REGISTERED COMPANY NUMBER: 12465903 (England and Wales)

REGISTERED CHARITY NUMBER: 1189857

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

Theatr Clwyd Trust Ltd

Page

Report of the Trustees

1

to

7

Report of the Independent Auditors

8

to

11

Statement of Financial Activities

12

Balance Sheet

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

to

27

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity is established for the advancement of the arts by the management and development of Theatr Clwyd and its programme of productions, events, shows and other activities involving the arts of theatre, dance, visual arts and music and the pursuit of any other charitable objects.

Public benefit

The Trustees confirm they have carried out the charity’s purposes for the public benefit.

STRATEGIC REPORT

Achievements and performance

Charitable activities

The purposes of the charity are:

The Charity is established for the advancement of the arts by the management and development of Theatr Clwyd and its programme of productions, events, shows and other activities involving the arts of theatre, dance, visual arts and music and the pursuit of any other charitable objects.

Our Mission

To make the world a happier place, one moment at a time.

Our Vision

We will be a place to dream - inspiring, limitless, alive

We will be a space to play - inspiring, limitless, alive

We will be a training ground - rigorous, challenging, supportive

We will be a healing space - encompassing, understanding, safe

We will be a home - for our company, for our communities, for our theatre makers, dancers,

musicians and artists, for our facilitators and practitioners, and for the wider world

Our strategic priorities are the areas in which we will seek to enact substantial change to fulfil our mission and vision over the next 6 years.

Environmental Sustainability

How can we help combat the biggest challenge faced by humankind?

Our building design offers the foundation of our environmental journey and will see that the new facility in Flintshire is gas free with air source heat pumps replacing gas boilers, will harvest rainwater, harvest solar energy via PV panels, will offer electric charging for company vehicles, will be fully insulated across the 10,000sqm facility, and include biodiversity on external walls and roofs. The new facility will cut carbon emissions to become a carbon neutral building and on a day with the right weather, can be carbon positive.

The inspiration we draw from our achievements in building design encourages us to pursue operational improvements. We have a fully integrated approach to the Theatre Greenbook and are currently delivering all productions at a basic level. As of now, Zoe Crick Tucker has been appointed as Director of Development and Environmental Sustainability and is collaborating with our well-established internal Environmental Working Group, which includes representatives from all parts of the organisation, to continue advancing and supporting our environmental progress. Company members have received Carbon Literacy training, and we have partnered with Green Gumption to conduct a company-wide assessment of our environmental practices. Members are also offered environmental volunteering opportunities as part of their hours, such as tree planting and beach litter picking. All creative engagement groups have completed two terms of work focused on the environment, resulting in sharing sessions and events planned for March.

Partnerships with the Centre for Alternative Technology, North Wales Wildlife Trust, Natural Resources Wales and Flintshire County Council's land management and environmental team remain key to delivering on our environmental ambitions.

Theatre Producing

How will we approach theatre making, and how will we deliver professional development for theatre makers in Wales?

As highlighted within the Chair's report, we continue to champion Welsh talent and voices by giving full production opportunities, and marrying that with our high-quality production teams, and often world-renowned partners.

With Kate Wasserberg now in the role of Artistic Director, we have an exciting programme of work planned up to and including Spring 2026, along with a strong collection of new plays by Welsh writers under commission. We have secured several key partnerships, including two co-productions with the Bolton Octagon and one with Chichester Festival Theatre. Within Wales, we maintain a close working relationship with the Sherman Theatre in Cardiff and are planning several co-production collaborations.

This year, we secured three-year funding from the John Ellerman Foundation to support a full-time Director of Stiwdio Clwyd. We hired a prestigious new team member in Suzanne Bell, an internationally renowned dramaturg and artist development expert. Suzanne has met with over 700 theatre makers across Wales and has consulted with organisations in Wales, the UK, and internationally. As of now, we are preparing to launch our first three major initiatives, which aim to create a significant and lasting impact on artist development in Wales.

Community Care

How will we use theatre making and the arts to help the most vulnerable people in our communities?

This area looks at our referral partnerships, working with experts in their fields to identify what their clients, patients, or participants need, and tailoring our arts programmes to support them.

