2022-03-31-accounts

Registered number.. 01356378 Charity number= 507354 HIGH PEAK THEATRE TRUST LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) CONTENTS Page Reference and administrative details of the company. it5 Trustees and advisers Chair's report Trusteès, report 4-12 Independent audltor's report on the financ5al statements 13-16 Statement of financial artivities 17 Balance sheet 18-19 statement of tash flows 20 Notes to the flnanclal statements 21-41

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustee5 Professor J Simons, Chair Ms H Bowdur lappoint8d 30 September 20211 Mr S Clark (appointed 30 September 20221 Mr A Fletcher (appointed l December 20211 Mr N Jeffrey Mrs PA John50n (resigned 30 September 20211 Mr R MacLean Dr J Morrissy (resigned 30 September 20211 Mrs J Moulder lappointed 30 September 20211 Ms A Phillips (resigned 28 Septernber 20221 Mr K E Savage, High Peak Boroueh Council Nominee (deceased 3 December 20211 Mr AL Scott Mr E Siddall, High Peak Borough Council Nominee (appointed 30 September 20221 Mr J SilvenNood (resigned 10 Septernber 20211 Mrs A Simcox (resigned 28 July 20221 Mrs S A Swift Hawgood lappointed 30 September 20211 Company reElstered number 01356378 Charity registered number 507354 Reglstered offl No. 5 The Square Buxton Derbyshire SK17 6AZ Company secretary M5 K Gi150n Independent audltor BHP LLP Chartered Accountants 2 Rutland Park Sheffield SIO 2PD Bankers Virgin Money UK PLC 34 Princes Street Stockport Cheshire SKI IRE Page I

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Sollcltors Cooper Sons Hartley & Williams 25 Market street Chapel-en-le-Frith High Peak SK23 OHS Page 2

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 It'5 a particular pleasure to introduce this year'5 annual report. A year ago, who knew when theatres would be able to re- open? Who knew if audiences would want to return? Or whether we would ever be allowed to remove our masks and breathe again? But not only did Buxton Opera House open in July, we did so in triumphant style with a joyous production of Stephen Sondheim'5 A Little Night Music, directed by Paul Kerryson, a production which also heralded in the 2021 Buxton International Festival. Since then we have had a vibrant season. Many of our performances were only made possible with the Eenerous support of the High Peak Borough Council and the Government Culture Recovery Fund, which helped to bring our theatre back to life after it5 Slxteen months of closure. Buxton Opera House regularly wins awards for the warmth of its welcome, and it's easy to see why when audiences are greeted by our wonderful army of volunteers who provide the best in customer care. I want to thank each and every one of them. Thi5 year too has been marked by a new ambitlOU5 youth and community pro8ramme, Plarform 3. What a delight it's been to see the exuberance and talent of Generation Z on the glorious Opera House stage. They demonstrate that the experience of live theatre far outstrips its entertainment value. It builds confidence, develops essential skills. instils discipline and teamwork, and prepares young people for future career5 in many different walk5 of life. My special thanks for the success of the past year go to the inspirational leadership of Paul Kerryson and to the Board of Trustees, who steered the company through extraordinary times. We were delighted to welcome four new Trustees during the year. Helen Bowdur and Andrew Fletcher are both senior art5 profe55ionals from fundraising and rnanagement backgrounds respectively. Musician Jane Moulder cornbines HR expertise with extensive art5 charity experience, and Sally Swift from NBC Universal brings both legal knowledge and a global perspective on arts strategy for the future. They complement an already strong and dedicated board for whose advice and energy l am most grateful. JLJdy Si 0115 (Dec 2. 2022 11..42 GMT) Judy Simons Chair Date- Dec 2, 2022 Page 3

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together with the audited financial statements of the charitable company for the l April 2021 to 31 March 2022. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companvs governing document and the provision5 of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 Isecond edition October 20191. Since the Company qualifies as small under section 382 of the Companies Att 2006, the Strategic report required of medium and large cornpanies under the Companie5 Act 2006 (Strategic Report and Director5, Reportl Re8ulations 2013 has been omitted. Objectlves ond urtlvltles a. Polities and objectives The objects of the Charity are.. The advancement of the arts and culture including drama. ballet. opera, music, singing, literature, sculpture and painting,. and The advancement of the Buxton Opera House and Pavilion Arts Centre as performance venues whilst respecting heritage and architectural significance. In setting objectives and planning for activities, the Trustee5 have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance'Public benefit.. running a charity IpB21'. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance'Public benefit.. running a charity IPB21'. b. Strategies for achieving objertive5 Buxton Opera House is Derbyshire's only large-scale venue for the performing arts. The Company manages and programmes the Opera House (capacity 9011 and the adjacent Pavilion Arts Centre (capacity 3541. The principal strategies for achieving objectives are the presentation of live performances in the Opera House, including dance, comedy, hildren'5 concerts, rock, pop and folk music, pantornime and opera, plus a programme of cinerna Screenings and live events in the Pavilion Arts Centre. The venue is also home to the annual Buxton International Festival, with its associated Fringe Festival. In addition to its programme of visiting artists, the Trust commissions new work, mounts co-productions. has an imaginative Learning and Engagement programme tentred on young people, and actively seeks to wtsrk in partnership with co8nate bodie5. The policies adopted by the Board require the Chief Executive Officer to lead the organisation in achieving a balanced and high-quality experiente within the Opera House and Pavilion Arts Centre within the parameters set out in the agreed financial strate8y and operational plan together with realistic fundraising and secondary income tar8ets to supplement trading income. Page 4

