Chartty 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 2025
THEATR IOLO LTD. CONTENTS Page Trustees, report Independent examiner's 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 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. 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 IFRS 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, impmve and advance public education thmugh the pmduction of theatrical and other related educational and artistic activities., Wision Theatr lolo wants to live in a society in which all childn can feel empOWed and inspired. They strive to do this by enriching the lives of children thn?ugh memorable eXperienS that challenge the mind and stir the imagination. Purpose Theatr lolo has been at the forefront of creating theatre for children in Wales for over thirty-seven years. They are passionate about nurturing and igniting the imagination and creats'vity of young minds, to help children make sense of the worfd around them and to find their place wthin it. They work wth the best artists, writers, 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 1>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 strNing to understand their life experiences and the current challenges that they fa. Bold: They want young audiences to feel challenged and want to help them to explore, operFup and learn about themselves and the world in which they live. Collaborative: They want to collaborate with 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 creativity 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 sFKJws 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 possble to access cultural activities.
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Their aims are set out below. AIM1'. To enrich the lives of children by pn)ducintycfrproducing 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 plalfon77S. 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 450h of touring productions and 50 % of outreach programme in Welsh. In addition, every year they will commission a Welsh language play for children to perform. AIM 4.. To redu carbon footprint through continuous monitoring and setting of annual targets. Achieve the Theatre Green Book Baseline standard with every production and will look for imaginative and sustainable ways to explore the climate crisis creatively on stage. To support and develop artists to produce new theatre for young audiences 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. To strengthen and advocate for theatre for young audiences in blPdles and lead the way in its transformation. They will seek to generate an additional £15k of income from Trusts & Foundations each year, enabliro 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. governance. capital and the law. Public Benefit The trustees have paid due regard to guidance issued by the Charty Commission in deciding what adivities the charity should undertake. Theatr lolo advances the education of children and young people, as well as the wider community by making theatre that is acSsible 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 operating under a remit from the Arts Council of Wales which emphasises the company's wider touring outside the traditional remit of schools-based perfOrmanS. 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 2025 Achievements and perfomiance Theatr lolo is an award-wnning theatre company which has been at the forefront of creating theatre for children and young people for almost 40 years. Babies, children, teenagers, parents, pupils and teachers have enjoyed workshops and perforManS from the company, perfomied in all kinds of spaS 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 adaptability, 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. The company is aware of the Importan of making our activities as inclusive as possible. One core staff member has trained to be an Audio Describer. and another core staff member is learnirKJ British Sign Language {BSL) to help with communication barriers. Between April 2024 and the end of March 2025, Theatr lolo have prodUd or ctrproduced: 4 productions, three of which were remounted shows and one brand new production. 1 production had an international tour to China. 100 performances took place during the year, with 60 shows perfomied in Wales and 40 shows in the UK or further afield. 9,990 children and their adults attended the live shows. 360 participants took part in 19 workshops delivered in communities or schools. Theatre Productions In the summer of 2024, Theatr lolo remounted the Travelling Theatre's production of HOOF! And completed a tour of public performances and free school performances in Jersey. The company also teamed up with Arts Active and Cardiff Council to offer free perforManS of HOOFI at five primary schools across Cardiff. HOOFI was performed 25 times to 2,418 children and their adults. The company also r&mounted the enchanting tale with music. Owl at Hon7e, with an intemational tour in China. Based on the illustrated children's book by Arnold Lobel. this family show was adapted for the stage by Rina Vergano and Theatr lolo. Altogether there were 18 perfomiances in total, and 5 workshops delivered in a three-week tour to Shanghai, Hangzhou and Beijing. 8 shows and 1 workshop at the ASK Theatre in Shanghai, 5 shows and 2 workshops at the Hangzhou Grand Theatre and 5 shows and 2 workshops at the ASK Theatre in Beijing. Altogether there were 2,184 tickets sold over 18 shows, with 106 children attending the 5 workshops. Also, in the autumn 2024, the company prodUd The Welsh Dragon and toured the show for four weeks across Wales. Written by Kyle Lima, The Welsh Dragon was a bold new play that broke down the conventions of what people per1ve Welsh and British people to be and explored Black Welsh identity. The play questioned who we might think the original Britons were and to consider that they weren't all white, as we have been previously taught to believe. The Welsh Dragon show was performed 22 times to 2.080 children and their adults. We also delivered 12 workshops for 360 children. The Welsh Dragon piece first came to Theatr lolo's attention during the 2019 Platfform call out and was then developed during the Platffomi Stage 2 with a creative team, all of whom are black or from mixed black heritage. Then finishing off the financial year in spring 2025, was the remount of Tidy and also the creation of its Welsh language version Taclus. c(prodUced with Polka, the award-winning picture book by Emily Gravett was adapted for the stage by Lee Lyford, Lucy Rivers and Rachael Canning. It 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 explored the impact our actions have on the environment and is an ag&appropriate introduction to the global climate crisis. Both Taclus and Tidy shows toured Wales and England with 25 performances to 3,308 children and their adults.