The most established of our partnerships are:

- with Flintshire Social Services, whose team members work closely with us daily to enable the 40% of young people within our weekly groups on bursaries to keep attending, and working in a person-centred way for everyone who has come through our holiday hubs and into our regular sessions.

- with Betsi Cadwaladr University Health Board, with extensive referral programmes into our 4 regular dementia and Alzheimer groups.

Other important work in this area during the year, all of which are regular programmes, includes: Dance and Music for Parkinson's; our Pwer group for young people excluded from school and/or at risk of criminal activities; Ty Ni (Our House) for LGBTQIA+ young people; a new Menopause Connect Programme; a partnership with The Wallich, a Welsh homelessness and rough sleeping charity; and our longstanding work with organisations such as Homestart and Foster Care Associates, where we curate free trips for their clients to our events and productions.

During the year in question, we welcomed over 5000 people to free events through our community care activities. Additionally, we streamed productions, including our Christmas pantomime, into hospitals and care homes. A letter to Liam Evans-Ford, our Executive Director, from Carol Shillabeer, Chief Executive of Betsi Cadwaladr Health Board, said

'I would like to offer our sincere gratitude to Theatr Clwyd for sharing 'Mother Goose - The Rock and Roll Pantomime' during the festive period - We truly appreciate all the effort that goes towards making this a success so that patients within our care can enjoy the show.

We have received really warm and positive feedback from staff who say their patients benefitted greatly from being able to access your production, from the children's wards, to care of the elderly wards and patients in our critical care across North Wales. Our partnership continues to grow and the event is now an established staple for staff and patients to look forward to and enjoy at Christmas.'

Something for Everyone

We are not in an urban centre, and many of the communities and audiences we serve only have us - how do we offer something for everyone?

Over the past seven years, the senior team has embedded strong data tracking and surveying to ensure that we understand and can respond to community and audience feedback, adjusting our programming accordingly. In the year reported, we have taken further steps to build mechanisms that allow members of communities to decide what

programming appears on our stages. Key areas of this work include:

- The Flintshire 6 programme. Specifically designed to engage with members of communities who do not engage

or think Theatr Clwyd is for them. Our Community Associates support people in Our Communities in Connah's Quay, Flint, Shotton, Buckley, Holywell, and Mold, to programme important spaces within the local area with the programming they want.

- Our Youth Advisory Board of 14 young people between the ages of 12 and 25 are now well-established and impacting our decision-making across everything from social media to programming. Their insight has proved invaluable, and we have recently invited several new young people to join, bringing a fresh perspective. Current projects include A Night at the Theatre, planned for Halloween 2026 as part of our 50th Anniversary celebrations. Young people will have the opportunity to stay overnight at the theatre, with a planned programme of activities tailored to different age ranges.

These are two such examples (among many) of building full agency for our communities within the choices we make, enabling us to continue offering something for everyone.

We also offer a wide programme of visiting work across both sites, featuring high-quality drama, stand-up comedy, classical music, family work, tribute bands, and other live music, as well as Welsh language work across all forms. Combined with our commitment to Welsh-led work, this forms an eclectic mix of offerings for diverse audiences.

At the time of writing, we are on the brink of reopening spaces at the Theatr Clwyd site that significantly broaden our offer. These include the art gallery, which will host the North Wales Open, followed by an interactive work by Welsh Artist Lee Davies called The Playce and the Cinema. This will be programmed with a mix of live theatre screenings, such as NT Live, blockbuster films, and indie cinema. We will also begin a programme of in-house family work, including storytelling and puppetry, which, alongside our new children's play area, will strengthen our offer to local families.

Craidd (previously named Ramps Cymru)

How will we make the theatre sector in Wales the best and most accessible in the world?

Craidd is a six-year strategic intervention funded by the Arts Council of Wales to support long-term change in how mainstream theatre organisations embed access and inclusion for Deaf, disabled and Neurodivergent (DDN) people.

This partnership with The Sherman Theatre, The Torch Theatre, Pontio Arts and The Royal Welsh College of Music and Drama aims to enact organisational change for each partner, the public's perception, and long-term industry change for the theatre sector in Wales.