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Objectives and artivities Icontinuedl c. Activlties undertaken to achieve objectives The principal business activity is the presentation and production of performances in our venues. The Trust has increased the scale of learning and participation opportunities for community engagement, wtsrking closely with HPBC, schools, ommunity group5 and other educational partners within the High Peak area, providing platforrns for local talent of all ages supported by professional expertise. The Company continues to exploit income and new audience opportunities with top visiting companies, commercial co-productions and community productions, which also contribute to the core budget. d. Main activities undèrtakèn to further the company's purposès for thè publit bènefit In shaping the objectives for the year and planning activitie5, the Trustees consider the Charity Commission's guidance on public benefit, including the guidance on fee charging. The Company enters into different business arrangements with visiting companies and event organisers. Where these arrangements involve the payment of a fee to the Company, the charges and concessions set are subject to scrutiny to ensure that operating tosts are covered and the Trust can retain acce55 to the venues for non-commercial event organiser5 and those events attracting an audience who may otherwise feel excluded from attending or participating in the wider programme due to economic, health, or other characteristics. We programme a diverse range of attivity and treate associations with an eclectic mix of partners for the public benefit. The prograrnme includes both high quality visiting and home-produced production5 plus an expanding Learning and Community engagement, accessible to both current and new audienceslparticipants. The Trust is committed to improving access and inclusivity for our staff, artists and audiences working alongside such partners as Disability Positive. Derby University and the Arts Countil England's Let's Create strategies. Chief Executive Offi(er'5 repgrt a. Review of activities For the first three months of this financial year there were no performances in either the Opera House Or the Pavilion Arts Centre. We tontinued with preparètions to ensure that both venues (Opera House and PACI could reopen with 3 safe environment for audiences, staff and vislting companie5. Previously scheduled performances were transferred to the Autumn and Winter months and new bookings for this period reflected the growing confidence from visiting promoters and productions. The Trust took the decision to reopen on 8th july 2021 to host the Buxton International Festival. For the first two weeks only socially distanced performances were permitted, with a maximum of 360 seats in the Opera House. The first production, A Little Nieht Music, signalled a new venture, a co-production between Buxton Opera House and Buxton International Festival, supported by Arts Council England IACEI and HPBC, which also supported the reopening of the Opera House during thi5 challenging tirne. As restrictions lifted, audience5 returned in force, and bookings were better than expected for the Autumn season including the pantomime Aladdin, which was solely produced by the Trust for the first time. ACE also supporte(4 an expanding Learnin8 and Engagement programme of activities. Our Reconnect prograrnme continued through the first six months of the year, transforming from virtual activity to live activities through the summer of 2021. Platform 3, a new joint initiative with Buxton International Festival, was launched in September 2021 and its programme has continued to expand, encouraging a new generation of talent to flourish. Page 5

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Chief Executive Officer'5 report Icontinuedl Following the successful reopening of the Opera House, the reopening of the cinema was more problematic. Following the pandemic and in line with other cinema operations. it was clear that audiences had got used to watching films at home nd were continuing Wlth Netflix and Prime screenings. It was decided to continue with the cinema for the time being, but gradually add more lucrative live work in the PAC. The future success of Buxton Opera House is crucial to the social and economic impact on the local community and continuing status of the Opera House as a world class heritage tourist attrattion. Now that the business is recovering from the pandemic, the Trust has reinvigorated plan5 for the capital project (put on hold during the pandernicl with an Economic Impact assessment and reassessment of the original feasibility study. This will enable us to establish the mechanisms tts reach RIBA stage 4, which we expect to do in partnership with HPBC and Derbyshire County Council. b. Futurè Plans The Trust will continue to drive artistic ambition, including co-productions IGyp5y Wlth the Buxton International Fe5tivall, producing the 2022 Christmas show, expanding Platform 3 and other Learning & Engagement activities plus creating the annual community musical Sweeney Todd. We will continue to work alongside partners including the Festival. the Crescent Trust, Derby University and local schools plus our new partner Disability Positive, and to seek new partners. We airn to substantially increase fundraising targets via donation5, business 5pon50r5hip and applications to trusts and foundations prior to the major capital project fundraising campaign. Following the successful Culture Recovery Fund bids, we submitted an application to Arts Council England IACEI for funding via National Portfolio Organisation status. We are extremely pleased to report that we have received a conditional offer fr(>m ACE which we hope will be formally signed-off in January 2023 after a further meeting and presentation. Funding would then cornmence in the 2023 12024 financial vear. During the coming year we will continue to prograrnme high quèlity, lucrative touring productions and world tlass artists to Sustain the busine55 against future threats, including the dangers of inflation and the growing cost of living crisi5. We will continue to deliver dynamic learning and community engagement activities while reaching new participants within the rural and disadvantaged communities of the High Peak. We will develop staff/management training and develop customer care whilst nurturing our excellent volunteer forte. We will maintain our Health and Safety provision by RB Solutions with regular inspections to ensure a safe environment for staff, audiences and visiting cornpanies. We will develop new audiences prior to the new technical and access facilities provided by a future successful capital project which will eventually bring a greater choice of high-quality visiting and in-house productions to 8uxton, Derbyshire and the High Peak. c. Fundraising Standards Information The Trust has a fundraising policy in place which covers gifts from individuals, sponsorship from organisations, and funding from grant-making bodies. It focuses on our aim to be a responsible and ethical organisation, mindful of our re5pon5ibilitie5 to our tommunity, the arts, heritage and the environmerit. The company acknowledges donors, right to privacy and fully upholds the value5 of the Fundraising Re8ulator'5 Fundraising Promise. In the period in question, fundraising income was £183,922, of which £65,479 was from the membership Giant Cash Bonanza scheme. The remaining £118,443 was from ad hoc donations and sponsorship. In February 2022, our fundraising endeavours were boosted by a special event, One Night Only, whith raised £SI,000 and has been placed in a designated fund for the upgrade of backstage equipment within the Opera House. We seek to maximise all donations by claiming Gift Aid from HMRC wherever possible, in line with the requirements of current legislation. During 2021 the Board established a Fundraising Sub-committee to monitor all fundraising attivity and plans. Page 6

