2024-03-31-accounts

Charity Registration No. 516673 Company Registration No. 1874868 (England and Wales) CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2024

CUMBRIA THEATRE TRUST CONTENTS PAGE FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Company information Chails Report 24 Trustees, and Directors Annual Report &14 statement of Truslees, Responsibilities 15 Independent Auditorfs Report. 16-18 Statement of Financial Aclivities 19 Balance Sheet 20 Cash Flow Statement 21 Noles to Ihe financial stalements 22-39

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE Company Information PRESIDENT Damg Judi Dench FOUNDING Graham Lamont PRESIDENTS Vicky Robinson MBE VICE PRESIDENTS Nigel Illman PATRONS Lord Bragg ofwglon Sir Tony Cunningham Hunter Davies OBE Dame Patricia Routledge OBE Eric Robson OBE Richard Wlson OBE DIRECTORS AND Charles Carter" TRUSTEES Kate McLaughlin-Flynn . Steve Freem8n - Elizabeth Freestone" J8n8ki Fryer-spedding" Fiona Lowry. Philip Moorhouse. Jenna Omeltschenko- ' Member of Flnance Commtitee ' Member ofArtislic Committee . SECRETARY Amanda Leader .JOINT CEO Simon Slephens- Executive Director Liz Stevenson- Artistic Director EXECUTIVE DIRECTOR Simon Stephens . ARTISTIC DIRECTOR Liz Stevenson KEY MANAGEMENT David Jane- General Manager (reswJned 1310312024) PERSONNEL Amanda Le2der- Head of Finan￿ & Operatior Amy Clewes- ProducEr {malemity leave) Victoria Rop8- (maternity cover) Shelly Ramsdale- Head of Marketing and Communicalions (appoint8d 19107120231 REGISTERED Theatre by the Lake OFFICE Lakeside Keswick Cumbrla CA12 5DJ AUDITORS Azets Audit Services Fleet Houso New Road Lancaster LA1 1EZ MAIN BANKERS Barclays Bank pk Market Square Keswick Cumbria CA12 5BE COMPANY NUMBER 1874868 CHARITY NUMBER 516673 TELEPHONE [phone] WEBSITE ww.Ihealre thelake.com

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE ANNUAL REPORT- CHAIR'S REPORT For the year ended 31 March 2024 Overthe last year, we haiie lived in an increasingly troubled world with economic uncertainty affecting many of us through high inflation and the resulting pressures on the cost of living. Despite some of these fina ncial pressures directly affecting us at TBTL, it'5 been vital that we continue to develop excellent theatre to delight, entertain and challenge our audiences. Through this, we continue to support their well-being through sometimes difficult times and enrich lives acr055 Cumbria, We can do this best through the work that we do; by producing excellent work and endeavouring to make sure it reaches deeply into our communities. Doing thi5 ha5 been the Story of our year. The work on our stages this year has been fantastic and has built on the enhanced artistic quality that we Saw last year. We have produced or co-produced the family-friendly productions of Around the World in 80 Doys and the world premiere of The lost Spells, both of which received strongly positive audience and critical responses, as did our Christmas production of A Little Prince5S, another premiere. These productions started to contribute to ourwider ob}ective5 of being place- based (with the environmental focus of The Lostspeljs) and Involving our communities Iwith an outstanding community cast of children in A Little Princess}. We welcomed the return of large audiences over the summer with The Blonde Bombshells of 1943 and The 395tep5, both of which gave us hope that it's possible to rebuild significant audiences to pre-covid levels, albeit booklng laterwith the consequent risks to sales and cashflow. Perhaps the most notable production of the yearwas Every Brilllunt Thing, which demonstrated our ability to deliver social impact through work which is highly relevant to our pla￿. The play covers the difficult subject of suicide, which is sadly a particular concern in Cumbria, where rates are significantly above the national average. We developed a hugely well-regarded production on our main stage and partnered with local mental health charities to amplify our impact. The production was enhanced with multiple and varied wrap-around activities. Followingthe Initlal run at TBTL, the show toured to community venue5 across Cumbria, reachinE new audiences and breaking down barriers to engagement. The show'5 success was noted by a nomination for Community Project of ': the Year at the prestigious annual Yhe Stage Award5'. We want to do more of this community- focused work in the future, although affordability is a major challenge. -As somebody who has struggled with mentol health issuesfor many years Every Brilliant Thing has not only resonated with me on G personal level helping me to'occept50me of my own issues but it has olso helped myfamily understand myfeelings more which hfJS helped with everyday life". Audience testimony from community tour performance of Every Brilliant Thing- October 2023 Thls varled range of horne and co-produced work, together with a more focused programme of visiting work, has enabled us to increase our understanding of our audience. This insight is increasingly used to inform a responsive approach to programming allowing us to entertain, challenge and invigorate the communities we serve. We want to play an active part in dismantling barriers that we know exist withln Cumbrla and we are now starting to do this by bringing our work to a wide range of communities. by working Wlth people from a wide range of backgrounds; and by telling compelling and relevant storles on stage. We have continued to champion Cumbrian creativity through our talent development activity. 2023124 was the inaugural year of ourTour the Writer partnership with Paines Plough. This

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE ANNUAL REPORT- CHAIR'S REPORT For the year ended 31 March 2024 nationalEy significant multi-year programme, In association with 'England's Natlonal Theatre of New Writing'i provides high quality professional development and networking opportunities for emerging local writers. Cum brian Creatives, TBTL'S network for local artists, has continued to grow. In 2023/24, we provided over 800 hours of support-in-kind for emerging artists, and staged our annual scratch night, Open Space to showcase new work. A highlight from the previous yearfs Open Space, Dreamtime Fellrunner byjulie Carter, underwent further development in the Studio before securing ACE project funding for a regional tour. We continue to provide vital support local for local performing arts societies and community groups, welcoming back Keswick Amateur Operatic Society and Keswick Theatre Club to our stages, as well as providing regular space for writing groups. Financially, audiences are our principal source of revenue. Our two summer productions did extremely well, and this meant that we ended the year in a stronger financial position than we had imagined at its start. But the long-terrn financial challenges remain significant. As mentioned at the outset, our costs have increased su bstantially, and we have not yet been able to sustain ticket prices and sales to match. So, for example, we have not been in a financial position this year to be able to mount ourown shows in the Studio, akhough we are able to show visiting work there and it remains a key space for early years and artist development. Arts Council England are a core funder and we continue to be a proud member of their National Portfolio, We are very grateful to ACE fortheir continued strong 5UPPOrt. This funding continues to be crucial for us, although it is a declining proportion of our income as the amount awarded ha5 remained largely unchanged for over 10 years. The financial challenge5 of achieving the ticket sales we need, rising costs and a real-terms reduction in subsidy remain a comrnon. problem for all mid- scale theatres in the country. We continue to be immensely grateful to those who support us, both through buying tickets and through donations. Fundraising is a vital part of our financial model and the donation5 from our supporter5 are vital to us. I particularly note the generous legacy from Hilary Young. Hilarywas c105ely involved with TBTL'S precursor, Century Theatre (the Blue Box) and he Subsequently became a Trustee and continued as a long-term supporter of the theatre. This legacy has helped us to ride through difficult economictimes and to start to develop in areas that we would otherwise have been unable to. I would like to acknowledge the many years of encouragement, support and help that we received from our Vice President Doreen Wilkinson who sadly died this year. Lastly, I must thank all ourvolunteers, ourstaff and rny fellow Trustees. Our 180 volunteers continue to be a mainstay of the theatre and always provide a warm welcome to ourvisitors, donating over 8000 hours of their time in 2023124, Our staff team work incredibly hard to deliver delight to our audiences, and are ably led by Simon Stephens, our Executive Director, and Liz Steven50n, our Artistic Director. I give huge thanks to them all, a51 do to my fellow Trustees for all their help. 2024 marks our 25th year since opening in 1999, and we will celebrate with a series of exhibitions, events and initiatives. It has been an Incredible twenty-five years since we opened, and we look

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE ANNUAL REPORT- CHAIR'S REPORT For the year ended 31 March 2024 forward with continued optimism to the next twenty-five. We will undoubtedly be different, but we hope to be even more successful. Charles Carter Chair of Trustees

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE TRUSTEES. AND DIREcfoRS' ANNUAL REPORT For the year ended 31 March 2024 The Trustees present their report and the audited financial statements of the charity forthe year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities" in preparing the annual report and financial statement5 of the charity. TRUSTEES OF THE CHARITY The directors of the charEtable company are Its Trustees forthe purposes of charity law. The. Trustees who have served duringthe year and since the year end are detailed on page l. OBJECTIVES AND AcfiviTIES Charitable ob"ective5 The charitable objectives of Cumbria Theatre Trust (ctt) are to: promote and advance the arts and in particularthe performing arts forthe benefit of the public; and promote and advance education through the devekopment and delivery of creative learning programmes for people of all age5. Develo our strate The theatre has had great success since its opening in 1999, but itwas increasingly clear pre-covid that our busines5 model was becoming unsustainable because we could not afford to sustain the historical quality of our work. After 25 successful years, we needed to revitalise our organisation. Overthe Covld period and since, we have therefore developed a new approach to our work with a refined vision and mission that addresses these concerns. It provides a framework that we continue to develop and which we use to guide our annual and longer-term planning. Our vislon and mission . Our new business model, while still developing, remains true-to our charitable objectives summarised above. It also responds to our location and environment by moving us strongly to a place-based model that 15 more relevant and accessible to our local communitie5. Ourvision and mlssion summarises this: Vlslon Theatre enriches the lives of everyone in Cumbria, and theatre made in Cumbria is celebrated on the national stage. Mission, In ourvenue and out across Cumbria, we make and share greattheatre that te115 Stories, builds communities & celebrates our place.