The first year of Craidd has already seen significant advances across the partnership. Key achievements include strong strategic buy-in from senior leaders and heads of department, signalling top-down commitment; tangible access improvements, including the introduction of relaxed, captioned, and BSL-integrated performances; improved signage and digital access information and enhanced sensory and physical access; cultural shifts, including increased awareness of ableism, more inclusive language and behaviours, and growing confidence in engaging with DDN artists and audiences; and cross partner collaboration including the establishment of working groups across departments (e.g. Marketing, Production and Front of House) to share learning and develop inclusive practices. A recent survey of company members across all partnership organisations showed substantial confidence in future progress and highlighted priorities for the future, including further training and broader visibility.

At the time of reporting, two trainee positions for DDN theatre makers to work on the first Craidd production, Under Milk Wood, have been opened for applications, and the production is cast following Wales-wide open auditions. The creative team is complete, including four DDN theatre makers. The show is significantly more expensive than any production typically made by any of the partner organisations, including Theatr Clwyd, the lead partner in Craidd and lead producer on Under Milk Wood. These costs encompass multiple periods of activity, including Research and Development, open auditions, a large creative team, including a BSL Director, Audio Description Consultant, and Creative Caption Designers. Learning from this production is being carefully captured and will be shared across the partnership. The high costs are due to the scale of the production and the ambition of the integrated access for audiences. Future productions of this kind made at Theatr Clwyd may not be on this scale, but the learning the project allows us to implement change in smaller ways across all our productions and builds confidence in working with DDN theatre makers and welcoming DDN audiences in the future.

Learning and Education

How will we support the curriculum, work with and in educational settings based on established need, and offer career pathways?

We occupy a unique position as a nation here in Wales. With the introduction in 2023 of a new curriculum, one that allows and encourages teachers and schools to deliver education based on individuals needs rather than just via academically driven grades, and that expects education to harness creativity and culture across subjects, and indeed to value creative subjects equally to that of science and maths. There is a significant opportunity for us as a prominent arts and cultural organisation.

We also occupy a unique position as an arts and cultural organisation, with multiple venues across Flintshire and Wrexham, our status as a major producing theatre with all craft making departments in house, an organisation who has one of the most established and successful Creative Engagement teams in the UK, and all this with a full music service comprising of 38 musicians as part of our core employees who deliver music tuition to over 3500 young people each week across 72 schools within Flintshire.

This year, we have begun to capitalise on our skills and partnerships in this area to expand our offerings. This included a full creative takeover of Ysgol Treffynnon (Holywell), where all subjects for a week were delivered through the arts, and every break and lunch period was filled with creativity. Teachers remarked on improved behaviour across the week, and the relationship has continued throughout the year, including us delivering their GCSE drama due to a lack of expertise and resources within the school.

Our Justice Programme continued, visiting 11 secondary schools and 7 primary schools, and we look forward to developing a new approach to delivery with our partners Police and Communities Trust.

We continued delivering weekly Welsh language drama at Ysgol Maes Garmon and Ysgol Glanrafon, saw great success with our Stage Management group, with seven attendees now in professional training for stage management careers, and increased our work experience offer again, this time in partnership with Career Wales.

As noted early in this report, all of this should be considered alongside our music delivery by Theatr Clwyd Music Trust, and this year we removed all direct costs to schools in Flintshire for individual and small group music lessons - a significant move aimed at supporting the growing challenges to school and education budgets.

World Class Employer

As trustees, we support ambitious and bold aims and priorities, and this is clearly another one outlined within our business plan. We recognise that for too long, the employment standards of arts organisations and theatres have not been at the level they should be. While our People Subcommittee is confident that we are a high-quality employer, we also support the executive in striving for even more. The organisation continues to make significant advances in this area for both core company and visiting (freelance) members. Progress in the reporting year includes the introduction of our new freelance fees, benchmarked against core company pay and among the highest in the sector; the ongoing presence of a dedicated Wellbeing coordinator for all productions; benefits such as our company caravan; improved working hours for theatre-making teams through extended technical rehearsal periods for productions; our counselling service, which is available to both visiting and core company members; and our Company Voice group, representing every pay grade and area of the organisation, which consults on issues from pay awards to company policies.