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Financiol review a. Going concern For the financial year ended 31 March 2022, both our balance sheet and liquidity were strong which left us well placed to drive the business forward and seek new opportunities. We have very recently critically reviewed the budget and cashflow for the remainder of the financial year to 31 March 2023, particularly in light of inflationary pressures which impacts both costs and discretionary spending. However, with good visibility on future ticket Sales, we expect to record a rnodest trading surplus for the full financial year and our unrestricted cash 15 expected to rernain Strong at c£840,000. Looking further ahead to the financial year ending 31 March 2024, a detailed budget and cashflow have been prepared on an extremely prudent basis, particularly as we have less visibility on future ticket sales. In addition, we must be very mindful of the continuing economic uncertainty and have allowed for a significant increase in our costs. We still expect to achieve at least a breakeven position with positive cashflow. Critically, both balance sheet and liquidity are expected to remain robust and therefore. will be perfectly adequate to maintain our operations. Clearly, Strong financial management and when required, prompt robust action will continue to be an essential part of our success. After making appropriate enquiries and considering the detailed budgets and eashflows, the Trustees have a reasonable expectation that the Cornpany has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves polity The level of free reserves Irepre5ented by the Unre5trirted General Fund) for the year ended 31 March 2022 was £593,715 12021.. £731,072). In addition, there are designated reserves of £813.76612021'. £610,767) and restricted reserves of £12,82712021.' £18.1031. We were pleased to be able to re-introduce and meet the free reserves target of £550,000, which was Set in October 2018 but had to be suspended during the recent prolonged period of closure due to the Covid-19 pandemic. It is worth stating that this has been possible some 12 months ahead of the date we advised in last yearfs financial statements. c. Printipal funding HPBC own5 the freeholds of Buxton Opera House and Pavilion Art5 Centre, leasing the Opera House to the Company for a nominal rent, and being party to a management agreement and lease with the Company for the operation of Pavilion Arts Centre. HPBC provided a grant of £49,020 in the year in relation to this. Further funding received during the year specific to the Covid-19 pandemic is detailed IN "d. Financial results" The terms of this funding require any annual operating surplus up to £26.000 to be set aside for repairing obligations. which are the responsibility of HPBC under the lease. However, surpluses may be applied against previous deficits before any contribution to the repair fund is payable. Beyond this, HPBC assumes full responsibility for the rnaintenance of the structure of the venues and for all major repairs. In addition, business rate relief of approximately £29,000 is granted by HP8C. Page 7

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 d. Flnanclal Results The Statement of Finantial Attivities for the year ended 31 March 2022 is shown on page 17. However, the results are ntst directly comparable with the previou5 two financial year5 due the continued impact of the Covid-19 pandemic. Overall, net income for the financial year was £60,36612021'. deficit of £15,2041. This reflects a net surplus on unrestricted funds of £113.70612021.' deficit of £17.9981 and a net deficit on restricted funds of £53,34012021'. surplus of £2,794>. Both Buxton Opera House and the Pavilion Arts Centre remained closed for the first three month5 of the financial year, following which there was a short period of social distancing before full capacity was permitted. Even then, we noted a reluctance in some customers to return to the confines of a theatre and consequently ticket sales, and other income streams, were subdued. We also refunded a significant amount of advance ticket sale5 for cantelled or rescheduled shows but pleasingly, many customers showed their loyalty to the Trust by leaving their funds with u5 in anticipation of shows being rescheduled. We were very grateful for this support. Staff payroll was by far our largest cost and the Trust received £49,255 12021.. £518,951) of funding through the Government's Coronaviru5 Job Retention Scheme. Two staff took voluntary redundancy and a further three were given notice of redundancy during the year. In the previous financial year, we received a Culture Retovery Fund first round grant of £447,795 from the Department for Digital, Culture, Media and Sport. The award, adrninistered by Arts Council England, was unspent by £270,000 at 31 March 2021 but was fully utilised during this financial year. We received a further £240,960 from ACE under the second round of the Culture Recovery Fund, which was fully spent during the year to 31 March 2022. The aim of these grants was to support organisations as they transitioned back to a viable and sustainable operating mtsdel. A significant proportion of the money enabled u5 to en8a8e with our audiences in way5 which conformed with the prevailing rules on gathering5, such as online and outdoor performances. A further £8,000 was reteived from HPBC through the Omicron Hospitality and Leisure Grant, whilst ACE Eave a further £7,500 to fund the formation of a Local Cultural Education Partnership, the aim of which was to facilitate a youth-led cultural programrne in our local area. We were extremely grateful to have received thi% public funding which was essential to our survival both during the period of closure and the slow return to normal tradin8. Just as preparations started for our re-opening, the Opera House was subject to water ingress from a blocked external drain. Repair5 to the fabric of the building were the responsibility of our landlord, HPBC but a considerable amount of our backstage equipment was damaged beyond repair, resultin8 in an insurance claim of £114,432. The Trust generated a cash inflow of £1,080,18512021'. cash outflow of £152,139), with cash at the end of the year of £2,498,66712021.. £1,418,482). This balance include5 the amount of £1,367,74812021.. £574,273) for advance ticket sales, which are shown within creditors. Net current assets were £841,64612021.. £783,279) at the year end. Our balance sheet and liquidity were strong despite a very difficult year and cash balances remain perfectly adequate for our working capital needs. The aforementioned can be attributed to the strong and prudent financial management exercised during the financial year. Page 8

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure. qovernqnce gnd manaqement a. Constitution The Company is governed by a Memorandum and Articles of Association I'Articles'l which were adopted by Special Resolution on 23rd August 2017. It is a cornpany limited by guarantee, registered at Companies House (registration number 013563781 and a charity re8lStered with the Charity Commission Inumber 5073541. There are currently 10 Members who are Trustees. each of whom agrees to contribute £1 in the event of the charitable Company winding up. b. Methods of appointment or elertion of Trustees Under the Articles, the Trustees can appoint any person to be a Trustee (subject to the conditions set out in Article 53 to 57 concerning eligibilityl. Trustees are also the Members of the Company for the purpose of the Companies Act. The Trustees can elect from their number a Chair and Deputy Chair and determine for what period they are to hold offite IArticle 601. It is the custom and practice of the Charity to appoint a member of the Local Authority IHPBCI, selected by the Local Authority, as a Member of the Company and a Trustee. c. OrganSsatlonal structure and declslon-maklng pollcles The Trust supports the principles of good governance set out in the Charity Governance Code for larger charities (the 'Code'l which was published in December 2020. The Cornpany Secretary undertakes an annual review of the Trusvs performance against the seven principles of the Code and presented findings to the Trustees. During the year the Trust applied the recommended best practice with the exception of undertaking an external board evaluation every three vears. Further details of the internal board evaluation process are detailed below. The Code review undertaken during the year concluded that governance at the Trust is working well. The Trust has made a number of improvements to governance arrangements including the progressive refreshing of the Board and will continue to do $0 in relation to recommended practice. The Board 15 the non-executive and unpaid governing body of the charitable Cornpany. Board member5 are both directors of the charitable Company and Charity Trustees, and under company and charity law are responsible for policy, administration and general control. The minimum and maximum number of Trustees is five and fifteen respertively- there are currently 10 Trustees. The Trustees who served during the year are listed on page l. Six formal board meetings were scheduled to be held durin8 the vear, one of which was incorporated into a strategy day. Since 2018 an annual Board evaluation process has been undertaken. The Chair and Ctsmpany Secretary treated a comprehensive questionnaire to be completed by Trustee5, covering areas of best practice, focus and performance. The Board considered the outcome of the review and recommendations for action. The results of the process were positive although it was acknowledged that consequences of Covid-19 had highlighted work was necessary in a number of areas, in particular risk managernent. The Board approved the recommendations arising from the evaluation, which included a greater emphasi5 on risk management by Finance, Audit & Risk Committee. Although the Code recornmends that the Board undertakes an external evaluation every three years, in light of the changes to the Board as well as the ongoing situation with Covid-19 and restrictions on movements it was decided that an internal evaluation should take place during the year. Page 9

