Charity registration number 1067810 Company registration number 02150427 (England and Wales) THEATR IOLO LTD. ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THEATR IOLO LTD. CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Balance sheet 10-11 Notes to the financial statements 12-24
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming document, the Companies Act 2006 and "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 The purpose of the charity is 'To encourage and develop the knowledge, enjoyment and understanding of the arts and to pmmote, improve and advance public education thmugh the pmduction of theatrical and other related educational and artsstic activities.. Vision Theatr lolo wants to live in a society in which all children can feel empowered and inspired. They strive to do this by enriching the lives of children through InemoTrble experiences that challenge the mind and stir the imagination. Purpose Theatr lolo has been at the forefront of creating iheatre for children in Wdles for over thity-seven years. They are passionate about nurturing and igniting the imagination and creativity of young minds, to help children make sense of the world around them and to find their place within it. They work with the best artists, wrtters, and creatives, to create memorable and bold live theatre, workshops, and activities in both English and Welsh. Their work for babies. children. and teenagers is toured across Wales, the UK and intemationally. Values Accessible: They want children aged 0-16 and their adults to trust that their experience of a Theatr lolo production will be of the highest quality and that they will feel induded. Authentic.. They want to create work that is relevant to children from all backgrounds, by striving to understand their life experiences and the cuent challenges that they face. Bold: They want young audiences to feel challenged and want to help them to explore, open-up and leam about themselves and the Yr1d in which they live. Collaborative.. They want to collaborate wth partners to reach as many young people as possible, particularly those that have not had access to live theatre before. by removing as many barriers to attendance as possible. Creative.. They want to ignite creativty and imagination in all children in both Welsh and English, by offering stimulating opportunities that challenge expectations. Aims Theatr lolo creates new, memorable, bold and imaginative theatre for children aged 0-16. They create their own work, collaborate with others andlor develop artists to make new shows for young audiences. These shows tour Wales, the UK and beyond. To supplement their live theatre programme. they also provide a stimulating outreach and engagement programme to offer children, their schools and families as many opportunities as possible to access cultural activities.
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Their aims are set out below. AIM1'. To ennch the lives of children by pnUclntyco-produclng 1-2 touring children's theatre pn)ductions a year whilst also developing/commissioning up to 3 further productions a year and additional digital content for online platfomis. AIM 2.. To break down barriers to attendance and improve access to make productions more inclusive. To increase the diversity in the staff team and Board and increase the number of diverse artists that they collaborate with and employ. AIM 3.. To increase Welsh language output with 450 of touring productions and 50% of outreach programmes in Welsh. In addition, every year they will commission a Vvelsh language play for children to perform. AIM 4.. To reduce carbon footprint through continuous monitoring and setting of annual targets. Achieve the Theatre Green Book Baseline standard with every production and wll look for imaginative and sustainable ways to explore the climate crisis creatively on stage. AIM 5.. To support and develop artists to produce new theatre for young aUdIenS and offer placement opportunities across the organisation. Also expand the outreach programme to offer more opportunities to children, supporting them to become the next generation of cultural leaders and artists. AIM 6.. To strengthen and advocate for theatre for young aUdIenS in IAkdles and lead the way in its transfonnation. They wll seek to generate an additional £15k of income from Trusts & Foundations each year, enabling them to have greater impact. Volunteers: The company is managed by a volunteer Board of Trustees who give their expertise in the areas of business management, arts management. marketing. governan, capital and the law. Public Benefit: The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Theatr lolo adVanS the education of children and young people as well as the wider community by making theatre that is accessible to all and celebrates, inspires and challenges young people, developing in them the desire and ability to express ideas and break down social and cultural barriers. Internal and External Factors: The company is operaling under a remit from the Arts Council of V)*dles which emphasises the company's wider touring outside the traditional remit of schools-based performances. Significant Activities: Formed in 1987, Theatr lolo is a professional company which creates theatre especially for young people. They develop new artists. create and take the very best of live theatre across Wales, the United Kingdom and beyond.
