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 child￿n can feel empOWe￿d and inspired. They strive to do this
by enriching the lives of children thn?ugh memorable eXperien￿S 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 ac￿Ssible 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 perfOrman￿S.
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 perforMan￿S from the company, perfomied in all kinds of spa￿S 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 prodU￿d 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 perforMan￿S 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 prodU￿d 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 per￿1ve 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 sC￿oIS 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 fo￿ardS 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 aUdien￿S. 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 CoU￿eS 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 2￿5

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 DEGem￿r2tr
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 acknO￿edge 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 cU￿encY 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 s￿CIfiC
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 re￿1Vable.
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 befv￿en 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 rneasu￿d 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 Ind￿atIOn
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 Se￿iceS 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)
De￿CognItion 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
SoUr￿s. 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
un￿StrICted un￿strICted
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 So￿are
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 freelan￿r 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 re￿iVed 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-

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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
Be￿een 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-