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure. 8overnance and mana8ement Icontinuedl The Board has a Finance, Audit & Risk Committee IFARCI, members of which are appointed by and from the Board. FARC has formal terms of reference agreed by the Board. The principal function of FARC is to oversee the financial and risk management of the Company, including the review of management accounts. The FARC normally meets at least four times a year and reports directly to the Board. During the year, FARC met four times. At each meeting the FARC considers the management accounts, cashflow and budget. FARC also reviews the annual ctounts, including recommend3tion5 from the auditor and the Risk Register. The Board has a Nomination Committee, members of which are appointed by and from the Board. The Committee has formal terms of reference agreed by the 8oard. It normally meets at least twice a year and reports directly to the Board. The Comrnittee's principal function is to review the comp051tion of the Board and sUCte55ion planning. During the year the Nomination Cornmittee held one rneeting with Nomination Comrnittee matters being dealt with directly by the Board. A Board skills analysis was undertaken in May 2022 to facilitate changes to the Board which would be necessary during 2022. The Board has a Remuneration Comrnittee, member5 of which are appointed by and from the Board. The Comrnittee has formal terms of reference agreed by the Board. Its principal function is to maintain a policy for the remuneration of senior managers. It normally meets twice a year and reports directly to the Board. During the year the Remuneration Committee held one meeting. A Chief Executive Officer is appointed by the Trustees to manage the day-to-day operations of the Company. To facilitate effective operations, the Trustees have delegated certain authorities to the Chief Executive Officer, for operational matters including finance, employment and artistic performance related activity. d. Policie5 adopted for the induction and training of Trustees In advance of taking office, new Trustees are provided with an induction pack. including the Articles, Matters Reserved for Board Decision and the Code of Conduct. They are briefed on their legal obligations under relevant legislation including charity and company law, the Charity Commission guidance on public benefit. and informed of the Content of the Articles, the Board, Committee and deci5ion-makin8 proce55es, the business plan and recent financial performance of the Charity. During the induction, they meet senior employees and other Trustees. Trustees have regular training sessions through Board events and are encouraged to attend appropriate external training events where these facilitate the undertaking of their r(>le. e. Pay policy for key mana8ement personnel Our successful applications to the Government's Culture Recovery Fund ICRFI allowed us to make significant organisational changes to become both financially resilient post pandemic and to make the historic Opera House fit for the 21st century. This included Changes within the senior management team, which were funded through CRF. Otherwise, we followed government guidelines in place during the pandemic, with no pay review undertaken during the financial year. Page 10

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure. 8overnance and mana8ement Icontinuedl f. Risk management The process of risk assessment is addressed through a framework of policies, procedures and internal controls. Key policies are subject to Board approval and on-going review by rnanagement and the FARC. This Committee is also responsible for 5at15fying itself that a proper system of internal control framework exist5 to manage financial risks and that controls operate effectivelv. The following statements surnmarise the Board's policy in managing key risks-. Health, Safety and Security Risk.. all staff and volunteers receive regular training to safeguard their safety and that of the audience. The Charitable Company appoints a lead officer for Health and Safety matters. and a Health and Safety Cornmittee meets every 2 - 3 month5. A Trustee acts as Board tharnpion for Health and Safety. Trustees receive regular reports on all Health and Safety matter5. An a55e55ment of all risks to health and safety is carried out periodically and updated as required. The Trust continued to receive significant advice from RB Solutions on Health and Safety matters, particularly throuehout the period of closure and as both our venues prepared to reopen. Financial Risk.. threat5 to financial stability constitute the major financial risk to the Charity. A key element IN the management of financial risk is the regular review of actual performance against budgets and of working capital, through active management of both trade debtors and creditors. Bu5ine55 Risk.. a failure to meet the backstage technical expectations of our visitin8 compaNie5 will lead to Us offerin8 a diminishing artistic programme with associated financial impact. We will actively seek investment both internally generated and external funding- to bring our facilities up to industry standard in order to attract quality productions. Page 11

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Statement of Trustees, responsibilities The Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for preparing the Trustee's annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Atcounting Practice). Company law requires the Trustees to prepare financial statements for each financial year Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including the income and expenditure of the charitable Company, for that period. In preparing these financial 5tatement5, the TIu5tees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Charities SORP 2019 IFRS 1021,. make judgment% and atctsunting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standard5 have been followed, subject to any material departures disclosed and explained in the financial statement5; prepare the financial statements on the 80ing concern basis unless it is inappropriate to pre5urne that the company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Cornpanies Act 2006. They are a150 responsible for Safeguarding the 3S5et5 of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of Informatlon to audltor In so far as the Trustees are aware: there is no relevant audit information of which the charitable company's auditor is unaware, and the Trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that inforrnation. Approved by order of the members of the board of Trustees and signed on their behalf by.. ons (Dec 2, 2022 11 42 GMTI Professor J Simons Date- Dec 2, 2022 Page 12

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF HIGH PEAKTHEATRE TRUST LIMITED Opinion We have audited the financial statements of High Peak Theatre Trust Limited (the 'charitable company'l for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet. the statement of cash flows and the related note5, including a summary of significant accounting policie5. The financial reporting framework that ha5 been applied in their preparation is applicable law and United KiN8dom Accountin8 Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the finantial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical respon5ibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the f1nancial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast Significant doubt on the charitable company's ability to continue a5 a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 13