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Theatr lolo is an award-winning theatre company, which has been at the forefront of creating theatre for children and young people for over 37 years. Babies, children, teenagers, parents, pupils and teachers have enjoyed workshops and performances from the company. performed in all kinds of spaces across Wales, the UK and internationally. The Artistic Director. Lee Lyford. joined the company in 2018 and brought his highly regarded reputation, dynamic and enthusiastic approach to lead the organisation, which has gone from strength to strength. Theatr lolo has shown their adaptabilty, flexibility, and creativity in times of adversity. Their continued work has meant that they were able to employ many freelancers and keep a high profile of the positivity that the arts bring to the wider society. Beeen April 2023 and the end of March 2024, Theatr lolo have produced or ccFproduced'. 4 productions, three of which were residencies at one venue and one production that toured to 6 venues. 170 perforniances took place during the year. 30,687 children and their adults attended the live shows. 943 participants took part in 40 workshops delivered in communities or schools. Theat Productions In the summer of 2023, Theatr lolo collaborated with Graeae and in association wth Soho Theatre to produce the play, Self-Raising. that culminated in a successful four-week run at the Edinburgh Festival. Written by Mike Kenny and Jenny Sealey and directed by Lee Lyford, Seif-Raising was a true-life story about growing up deaf in a family with a secret. All perforManS were creatively integrated wth BSL, Audio Description and captions. By collaborating with Graeae, Theatr lolo continued their commitment to developing and championing unheard voices in mainstream theatre, and embedding access for all VthIn the fabric of their work. The company also re-mounted the enchanting tale wth music, Owl at Home, with a second autumn tour of Wales and England in 2023. Based on the illustrated children's book by Arnold Lobel, this family show was adapted for the stage by Rina Vergano and Theatr lolo and reiVed a great response from Welsh audiences which created more interest in venues in North Vilales and the Southwest of England. Owl at Home toured for three weeks, to Chapter. Cardiff,. The Vlelfare, Ystradgynlais., The Egg, Bath., Tobacco Factory Theatres, Bristol; Neuadd Dwyfor. Wlheli.. and Pontio in Bangor. It was performed 30 times at 6 venues to 2,367 children and adults. This visual piece of storytelling, presented with little spoken word, looked at how Owl deals with an unpredictable world, loneliness, boredom. insomnia. curiosity and learning independence. This show had even more resonance wth young people after their recent experiences during the pandemic. Owl at Home was also performed lce at the Agor Drysau Festival in March 2024 to be showcased to international bookers. At Christmas, Theatr lolo also co-produced the Shemian Theatre's main house family production Peter Pan in Cardiff, with Theatr lolo's Artistic Director Lee Lyford directing the large-scale production. The hit show was performed 47 times to 15,677 children and adults during the run. Finishing off the financial year in spring 2024 was the c¢>production with the children's theatre specialists Polka in Wimbledon to create Tidy. The award-wnning picture book by Emily Gravett was adapted for the stage by Lee Lyford, Lucy Rivers and Rachael Canning and followed the adventures of Pete the badger who discovers that keeping his forest tidy is more complicated than he first thought. This play, for early years, explores the impact our actions have on the environment and is an age-appropriate introduction to the global climate crisis. Over an eight-week run at the venue in February and March 2024 the Tidy show was performed 65 times to 11,126 children and their adults.
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 During 2023-24, the company also conducted or were involved with Research and Development for other new shows, Welsh Dragon and Y Boi Madfall, which will be delivered during 2024-26. As well as commissioning a new Welsh language episodic audio fantasy adventure for pre-teens and Welsh leamers. Annwn is written by Gary Owen and is hoped to be released on Theatr lolo's podcast channel in 2025-26. Artist Developer: Theatr lolo continued to develop their Platfforni programme in 2023 by supporting Krystal Lowe, with her production of Remarkable Rhythm. The team helped to mentor and support Krystal by providing monetary and irkind support, as well as bespoke artistic, producing and marketing mentorship and advi. Associate Artists: Theatr lolo support six Associate Artists by commissioning them to develop. create or produce work specifically for Theatr lolo at least On in their six-year tenure wth us 12020-2026). Associate Artists are also provided access to Theatr lolo's resources, such as artistic and marketing expertise and office space. Theatr lolo's current Associate Artists are Anisha Fields, Catherine Dyson. Elgan Rhys, Hannah McPake, Kyle Lima and Sarah Argent. Outreach: Playhouse: A UK collaboration beeen Theatre Royal Plymouth, York Theatre Royal and Theatr lolo. Theatr lolo, in collaboration with The Riverfront Theatre and Arts Centre in Newport, work with local schools to deliver Playhouse Cymru. One of the new Playhouse commissions was translated into Welsh. The schoolchildren performed their final plays in front of their friends and family at The Riverfront in July 2023. Creative Play Packs: Theatr lolo believe a childhood without creativty is no Childhood at all. Creativity and play are essential for children to develop new skills and use their imaginations. as well as offering them new ways to explore the world around them. In light of the