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 During 2024-25. the company also conducted Research and Development for Homesick Gorilla, which is hoped to be delivered during 2026-27. As well as continuing development with the commission on the new Welsh language episodic audio fantasy adventure for pre-teens and Welsh learners. Annwn is written by Gary Owen and is hoped to be released on Theatr lolo's podcast channel in 2026-2027. Artist Developer Theatr lolo continued to develop their Platffomi programme, with an open call out in April 2024 for new ideas of plays for young audiences. 24 submissions were received, and artists were chosen for Stage 1 of the programme. Emerging Welsh language writerlpractitioner Mari Luz Cervantes and Greg Glover, who is an artist who is disabled. were both chosen to progress their idea. Dwi'n Dysgu by Mari Luz CeNantes is about moving to Vllales from another country, finding out where you belong, and learning to love all parts of your heritsge. Drum Roll Please by Greg Glover explores the true story of the Cardiff Colossus - a man with giantism who joined Barnum's Circus and took on the worfd! Associate Artists: Theatr lolo support five Associate Artists by commissioning them to develop. create or produce work specifically for Theatr lolo at least once in their six-year tenure with us 12021>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 and Sarah Argent. Outreach Theatr lolo continued to deliver the Playhouse Cymru project Playhouse is a UK collaboration between 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. School children perfomied the Theatr lolo commission of Gary Owen's play, Lia a'r Elefantsnot in front of their friends and family at The Riverfront in July 2024. Theatr lolo also launched a third year of the Young Playwrights programme this year. offering four young writers the opportunity to develop their play into a podcast. There were 75 submissions from young people from the call out in January 2024. Four plays were chosen to be developed into full podcast plays. Two Welsh and two English language plays were recorded in June 2024 and published in July 2024. The young people involved had a really rich experience of producing audio plays with professional creatives, encouraging the artists of the future with the possibilities within the creative industries. 14 free playwriting workshops for 284 children were also delivered in targeted public locations and sCoIS in disadvantaged areas to encourage submissions from children who may never have considered doing so before. Bespoke Workshops: Theatr lolo delivered 4 additional bespoke workshops for 115 children at Chapter Arts Centre in Cardiff and primary schools throughout the year. 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 £254,055) is derived from theArts Council of Wales's grant towards the running costs of the charity. The charity made an overall surplus of £23,782 (2024.. £56,666 surplus) for the year ended 31 March 2025, consisting of an unrestricted surplus of £16,712 (2024= £56,666 surplus) and a restricted surplus of £7,070 (2024.. £nil).