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF HIGH PEAKTHEATRE TRUST LIMITED ICONTINUEDI Other information The other information comprises the information included in the trustees. report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the trustees, report. Our opinion on the financial statement5 doe5 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify 5Uth material incon5iSteneies or apparent material mi55tatement5, we are required to determine whether thi5 give5 rise to a material misstatement in the financial statements themselves. 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 nothinE to report in thi5 regard. Opinions on other matter5 prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the tru5tees' report (incorporating the director5, report) for the financial year for which the financial statements are prepared is consistent with the financial 5tatements,' and. the director5, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified rnaterial mi55tatements in the directors, report. We have nothing to report in respect of the following rnatter5 in relation to which Companie5 Act 2006 requires US to report to you if, in our opinion.. adequate accounting records have not been kept, or return5 adequate for our audit have not been received from branches not visited by u5,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Page 14

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF HIGH PEAKTHEATRE TRUST LIMITED ICONTINUEDI Re5ponsibilitie5 of trustees As explained more fully in the trustees. responsibilities statement, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being sat15fied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparation of financial staternents that are free from Material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disc105ing, a5 applicable, matters related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor responslbllltles for the audlt of the flnanclal statements Our objectives are tts 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted 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 reasonably be expected to influence the econornic decisions of user5 taken on the basi5 of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitie5, Outlined above, to detect rnaterial mi55tatements in respect of irregularities, including fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud 15 detailed below.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilitie5 and skills to identify or recognise non-cornpliante with applicable laws and regulations,. we identified the laws and regulations applicable to the charitable company through disCU55ions with management and trustees, and from our knowledge and experience of this organisation,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Charitie5 Act 2011, the Cornpanies Art 2006, data protection, health and safety legislation and employment law,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and trustees- identified laws and regulations were tommunicated within the audit team regularly and the teèm remained alert to instances of non-cornpliance throughout the audit of the charitable companv. We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might octur, by,. making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and con5ideiing the internal controls in place to mitigate risks of fraud and non-compliante with laws and regulation5. To address the risks of fraud through management bias and override controls, we.. performed analytical procedures to identify any unusual or unexpected variances,. tested journal entries to identify unusual tran5aCtions,' assessed whether judgments and assumptions made in determining the accounting estimates set out in note 3 Page 15

HIGH PEAK THEATRE TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HIGH PEAK THEATRE TRUST LIMITED (CONTINUED)

were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, 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 charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Senior Statutory Auditor) for and on behalf of

BHP LLP

Chartered Accountants Statutory Auditor 2 Rutland Park Sheffield SlO 2PD

Date: Dec 8, 2022

Page 16

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) STATEMENT OF FINANCIALACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Unrestrleted funds 2022 Restrleted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Charitable activities 393,355 1.698,158 99,574 3,319 396,674 1.698,158 99,574 591.273 35,802 76.435 other trading activities Investrrents 6,236 6,236 1,113 other income 49,255 49,255 518.951 Total Income 2.246,578 3,319 2,249,897 1,223.574 Expenditure on: Raising funds Charitable activities 7,530 2,145,342 7,530 2,202,001 3.793 1,234,985 io 56,659 Total expenditure 2,152,872 56,659 2,209,531 1,238,778 Net incomellexpenditurel bèfore taxation Taxation 93,706 20,000 153,3401 40,366 20,000 115.2041 17 Net incomellexpenditurel after taxation Transfers between funds 113,706 148,0641 153,3401 48,064 60,366 115,2041 22 Net Incomel lexpendlturel and net movement in funds 65,642 15,2761 60,366 115.2041 Retontiliation of funds.. Total funds brought forward Net movement in funds 1.341,839 18,103 15,2761 1.359,942 1,375,146 115,2041 65,642 60,366 Total funds tarried forward 1,407,481 12,827 1,420,308 1,359,942 The Statement of Financial Activities includes all gains and losses recognised in the year. Page 17

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) REGISTERED NUMBER.. 01356378 BALANCE SHEET AS A T31 MARCH 2022 2022 2021 Note Fixed assets Tangible assets 18 578,662 576.663 578,662 576,663 Currènt assets Stocks 19 16.505 5,425 Debtor5 20 226,500 2,498.667 102,673 1,418,482 Cash at bank and in hand 2,741.672 1,526,580 Creditors.. amount5 falling due within one year 21 11,900,026) 1743,3011 Net Current assets 841,646 783.279 Total assets less current Ilabllltles 1.420,308 1,359.942 Total net assets 1.420,308 1,359,942 Charity funds Restricted funds 22 12,827 18.103 Unrestricted funds Designated funds General funds 22 813,766 593.715 610,767 731,072 22 Total unrestricted fund5 22 1.407,481 1,341,839 Total funds 1,420,308 1,359,942 Page 18

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) REGISTERED NUMBER.. 01356378 BALANCE SHEET ICONTINUEDI AS A T31 MARCH 2022 The Tru5tee5 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Tiustees and signed on their behalf bv.. Judy 51 ons IDec ?, ?022 11.'42 GMTI Professor J Simons Ichair of Trustees) Date.. Dec 2, 2022 The notes on pages 21 to 41 form part of these financial statements. Page 19

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note Cash flows from operatlng actlvltles Net cash provided byl (used inl operating activities 25 1,223.665 1142,9321 Cash flows from investing activities Bank interest 6,236 334 1,113 Proceeds from the sale of tangible fixed assets Purchase of tangible fixed 3S5ets 1150,0501 110,3201 Net cash used In Investlng artlvltles 1143.4801 19,2071 Change In cash and cash equlvalents In the year 1,080.185 1152,1391 Cash and cash equivalents at the beginning of the year 1,418.482 1,570,621 Cash and cash equivalents at the end of the year 26 2,498.667 1,418,482 Page 20

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General information The company is a company limited by guarantee. The members of the company are the Trustees named on page l. In the event of the company being wound up, the liability in respect of the euarantee is limited to £1 per member of the company. Accounting policies 2.1 Basis of preporfjtion oAfinqnciolstgtement5 The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Isecond edition- October 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. High Peak Theatre Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented in sterlin& which is the functional currency of the charity. and rounded to the nearest £1. 2.2 Going concern For the financial year ended 31 March 2022, both our balance sheet and liquidity were strong which left us well placed to drive the business forward and seek new opportunities. We have very recently critically reviewed the budget and cashflow for the remainder of the financial year to 31 March 2023, particularly in light of inflationary pressures which impacts both costs and discretionary spending. However, with good visibility on future ticket sales, we expect to record a modest trading surplus for the full financial year and our unrestricted cash is expected to remain strong at c£840.000. Looking further ahead to the financial year ending 31 March 2024, a detailed budget and cashflow have been prepared on an extremely prudent basis, particularly as we have less visibility on future ticket sales. In addition, we must be very mindful of the continuing economic uncertainty and have allowed for a significant increase in our costs. We still expect to achieve at least a breakeven position with p051tive cashflow. Critically, both balance sheet and liquidity are expected to remain robust and therefore, will be perfectly adequate to maintain our operations. Clearly, strong financial rnanagement and when required, prompt robust action will continue to be an essential part of our success. After making appropriate enquiries and considering the detailed budgets and cashflows, the Trustees have a reasonable expectation that the Company has adequate re50urce5 to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page21