Our pay offer remains competitive, with annual reviews to adjust for rising costs and biannual opportunities for company members to be recognised with pay awards following consultation with their line manager.

Financial review

Reserves policy

The Trust will require both restricted, designated (earmarked) and unrestricted (general / free) reserves in order to cover business risk.

Restricted reserves will be identified for a specific use and will be designated for that purpose.

Unrestricted reserves are required to cover a general business and operating risk.

Target range for reserves

The target range is set at £1.2 million (excluding any surplus or deficit on pension) for the initial 5 year contract period of 2021-2026. The Board of Trustees consider that this target range provides sufficient flexibility in the context of operational requirements, and for an organisation of our size and complexity.

Responsibilities

The Board of Trustees are responsible for ensuring that we manage our resources responsibly, and that we act in the best interests of the organisation and the people we serve. The Board has responsibility for approving and monitoring the implementation of this policy.

The Finance and Audit Committee are responsible for monitoring and supervision of the current and future financial situation and associated risks to the organisation. The committee has responsibility for reviewing this policy and making recommendation for approval to the Board.

The Executive Leadership Team is responsible for providing clear and focused leadership of the organisation, and to ensure our financial stability.

The Finance, Operations & People Director is the policy owner and is responsible for managing our reserves level within the policy range, ensuring this policy is reviewed in line with corporate requirements.

As at 31st March our Reserves levels were as follows:

Restricted Funds £5,345,066

Designated funds £800,000

Unrestricted general funds £267,344

Principal risks and uncertainties

The Trustees are committed to the identification and management of the major strategic, business, and operational risks which the charity faces.

Notwithstanding the major capital redevelopment, the principal financial risks revolve around the risk of audiences not attending in sufficient numbers for whatever reason, and the potentially adverse effect on both profitability and cash flow.

The Trustees are fully aware of the risk profile in the business, and the Senior Leadership Team is tasked with communicating with all levels of the organisation to identify all risks and regularly update a detailed risk register identifying likelihood and impact, together with actions necessary to mitigate the risk. This is considered by the Finance & Audit Committee and then presented to the main Board.

Both Flintshire County and Arts Council of Wales have indicated the level of grants up to March 2025.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Theatr Clwyd Trust Ltd is a registered charity and a company limited by guarantee governed by its Memorandum and Articles of Association dated 17 February 2020.

Recruitment and appointment of new trustees

As set out in the Articles of Association the directors elect the chair of the trustees. All elected trustees serve for an initial term of four years and may then serve for a further four years.

Nominees appointed by Flintshire County Council are subject to the appointment processes of those bodies and the guidelines on appointment to public office as they apply to Local Government nominees.

Organisational structure

The board of trustees, which can have up to 13 members, administers the charity.

The board meets quarterly and there are sub-committees covering Finance and Audit, People and Capital Steering. The trustees appoint the Joint Chief Executives to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executives have delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity.

Decision making

The Board of Trustees are responsible for ensuring that we manage our resources responsibly, and that we act in the best interests of the organisation and the people we serve. The Board has responsibility for approving and monitoring the implementation of this policy.

The Finance and Audit Committee are responsible for monitoring and supervision of the current and future financial situation and associated risks to the organisation. The committee has responsibility for reviewing this policy and making recommendation for approval to the Board.

The Executive Leadership Team is responsible for providing clear and focused leadership of the organisation, and to ensure our financial stability.

The Finance, Operations & People Director is the policy owner and is responsible for managing our reserves level within the policy range, ensuring this policy is reviewed in line with corporate requirements.

Induction and training of new trustees

New trustees are invited to meet with the Executive and Senior Leadership Team to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity.