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 between thre& and six-month's expenditure. The trustees consider that reserves 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 reserves at the year-end totalled £304,109 (2024.. £280,327), Consisting of restricted reserves of £7,415 (2024: £345), general unrestricted resetves of £296,694 (2024: £279,982) and designated reserves of £50,381 {2024: £17,569). The charity's free reserves (unrestricted funds less fixed assets} totalled £225,696 12024.. £244,650). Plans for future periods Moving foardS into 2025-2026, Theatr lolo will be hoping to remount Baby, Bird & Bee and also create a Welsh language version of the same show. Babi, Aderyn a Wenynen and tour both versions around Wales. Offering this show in both languages makes it accessible to all families regardless of backgrounds, language etc. and also fits our rural touring remit. Theatr lolo are committed to making work for young aUdienS. induding babies. This is unique in Wales and is infrequent in the rest of the UK. Baby, Bird & Bee was created wth Kevin Lewis and our Associate Artist, Sarah Argent during lockdown as an outdoor production and trialled as an indoor production in 2021. Much research and work has gone into developing this type of work specifically for babies, to help understand their needs and to communicate with them in a meaningful and age-appropriate way. This show for babies aged 6-18 months explores themes of playfulness, wonder and discovery, with a focus on soaal interaction, a skill crucial to babies, development. Theatr lolo will be exploring opportunities for remounting the recently successful Tidy and Taclus production in another tour of Wales. England and the rest of the UK. Theatr lolo will also be exploring additional international touring opportunities for its Owl at Home and HOOFI productions. Theatr lolo will also be continuing their collaboration with Hijinx, working wrth the Hijinx Academies (Hijinx Academies are vocational training CoUeS in perfom7ance skills for actors with leaming disabilities in Wales} and with support from Hijinx staff, will create a new piece of work for children. The final production is likely to be a small-scale piece with approximately 2-5 in the cast, vthich indudes Hijinx actors alongside professional actors, all decided on through a casting process. As leaders in their respective fields, this collaboration will be a chance for both companies to work and leam from each other. Several core values as organisations match and complement each other. As they both create original, surprising, and meaningful work, this collaboration is likely to produce an innovative piece of theatre. Theatr lolo will learn more about how to be truly indusive on and off stage and will gain a rich experience from undergoing a different creative process than they are used to. Hijinx wll leam more about the comtAexities of making work for children and their adults and want to use this collaboration as an opportunity to inspire young people with the long-temi goal of creating the future cohort for their academies. The Hijinx actors will remain at the heart of the collaboration and wll help Theatr lolo to reimaJine our world. They will continue to demonstrate their strength, fragility, volalility and playfulness through the process and the performances. By working together, we will be able to give voice to political and social issues relating to learning disability and neurodivergen, which will speak to and entertain young children. The company will also be Continuing to support and mentor the Platffom artists Mari Luz Cervantes and Greg Glover wth the next stages of their play development. The company will also be delivering the Playhouse project with The Rivefftont Theatre and schools in Newport. Bespoke family and school workshops will also be delivered throughout the year, and they will be locking for ways to develop and grow their Outreach and Engagement programme fvrther. 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 inclusion and representation and improve their environmental sustainability.
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management Organisational Structure The board of trustees, who meet at least quarterly, administer the charity- The trustees appoint Artistic Directorlchief Executive and Executive Director to manage the day-t¢>day operation of the charity. The company's staff comprises the Artistic Director. the Executive Director, the Communications and Engagement Manager and an Artistic Administrator. To facilitate effective operation the Artistic Director and Executive Director has delegated authority, within temis of delegation approved by the Trustees. for operational matters induding finance, employment, and general management. Wider Network Theatr lolo operates within a wder 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 network and is a member of TYA-UK (formerly ASSITEJ UK), a Charitable organisation that represents the interests of similar theatre companies throughout the UK within an international network. The company moved its administration base to ChapterArts Centre in 2011. 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 SUre 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 procedures 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 wll be reviewed by the board at regular intervals. Responsibility for slralegic risks (risks to the organisation) rests with the Board, with the staff responsible for reporting these risks to the board. The major risks to which the charty is exposed were reviewed, discussed and any appropriate action taken. The company perceives its main risks to be its relian on govemment 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 Wales 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 soluts'ons to live perfomiance in noTrtheatre spaces.