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE TRUSTEES, AND DIRECTORS, ANNUAL REPORT For the year ended 31 March 2024 Our Yelevance to the arts in Cumbria Our direction acknowledges our current position and the arts in Cumbria. As a regional arts and education charity based in Keswick, Cumbria, crr owns Theatre by the Lake (TBTLI, and is the onEy midscale producing theatre between Glasgow, Newcastle & Lancaster. We serve communities across Cumbria and visitors to the Lake District. TBTL is an essentlal creative hub in an area of comparatively limited cultural provision. We operate in England's second largest and second least populated county with 70% of settlements comprising under 200 people. As a producing theatre, the work we create, commission and share 15 critical to levelling up access to high quality arts for rural and isolated communities, particularly children and young people, and developing local talent. We use strategic, creatlve partnerships to increase our impact and reach. We partner with small to large-scale producors, creating work for diverse audiences from across Cumbria and the UK, in Keswick and on rural and natlonal tours. Our We develop our annual and long-term plans In line with ourvision and mission while acknowledging our importance to the arts in Cumbria. Our objectives for the next year are summarlsed later in this Trustees, report. We recognise the need to test different elements of our approach overthe nextfew years and adapt accordingly. We are also continuing to develop in more detail how we are going to pursue aspects of our strategy, particularly increasing our community reach. During the year, the management team has been actively working on how we deepen our relationships with our audiences and communlties, Using a 'theory of change, model and extensive work on audlence segmentation. The results of this work are guiding our activities in 2024125. We accept that elements of our approach are uncertain, nat least because of continulng concerns about our financial hea Ith given the impact on our costs during a period of high Inflation, and challenges for our audience5 given the consequential impact of inflation on the cost of living. The changes needed to transition from our historical model to our new approach were embedded in our application to remain part of the Arts Council England (ACE) National Portfolio for 2023-2026. ACE strongly support our approach and approved our application to remain a National Portfolio Organisation INPO) within the new portfolio that is funded from the start of this financlal year. The funding which ACE provides is a core element of our finances for the NPO period. Public benefit statement The Trustees are aware of the Charity Coinmi55ion guidance on public benefit and have taken thls into account when making a decision to which the guidance is relevant.

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE TRUSTEES, AND DIRECTORS, ANNUAL REPORT For the year ended 31 March 2024 ACHIEVEMENTS AND PERFORMANCE Activities on our sta es- in-house roductions Our principal achievement5 overthe reportingyear have been based around delivering a wide range of home-produced and co-produced productions on ourstages, many of which incorporated wrap- around activity for our communlty. Our in-house productions were.. Around the World in 80 Days (a co-production with Hull Truck Theatre), a family-friendly production to appeal to locals and tourists at a busy time of year. This brought In a large number of first-time bookers and received excellent local press and a 4° review from the Guardian. We used this production, in part, to test the attraction of a 'family-frlendly' show over Easter. The Lostspells la world premiere co-produced with Goblin Theatre, Watford Palace Theatre and Polka Theatre) received positive audience and critical response. This show, with Fts themes of nature and environmental responsibility, resonated with our place-based ambltion, It also helped to develop our family audience and aimed to increase school attendance outside Christmas, We also established a range of wrap-around activities to engage and capture audiences. Tunlng In la co-production with disability-led companies Miles-wildin and Ng, and Graeae). We had supported the early development of this one-person show that focused on the insights and experiences of someone with Tourette's syndrome. The show and wrap-around activitie5 were well received, but with modest audiences. While it enabled us to test our reach into less-served audlences in Cumbria, it highlighted some of the challenges with cost and ease of access. The Blonde Bombshells of 1943 (a c(Fproduction with Octagon Theatre Bolton and Stephen Joseph Theatre), a well-executed 'feel good, production with Ilve muslc. This received overwhelmingly positive reviews and achieved well in excess of financial target. The 39 Steps la co-production with Stephen Joseph Theatre), which also received great reviews, a strong positive audience response and was a great financial success. These two shows together demonstrated the success and financlal importance of programming some shows With strong appeal to tourist market and local audiences alike, recognising that they may not meet all our broader ambitions. Both were successful in reengaging lapsed audiences who had not visited the theatre since pre-COVID.

CUMBRIA TH EATRE TRUST TRADING AS THEATRE BY THE LAKE TRUSTEES, AND DIRECTORS. ANNUAL REPORT Forthe year ended 31 March 2024 Every Brilliant Thing. This showwas programmed to enable us to test many aspects of our vision, and it succeeded beyond most of our expectations. The integration of community engagement across every aspect of the production, from partnerships to the participatory exhibition and rural touring provides a model for future ways of working. Although financial performance didn't meet target, the success of the show was multidimensional. The subsequent evaluation was testimony to its social impact across Cumbria. The production achieved critical acclaim, with a 4 review in the Guardian Notably, the community aspects of this production were recognised nationally with a nomination for the Community Project of the Year at the prestigious annual Yhe Stage Awards,. A Little Princess. Our Christmas show, a premiere of a new adaptation of the well-known book, was the first TBTL commission brought to production since the Artistic Directorjoined TBTL: It was a large and all-consuming production, due to the integration of a youth cast and it being a newly-wrltten play, It received strong reviews locally and in the national press, with 4. reviews from both The Stage and the Guordian. The artistic quality has been high for all these productions In terms of press coverage, peer review and audience reaction. This is reinforced by preliminary ana￿SIS from a new audlence evaluation tool that we are now starting to use. Activities on our sta es- visitin work As well as the work in which we had a producing role, either solely orjointly, we also presented a wide range of vislting work on our stages. For the first time, we are endeavouring to curate our programme of visiting work to enable us to test what is attractive to our audiences and potential audiénces, although we are in part dependent on shows that are available (which continue to be limited as the theatre and arts world recovers from Covid). Our visiting programme included.. For children and families: o Hey Diddle Dlddle (Kltchen Zoo) o Pirute Bonnie (Fidget Theatre) o Seedheart (Indigo Moon) o Wolf (Kitchen Zoo} o Nest (M6) together with further productions staged for l or 2 nights Film, literature and music: o Kathryn Tickell o The Manfreds Ralph M¢Tell o Alon Johnson

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE TRUSTEES, AND DIRECTORS, ANNUAL REPORT For the year ended 31 March 2024 Theatre: Quallty Street (Northern Broadsidesj o Sizwe Bon21 is Dead (Mast Mayflowerstudios) o The Schoolfor Scandol (Tilted Wig} o One of Them Ones {PentobusJ together with further productions staged for l or 2 nights Community productions supported by TBTL SisterAct The Musicol (Keswick Amateur Operatic Society- KAOS} o The Lt7kers {Wordsworth Grasmerel Beyond the Abyss (Keswick Peace & Human Rights Group) 84 Charing Cros5 Rood and Mlss Roach's War (Keswick Theatre Clu b} Behind the Mosk lan evening for Rotary Club of Keswick) The La'ul Big Band {in supw)rt of Keswick Cricket Club) Committed2Rock {Community choir) Financially, we are not yet achleving the financial resilience that we need from the work on our stages. Although we had two shows that out-achieved target by a considerable margin we have found that, in common with all regional theatres, audiences have been slow to return to PDSt-Covid levels. They are also booklng laterwith a consequential adverse effect on cashflow. Communi actlvltles and Talent Develo ment Alongside our work on stage, we continue to rebuild our work with local communities, including: Supporting local companies (Keswick Amateur Opera Society, Keswick Theatre Club, Young Farmers) with presenting work on our stages, much of which is summarised above. Providing professional support and connections though our artist network, Cumbrian Creatives. This includes our annual scratch nights on our stages, Open Space, where local performers are invited to perform and are supported to develop their work further. Partnering with Paines Plough to deliverthe Your the Writerf development programme for local writers. Working wlth leadlng accessible theatre company, Graeae, to help four deaf, disabled or neurodivergent writers bring short plays to stage at the scratch night, Crips with Chips Continuin£ to work with Cumbrian writer, Lee Mattinson, to develop his new play, Steel, which will be staged in 2024. We were also delighted to host Anti Racist Cumbria, an organisatlon with which we have been building strong links in recent years, who held their annual summit in our building.