Any trustees elected to serve on the Finance Sub Committee receive a more detailed financial induction following appointment.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

12465903 (England and Wales)

Registered Charity number

1189857

Registered office

Theatr Clwyd

Raikes Lane

Mold

Flintshire

CH7 1YA

Trustees

R Jones MBE

A Watkin

H A Watson

G Collett

L F Llewelyn

H D Finley

S Jones

M G C Allport

K A Coughlin

A C Bowden

R M Hughes

L Wood

S Cox Writer (appointed 1.8.24)

R R Hayes Student (appointed 1.8.24)

Executive Director and Joint CEO

Liam Evans-Ford

Artistic Director and Joint CEO

Kate Wasserberg (appointed September 2023)

Company Secretary

A Roberts

Auditors

DJH Audit Limited, Statutory Auditor

Military House

24 Castle Street

Chester

Cheshire

CH1 2DS

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Theatr Clwyd Trust Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

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 the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, DJH Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 12 December 2025 and signed on the board's behalf by:

H A Watson - Trustee

Opinion

We have audited the financial statements of Theatr Clwyd Trust Ltd (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities 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 financial 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 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 relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives 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 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 the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' 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 take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis 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.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 (UK) 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 economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to inflated income and surplus.

Audit procedures performed included:

-

review of the financial statement disclosures to underlying supporting documentation.

-

review of any correspondence with legal advisors, and enquiries of management and those charged with

governance around actual and potential litigation and claims.

-

enquiries with company's staff to identify any instances with non-compliance with laws and regulations.

-

enquiries of management and review of monthly management accounts and reports in so far as they related to

the financial statements.

-

testing of journals and evaluating, whether there was evidence of bias by the Directors that represented a risk

of material misstatement due to fraud, and evaluating the business rationale of significant transactions outside

the normal course of business.

-

undertaking detailed substantive testing of material items and a sample of other items.

-

consideration of the reasonableness of the figures and analytical review, including comparison with previous

years and expected trends.

-

review of the compliance with and effectiveness of internal controls.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Independent Auditors.

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 auditors' 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.

Michael Forshaw (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited, Statutory Auditor

Military House

24 Castle Street

Chester

Cheshire

CH1 2DS

12 December 2025

31.3.25

31.3.24

Unrestricted

Restricted

Endowment

Total

Total

fund

funds

fund

funds

funds

Notes

£

£

£

£

£

INCOME AND

ENDOWMENTS FROM

Donations and legacies

2

2,816,990

935,353

-

3,752,343

5,870,047

Other trading activities

3

2,738,232

-

-

2,738,232

2,705,663

Investment income

4

381,472

-

-

381,472

172,647

Total

5,936,694

935,353

-

6,872,047

8,748,357

EXPENDITURE ON

Raising funds

5

-

-

-

-

(28,943

)

Charitable activities

6

Wages

3,227,188

-

-

3,227,188

2,762,897

Music Trust Service Contract

250,000

-

-

250,000

250,000

Production costs

2,046,617

-

-

2,046,617

2,421,785

Other costs

139,819

-

-

139,819

226,971

Capital Development costs

-

-

-

-

78,995

Other

1,183,933

-

-

1,183,933

832,471

Total

6,847,557

-

-

6,847,557

6,544,176

NET INCOME/(EXPENDITURE)

(910,863

)

935,353

-

24,490

2,204,181

Other recognised gains/(losses)

Actuarial gains on defined benefit schemes

-

-

-

-

164,000

Net movement in funds

(910,863

)

935,353

-

24,490

2,368,181

RECONCILIATION OF

FUNDS

Total funds brought forward

1,178,207

4,409,713

800,000

6,387,920

4,019,739

TOTAL FUNDS CARRIED FORWARD

267,344

5,345,066

800,000

6,412,410

6,387,920

31.3.25

31.3.24

Unrestricted

Restricted

Endowment

Total

Total

fund

funds

fund

funds

funds

Notes

£

£

£

£

£

FIXED ASSETS

Tangible assets

13

201,803

-

-

201,803

170,703

Investments

14

2

-

-

2

2

201,805

-

-

201,805

170,705

CURRENT ASSETS

Debtors

15

1,393,527

-

-

1,393,527

1,087,165

Cash at bank and in hand

2,443,236

4,409,713

800,000

7,652,949

7,611,382

3,836,763

4,409,713

800,000

9,046,476

8,698,547

CREDITORS

Amounts falling due within one year

16

(3,771,224

)

