funds TGt•l At l Aprll 2022 4,137,334 13,140,000) 997,334 559,lY)O 1,556,334 2,582 1,558,916 Net Incomln&l loutgolngl resources for the year 1,655,591 1,655,591 1,655,591 1,655,591 Transfers 1577,0001 1577,0001 577,0(M) A¢tuarlal GalnlLoss 3,140,000 3.140,000 3,140,000 3,140,000 At 31 March 2023 5,215,925 5.215.925 1,136,000 6,351,925 2,582 6,354,507 Unrestrlrted funds The designated funds include funds set aside by the Trustees to cover the refurbishment and restoration of the building, repair and renewal of equipment, a contribution towards Creative Engagement projett5, Potential technical upgrades and minor one off proJect5. Re5trirted fund5 Restricted funds are fund5 which are to be used in accordance with specific restrictions imposed by donor5 or which have been raised by the charlty for a partlcular purpose. Pension reserve Note 12 provldes Informatlon on the Trust's penslon reserve balance. 38

Newcastle Theatre Royal Trust Limited Notes to the f inancial statements for the year ended 31 March 2024 (continued) 22 Analysis of net a55et5 between funds Unrestrlcted funds Deslgnated funds Restrlcted funds Total 2024 Tangible fixed assets Investment in subsidiarv Current assets & long term debtor Current Ilabllitle5 748,415 748,415 7,926,530 18,233,373) 6,258,000 2,582 14,187,112 18,233,373) Pension liability Total net assets as at 31 March 2014 441,573 6,258,000 2,582 6,702,155 Prevlous year Unrestrlcted funds Deslgnated funds Restrlcted funds Total 2023 Tanglble flxed assets Investrnent in 5ubsidiarv Current assets & long term debtor Current liabilitles 506,398 506,398 12, 801,596 18,092,070) 1,136,000 2,582 13,940,178 (8,092,070) Pension liability Total net assets as at 31 March 2023 5,215,925 1,136,000 2,582 6,354,507 39

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 23 Notes to the cash flow statement (al Reconciliation of net outgoing resources to net cash used In operatlng actlvltles 2024 2023 Net outgoing resources 347,647 4,795,591 Depreciatlon Government grants receivable Bad debt provlslon {Decreasel/lncrease In penslon Ilablllty Interest receivable 110,048 98,248 13,140,000) 1236,9631 16751 1627,5191 13041 Ilncrea5el/Decrease In stocks and work in progress Decrease In advance contrlbution payment to Newcastle City Council Decrease/llncrea5el In debtors Increase/lDecrea5el In credltor5 1125,2491 1121,7721 1261,584) 141,303 Net cash (used In118enerated from operatlng actlvltles 1154,0741 1,132,845 (b) Analysls of changes In net cash & net debt At l Aprll 2023 Change In year At 31 March 2024 Cash at bank and in hand 13,042,143 121,380 13,163,523 Cash held wlth Newcastle City Councll Net cash 13,042,143 121,380 13,163,523 (¢) Reconclllatlon of net cash flow to movement In net cash Increase In cash In the year Net cash at l April 2023 121,380 13,042,143 Net cash at 31 March 2024 13,163,523 40

Newcastle Theatre Royal Trust Limited Notes to the financial statements for the year ended 31 March 2024 (continued) 24 Lease and other flnanclal commltments Operatlng leases Total future mlnlmum lease payments under operatin8 leases are glven In the table below.. At31 March 2024 At31 March 2023 Other Offlce equipment equlpment 1,876 1,055 Totsl Other equlpment 1,773 Offlce equlpment 1,719 Total Not later than l year Later than l year and not later than 5 years 2,932 3,492 1,056 2,775 1,056 4,548 1,876 1,055 2,932 1,773 25 Ultlmate controlllng party The company Is Ilmited by guarantee and there is no ultlmate controlllng partv. 41