CUMBRIA THEATRE TRUST TRADING AS THEATRE BYTHE LAKE TRUSTEES, AND DIREcfoRS' ANNUAL REPORT For the year ended 31 March 2024 FINANCIAL REVIEW For the financial year ended 31 March 2024, the Group realised a surplus on unrestricted funds after transfer5 of £216,185. The statement of financial activities {SOFA), balance sheet, cash flow state- ment and notes are set out from page 19 onwards. After ticket sales, the most substantial part of c￿,5 funding comes from Arts Council England (ACE)- Cumbria Theatre Trust has been a member of the ACE National Portfolio Organisation (NPOI funding programme for many years. This funding is awarded for multi-year tranches of which the most recent was a four-year award (2017118-2021122) which was extended by a further year12022123} as consequence of the Covid pandemic. During 2022, crr applied for the next round Df funding for. the period 2023/24- 2025126. This application was successful and CTf is grateful to ACE for this continued support. In common with many organisations, crr will receive ACE funding for each Df the three years at the same level as in the previous NPO round. In real terms, this represents a decline in ACE funding. Cumbria County Council continued to 5UPPOrt through the award of a funding grant for National Portfolio Organisations in Cumbria, and Keswlck Town Councll continues to support as well. AddFtionally, crr receives substantial support from individuals who donate to the theatre. This year, the theatre received a substantial legacyfrom the estate of Hilary Youn& and two smaller legacies from other long-standing and active supporters. The theatre is immensely grateful to them forthese donations, which are crucial to our continuing surwval. operates a subsidiary company, TBTL SeNices Ltd rrBTLSI for trading activities which might fall outslde its charitable objectives, including bars and caterin& ice creanls, merchandise and programmes. The provlsion of bars and catering seNices has been outsourced since the opening of the Lakeside café slx years ago. In 2022123 TBTLS reviewed closely the operatlon of these services and considered a number of options, including bringing all these services in house. It was declded that the Se￿[ceS should be re-tendered and after an extensive process supported by an experlenced consultant, the contract was re-awarded to Baxterstorey for a five year period from the beginnlng of 2023124. The contract for these services was signed in May 2023. TBTLS donates its proflts to C through Gift Aid. Oursecond subsidiary company, Theatre by the Lake Productions Limited, a Special Purpose Vehicle company which was set up to prepare productionsfor presentation atTBTL and other venues, was dissolved in 2023 as a separate legal entity is now no longer needed. CTh's financial statements for the year ended 31 March 2024 are consolidated with the profit and loss account of TBTL Services Limited. TBTL Services Limited made a net profit of £216,226, which was donated to the Charity (see also note 28). 10

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE TRUSTEES, AND DIRECTORS, ANNUAL REPORT For the year ended 31 Marth 2024 Reserves Polic The unrestricted reserves of the Trust are £2,308.890. The Trust also has restricted reserves of £2,911,165 not available forthe general purposes of the charity at the end of the year. Reserves are further analysed in notes 27 and 30. Free reseNe5, of the Trust, were £1,038,101 at the year-end12023: £835,857). We have designated £438,925 of these reseNes for capital expenditure, which will meet in part the costs of our capital project plan for the next three flnancial Yea￿ (2023". £nil). At 31 March 2024 cash reserves stood at £1,095.523 including cash representing restricted fund balances {£21,0001 and deferred income and third party resource5 (£341,569). The Trustees have reviewed closely the level of reserves, taking into account the risks that the Trust faces (including, for example, the slow return of audiences, the prevailing economic situatlon, a nd the need to cope with unforeseen emergencie5) while recognising the need to invest for the future {including, for example, the need to reach new aUdien￿s}. Afterthis review, the Trustees have concluded that in the comingyear a rninimum level of free reserves of £500,000 would be satisfactory. Nevertheles5, senlor management and the Trustees continue to monitor the position regularly alongside the monitoring of risk and will take any necessary steps to maintain a satisfactory financial position. The Trustees will review the reserves position formally at the end of the financial year in the light of prevailing conditions and experience. Financial Risk Mana ement The Flnance Committee considers the financial risks to which may be exposed, a55e55es their potential impact on the organisation and identifies strategies to mitigate their effect, should those risks materialise. Cumbria Theatre Trust'5 risk management strate8y comprises: regular review of the principal rtsks and uncertainties faced bythe group; the establishment of policies, system5 and procedures to mitigate those risks; the Implementation of procedures to minimise or manage any potential impact on the organisation, should those risks materiali5e. The charity's most significant risk would be the10s5 of Arts Council England funding orchange of its conditions. If these risks were to materialise, it would adversely affect the charity's ability to operate. Provided Arts Council England continue with the current arrangements, and given reserves balance held, Trustees are confident that the charity can be sustained in its current form.

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE TRUSTEES, AND DIRECTOR5, ANNUAL REPORT For the year ended 31 March 2024 PLANS FOR FUTURE PERIODS Our plan for 2024/25 has been agreed by the Board and by ACE as our principal funder. It sets out the actiiiities that we propose to undertake, and our adherence to a set of investment principles set out by ACE. These Investment principles are intended to ensure we develop work of sufficient ambition and quality, that we are inclusive and relevant throughout our organisation, that we are dynamic and respond qUIc￿Y to changes in our circumstances, and that we are environmentally responsible. Overall, the plan is intended to move us further towards meeting our vision and Mission as set out earlier. Our plan includes: Staging a minimum of 5 home prodU￿d orco-prodU￿d shows. This will include two place- based plays and a place-based new writing festival, We will also build partnership5 With rural touring schemes and community venues to help u5 to spread our workfurther. Staging a play written by a local artist, with strong commuftity involvement and engagement Staging a multi-arts event Celebrating 25 years since our opening with a celebration including: o An exhibition of our history o Comrnissioning 25 portraits of those who have helped, and will continue to help. our development o Building links into 25 community groups Continuing to facilitiate community shows on ourstages A programme of theatre for children, young people and families Worklng with young people and emergingtalent, and building closer links to local schools STRu￿uRE, GOVERNANCE AND MANAGEMENT Governin Documents CTh is a company limited by guarantee. governed by its Memorandum and Articles of Association dated 4 December 1984 with subsequent minor updates in 2007 and 2018. It is reglstered with the Charity Commission. CTh established a wholly owned tradlng subsldiary company forthe benefit of the charity, TBTL Services Limited, a private company limited by shares, governed by its Memorandum and Articles of Association dated 22 June 2009. 12

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE TRUSTEES, AND DIRECTORS. ANNUAL REPORT For the year ended 31 March 2024 Or anisatlon The governing body of crr is the board of Trusteès whose rnembers are non-executive and unpaid. The board meets at least four time5 a year and retain5 full and effective control over the Company. The board delegates the management and artistic operation of the company to the Executive Director and Art15tic Directorwho are joint Chief Executives. They attend meetings of the board, together with otherseniorstaff, a5 appropriate. All staff who attend board meetings do so a5 non- voting participants.. The board of Trustees takes responsibility for appointing the Executive Dlrector and Artistic Director and will determine the contract of employment and monitor the perfomiance of individuals undertaking these roles. The responsibility for the appointment of other staff would normally be delegated to the Executive Director and Artistic Director. Keswick Town Council are entitled to nominate one member to the Board. Cumberland Council (formally Allerdale Borough Council) is also entitled to nominate one member to the Board. Neither Organisation has nominated such a member for the last 4 year5. Trustee A ointment The Articles of A550ciation specifythat the number of members of the board is not less than five and not more than fifteen, including Trustees nomlnated by external bodies currently designated In the board rules. Elected directors would normally retire at the end of their term of office (up to 4 years) but may seek re- election for a second term. The Board of Trustees regularly reviews its needs in terms of skills and recruits new Trustees in areas where It Is considered necessary or helpful. Trustees are usually recruited through open advertisement, with selection being made by existing Trustees against pre-agreed criteria. New Trustees are provided with extensive background material and are encouraged to gain a thorough knowledge of the organisation by meeting members of staff and otherTrustees. Trustee training is orEanized in relevant areas as needed. Volunteers Recruitment, induction and training of volunteers represents a vltal element of Crt's staffing strategy, with approximately 180 dedicated front of house staff 'on the books,. The theatre experience is hugely supported by our volunteers, who offer a unique welcome to theatre customers. 13

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE TRUSTEES, AND DIRECTORS. ANNUAL REPOFfr For the year ended 31 March 2024 FUNDS AND FUNDRAISING generates income from its activities; ticket sales, ancillary tradin& contracts for Se￿ices, grants for speclflc projects, fundraising. The balance of regular income is made up of grants. Our annual core funding from Arts Council England {A￿l, which supports the full range of artistic activlty. The Trust Is immensely grateful for this funding. We are also grateful to Cumberland Council for theirsupport of the Trustthrough their award of a funding grant for National Portfolio Organisations in Cumbria, and Keswick Town Council for their continued project based funding. The Trustees place great importance on relationships lilith donors and supporters and are committed to ensuring best practice through ethical, sustainable fundraising. The charity is not currently registered with a regulatory body but follows the principles of the Fundraising Regulatorfs voluntary regulation scheme. We used the support of Tarnside, a consultancy firm, to establish resea rch in future fundraising activities, and contracted Freckle Fundraising to develop our strategy DISCLOSURE OF INFORMATION TO THE AUDITORS '. We, the directors of the companywho held office at the date of approval of these Financlal Statements a5 set out above each confirm, so far as we are aware, that: there is no relevant audit information of which the companrfs auditors are unaware; and We havetaken 311 the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company's audltors are aware of that Information. In approving the Trustees, Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors. alf of the board °'rh( / Charles Carter, Trustee Date.... 14