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountin8 policies Icontinuedl 2.3 Income All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable tan be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a Eift has been left to them Ithrough knowledge of the existence of a valid will and the death of the benefactorl and the executor 15 sat15fied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the company, can be reliably measured. Grant5 are included in the statement of financial activities on a receivable basis. The balance of intorne received for specific purposes but Not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is actrued. Income tax recoverable in relation to donation5 received under Gift Aid or deeds of covenant Is recogni5ed at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised IN the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Income relating to the Coronavirus Job Retention Scheme ICJRSI is recognised in the period for which the funding is claimed. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including 5UPPOrt Costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activitie5 on a basi5 consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities whith further the company's objectives, a5 well a5 any asSOClated support Costs. Page 22

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountin8 policies Icontinuedl 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company,. thi5 is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Taxatlon The company is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it rneets the definition of a charitable compariy for UK corporation tax purposes. Accoidingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. A5 a charitable cornpany, the charity is able to rnake a claim in relation to theatre tax reliefs. The tax credit is recognised in the accounts on an accruals basis, where the amounts can be reliably measured by the date of approval of the accounts. 2.7 Tangiblefixed 0s5ets Gnddepretiation A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation 15 provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives. Depreciation is provided tsn the following base5'. Freehold property Short-term leasehold property Fixtures and fittings Computer and office equipment Lighting and other equipment 40 years Over the term of the lease 5 25 years 3 5 years 5 - 10 years 2.8 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and 51ow-moving Stocks. Cost includes all dirett C05ts and an appropriate proptsrtion of fixed and variable overheads. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade di5COUnts due. Page 23

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountin8 policies Icontinuedl 2.10 Cush ut bonk und In hund Cash at bank and in hand includes cash and short-term hiehly liquid investments with a short maturity of three month5 or les5 from the date of acquisititsn or opening of the dep051t or similar actount. 2.11 Liabilitie5 ondprovisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilitie5 are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflect5 the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.12 Flnunclol Instruments The company only has financial assets and financial liabilities of a kind that qualify as basie financial instrurnent5. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Open7ting leases Rentals paid under operatin8 leases are charged to the Statement of financial activities on a 5trai8ht line basis over the lease term. 2.14 Penslons The tharitable company contributes to personal pension schemes of certain employees. Contributions to personal pension scheme5 are charged to the SOFA in the year in which they relate. 2.15 Employee beneAits The cost of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement 15 recogni5ed IN the period in which the employee'5 services are received. Reduridancy and termination cost5 are retogni5ed a5 an expense at the point the tharity is demonstrably committed to either.. terminate the ernployment of an employee or group of employees before normal retirement date,. or provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The charity is considered to be demonstrably committed only when it has a detailed formal plan for the termination and 15 Wlthout reali5tlC Possibility of withdrawal frtsm the plan. Page 24

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountin8 policies Icontinuedl 2.16 Fund occountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purpose5. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted fund5 are funds which are to be used in accoidance with specific re5triction5 inip05ed by donor5 or which have been raised by the company for particular purpose5. The cost5 of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Crltlcal accountlng estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the tircumstanees. Critical accountin8 estimate5 and as5umptions'. The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Support costs.. Some costs incurred by the charity such a5 printing, postage and stationery are shared between activities. The charity's policy is to allocate these costs on the basis of assessed consumption. Page 25

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from donatlons and legacles Unrestrirted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Donations 87,874 57,020 248,461 3,319 91.193 57,020 248.461 44,458 74,020 472,795 Grants- High Peèk Bortsugh Council Grants- Arts Council England 393,355 3,319 396.674 591,273 Total 2021 587,810 3.463 591,273 Income from charltable artlvltles Unrestricted funds 2022 Total funds 2022 Total funds 2021 Box office receipts Bookin8 fees Restoration levy Gift card income 731.919 731.919 196,629 99.847 196.629 99.847 8,689 1.429 800 Sundry show income Theatre hire 66.926 133,389 246.775 66.926 133.389 246.775 150 11,582 Bar refreshments Learning and participation income Programme and merchandise sales Other income 9,163 17.840 9.163 17.840 5.905 195,667 195.667 7,247 1,698,158 1,698.158 35,802 Total 2021 35,802 35,802 Page 26

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from other tradlng actlvltles Incomè from fundraising events Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Matcham card sale5 6,845 6,845 2,730 I,￿0 70,005 2,700 Name a seat income Giant cash bonanza intome 65,479 27,250 65,479 27.2SO Sponsorship 99,574 99.574 76,435 Total 2021 76.435 76,435 Investment Income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Bank interest 6.236 6.236 1.113 Total 2021 1,113 1,113 Page 27

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 other Incomlng resources Unrestricted funds 2022 Total funds 2022 Total funds 2021 Government CJRS grant 49,255 49,255 518,951 Total 2021 518,951 518,951 Expenditure on raisin8 funds UnrestrScted funds 2022 Total funds 2022 Total funds 2021 Fundraising costs Fundraising salaries 1,645 1.645 3,793 5,885 5,885 Totts12022 7,530 7,530 3,793 Total 2021 3,793 3,793 Page 28

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 io. Analysls of expendlture on charltable actlvltSes Summary byAund type Unrestrlcted funds 2022 Restrlcted funds 2022 Total funds 2022 Total funds 2021 Promotion and advertising Catering and programme costs Establishment expense5 (note 111 Bad debts 109,065 96,315 431,644 17721 121,927 259,253 205,732 108,455 109,065 96.315 433,776 17721 121,927 259.2S3 205,732 108.4SS 54,527 113.5S4 251,806 448.363 9,511 2,132 344,499 Box office salaries and related tosts 98,088 Backstage salaries and related costs Front of house salaries and related cost% 189,586 229,939 79,495 319 Marketing salaries and related costs Learning & participation salaries and related costs Governance costs (note 131 Support Costs Inote 121 Production & ticketing costs 54,527 113,554 251,806 448,363 30,CQ7 192,818 60,723 2,145,342 56,659 2,202.001 1,234,985 Total 2021 1,234,316 669 1,234,985 Page 29