935,353

-

(2,835,871

)

(2,481,332

)

NET CURRENT ASSETS

65,539

5,345,066

800,000

6,210,605

6,217,215

TOTAL ASSETS LESS CURRENT LIABILITIES

267,344

5,345,066

800,000

6,412,410

6,387,920

NET ASSETS

267,344

5,345,066

800,000

6,412,410

6,387,920

FUNDS

19

Unrestricted funds

267,344

1,178,207

Restricted funds

5,345,066

4,409,713

Endowment funds

800,000

800,000

TOTAL FUNDS

6,412,410

6,387,920

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 12 December 2025 and were signed on its behalf by:

H A Watson - Trustee

K A Coughlin - Trustee

Cash flows from operating activities

Cash generated from operations

1

886,356

479,633

Net cash provided by operating activities

886,356

479,633

Cash flows from investing activities

Purchase of tangible fixed assets

(66,925

)

-

Interest received

381,472

172,647

Net cash provided by investing activities

314,547

172,647

Cash flows from financing activities

Intercompany loans in year

(321,222

)

450,037

Capital repayments in year

(13,769

)

(3,101

)

Net cash (used in)/provided by financing activities

(334,991

)

446,936

Change in cash and cash equivalents in the reporting period

865,912

1,099,216

Cash and cash equivalents at the beginning of the reporting period

2

6,787,037

5,687,821

Cash and cash equivalents at the end of the reporting period

2

7,652,949

6,787,037

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.3.25

31.3.24

£

£

Net income for the reporting period (as per the Statement of Financial Activities)

24,490

2,204,181

Adjustments for:

Depreciation charges

35,825

38,943

Loss on disposal of fixed assets

-

4,780

Interest received

(381,472

)

(172,647

)

Decrease/(increase) in debtors

14,860

(213,441

)

Increase/(decrease) in creditors

1,192,653

(1,382,183

)

Net cash provided by operations

886,356

479,633

2.	ANALYSIS OF CASH AND CASH EQUIVALENTS

31.3.25

31.3.24

£

£

Cash in hand

-

63

Notice deposits (less than 3 months)

7,652,949

7,611,319

Overdrafts included in bank loans and overdrafts falling due within one year

-

(824,345

)

Total cash and cash equivalents

7,652,949

6,787,037

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

7,611,382

41,567

7,652,949

Bank overdraft

(824,345

)

824,345

-

6,787,037

865,912

7,652,949

Debt

Finance leases

(13,769

)

13,769

-

(13,769

)

13,769

-

Total

6,773,268

879,681

7,652,949

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements are presented in sterling which is the functional currency of the Trust, rounded to the nearest £1.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

The main source of income from charitable activities is show income. Tickets are sold in advance and released to the Statement of Financial Activities once the show has opened.

Grants are recognised when the Trust become legally entitled to the grant income.

Donations are recognised Statement of Financial Activities when received.

Where donations are received in the form of donated items, such and equipment etc, the donation is recognised, once received, at Market value as determined by the Trustees.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	DONATIONS AND LEGACIES

31.3.25

31.3.24

£

£

Donations

167,436

2,096,316

Grants

3,584,907

3,773,731

3,752,343

5,870,047

Grants received, included in the above, are as follows:

31.3.25

31.3.24

£

£

Arts Council Wales

2,012,563

1,875,545

Other grants

207,010

441,340

Flintshire Council Cultural Services Agreement

1,365,334

1,311,360

Capital grant income

-

100,000

Other grants

-

45,486

3,584,907

3,773,731

3.	OTHER TRADING ACTIVITIES

31.3.25

31.3.24

£

£

Membership fees & Sponsorship

23,503

38,092

Box Office sales etc

2,663,355

2,617,581

Management fees & other income

51,374

49,990

2,738,232

2,705,663

4.	INVESTMENT INCOME

31.3.25

31.3.24

£

£

Deposit account interest

381,472

172,647

5.	RAISING FUNDS

Other trading activities

31.3.25

31.3.24

£

£

Support costs

-

(28,943

)