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE STATEMENT OF TRUSTEES. RESPONSIBILITIES For the year ended 31 March 2024 The trustees, who are also the directors of Cumbria Theatre Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial stalemenls in accordan￿ with applicable law and United Kingdom Accounting Standards (Uniled Kingdorn Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing Ihese financial statements, the trustees are required to: select suitable accounting policies and then appty them consistentty. observe the methods and principles in the Charities SORP; make judgemenls and estimates that are reasonable and prudent; and prepare the financial stalements on the going concern basis unless it is inappropiiate to presume Ihal the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy at any lime Ihe financial position of Ihe charity and enable them to ensure Ihat the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and henGe f()r taking reasonable steps for Ihe prevenlion and detection of fraud and other irregularities. 15

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CUMBRIA THEATRE TRUST Opinion We have audited the financial statements of Cumbria Theatre Trust (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial aGtivities, the balance sheet, the stalement of cash flows and notes to the financial statemenls. including significant accounting policies. The financial reportlng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Repolting Standard 102 The Financi81 Reporbng Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slalements= gÉve a Irue and fair view of the slate of the charitable company's affairs as al 31 March 2024 and of its incoming reSoUr￿S and application of resources. including its income and expenditure. for Ihe year Ihen ended- have been properly prepared in accordance with United Kingdoln Generally Accepted Accounting Practice" and hav.e been prepared in accordance with Ihe requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Inlemalional Standards on'Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audif ol the financial stat8m8nts section of our report. We are independent of the charity in accordance with the ethical requirernenls that are relevant to our audit of Ihe financial statements in the UK. including the FRC'S Ethic81 Standard, and we have fulfilled our other elhical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is Sufficient and appropriale to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the truslees, use of the goiThJ concern basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have perfonned. we have not identified any material uncertainlies relating to evenls or conditions that, individually or collectively, may cast significant doubt on Ihe charity's ability to continue as 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 relevanl sections ol this report. Other infomiation The other information comprises the information included in the annual report other than the financial slalements and our auditor's reporl Ihereon. The trustees are responsible for the other information contained within the ar)nual report. Our opinion on Ihe financial statements does not cover the other infomialion and, except lo the exlent othèrwise explicitly stated in our report. we do i￿1 express any form of assurance conclusion Ihereon. Our responsibility is lo read Ihe olher informalion and, in doing so, consider whether the olher information is malerially inconsistent with the financial statements or our knowledge obtained in the course of the audil, or otherwise appears ' to be materially misstated. If we identify such malerial inconsistencies or apparent material misslatements, wè are required to detemiine whether this gives rise to a maletial misstatement in the financial staternenls themselve5. If, based on the work we have performed, we conclude that there is a material misslatemenl of this olher information, we are ￿qUired lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the Iruslees, report lor the financial year for which the financial slatemenls are prepared, which includes the directors, report prepared for the purposes of company law. is consistenl with the financial statements., and the directors. report included within the trustees. report has been prepared in accordance with applicable legal requirements. 16

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CUMBRIA THEATRE TRUST Matters on which we are required to report by exception In the light of the knowledge and underslanding of the charity and its environment obtained in the Course of the audit, we have not identified material misstaternenls in the directors, report included within Ihe trustees, report, We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you If. in our opinion: adequate accounting reGords have mt been kept, or returns adequale for our audit have not been receivéd from branches not visited by us- or the financial statements are not in agreement with the accounting records and relurns,. or certain disclosures of truslees, remuneration specified by law are not made., or we have not received all the infomiation and explanations we require for our audit- or the trustees were not entitled to prepare the financial stalements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees. report and from the requirement lo prepare 8 strategic report. Responsibilities of trustees As explained more fully in the stalemenl of trustees, responsibilities. the trustees, who are also the directors of the charity for Ihe purpose of company law, are responsible for Ihe p￿paratIOn ol the financial statements and for beirtg satisfied that they give a true and fair view. and for such intemal control as Ihe trustees detemiine is necessary to enable Ihe preparation of financial statements thal are free from material misslatement, whether due lo fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing. as applicable. matters related to going concern and using the 90ing concern basis of accounting unless the trustees either intend to liquidate the charilable company or to cease operations, or have no reali51ic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether Ihe financial stalements as a whole are free from material misstatemenl. whether due to fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will always detect a material misslalement 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 intluence the economic decisions of user5 taken on the basis of these financial slatements. A further description of our ￿sponsibl1111eS is available on the Financial Reporting Council's website at.. https-.11 www.frc.org.ukjaudilorsre5ponsibilities. This description forms part of our auditor's report. 17

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CUMBRIA THEATRE TRUST Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities. including fraud, ale instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities. oullined above and on the Financial Reporting Council's website, to detecl material misstatements in respecl of irregularities. includin9 fraud. We obtain and update our underslanding of the entity, it5 activities. ils control environment, and likely future developments. including in relation to the legal and regulatory framework applicable and how Ihe entity is complying wilh that framework. Based on Ihis understanding, we identify and assess the risks of malerial misstatement of the rinancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of Ihe risk of acts by the entity that iiiere contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-complian￿ with laws and regulations. irlcluding fraud, we"designed procedures which included: Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual. suspecled and alleged fraud- Reviewing Minutes of meelings of those charged with govemance- Assessing Ihe exient of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial stalemenl disclosures and testing lo supporling documentation lo assess compliance with applicable laws and regulations., Perfom)ing audit work over the risk of management bias and override of controls, including testing of joumal entries and other adjuslments for appropriateness. evaluating the business rationale of significanl transactions outside Ihe nomial course of business and reviewing accounting estimates for indicators of polential bias. Because of the inherenl limitations of an audit. there is a risk that we will not detect all iffegularities. including those leading to a material misstatement in the financial slatements or non-compliance with regulalion. This risk increases the rnore that compliance with a law or regulation is removed from the evenis and Iransaclions reflecled in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a malerial misstatemerrt resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentalions. or the override of internal control. 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 thal we tnight slale to the charitable company's members those matters we are required to slate to them in an audilors report and for no other purpose. To the fullest extent permitted by law. we do nol accept or assume responsibility to anyone other than the ch2rit8ble company and Ihe charilable companws members as a body, for our audit work, for this report, or for the opinions we have formed. Susanna Cassey (Senior Statutory Auditor) for and on behalf of Azets Audit Servlces Chartered Accountants statutory Auditor Fleet House New Road Lancaster UDiled Kingdom LA1 1EZ 18

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating Income & Expenditure Account} For the year ended 31 March 2024 Ullr8slrict&d Rosttrcttd Total Total Fvnd8 2Q24 2028 INCOhlE DoTrabon5 913.om 913.044 I.GOa,808 CharilaWÈ acbvihes 1,58Q7S) 1.211,845 Olherbadkng 313.2&8 313,233 234,227 Investm8nl(ft¢om8 . 12.727 12.T27 1,723 (Xherkncorne 167.186 167.186 295.741 TOTAL INCOME 2.986.940 2,986.940 2.745.344 EXPENDTFURE Costs ofgenetathg fimds 74.3C 74,300 101,495 Costs oftharftable aclivftte¥ 2.696.449 149A54 2.B4S,903 2,939.YY3 2.770.755 149A54 2.920.209 3,041,268 Net lexpendmurel I Incomp before tran$lers Ilaxation 216.185 1149,4541 66,7)1 (2949241 Transfers 19 Nat m0￿Mant in lrtet in¢om• alt•rIaXa￿0nI 216.185 1149,4541 66,731 (295,924) Reconclllallon offunds TO1￿ runds bf0ugh1fi)r4￿r 2.09Z,705 3,QfjO.B19 5.153,324 5,449.248 Totdl fund$ eart￿d fomld 19 2.308,8gri 2,911,165 S320.055 5,153.324 The statement 0ftha￿lec￿Tr￿S Indudes 4 gthsBnd k)55e5￿g￿1Sed In Ihe year. l income and expendkne d￿lVeSfrOfft con￿￿￿￿ actpjibes. The notes an pagps 20 to 37 form an integral p￿t￿ltheSe finaKkil sfafgments. 19

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE BALANCE SHEET As at 31 March 2024 . Growi 2023 Cha￿ty 2024 Cbarlty 2023 Notts 2024 FIXED ASSETS Tangible a5sels ltslangible asse16 IRveslmenls Tow Fixed As591 4.ISI.074 9.810 4.27a003 18.200 4,138.141 9,880 4,262,583 18,20LF 200 12 13 4,160,$S4 4,284203 4,14B.121 4,2JO,983 CURRENT ASSETS Stock5 D•bto Cash albank and ID h*kd Total CurwlAssets 14 15 1838 559,113 1.095 523 1.651,274 2.773 442,215 997.4J5 1.442,473 703,220 061,926 1,645,146 600,105 836,158 1.436,263 CREDITORS rnountslallng duewRhii on8 year 16 599 173 Y7,352) 1573.212 (563,9221 NÈT CURRENT ASSETS 1.059.101 865,121 I￿7￿.934 a72,341 TOTAL ASSETS LESSCURRÈ14T LIABILITIES 5.220.055 4153.324 5220.Q55 5.154324 TOTAL NET ASSEts 5.220,955 5.153,324 FUNDS Unrestrkted Funds Reslricted Funds 19 2,3DS,BYO 2.(YJ2,705 2.9ql.16J 3,06Q.619 S.220.0$6 ai324 15 2.308,8gD 2.g11 Ils 5520.055 2,092.705 8.060,619 5,153,324 The 6nan¢ial sts1èments￿ra 4)rKoved ty the BowdofTruslees authL¥knI fork%ue on....... ..... .. 2024 and s¥Jn8d on ih8kb8haK by.. erf( etsnil Charles C4rteT. Ch3 Kate M¢￿￿h1n-Fty￿￿.1fv-Ch& Aeglsiwed Company number 1674868 Aegls¢eBd Charity number.. 516672 The noles on pages 1610 32 fom) ￿ integral oflhES# fnandal statemenl 20

