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 cu￿ent 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 Y￿r1d 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 pn￿Uclntyco-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 aUdIen￿S 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 aUdIen￿S 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 adVan￿S 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.
Be￿een 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 perforMan￿S 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 V￿thIn 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 re￿iVed 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
ir￿kind 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 be￿een 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 be￿een 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
neI￿Ork 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 prO￿dureS 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 cur￿nt 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 re￿ived.
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 re￿Ivable 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 be￿eTr 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 be￿een 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 balan￿s, 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 re￿iptS 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 So￿are
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 be￿een
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 assetsllliabi1￿esI
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-