THEATR IOLO LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reference and administrative details Registered charity number 1067810 Registered company number 02150427 Name Theatr lolo Ltd. Trustees J Cotsen S Lewis- resigned 24 April 2025 A Meikle-Thomas- resigned 2 July 2025 S Wardle- resigned 24 April 2025 E Williams- resigned 10 January 2025 N Lawley K Perridge A Hatfield V Edwards R Mallinson- resigned 10 January 2025 D Baxter- appointed 24 April 2025 M Fisher- appointed 24 April 2025 J Hayward- appointed 24 April 2025 T Naylor- appointed 24 April 2025 R Welton- appointed 24 April 2025 Company Secretary M Reed-Perez Principal and registered office Chapter Arts Centre Market Road Canton Cardiff CF5 1QE Independent examiners Azets Audit SeNices TyDe Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB The trustees, report was approved by the Board of Trustees. Mr J Cotsen Trustep_ Dated.. t>8c8rnber 25
THEATR IOLO LTD. INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THEATR IOLO LTD. I report to the trustees on my examination of the finanaal statements of Theatr lolo Ltd. (the charity) for the year ended 31 March 2025. 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 2006Act). 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 examiner's 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 INales. vthich is one of the listed bodies. I have completed my examination. I confimi 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 with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Acl 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 wth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concems and have come across no other matters in connection wth 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 TyDe Lime Tree Court Cardiff Gate Business Park Cardiff South Glamorgan CF23 8AB United Kingdom 1(f DEGemr2tr Dated..
THEATR IOLO LTD. STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Notes wm Incom nd Donations and legacies Charitable activities Investments Other income 94 412,716 3,408 70,248 73 344.427 3,244 73 344,427 3,244 406.797 3.408 70.248 5.919 Total income 480,547 5,919 486,466 347,744 347,744 Charitable activities 452,196 10,488 462,684 291,078 291,078 Net incomingl{outgoing) resources before transfers 28.351 (4.569) 23,782 56.666 56,666 Gross transfers between funds (11,639) 11,639 Net income for the yearl Net movement in funds 16.712 7.070 23,782 56.666 56,666 Fund balances at 1 April 2024 279,982 345 280,327 223,316 345 223,661 Fund balances at 31 March 2025 296,694 7,415 304,109 279,982 345 280,327 The statement of financial activities indudes all gains and losses recognised in the year. l 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 2025 2025 2024 Notes Fixed assets Tangible assets Investments 12 13 20,616 17,762 20.617 17,763 Current assets Stocks Debtors Cash at bank and in hand 15 16 150 93,082 200,663 150 3,180 271,354 293,895 274,684 Creditors: amounts falling due within one year 17 (10,403) (12,120) Net current assets 283,492 262,564 Total assets less current liabilities 304,109 280,327 Income funds Restricted funds Unrestricted funds Designated funds General unrestrided funds 18 7,415 345 19 50,381 246,313 17,569 262,413 296,694 279,982 304,109 280,327 10-
THEATR IOLO LTD. BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknOedge their responsibilities for comFlying viith the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordan with section 476. These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies regime. 4* De[be[ 2(Y25 The financial statements were approved by the Trustees on ......................... Mr J Cotsen Trustee Company registration number 02150427 11
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity inforniation Theatr lolo Ltd. is a private company limited by guarantee incorporated in England and Wales. The registered office is ChapterArts Centre, Market Road. Cardiff. South Glamorgan, CF5 1QE, United Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordance 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)" 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 ststements are prepared in sterling, which is the nCtIOnal cUencY 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 ¢oncem At the time of approving the financial statements, the twstees 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 fvrtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for sCIfiC purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purp)ses 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 received. 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 GiftAid 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 2025 Accounting policies (Continued) Grants receivable are treated in different ways dependent upon their purposes and the tem)s 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 fvnd is then reduced by amounts equivalent to the depreciation charges on the assets concerned 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 unrestricted funds. Grants receivable for specific purposes are also treated as restricted fvnds so that any unused funds can be separately 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 fvnds. Production income is invoiced and recognised in the period to which the production was held. Income from investments is included in the year in which it is re1Vable. 