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ii. Establishment expenses 2022 2021 Rent and rates 4,109 1,367 Insurance 19,761 48,057 13,640 41,814 Heat and light General repair5 Depreciation Office expenses Bank charges Irrecoverable VAT 37,827 143.772 35,006 113,646 71.336 1,890 26,476 2,141 30,807 26,700 other sundry expenses Loss on disposal of fixed assets 72,272 83,709 3,945 Totol 433,776 344,499 12. Support costs 2022 2021 Administration salaries 251,806 192,818 Total 251.806 192,818 Page 30

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Governance costs Unrestricted funds Total funds Total funds Auditors, remuneration 19,864 93,372 318 19,864 93.372 318 12,650 17,125 232 Professional charges Meeting expenses 113,5S4 113,554 30,007 Total 2021 30,007 30,007 14. Auditor's remuneration 2022 2021 Fees payable to the company's auditor for the audit of the company's annual accounts 11.7 11.125 Fees payable to the company's auditor in respect of.. All non-audit services not included above 8,074 1,525 15. Staff costs 2022 2021 Wages and salaries Social security Costs Other pension costs 924.831 62,499 20.255 727,503 43,887 18,855 1,007.585 790,245 During the year termination payments of £41,41712021-. £17,571) were made. Page31

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. Staff costs Icontinuedl The average number of persons employed by the company during the year was as follows.. 2022 No. 2021 No. Cost of generating funds Charitable activities S3 60 54 60 The average headcount expressed as full-time equivalents was as follows-. 2022 No. 2021 No. Charitable activities 34 37 No employee received remuneration amounting to more than £60,000 in either year. During the year key management personnel remuneration including employer's pension and Nl was £280,748 12021.. £204,909) The charitable company benefits from the donation of many hour5 of voluntary work in the form of 'front-of- house. work during performances. In accordance with the Charities SORP IFRS 1021 this is not included in the financial statements. 16. Trustees. remuneratlon and expenses During the year. no Trustees received any remuneration or other benefits12021 £NILI. During the year ended 31 March 2022, expenses totalling £122 were reimbursed or paid directly to 2 Trustees 12021- £120 to l Trusteel. Page 32

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Taxation 2022 2021 Theatre Tax Relief 120,0001 120.0001 18. Tangible fixed assets short.term leasehold property Computer and office equlpment Lighting and other equlpmet)t Freehold property Fixtures and flttlngs Total Cost or valuutlon At l April 2021 Additions 216,539 846,554 438,750 123,048 399,422 150,050 145,3271 2,024,313 150,050 167,4411 Di5P05a15 15,3711 116,7431 At 31 March 2022 216,539 846,554 433,379 106.305 504,145 2.106,922 Depreciution At l April 2021 Charge for the year On disptssals 118,587 540,043 394,377 82.864 311,779 1,447,650 5,413 50,793 11.716 15,3341 18.012 116.7441 57,838 141,0841 143,772 163,1621 At 31 March 2022 124,000 590,836 400,759 84.132 328,533 1.528,260 Net book volue At 31 March 2022 92,539 255,718 32,620 22,173 175,612 578,662 At 31 March 2021 97,952 306,511 44,373 40,184 87,643 576,663 Page 33

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 19. stocks 2022 2021 Finished goods and goods for resale 16,505 5,425 20. Debtor5 2022 2021 Due wlthln one yeur Trade debtors 112,550 1.221 9,292 84,403 Other debtors Prepayment5 and accrued income 112,729 8,978 226.500 102.673 21. Credltors.. Amounts falllng due wlthln one year 2022 2021 Trade creditor5 271,273 51.509 37.882 1,539.362 15,116 8.997 21,525 697.663 Other taxation and social security Other creditors Accruals and deferred income 1,900.026 743,301 2022 2021 Deferred income at l April 2021 Resources deferred during the year Amounts released from previous periods 574,273 1,367.748 1574,2731 701,274 574,273 1701,2741 1,367.748 574.273 Deferred income relates to box office takings in advance. Page 34

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Statement of funds Statement of funds- current year Balance at i April 2021 Transfers inlout 8alantÈ at 31 March 2022 Income Expenditure Unrestrictedfvnds Deslgnotedlunds Fixed asset donations 161,442 306,511 108,710 8,000 123,2431 150,7931 169,7361 29.585 167,784 255,718 ISS,160 8,000 Pavilion Arts Centre Fund Other fixed assets 116.186 Learning and enga8ement Repair5 fund Sir13n Mckellen fund 2,104 24,000 2,104 24,000 Backstage equipment fund Refurbishment Fund 51.OLXI 150.000 si,000 150,000 610,767 201.0￿] 1143,7721 145.771 813,766 Generallunds General Funds 731,072 2,045.578 11.989,1001 1193.8351 593,715 Total Unrestrictedfvnds 1.341,839 2,246.578 12.132,8721 148.0641 1.407,481 Restrictedfvnd5 Piano fund 9,209 12,1321 7,077 Willoughby Luncheon Club Childrens Theatre 5,750 3,144 5,750 3.319 154,5271 48.064 18,103 3.319 156,6591 48.064 12,827 Totul offunds 1.359,942 2,249.897 12.189,5311 1.420,308 Page 35

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Statement of funds Icontinuedl statement of funds- prlor year Balance at 31 March 2021 Balance at l April 2020 Transfer5 in/out Income Expenditure Unrestrlctedfvnds De5igngtedfunds Fixed asset donations 169,743 357,304 152,942 8,000 18,000 24,000 115,9211 150,7931 146,9321 7,620 161,442 306,511 108,710 8,000 2,104 24,000 Pavilion Arts Centre Fund Other fixed a%setS 2,700 Learning and engagement Repair5 fund Sir lan Mckellen fund 115,8961 729,989 1129,5421 10,320 610,767 GeneralAunds General Funds 629,848 1,220,111 11,108,567) 110,3201 731,072 Totul Unrestrlctedfvnds 1,359,837 1,220,111 11,238,109) 1,341,839 Restrlctedfunds Piano fund 9,559 5.750 13501 9,209 5,750 Willoughby Luncheon Club Childrens Theatre 3,463 13191 3,144 15,309 3,463 16691 18,103 Tottsl ofAunds 1,375,146 1,223,574 11,238,778) 1,359,942 Page 36