cost-of-living crisis and real povety in their local area, Theatr lolo created a Creative Play Pack, which induded materials, equipment, lots of ideas, instructions and templates to inspire children. In February 2024, thanks to funding from the CcFop Community Fund, Theatr lolo were able to create, pack and deliver 200 Creative Play Packs to families in need. identified by the Taff Housing Association, who own and manage over 15,000 homes across Cardiff. Bespoke Workshops: Theatr lolo delivered 18 free workshops altogether for 291 children and adults at venues on tour throughout Wales and in school holidays at The Riverfront in Newport and at Chapter, Cardiff and at the Met, Abertillery. Theatr lolo also delivered 22 school workshops throughout the year to 652 children. Financial review The budget policy of the trustees is to utilise the income received during the year as the entirety of its operating budget for that year. The majority of the company's income (a grant of £263,467) is derived from the Arts Council of Wales's grant towards the running costs of the charity. The charity made an overall surplus of £56,666 (2023.. £48,415 deficit) for the year ended 31 March 2024, consisting of an unrestricted surplus of £56.666 (2023= £48,760 deficit) and a restricted surplus of £nil (2023.. £345 surplus}. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three- and six-month's expenditure. The trustees consider that reseNes at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The charity's resetves at the year*nd totalled £280,327 (2023= £223,661), consisting of restricted reserves of £345 {2023: £345), general unrestricted reserves of £279,982 (2023.. £223,316) and designated reserves of £17,569 {2023: £15,330). The charity's free reserves (unrestricted funds less fixed assets) totalled £244,651 {2023'. £192,307).
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods Moving forwards, into 2024-2025, Theatr lolo will be hoping to remount the outdoor Travelling Theatre production HOOFI by trialling it with school clusters. They will also be producing The Welsh Dragon written by Kyle Lima and touring it to 10 Welsh venues with 25 perfomiances over a four-week tour. The Welsh Dragon is a bold new play, breaking down the conventions of what people perceive Welsh and British people to be and explores Black Welsh identity. The play questions who we might think the original Britons were and to consider that they weren't all white as we have been previously tsught to believe. The Welsh Dragon piece first came to Theatr lolo's attention during the 2019 Platffomi call out and was then developed during the Platffom Stage 2 wth a creative team, all of whom are black or from mixed black heritsge. Further development also took place in Autumn 2023. Theatr lolo will also be remounting the recently successful Tidy ¢¢>production with Polka and developing the Welsh language version Taclus. Both Taclus and Tity shows will tour Vkdles and England in Spring 2025. In this adaptation of the award-winning picture book by author and illustrator Emily Gravett, Tidy/faclus is a gentle but cautionary tale about the value of the world around us and what happens if we don't look after it. With beautiful puppets, original music and a touch of silliness. this playful story Cowcreated by Lee Lyford, Lucy Rivers and Rachael Canning will delight young audiences, as it explores how everyone needs a little bit of wild chaos in their lives. Theatr lolo will be exploring intemational touring opportunities for its Owl at Home production and continuing to research and develop at least one other new production, which is likely to be Homesick Gonlla. The company 11 also be continuing to support and mentor their previous Platfform artist Krystal Lowe to deliver her tour of Remarkable Rhythm. Theatr lolo wll be carrying out an open call out for new ideas of plays for the next Platfform programme. The company will also be delivering the Playhouse project wth The Riverfront Theatre and schools in Newport. School children will be performing the Theatr lolo commission of Gary Owen's play for the project in July 2024. Also launching another Young Playwrights programme this year. offering four young writers the opportunity to develop their play into a podcast. Bespoke family and school workshops will also be delivered throughout the year, and they will be looking for ways to develop and grow their Outreach and Engagement programme further. The company will continue to consult, learn, meet, talk with, and listen to a number of communities that they serve throughout Wales, to ensure that they increase indusion and representation and improve their environmental sustainability. Structure, governance and management Organisational Structure: The board of trustees, who meet at least quarterly. administer the charity. The trustees appoint an Artistic Directorlchief Executive and Executive Director to manage the day-to-day operation of the charity. The company's staff comprises the Artistic Director, the Executive Director, the Communications and Engagement Manager, and an ArtisticAdministrator. To facilitate effective operation the Artistic Director and Executive Director has delegated authority, within terms of delegation approved by the Trustees. for operational matters induding finance, employment and general management. Wider Network: Theatr lolo operates wthin a wider network of theatre companies providing work for children and young people. The company is currently an Ethical Manager of ITC (Independent Theatre Council) and runs the TYA Cymru neIOrk and is a member of TYA-UK (fomiedy ASSITEJ UK), a charitable organisation that represents the interests of similar Iheatre companies throughout the UK within an intemaknonal network. The company moved its administration base to ChapterArts Centre in 2011.