1.5 Expenditure Expenditure is recognised once there is a legal or constwctive 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 ftjrtherance of the charitls objectives as stated in the trustees report and their associated support $t$. Support costs have been allocated befven govemance costs and other support. Governance costs comprise all costs involving public accountsbility 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 rneasud at cost and subsequently measured at Cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to WTite off the cost or valuation of assets less their residual values over their useful lives on the following bases= Stage equipment Furniture and equipment Motor vehicles 200A reducing balance 20OA reducing balance 200A reducing balance The gain or loss arising on the disposal of an asset is detemiined as the difference between 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(expenditurel for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charity. Control is the power to govern 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 2025 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 delemine whether there is any indication that those assets have suffered an impairment loss. If any such IndatIOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment 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 with banks, other short-term liquid investments with 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 charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial ststements, 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 balances, 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 receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Derecognition of financial assets Financial assets are derecognised only when 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, induding 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 SeiceS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified 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 transadion price and subsequently measured at amorlised cost using the effective interest method. 14-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) DeCognItion 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 temiination 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 tem) 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 wth sections 47eA89 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 carrying amount of assets and liabilities that are not readily apparent from other SoUrs. 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 underfying 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 where the revision affects both current and future periods. Donations and legacies unStrICted unstrICted funds funds 2025 2024 Donations and gifts 94 73 15-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities 2025 2024 Production income Grants 106,480 306,236 31,461 312,966 412,716 344,427 Analysis by nd Unrestricted funds Restricted ndS 406,797 5.919 344,427 412,716 344,427 Grants Arts Council of Wales - Revenue Arts Council of Wales- Welsh Dragon Arts Council of Wdles - Lottery Arts Council of Wdles - Exploring Stroytelling Arts Council of Wales - Capital Fund Cardiff Council C¢>Op 254,055 46,076 1,250 1,500 2,903 452 263,467 35,867 11,250 2,382 306.236 312,966 Investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 3,408 3,244 Other income Unrestricted funds Total 2025 2024 Theatre Tax Relief 70,248 16-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 7 Charitable activities 2025 2024 Staff costs Depreciation and impairment Advertising and marketing Bank charges Insurance IT and Soare Administration Printing, postage and stationery Production costs Professional fees Repairs and maintenan Subscriptions Telephone Training Travel and subsisten utilities 100,856 5,154 12,446 161 3,789 4,062 6,000 1,277 211,745 10,071 5,989 3,978 1,191 3,118 35,247 6,193 105,993 4,441 6,161 148 2,952 3,832 4,993 63,369 15,625 420 2,811 945 2,586 17,875 7,160 411,277 239,311 Share of support costs (see note 8) Share of governance costs (see note 8) 46,529 4,878 47,687 4,080 462,684 291,078 Analysis by fund Unrestricted funds Restricted funds 452,196 10,488 291,078 462,684 291,078 17-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governance costs costs 2025Support costs Governance costs 2024 Staff costs Advertising and marketing Bank charges Insurance Professional fees Telephone Utilities 33.619 33,619 35.331 35,331 4,149 4,149 2,054 49 2,054 49 984 6,568 315 2,386 1,263 4,983 397 2.064 1,263 4,983 397 2,064 6,568 315 2.386 Accountancy fees 4.878 4,878 4,080 4,080 46.529 4.878 51,407 47.687 4,080 51,767 Analysed between Charitable activities 46.529 4.878 51,407 47,687 4,080 51,767 Governance costs includes payments to the independent examiners of £3.180 (2024.. £2,640) for independent examination fees and £1.698 (2024: £1.440) for accountancy services Trustees None of the trustees (or any persons connected them) received any remuneration or benefits from the charity during the current or prior year. A trustee was employed as a freelanr during the year to cover staff absence. She received a total of £12,880 in relation to her work (2024= no trustees were reimbursed for expenses). 