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE CASH FLOW STATEMENT For the year ended 31 Mar¢h 2024 Group 2024 Group 2023 Charfty ZQ24 Charlty 2023 Cash ￿0w5 from operatinu a¢OvOtle$ Netcash prov￿éd by (tss8dthl oper8ting 162.S97 370 328 B2,XfjZ {444, 136) /$h Itows from tsx credms: Theatre la% ETr(Itr•cefved ash 110￿ from In¥estlng a¢lfvhlps.' Bank Inlerest Purthase orpropetyplan1￿N1 equlpment ". W6bslt• N81 cash (used kn) fvwesib)g ac11￿￿$:. 12,T2T 177,3861,: 1,723 P5,63 12.727 1693411 1.723 6,3611 65 3.914 86.514 4,638 ChaTrge Ir¥ cash and cash equlvnts In Ihe ye Cash and c8sh equwnts atthe siartofthe year Cash and cash equfv8knls atlhe end ofthe yeai 98.038 997.485 1095.523 (404.243) 1.401.728 997,485 25.76 836.15 861,926 (464774) 13(H.932 836. 158 Re¢pntlllatton ornet1￿cOmE1{eXpE￿d￿tuTP) lo nEtGashftowfrom operalFng activitw Nèl lexpendilurel perEhe SOFA Adiusbnents for.. Dewedallon charges Amortisalion charges Dfvh1ends and knlerestfrom nvesignents {IncrÈaséiidecre85e In sl£Jcks Ilncre88elldecTr8se in debtOES knueaselldecreasel In cYedilDf5 Nel cash provKled by lusÉd kn)opwatlng aCt[￿deS 66.731 (295,9241 66,732 {2949241 196,JI6 8,32D 112.7271. 186SI 1116.8991 21.821 162.697 187.823 4320 {1,723} 78 (264,741) {4,161J 10.32 193,663 8,320 112,72TJ 184966 8,320 11,723? 1183.Of61 [338,971) 82.2&2 14t14.7J6 An4ty31s ol cash and Gash equivalents Cash in hand 1.095.523 . 997,485 861,926 836,158 Tolal cash 8n(F cash 1 lJ95.52J 997.485 B61.926 836,158 21

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS. For the year ended 31 March 2024 A¢Gounting policies Charity inforniation Theatra By The Lake is a prtvate charitable company limited by guarantee and is incorporated and domiciled irl England and Wales. The addres5 of the registered office is Theatre by the Lake, Lakeside, Keswick, Cumbria, CA12 5DJ. The nature of the its operations and its principal actmties are detailed in th8 tTUStees report attached to these financial slatemenls. 1.1 A¢counting Gonvention The financial statements have been prepared in accordancé with the charity's articles of association and memorandum, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Sl8ndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from Ihe Charities (Accounts and Reports) Regulations 2008 only to Ihe extent required lo provide a tnje and fair view. This departure has involved following the Statement of Recommended PraGtice for charities applying FRS 102 rather than Ihe version of the Stalement of Recommended Practice which is referred to in the Regulations but which has since been wilhdrawn. The financial statements are prepared in slerfing, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statemenls have been prepared under the historrcal cost convenlion. modified lo include the revalualion of freehold properties and to include investment properties and certain financial inslruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving Ihe financial statements, the Trustees have a reasonable expectation Ihat the charily has adeouale resources to continue in operational existen￿ for Ihe foreseeable future. Thu5 the Trustees contlnue lo adopt the going concem basis of accounling Fn preparing the financial statements. 1.3 Charitable funds Unreslricted funds are available for use at the discretion of the in fijrtherance of Iheir charilable objectives. Restricted ftjnds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes lo Ihe financial statements. Endowment fijnds are subject to specific conditions by donors thal the capital must be mainlained by the charity. 1.4 Income Income is recognised when the charity Is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable thal income will be received. Income In respect of produclioDs is recognised in the peri(Kl in which the produclion occurs. Cash donations are recognised on receipt. Other donalions are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. 22

THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) For the year ended 31 March 2024 Accounting policies Lega¢les are recognised on receipt or otherwise if the charity has been notified of an impending distribution. the amount is known, and receipt is expected.. If Ihe amount is not known, the legacy is treated as a conlingenl asset. Income from Governmenl and other grdnts. whether capital grants or revenue grants, is recognised when the charity has entillemenl lo the fijnds. any perfomiance conditions attached lo the grant5 have been met, it Is probable Ihal the income will be re￿iVed and the amount can be reliably measured. Income re￿iVed in advance of a Iheatrical performance or provision of other specified selv1￿ is deferred until the Griteria for income recognith)n"a"re met. Other trading income is recognised on a re￿1vable basis. Investment income is recognised in the Statement of Financial Aclivities In the year in which it is receivable. 1.5 Expenditure Expenditure is recognised once there is a construclive obligation to make a payment to a third paty, it is probable that selllement will be required and thè amount of the obligation can be reliably measured, Expenditure indudes any VAT which cannot be fij1￿ recovered and is reported as part of the 8xpenditure lo which it relates. Expenditure on charitable activities comprises those (x)sls incurred by the Gharty in Ihe delivery of its activities and servI￿s. It includes both costs that can be allccated directly to those activities and those of an indirect nature necessary lo support them. Where perfomances of a produclion straddle the year-end. p8yroll. rehearsal arid audillon costs are recognised in the year in which they arise. Production costs (e.g. sceneryjcostumesl and creative leam fees are apportioned between the periods on the number of performances in each period and Included in accruals or prepayments. Support costs relate to those funclions that assist the woik of the charity but do not directly undertake charilable activities. Support costs include back office costs. finan￿. personnel, payroll and governance costs which support the Charity's programmes and aclivilies. These costs have been allocated between costs of raising funds and" expendilure on charitable activilies. Support costs are apportioned on an appropriale basis eg floor area, per capila or estimated usage. 1.6 Intangible fixed assets other than goodwill Inlangible asgets acquired separately from a business are recognised at cost and are subsequently measured al cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at Ihe acquisition dale where it is probable that the expected fvture economic benefits that are 8ttributable lo Ihe asset will flow to the enlity and the fair value of the asset can be measured reliably. the intangiblè asset arises from contractual or olher legal rights., and the intangible asset is separable from the entify. Amortisalion is recognised so as to write off the cost or valuation of assets less their residual values over thelr useful lives on the following bases.. Website costs 5 year straight line basis 23

THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2023 Accounting policles 1.7 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost, net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less Iheir resKlual values over their useful lives on the following bases.. Freehold land and buildings Theatre equipmenb Fixtures and fillings Office equipment and software Buildings- 50 years slraight line,. Land- Not deprecialed 10_20QA straight line 10% slraighl line 200A slraight line _ The gain or loss arising on Ihe disposal of an asset is detemiined as the difference belween the sale proceeds and the carrying value of the asset. and is recognised in net incomel(expenditure) for the year, 1.8 Flxed asset investments Fixed asset investments are initially measured at tr3nsaction price excluding Iransaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair.value are recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. A subsidiary is an enlity (x)ntrolled by the charity. Control is the p.ower lo govern the financial and operaling policies of Ihe entity so as to obtain benefits from ils activities. 1.9 Impairment of fixed assets Al each reporling end date, the charity reviews the carying amounts of ils tangible and inlangible assets to delemine whelher there is any indication thal those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo delemiine Ihe extent of the impairment loss (if any). 1.10 Stocks stocks are stated at Ihe lower of cost and estimated selling PriGe less costs to complete and sell. Cost comprises direct materials and. where applicable. direct labour costs and those overheads that have been incutred in bringing the stocks lo their present Ic(ation and condition. Item5 held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of complelion and cosls to be incutred in marketing. selling and distribution. 1.11 Cash and cash equlvalents Cash and cash equivalenls include cash in hand, deposits held at call with banks, other short-term liquid inveslmenls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 24

THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2023 Accounting policies 1.12 FinanGial Instruments The charity has elected to apply the promsions of Section 11 'Basic Financial Instruments, and Seclion 12 'Olher Financial Instnjments Issues. of FRS 102 to all of its financial instruments. Financial instnFments are recognised in the charity's balance sheel when the charity becomes party to the onlractual provisions of the instrument. Financial assets and liabililies are offset. with the nel amounts presented in the financial statements, when there is a legally enfor¢eable right lo set off the recognised amounts and Ihere is an intention to settle on a net basis or lo re81ise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction prtce including transaction costs and are subsequenlly carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where Ihe transaction is measured at the present value of the future ￿CeIptS dis¢J)unted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial lialjilities Basic financial liabilities. including creditors and bank loans are inilially recognised at transaction price unless the arrangernent Conslilutes a financing transaction, where the debt instrumenl is measured at the present value of the future payments discounted at a market rate of interest. Financial liabililies classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised c05t. using the effective interest rate melhod. Trade creditors are obligations to pay for gO￿lS or servi￿$ that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initlally al transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1,13 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNi¢es are received. Termination benefits are recogni5ed immediately as an expense when the charity is demonstrably committed to leminate the employment of an employee or to provide lemiinalion benefils. 1.14 Retirement benefits Payments lo defined contribution reliremenl benefit sCh￿eS are charged as an expense as they fall due. 1.15 Theatre tsx credit Where Ihe trading subsidiary incurs qualifying losses in respect of theatre produclions these are surrendered foi a cash payment under HMRC Theatre Tax Relief regime. Where receipt of these tsx credils is virtually certain they are included in the accounts in the year in which the qualifying losses occurred. 25

THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2023 Accounting policies 1.16 Group financial 5tstements These financial stalemenls consolidate the results of the Chariiy and its wholly owned subsidiaries. A separate Statement of Financial Aclivilies for the charity is not included as it has taken advantage of Ihe exemption afforded by s408 of the Companies Act 2006. All intra-group Iransaclions, balances and unrealise"d gains on transaction5 between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. 26

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) For the year ended 31 March 2024 2 DONATIONS 2024 Re5tri¢led'. 2023 Unr¢stdcted Total Unreglrfcted Restricted Total Com graDIs Atts Cooncl England- NPO ACE- emergencyfundhg ACE-CRF1 ACE-CRF2 ACE_CRF3 Cumbrfa County Councl Alerdele BC- COVKI support gr8nt¥ HMRC- CJRS lfvrl(xJghl oherg￿lS Dona&ons Frfend5 olThÈatre by IheLae Otherik¥)ations Ilncl ¢rfIA Legacies 615.182 61S,182 615.182 615.182 10.000 10.000 ioooo 2,OtKJ 2.000 2,5QO 29.511 32.011 5,500 T¢366 262,7t19 972,297 .500 76,3$6 262,749 74.763 211.IYJ9 913.044 74.763 211,099 913.044 29,517 3 WICOME FROM CHARITABLE ACTIVITIES Theatre Perforniance$ EduC?￿n & Partklpath) 1￿76.823 3.927 1.580,750 I,S78@23 Y.199,756 1.1gg,7S6 1.58D 750 1.211.845 1 211.845 . ThF m¢w8m8nlln deferred btsx¢ffte knc¥me b show￿ Trute 19. 4 INCOME FROM OTHER TRADING ACTWttlES 2023 2023 RestdcfÈd VnYostrlcl8d liestrlcted Tolal Unrestricted Total Fundrnisir Buglness Partnerships Equ5pfflenl& cosiume hirè alc Roorn hlres TO1￿ fundrais￿9 actwik$ 38,294 38.2>1 11,127 .11,127 11.127 Iq.127 38294 Trddingsub*dlary Turnover & otherlncome TotBI sUbs￿la[Y %twRKs 274,939" 274,939 274 939 223. IOD 223, foo 223, fOQ 223.100 274,939 roial thcome trom 313,TJ3 313233 234.227 234.227 S ITrJVESTMENT INCOME 2024 ZiJ29 Bank UrtereSt￿ceNed 12.727 12,721 1,723 Banklftteresl Is tewab￿￿Tr cash baL4nces he￿ in 4)woprfale ￿￿eBSI bÈathgdep05ks. 27

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI Forthe yearended 31 March 2024 6 COSTS OF GENERATING FUND5 2024 Restrlcted 2023 Unrristricted Yotal Un¥estrfttÈd Restyictgd Total Gwjerdllngdonallons & g¥nts t)treci¢osts Supwteosts Gov¥nance costs Charged lorestricledfvnd 6.e78 8.878 6.688 332 6,688 332 7.274 7274 7.020 FundTrlsltrTg tlrecl c051s I,Q44 6.878 259 259 Support casis Govetnance cosks 6.878 39Y 6,688 332 .6.888 Ja2 Charged lo restricted ￿ndS .319 8.319 7.279 r.z79 TradKngsubsldlary tXre¢lcost5 .867 21,846 58,7f3 36,867 21.846 21341 64,855 B7,196 21341 64855 T.190 Support Costs TO1￿ sub￿diary acbvdiES Total expenditurg vn oth$rathiOes 74.306 74,306 101.495 101,496 Y COSTS OF CHARITABLE ACTIVITIES Costs off theal+yo￿A￿Or￿ performanc6$ lin¢ludthu ttwring) 2024 ResthGtsd 2023 Rèstrlcted Unre¥tskfed Tolal Unrestrfcted Totsi In-house prod¥ctbns.' actofs In-house pr￿uctIOns.. £realfve Othprdirec¢cost5 IncoThung work.. dk￿let781S 8ox0ffi￿ and house management "' Marktbng and pub￿Cty Support cosls Governance cu815 21F.450 313.442 1234,W1 218,450 3f3.442 1.3J4.60f 267.052 445,255 1.249,2TO 267.052 445,250 1.219,270 If4.532 774.059 37.232 149.454 2.542.862 114.S32 774,ISJ 37.232 140.488 746.785 31,199 IA064) 2.664,985 140,488 746.785 31,199 Char98d lo restricled knnds 149.454 149,454 215.064 215.064 2.792 316 2,880.Q49 Edu¢aUon éftdpathipatton Gost5 Support Gos15 (>)vemance Gosts charg￿ to ￿St￿cled fijnds 21.445 30,55B 1,584 21.415 30.558 1,564 30.722 27.674 1.928 3Q722 2X,674 1.328 53,587. 59.724 59,724 2￿45. 1124,709 2939 773 28

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 ¥ SUPPORT ANO GOVERNANCE COSTS 2024 2023 Governancty Gorwyal Support G¢)wman¢e Genoral Support Toial Sal8rfes and reLaled co¥ls Dlretl govem8nce cnsts Premises GÈneral offlce F¥ian¢l Consu118ncy and developrnent DÈpreciaticn 204,Y3 18.214 222A67 176.967 189,283 Z47.887 127.224 23.427 36,446 200.993 840,220 250.241 128.482 40.220 38W6 202 003 179,829 301862 129,628 21,IfO 28.609 193 314 B52,690 2.587 1.145 t6.172 305.449 130,973 37,282 28,609 1.238 16.793 1,010 39.609 971 33.191 885,4U Apportk)ned as: Gen￿a1kng grBnls and donallons Thealre perfOr[r￿￿% P¥rtlclpalK)n and (Hjlrea FuThdr81swg Trathng sttbsNIK4ty SM78 774.Q&l . 30￿58 . 6.878 21.B4B 840,220 7.274 811.293 32.142 7.274 21.846 8Tg.B29 fj,688 746,185 27.674 6,64 64,855 852.690 332 7.020 777,984 29,002 7,02(1 64.856 85.881 31,199 1,328 332 T￿54 .fj09 33,tsi Analy5]5 of g(Nvmance costs 2024 202? Extem31 audit Cosis of TrusteB m8elkngs, Irav91, admi)Istrallon et Appottiontnenl ol staff Gosis AppatlKJnmenl ol sUPPOrt ¢tssl$ ". 16.581 14976 16,15D 6,878 ?0,527 6,688 33.191 Allocation ol $upportGo6ts The r(Aknwiig bases Df aKDcatton ¢used: - Prèmlses lu1￿1￿￿, top*s 8tcl: - General Oir￿e IstsI￿rtEry, posiffje. tskpho)È. ￿ etc%' - Fllianck11 ityank tharyas. h)ss on dis￿$￿ ¢l.assets etcl: - Oepreaalion.. ageffiBllt revwofslaff lkne ManageDWt revwofsiaff Ilrne Management ￿￿Or$18ff Ilrne '"