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Related Parties: There were no related-party transactions during the year. Risk Management: The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The company's risk register is presented annually to the board and major risks are reported on at each meeting. The register covers the major strategies, business, and operational risks which the charity faces. The reporting system so established is to enable regular reports to be produced so that any necessary steps can be taken to mitigate exposure to these risks. These procedures are to be periodically reviewed to ensure that they still meet the needs of the charity. The risk management strategy comprises: . the regular review of the risks the charity may fa., the establishment of procedures to analyse the risks involved vrfith any new activities., the establishment of systems and procedures to mitigate those risks identified in the plan., and the implementation of prOdureS designed to minimise any potential impact on the charity should those risks materialise. Each member of staff with line management or project management responsibilities is required to be involved in identifying, evaluating and managing risks. The context for risk assessment and management is the vision, aims and objectives of the charity. Responsibility for operational risks (risks to projects and activities) rests with the staff of the company and will be reviewed by the board at regular intervals. Responsibility for stralegic risks (risks to the organisation) rests with the Board, with the staff responsible for reporting these nsks to the board. The major risks to which the charity is exposed were reviewed, discussed and any appropriate action taken. The company perceives its main risks to be its reliance on government funding and the uncertain status of the arts industry as a whole due to the slow recovery from the Covid-19 Pandemic and the cost-of-living crisis. The model of touring shows across Wdles and beyond at suitable venues is still difficult, with venues under greater financial pressure, which means in tum that they offer limited dates, fees. or box office splits. To minimise these risks, the company is exploring altemative funding streams, digital content, outreach programmes, outdoor performances and other creative solutions to live perfomiance in non-theatre spaces.
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reference and administrative details Registered charity number 1067810 Registered company number 02150427 Name Theatr lolo Ltd. Trustees J Cotsen K Davies- resigned 07112123 R Lane S Lewis A Meikle-Thomas S Wardle E Wlliams N Lawley K Perridge- appointed 24110123 A Haffield- appointed 01102124 V Edwards- appointed 07112123 Company Secretary M Reed-Perez Principal and registered office Chapter Arts Centre Market Road Canton Cardiff CF51QE Independent examiners Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB *r E ¥L4b•pJ
THEATR IOLO LTD. INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THEATR IOLO LTD. I report to the trustees on my examination of the financial statements of Theatr lolo Ltd. (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Independent examinerfs statement Since the charity's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Vvales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act: or the financial statements do not accord wth those records" or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Andrew Howells Azets Audit Services Ty Detw, Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB United Kingdom 12 December 2024
THEATR IOLO LTD. STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 73 344,427 3,244 73 344,427 3,244 326 341,575 1,107 21,128 326 343,375 1,107 21,128 1,800 Total income 347,744 347,744 364,136 1,800 365,936 enditure on: Charitable activities 291.078 291.078 412,896 1,455 414,351 Net Incomel(expenditu) for the yearl Net movement in funds 56,666 56,666 (48,760) 345 {48,415) Fund balances at 1 April 2023 223.316 345 223.661 272,076 272.076 Fund balances at 31 March 2024 279,982 345 280,327 223,316 345 223,661 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THEATR IOLO LTD. BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Investments 12 13 17.762 15.679 17,763 15,680 Current assets Stocks Debtors Cash at bank and in hand 15 16 150 3,180 271.354 150 36,811 179,563 274,684 216,524 Creditors: amounts falling due within one year 17 (12.120) (8.543) Net current assets 262.564 207.981 Total assets less curnt liabilities 280,327 223,661 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 18 345 345 19 17.569 262.413 15,330 207,986 279.982 223.316 280.327 223.661 10-
THEATR IOLO LTD. BALANCE SHEET (CONTINUED) ASAT31 MARCH 2024 The company is entiUe(J to Ine exemption from the audrt requirement contsined in section 477 of the Comrianies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilTties for complyng with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The Membe have not required the company to obtain an audit of ils financ4al statements for the year in question in accordance with sedion 476. Thos@ financial statements havo bean prepared in a(wrdance with the provisions appli(zb18 tv Wwllpdnies subject to the small companies regime. cial statements were approved by the Trustees on ....... ...... Mi E Williatll5 Trusteè Company registration number 02150427