10 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 124,982 6.736 2.757 131,282 7,074 2,968 134,475 141,324 18-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 charity's key management personnel for their services to the charity during the year was £94,029 (2024: £87.958). There were no employees whose annual remuneration was more than £60.000. 11 Taxation The charity is exempt from tax on income and gains falling wthin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 12 Tangible fixed assets Stsge Furniture and Motor vehicles equipment equipment Totsl Cost At 1 April 2024 Additions 65,160 8,008 58.554 43,395 167,109 8,008 At 31 March 2025 73,168 58,554 43,395 175,117 Depreciation and impaimient At 1 April 2024 Depreciation charged in the year 53,596 3,915 53,378 1,035 42,373 204 149,347 5,154 At 31 March 2025 57,511 54,413 42,577 154,501 Carrying amount At 31 March 2025 15,657 4,141 818 20,616 At 31 March 2024 11,564 5,176 1,022 17,762 19-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Fixed asset investments other investments Cost or valuation At 1 April 2024 & 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 2025 2024 other investments comprise: Notes Investments in subsidiaries 14 14 Subsidiaries Details of the charity's subsidiaries at 31 March 2025 are as follows= Name of undertaking Registered office Nature of business Class of sha$ held 'kn Held Direct Indirect Theatr lolo Productions Ltd ChapterArts Centre. Market Road. Cardiff. CF5 1QE Dom)ant Ordinary Shares 100.00 The aggregate Capital and reserves and the result for the year of subsidiaries excluded from consoldation was as follows.. Name of undertaking ProfiU(Loss} Capital and Reserves Theatr lolo Productions Ltd 15 Stocks 2025 2024 Finished goods and goods for resale 150 150 -20-
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Debtors 2025 2024 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 15,080 74,558 3,444 3,180 93,082 3,180 17 Creditors: amounts falling due within one year 2025 2024 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 2,667 2,837 5,203 524 7,212 4,080 10,403 12,120 18 Restricted funds The income funds of the charity include restricted fvnds comprising the following unexpended balan$ of donations and grants held on trust for specific purposes: Movement in funds Incoming resource5 Movement in funds Balance at 1 April 2023 Balance at 1 April 2024 Incoming resources Resources expended Transfers Balance at 31 March 2025 ACW Business Development Grant PACEY Workshops Sharing Together 1,500 (1,357) 143 1.250 (8,652) 7,402 3,169 4,103 7,272 345 345 (480) 135 345 345 5,919 (10,489) 11,640 7,415 ACW - Grant received to fund school workshops. Business Development Grant - Grant reiVed for exploring storage options and travelling theatre developments. PACEY Workshops - Grant received to fund a series of participatory bespoke workshops based on the Tidy theme. 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 2025 19 Designated funds The income funds of the charity indude the following designated fvnds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Balance at 1 April 2023 Resources expended Transfers Balance at 1 April 2024 Resources expended Transfers Balance at 31 March 2025 Future motor vehicle replacement fund Digital technology fund Sharing Together Capital Budget 8.000 7.330 15,330 3,640 18,970 7,330 (7,330) (761) 3,000 2,239 (828) 1,411 30,000 30,000 15,330 (761) 3,000 17,569 (828) 33,640 50,381 Future motor vehicle replacement fund - the trustees have designated a set amount of reserves to invest in motor vehicles in future periods. The transfer recognises the increased cost of replacing the current vehide. Digital technology fund - the twstees 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 relation to TYA Cymru fvnd. Capital Budget - the trustees have designated funds to cover the costs of any capital purchases such as large equipment. and anything to do with a new home or base. -22-
tsj tsj tsj Cqro (Dr Thr 7J WJ ZS WJ ZS WJ (Dr CD
THEATR IOLO LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Operating lease commitments At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases. vlhich fall due as follows= 2025 2024 thin one year Beeen two and five years 540 2.043 2,583 22 Related party transactions There were no disclosable related party transactions during the year (2024 - none). -24-