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year end&d 31 March 2024 g TnF5tee and stafi Inform¥tlon al Yrustee Infomiatlon The tsustees a￿ al v(At¥rteers and were not ￿ or rEceNed ry ben8fi15 frThn ern$AOyff￿nl the Twst oras subshltary In the ye8r12023'. £nlll', they WelB reirnbuT5ed pxpwses durillo lh8 y of £352 P023." È5gg1. No ch￿ty Irusiee re¢ved payment ftprof￿￿(￿ ￿ 0￿er Gwvi￿5 suppkd to lh8 ¢harity12023: Én￿. tkreclor5 Officers liab￿ty insurance cos14ng £1,04312023'. E9541 was laken oul ty￿1￿9 thB >Ear. bl Staff Inf0mw￿fjn 2024 2023 Actors and Freelanee Slag8 Manager# Fees 175.681 7,024 246,629 5,94fj Penslon t￿￿￿1￿11￿$ Emyoyefs Nl rA)nlnThultons 182.705 252.575 In Ihe vthh HMRC gifidante, TnO51 aMLsts engaged uriderEqulycwtracls 8 IK&ad as eameTr for ￿?th tax Nl purposes. PaymBnl8 to such peopla are dL%dose¢S abuve a5 aGlor5' and stw maraget5' fees. In aGcordarKe w7h IhB conednie agreemeftl beMen Equity arnl UK Thealre, CDft1￿ m￿al￿ Trust made pen5iM conlthbutiuTrs of SQA of fee5 pald to 8¢tors or stage rnanagers enroUÈd u) the Equty Pen5h)n Sthemp. P￿￿¥￿ell that the rnembers a C￿[A)ulDn 013%. The average monthly nUM￿T Df ￿l￿t￿ne 4ufvnlatlksts enga￿dUnder Equlyconlracts Iheyearwas 8 (2023: 11 2024 2L123 Èmployees Wages and salèryes Employers Nl COthribullon5 Ernpwfs contabu)n5 714,751 89,144 16.74J 30.&38 6a6,703 57,32 15,042 758,473 No employee eamed mare than e60.1NJO 0XthJ￿IU Empws nalonal iisurance perE5MJTr (wtthjibns. Iri accordan￿ cu￿en1 k91￿8￿0￿, the corT>pany qjetates a tDnthbubons penston S￿eme F¥u%￿lBd by NOW.. Pensbns Lknlled meets b aulDnrolmant Dbfigalkjas. Thecomwy conknbules the mimum rewwerTrenl of3%. Thvaverage MonihTyhead￿lll was 29 slaff (2022.. 29).TheaveKagÈthJmberol￿lLkne equtr￿]&nleMKtyÈ5, actors and stage fftager5Vfd5 37 12023.. 40). Key managemEnt In adrfthn lo the Board of Tm$leÈs. Ihp Chadty constd8rs Ils Exttubye t*e¢lor. Arbth Di￿or and the other members of the setkor rttanayemenl tearn. as gei oul OD page 1. lo be Key Ma￿￿eMent Personnel for purpDse5 of SORP. and tserjefts (S￿ary p8nsMJn ￿n￿b￿bonSI récehivil by these empbyee a¢nuunted lo £ 268.518 n Ihe year12023.' £212,959). fo Net rnovement lry tot81 lund$ forthe year 15 slated afteTch3tglng: Auditorfs retnUneralm￿ 1rorp4￿nl and subsklayl ReMvnerdl￿n lo aUdrf￿s farolherse￿ces DBpreUa￿0n and a(NortsalK Paymenls underopprathg ￿ase5 TftJ5teBg renLunerat￿D Ttvstees, eypenses 2024 2029 11.700 3.300 202.003 9.000 12.50 5.T5LF 194.285 9.000 352 sgg 30

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 11 TANG18LE FIXED ASSETS Long Lea￿￿0]d Land & Bulldlngs Offt¢o Equlpm8nt & Soflwarg Flxtures & Theafrg Group Fittings EquipmBDt TotBI Cost As al l Apn12023 AtJdllKJns 6.778.620 SO7.(￿3 62.sm 7.184 801,460 1.008 215,404 13,874 {IJO,932 g8,346 8.302.537 77.388 1g8.116 8.181.B07 D￿Posa As at 31 March 2D24 6.778.620 802.468 DepTl¢lation As at 1 Apta 2023 ProvNlÈd Disp)sal$ As ai 31 March 2024 2.627.088 134.581 442,TlY 34.691 7.184 4111,264 775.070 13,433 187,598 4.032,533 1g6,3f6 198,116 1130,9321 70.277 2.761.669 78B.WJ N&lBook Valuè AS 8131 March 2024 4,Of8.YSI 92.089 13.965 4,151.OT4 As at l Apn12023 4.151.SJ2 .2T6 26,390 21.8r16 4,270.003 Long LeasBhold Land & Building5 Ftxtttres &. Fiitlngs .. Equlpment & Sofvare . Charlty E4ulpment Total As al 1 Awl 20Td Addiuons tAsw5als . Ay at31 March 2024 6,Tl8.6ZO 497.776 . 801,460 215.404 f3.874 120.132 08,346 ,293.20Q 69.241. 198.116 8.1fj4,385 16f.1841 4B4,951 6,778.620 802.468 Depreclatlon As Èt l Apdl 2023 Provlded 2.627.008 124.5B1 440.922 775,070 13.423 187,5 13,611 130,932 70,277 4.U3tTr,677 19J,683 198,116 4.026,244 DlspDsal$ A8 8131 March 2024 67,184 405,T96 2.761.869 788.$03 et Book Value As 813f March 20Z4 4,016 9SI 79,155 13.965 28,a69 4.13&.141 As at J ApN2023 4 151.532 26,390 27,806 4,262,583 31

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) Forlhe year ended 31 March 2024 12 INTANGIBLE FIXEDASSETS Gtodp & Chorlty Website Cts5t As at 1 Aprll 2023 Addthons [￿sPo￿lS As al 31 Mar¢h 2024 41.eo) 41,6(kl 41,600 4f.6Q) Amortlsatlon A5 al l 2tr22 Provlded T8,4LXJ 8.?zo 23,400 8,320 D￿poS As at 31 March 2023 31,720 Net Book Value As al 31 March 2024 9.8BO 9.880 As Ht 1 AWH 2023 78,2t 18,200 13 FIXED ASSET INVESTMENTS GMLtp 2024 GTOUP 2023 Charlty 2024 Charfty 2023 Shares in subsk1iwywd8rtakkngs 100 400 200 200 TBTL Servkes Lkntted (regisle￿ compary llumber ￿46171} is by th8 th3rty and ￿erate5 cerfan trathng Bclfvwes. Thealre by the Lake PrtsJuc*bn$ Lwnited Ireg&slpred company number 092597671 Is +hthoKy ￿ed by Ihe whith was disow on 28 December 2023. The a￿￿￿niS of bDlh 5ubsKliaries are Consolid￿ed In Ihese finandal Slalements (see aL8o notes 2B afid 291. subs￿￿￿ ￿fflPan￿s are IncorpDrdlBd ￿ Eng￿￿￿ and Wale5 3nd thetr regk4tered office 1$ Ihe same a5 that ofcumbria Theatrg Twst (the patEnl cowaoyl. 32

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI For the year ended 31 March 2024 Gri>up 2024 GTOWP 7023 Charity 2D24 Charfty 2023 14 STOCTr(S Consutmablo118ms' 3.638 3,63Q 2,773 2,773 IS DEBTORS Trade deblors VATrefund dué OthÉrdebtor Inter-tornpany bal￿￿8 The2lrÈ (e(St recovernNe ." PrÈpayments If7,030 54,946 17.54T 2.411 4047 194,963 255,275 121,862 600 705 2S,851 .112 22,Sff 346,Y23 206.88S 206.gsl 783.220 206.ms 209.$46 559.113 25S,275 123.8J2 442.215 16 CREDITORS: amounts lallkng due wlthln one year Trade crethlors 09.566 16.591 341.569.. 57.842 119.980 24,802 259,296 73,429 89.516 16.591 341.569 57.842 114,73 21.264 259,296 73,429 Ta%atTon and sooal setrJ¢ty Deferred Income- ath8nce bookngs Customercredlts Thlr(I party resources Olhercredltors als -q7 18 11.130 62.475 599,173 13,976 84869 57T,352 11.130 5S.664 573 212 13,976 81,219 17 MOVÈMÈNTS IN DÈFFRRED INCOME 2024 2023 Defetred incofftp brought loThRtd Released n Ihe year Defetr2d in Iheyear Deférred incottle caftfedlorward 259,296 P59,2961 190.240 (790.240J 259.296 259.296 341.569 18 THRD PARTY RESOURCES 2024 2023 Balan¢B brought fu[Kr￿d Rtceipls in th&year wrthhEkt forthealiÈ afjd olhercharge5 F(￿Warded lo hlrfng org2ntsations LV relundedtothekatslM)8rs ance carrle(I foNRrd 73,160 11,012 Thirrf pattyresourc8s refers to lickels sokj by CumbtA Theabe Tswslas agontfor(¥gr6atvJns%¥hKh ha¥8 hiredTheatrety Iha Lakq forlhèrovm prB5ÈnlalnJns. 33