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Statement of funds Icontinuedl DeslEnated funds Fixed a55et donation5 Various donor5 have granted funds towards capital expenditure. The use of the fixed a55et5 are unrestricted and therefore the fund is shown as a designated fund which is being released over the useful economic life of the assets. Pavilion Arts Centre These funds represent the net book value of the leasehold property within note 16. The depreciation expense in relation to this property 15 allocated to thi5 fund. other fixed assets - These funds represent the other fixed assets not included above and are beine released over the useful econornic life of the assets. Learning and engagement This fund has been created from the surplus that arose from our 2018 production of West Side Story. The money has been set aside to fund future learning and participation activities. Repair5 fund A building condition survey of No 5 The Square was commissioned in August 2C119 followin8 which a repair fund of £18,000 was designated to address the work highlighted as requiring immediate attention. It is intended that the work. relating primarily to the roof, chimney and masonry, will be undertaken in the summer of 2020 along with the internal decoration of comrnunal areas. Sir lan McKellen fund - Sir lan McKellen visited the Opera House in May 2019 as part of his 80th birthday tour. Sir lan took a minimal fee, with the understanding that profits from the show would benefit causes specific to our venue. We indicated that the proceed5 - £24,000 - would be placed in a designated fund for future Learning & En8agement work. Backstage equipment fund This fund is specifically for the upgrade of backstage equipment which will allow larger and more technically complex productions to be presented at Buxton Opera House. Refurbishment fund This fund reflects our commitment to a major capital refurbishment of the theatre which will secure its future for manv years to come. We wish to offer the modern standards expected by customers and visiting companies, a5 well as increasing the potential for creative output, learning and engagernent with the ommunitv. General funds General fund5 represents the free funds of the charitable company which are not designated for particular purposes. Rèstricted funds Piano fund represents donations being used for the running costs of a grand piano purchased in 2017. Willoughby Luncheon Club The Willoughby Luncheon Club w35 founded in 1983 to support the Opera House through a varied diary of artivities and social occa5ion5. Over the years the Club raised in exce55 of £50,000 to purchase equipment for the theatre or contribute towards its upkeep and refurbishment. Sadly. the Club wound up in 2018 and the brought forward fund of £5.750 reflects its final donation to the theatre and the matched funding associated. Page 37

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Children's theatre This restricted fund relates to the refurbishment of the Pavilion Arts Centre studio theatre. Continuing donations support ongoing Learning & Engagement work. Transfers Transfers are made from general funds to the designated fixed asset funds to reflect the movements in fixed assets in the year. Transfer5 are made from restricted fund5 to general funds when as5et5 have been purchased frorn a restricted fund but are held for the general purpose of the charity. Transfers are made from unrestricted funds to restricted funds to cover deficits in restricted funds. 23. Summary offunds Summary of funds- turrent year Balance at I Aprll ZOZI Transfers Inlout alance at 31 March ZOZZ Income Expendlture Designated funds General funds 610,767 731,072 201.OLXI 2,045.578 3.319 1143,7721 11,989,100) 156,6591 145.771 1193.8351 48.064 813,766 593,715 Restricted funds 18,103 12,827 1.359,942 2,249.897 12.189,5311 1.420,308 Summary of funds- prior year Balance at 31 March 2021 Balance at l April 2020 Transfers in/out Income Expenditure Designated funds General funds 729.989 629,848 15.309 1129.5421 11,108,567) 16691 10,320 110,3201 610.767 731,072 18.103 1,220,111 3,463 Restricted funds 1,375.146 1,223,574 11,238.7781 1,359.942 Page 38

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 24. Analysls of net assets between funds Analysis of nèt assets betwèen funds- current year Unrestricted funds 2022 Restrirted funds 2022 Total funds 2022 Tangible fixed assets Current assets 578,662 2,728.845 11,900,026) 578,662 2.741,672 11.900,0261 12,827 Creditors due within one year Totol 1,407,481 12,827 1.420,308 Analysis of net assets between funds- prior year Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed assets Current assets 576,663 1,508,477 1743,3011 576,663 1,526,580 1743,3011 18,103 Creditors due within one year Totol 1,341,839 18,103 1,359,942 Page 39

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 2S. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2022 2021 Net incomellexpenditurel for the year las per Statement of Financial Activities) 60.366 115,2041 AdjustmentsAor.' Depreciation charges Bank interest 143.772 16.2361 3.945 111.0801 1123.8271 1,156.725 113.646 11,1131 Loss on the sale of fixed assets Ilncreaselldecrease in Stocks Ilncreasel in debtors Increaselldecreasel in creditors 18,378 148.0841 1210,5551 Net cash providtdby/(used in) open7ting ottivitiés 1,223,665 1142,9321 26. Analysis of cash and cash equivalents 2022 2021 Cash in hand 2,498.667 1,418,482 Totol cash andc95h equivalent5 2,498,667 1,418,482 27. Analysis of changes in net debt At l April 2021 At 31 March 2022 Cash flows Cash at bank and in hand 1,418,482 1,080,185 2,498,667 1,418,482 1,080,185 2,498,667 Page 40

HIGH PEAK THEATRE TRUST LIMITED IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Pension commitment5 The company contributes to personal pension funds of the employees and the assets of the schemes are held separately from those of the charity in independently administered funds. The pension charge represents contributions payable by the company to the funds and amounted to £20,255 12021.. £18,85SI. Contributions totalling £3,69912021.. £nill were payable at the balance sheet date and included within other creditor5. 29. Operatlng lease commltments At 31 March 2022 the company had commitments to make future minimum lease payments under non- cantellable operating lease5 a5 follows.. 2022 2021 Within l year Between 2 and 5 years 7.499 5.541 5,987 iii 13.040 6,098 Related party transactlons The company also made payments of £ 20812021= £331 to Vision Buxton 3 company of which R MacLean is also a director. During the year wages and salaries were paid to l employee who had direct family relations of Mrs S Howe totalline £7512021= £3.8071 and l employee who is a direct family relation of J Morgan totallin@ £4,02912021.. £1,881. Page 41