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Theatr lolo Ltd. is a private company limited by guarantee incorporated in England and Wales. The registered office is ChapterArts Centre, Market Road, Cardiff, Soulh Glamorgan, CF5 1QE, United Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordan with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan wth the Financial Reporting Standard 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 charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going Concem At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds vrfhich have been set aside at the discrets'on of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specffic conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 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 that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 12-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) Grants reIvable are treated in different ways dependent upon their purposes and the terms of the grant. Grants receivable for the specific purpose of purchasing fixed assets for the continued use of the charity are treated as restricted funds. The restricted fund is then reduced by amounts equivalent to the depreciation charges on the assets concemed and wll continue to do so over the expected useful lives of the assets concerned until the funding conditions of the grant are fulfilled. at this time the amount will be transferred to unreslri¢ted funds. Grants receivable for specrfic purposes are also treated as restricted funds so that any unused funds can be separalely identified. Grants receivable to facilitate the general running of the project i.e. where the trustees can choose how the funds are expended, are treated as unrestricted funds. Production income is invoiced and recognised in the period to which the production was held. Income from investments is induded in the year in which it is receivable. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities indudes all costs relating to the furtherance of the charity's objectives as stated in the trustees report and their associated support costs. Support costs have been allocated beeTr govemance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Stage equipment Fumiture and equipment Motor vehicles 20% reducing balance 200kn reducing balance 20% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction 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 entity controlled by the charity. Control is the power to govem the financial and operating policies of the entity so as to obtain benefits from its activities. 13-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss (if any). 1.9 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items 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 completion and costs to be incurred in marketing, selling and distribution. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call wth banks, other short-term liquid investments wilh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitys balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. wth the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future reiptS discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Derecognition of financial assets Financial assets are derecognised only vthen the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another paty that is able to sell the asset in its entirety to an unrelated third party. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method. 14-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.14 Leases Rentals payable under operating leases are charged as an expense on a straight line basis over the term of the relevant lease. 1.15 Taxation As a registered charity, Theatr lolo Ltd. is entitled to the exemption from taxation in respect of income and capital gains received with sections 478489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only. Critical accounting estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fvture periods vthere the revision affects both current and future periods. Donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts 73 326 15-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Production income Grants 31,461 312,966 22.204 321.171 344,427 343.375 Analysis by fund Unrestricted funds Restricted funds 344,427 341,575 1.800 Grants Arts Council of Wales- Revenue Arts Council of Wales- Welsh Dragon Arts Council of Wales- Lottery Cardiff Council Co-op The Barrett Foundation FOR Cardrff 263,467 35,867 11,250 308,171 5,000 2,382 3,000 5,000 312,966 321,171 Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 3,244 1,107 Other income Total Unrestricted funds 2024 2023 Theatre Tax Relief 21,128 16-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 7 Charitable activities 2024 2023 staff costs Depreciation and impaimient Advertising and marketing Bank charges Insurance IT and Soare Printing, postage and stationery 105,993 4,441 6,161 148 2,952 3,832 4,993 96,591 3,920 7,613 148 2,820 11,304 2,660 E li Production costs Professional fees Repairs and maintenance Subscriptions Telephone Training Travel and subsistence Utilities 63,369 15,625 420 2,811 945 2,586 17,875 7,160 195,523 14,864 