0000 ootso uuu

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI For the year ended 31 March 2024 19 STATEMENT OF FUNDS l¢ontTnuedl RBs1￿￿d lund bdances ai th8 ye¥end are hBbJ for Ihe loknythg wrposes. Cultural Rvcovfyry Fund 1, 2 & 3 To enable Ihe thealre ID meelthe chalknge5 of the pandefflic￿d tetsunch as ￿tnI￿e5 li a COVMI seGufEdywhBst managirtg Ihe firsancLql ris Legacy CurnbrfaThealreTrn$l recetved a leyacyof£35,IJOU be ￿lea￿l owlhe DexEfveyÈars to supptrt the ampmentolnew int . Cipital grants & donatlotY8 expensjed Thh￿ reGords the expendl￿FE0￿ capitalxsseis fiJnderftyrAt￿I ￿tterIhere e¢onUnuhg¥eslrfclk)ns ￿ theassets. and p￿￿dÈ$ a aaalnstwthth depreclallo can be chwged In fvlure perfods. DepreaaliorE of È141,190 has been chwged k> thi5 lu￿ year. Reslrfdlon8 relate I)￿h lo funds for Ihe C￿SItUc￿0n and fitbng %lVt al ThEafrE by the LakB and rt5 u)nli¥J&l u59 by tho Chanty as 8 thealre, and tr) th• redevpbpmenlolthe LakesKJt Calé. Imlh ihe exttpUoN afwttere delaled abc>ve the trust plans lo ublse al EEMa￿ang EESkncted rpvBrwe thin Ihè nexl ￿n￿da1 year. Funds are IranSfery￿ lfj'cApK grants & donallons 84)wd8d IIvs8d to pUrthasecWeWJprn￿L 20 ANALYSIS OF CHARITY FUNDS Group Unre$trf¢ted Funds Group Restricted FuDd Charny UnrÈ$trlttÈd Charlty Re8tr1cted Ch%TIty 148 8t￿8￿ JI 2024 Totsi Fvnds Total Ftxed assets Nel Currenl assets 1.27ts.789 1,038,101 2,308.BgO 2N￿1,165 21.rMIo 2ts11.165 4.1611.954 1.059.101 5.220.055 1.257,956 1,050,934 2.308.890. 2B90,165 ,148,121 1 071 gJ4 5.220.055 2.911 165 As atMa+rh 31 2023 Fwed assets Nel Curyenl asse15 1,256.84U 835 857 3.031.355 4.284203 8fj5 121 0 153 924 1.249,628 843.077 2 092 705 3.031.355 4.280,989 872 341 0 153 324 2 092 705 3060619 3.060 619 35

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} For the year ended 3q March 2024 ZI CONsyrruT￿￿ The company Is limited by guardntee 2lld dces nol h￿e a share Ca￿¥. kn the evElltolW￿￿lng tsp.IhÈ are ￿able lo Cont￿ule £1 esch. The nurnber ofrnembers al31 N4arch 2024 was 812023.. 81. The¢iJmpany is tontroled byits mambers In9￿¢￿alMee￿g. ofmertknets hasoverall control 0[￿e¢0MPanY. 22 TAXATK)N Thecompany15 3 ¥egL4lered ch8rfty and is ellti￿ed ID Cl￿ a￿￿￿3¥exempknft IM< CO[p￿aN]￿Ta 23 CAPNAL COMMITMENTS At 31 March 2024 Ihechatyhad captrdl c4)mTEMknents wh¥ wBu¥rtraelÈd lortxrt not prO¥￿e￿I￿rin theltnd statements of £NI12023.. ÈNII. 24 CONTINGENT L￿B]L￿lEs The Afts Councl ol Eng(atid krtiBry awdrd (£4.685,7041 ks rep¥y3Ne ir¥ the evenl ofthe Gomw ¥Jmd ttp. The %4Allten consent ol wanlor15 requlred before the Iheatre ¢an be dlsposed or. SlmllarcondHions appty k¢ p1 ca￿141 gwls froTn.Cumbtra Cwnty C￿￿1{£292,50o), Europe￿ Regbna Deveh)prnenl Fwd (t2(M),0001 Trlorfhetn Rock Fwndalton 2(M).0001. Should Ihecornpany lacp an InsDfvÉnlvMdR￿ up. ACE Is entsyad lo the of the bulthng. . The Trvsteps dts Èxped these SabiRts touyst8lls8. 25 RELATED PARTYTRANSACTIONS FrhndsofThee by the Lakewds an ￿￿Èpendent tharty{n¢)w dissO￿ed1.Whkh had the dghl lo nomhale c￿e rnemberlo the BoaAF of TheatreTr¥st as delthkd IheTru8iee¥ ReporL Donalhins tolalkng ÈNII (2023. £5￿1)) Y￿re rEceI￿d frosn FriBThd5 ofTheare tylho Lake durin9 th8 year. Kes¥Ack T¢wn cou￿1 b gLs0 Énily￿ lo ftomlrtate one member to Ihe BO￿0. A gRnt of E2,(MK) ￿)2). E2.500) vrd5 reGer¥ed ftDrn Kesvl￿k Tr￿ll CotsnLiI iowards Qur Bthjcabon and path(ipath)n worfl In Kes%isk thesvtrou•ling a. lErda￿ Borough cetsn￿ Is atso entRbd io ntyninalp memberfo the &)d. The r8c8P48d £NII120rJ'. £NI) kn buslnesg support gran15 from AH¥dale Borough Councll dutiThg the ye. D0natk)Dsloldlng£l94￿re in aggregalBfwm trusteèsththg th8year(2023.' £481. Th8r8 were no otheroulslandlng baLwsvath ￿l￿d Parfs althe ￿dOflhe ￿r￿023.. Kdland nootherlransacih)ns ch8rityltusiee5 d￿tIng Ihe year. 26 OPERATING LEASE COMMrrMENYS A131 March 2024 Ihe cornpany had thtfrJI￿Yl￿ cofflnthmonts uThjernOn-c￿(elabreWPr0w￿a￿e¥. 2024 Properfy 2024 . 2023 2023 Propetty Olhers Minimum amovnls payat*: one year h¥0 lo ffve years 2A13 9.250 2.31& 17.563 Totsl 36

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STA TEMENTS (CONTINUED) For the year ended 31 March 2024 27 Parnnl charlty- Statement ol Flnanclal A¢1￿le8 Unr8strictd Reststcted TDtsI Total Fund$ Fvnd8 2024 2023 Tqlal wcoM￿l9 r¢sw￿5 Tola resou￿eS expended Nel lexpendilurellhcorne foT Ihe year before Iransler5 2.928.228 2.712 Q42 2,928,228 2 B61 496 2,6L58,148 3954,OT2 149.454 216,186 149,454 66.732 {295,924} 2B Subsldlary undertaklng.¢omrnor¢laland tradlng actsmtles A sumThary orthe ￿SU￿$Z￿￿ GEO5￿g bnces ofthe subsidW.TBTL Ser¥￿Sltd. Is Sh￿ 2024 2L123 TJmover IntertompsTryadi￿s1ll￿rtS Acknyrfles forgÈnetatlng fvnds.. t¢athg tsPBrgtsoDs 274.939 223.100 274.939 223.too Cosl of sa￿4 Admini%loti)n & wmbÈ$ eNpensÈs Managenentcharge Cosl of trathno operati¢M$ .867 21.846 21341 64,855 58,713 216,226 87.196 135.904 O¢her income Nel profil reponed in consdkFd acwunts 2f6,226 fJ49 Add b8cklnler¢ornpany adluslrnents Nel profil fwlhe ye8rreported byTBTL ge￿s Lld GIftAld Relained in ihe subskliary 216,226 216.22S 134g04 (13&904) As at the 5heeldale. the assets and W8b•ks ofthe subslthyww Non CUErenlassets CutTent asseis Credhots.. amaunls due c￿e year 12.933 360.049 1368.6271 7,422 203,581 {210,903J ReP￿SenIed by.. Aggregate share caplal a[￿ tE5erv85 Prof& 3Hd Loss A(xx)unt. 100 37

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 29 Sub$ldlary ufidertaklfig- Produc￿0￿ 3clfvltle5 A svmmaryofthe resth (4othg ￿anceS ol theSubsk￿y. Thealre byihe Lake Prod￿lI)nS Lld. bthv. Ihe subsfkryww$ th0￿￿d durinu the yoar. 2014 2023 Turnover Inlercotnpariy adjustments Actniifies forgeneral￿g knd5-. Iraduig oPera￿￿S Coslolsa Inlor¢ompany 8dluslments Ad￿l￿￿traI￿n & eywsès '" Cosi6flrathng opera1￿$ Nel ￿65 reported in coNsorthtÈd accwnts Add back ￿te￿￿)MpanY a(fiosiments Nel ￿￿$ forlheyparreportÉd by Theatre byth&Le Produc)DsLbl. Ta¥ Claim Relalnedln the subshltsry As al th8 baLqnce sheeld. the a55e15 8nd1&4kn￿p&0f the subsitharywtti". Cutrenl assets Credltors.. 8mounls duo ane year 100 100 Represenled ty. AggregBte stwe (z5Xtal rBsetve5 Y#èatrÈ iax tYedlL' rrR daEnablÈ Defetred laxassel thovemenl Ci8ditift accutsnts 38

CUMBRIA THEATRE TRUST TRADING AS THEATRE BY THE LAKE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 30 Deslgnated Fund5 Al Jq March 2023 FuDds deglgnxled Al JI March 2024 Designated fuThds= Part￿1Pat￿lll 26.700 (8,7(Xll f5.000 84.000 428.tr25 18,000 10,000 4,000 428,925 Lega¢y cap￿81 sponth 2Q7ryJ 519.225 545,925 Part alion Plannedvrf)rkswhKh due to statrcspactywm Dol be compleled 24125. Devplu fftBnt Planntd Yfixk8 Wh￿ due Io 8iaFcapacity%wK llDI be C￿￿P￿led 24125 Le ac Additaonal ￿8¢Y recév¥8d in 23r24 to bB hpkt lur24f25 s￿d Ca 8ndkn Pk3nn¢d capiial spend overlh8 nexl thr88 years 2412&2W27 31 Contlngent Asset The Charity has been bequeathed a svJnthcanl18wlhatwll b8 n¢ef•8d in 24125 ffianr&4y8ar. IhB Wdhje DfY4hK* i5yet lu be t￿term￿l￿d. 39