3,567 2,079 1,382 3,570 13.870 6.194 239.311 366.105 Share of support costs (see note 8) Share of governance costs (see note 8) 47,687 4,080 44,464 3,782 291,078 414,351 Analysis by fund Unrestricted funds Restricted funds 291,078 412.896 1.455 17-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024Support costs Governance costs 2023 staff costs Advertising and marketing Bank charges Insurance Professional fees Telephone Utilities 35,331 35,331 32,197 32,197 2,054 49 2.054 49 2,537 49 940 6,215 461 2,065 2,537 49 940 6.215 461 2.065 6.568 315 2.386 6.568 315 2.386 A¢¢ountan¢y fees 4,080 4,080 3,782 3,782 47,687 4,080 51,767 44,464 3,782 48,246 Analysed beeen Charitable activities 47,687 4,080 51,767 44,464 3,782 48,246 Governance costs includes payments to the independent examiners of £2,640 (2023= £2.356} for independent examination fees and £1,440 {2023: £1,426) for accountsncy services Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or prior year. No trustees were reimbursed for expenses in the year (2023: no trustees were reimbursed for expenses) 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Social security costs other pension costs 131,282 7,074 2,968 118.904 7.059 2,825 141,324 128,788 18-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees {Continued) Key management personnel The total amount of employee benefits (including gross salary, employers national insurance contributions and employers pension contributions) received by the charty's key management personnel for their services to the charity during the year was £87,958 (2023: £82,745). There were no employees whose annual remuneration VRS more than £60,000. 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exient that these are applied to its charitable objects. 12 Tangible fixed assets Stage Fumiture and Motor vehicle5 equipment equipment Total Cost At 1 April 2023 Additions 58,636 6,524 58,554 43,395 160,585 6,524 At 31 March 2024 65,160 58,554 43,395 167,109 Depreciation and impaimient At 1 April 2023 Depreciation charged in the year 50,705 2,891 52,084 1,294 42,117 256 144.906 4.441 At 31 March 2024 53,596 53,378 42,373 149,347 Carrying amount At 31 March 2024 11,564 5,176 1,022 17,762 At 31 March 2023 7,931 6,470 1,278 15,679 19-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Fixed asset investments Other investments Cost or valuation At 1 April 2023 & 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 2024 2023 Other investments comprise.. Notes Investments in subsidiaries 14 14 Subsidiaries Details of the charity's subsidiaries at 31 March 2024 are as follows= Name of undertaking Registered office Nature of business Class of % Held shares held Direct Indirect Theatr lolo Productions Ltd ChapterArts Centre, Market Road, Cardiff. CF5 1QE Domiant Ordinary Shares 100.00 The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows.. Name of undertaking ProfiU(Loss) Caprtal and Reserves Theatr lolo Productions Ltd 15 Stocks 2024 2023 Finished goods and goods for resale 150 150 -20-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 33.909 2.902 3,180 3,180 36,811 17 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Trade creditors Accruals and deferred income 2,837 5,203 4,080 3,022 539 4.982 12,120 8.543 18 Restricted funds The income funds of the charity include restncted fijnds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Movement in funds Incoming Balance at resources 31 March 2024 Incoming resources Resources Balance at expended 1 April 2023 Sharing Together 1,800 (1.455) 345 345 Sharing Together- this funding was received in relation to TYA Cymru fvnd. 21
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Balance at 1 April 2022 Transfers Balance at 1 April 2023 Resources expended Transfers Balance at 31 March 2024 Future motor vehide replacement fund Digital technology fund Sharing Together 8,000 7.330 7,330 (7,330) 8.000 7.330 7,330 (7,330) 3,000 15.330 (761) 2.239 15,330 15,330 (761) 3,000 17,569 Future motor vehicle replacement fund - the trustees have designated a set amount of reseNes to invest in motor vehicles in future periods. The transfer recognises the increased cost of replacing the current vehicle. Digital technology fund the tTUStees have designated a set amount of reserves to invest in digital technology in future periods. Trustees consider this has now been satisfied and have therefore released this designated fund. Sharing Together- the trustees have designated funds in relats'on to TYA Cymru fund.
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 20 Anatysls of net a8se18 bets¥een fund8 T¢>tsl Unrestiicted Designated 2024 2023 2023 Restricted 2023 Total 2023 2024 2024 2024 Fund balances at 31 Marth 2024 are represented by.. Tangitde assets Investrnents Current assetsllliabi1esI 17.762 17.762 15.679 15,679 244.650 17.569 345 262.564 192.306 15.330 345 207,981 262.413 17.569 345 280.327 207.986 15.330 345 223,661
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Operating lease commitments At the reporting end date the charity had outstanding commitments for fijture minimum lease payments under non-cancellable operating leases. which fall due as follows= 2024 2023 Within one year 675 22 Related party transactions There were no disclosable related paty transactions during the year (2023 - none). -24-