OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The New Wolsey Theatre Company Limited

2025-03-31-accounts

Registered number: 03982202 Charity number: 1082016

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Chairman's statement 2 - 6
Trustees' report 7 - 12
Independent auditors' report on the financial statements 13 - 16
Consolidated statement of financial activities 17
Consolidated balance sheet 18
Company balance sheet 19 - 20
Consolidated statement of cash flows 21
Notes to the financial statements 22 - 48

(A company limited by guarantee)

THE NEW WOLSEY THEATRE COMPANY LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees Sara Corcoran, Chair
Jamie Beddard (appointed 3 July 2025)
Marc Bradbrook
Vickie Brazier
Catherine Frost (resigned 4 June 2025)
Sarah Sheppard
Alice Hardaker
Jason Webbsmall-Eghan (appointed 3 July 2025)
Wendy Herber
Laura Herbert
Colm Seeley (appointed 26 June 2024)
Charlotte Wormstone (resigned 20 June 2024)
Sophie Woolley (resigned 27 September 2024)
Matthew Harrison (resigned 7 July 2025)
Company registered
number
03982202
Charity registered
number
1082016
Registered office
The New Wolsey Theatre
Civic Drive
Ipswich
IP1 2AS
Company secretary
Lucy Parker
Chief executive officer
Douglas Rintoul
Independent auditors
Larking Gowen LLP
Chartered Accountants
1 Claydon Business Park
Great Blakenham
Ipswich
IP6 0NL
Solicitors
Birketts LLP
Providence House
141-145 Princes Street
Ipswich
IP1 1QJ

Page 1

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

This year at the New Wolsey Theatre has been one of both consolidation and growth. As Chair, I am proud to reflect on how we have deepened our mission: to enrich the lives of the people of Greater Ipswich by bringing communities together through the transformative power of storytelling and creativity. While Ipswich remains at the very heart of what we do, our work continues to resonate across Suffolk, the wider region, and nationally.

We welcomed more than 80,000 people through our doors for 80 productions and 285 performances – our most diverse programme to date. More than a third of these audiences were new to the theatre, and attendance at accessible performances grew by 25%. Each visit brings life and energy into the town centre, supporting shops, restaurants, and public spaces, and ensuring Ipswich feels alive with activity both day and night. In this way, the New Wolsey Theatre not only entertains and inspires, but also helps make Ipswich a vibrant, welcoming place where people want to spend time, gather together, and take pride in their town.

Beyond Ipswich, our touring productions reached over 37,000 people across the UK, earning glowing reviews and cementing our place as a leader on the national mid-scale. Our digital programme extended our reach further still, with more than 3,800 livestream and on-demand viewers across the UK and nine other countries.

Our achievements have not gone unnoticed. The New Wolsey Theatre was named Business of the Year and received the Community Impact Award from the East Anglian Daily Times, alongside a BBC Make a Difference nomination. These honours reflect both the creativity on our stages and the commitment we show to our community every day.

Productions

This year’s programme demonstrated the full breadth of our ambition. We brought bold new contemporary work to life alongside revivals of beloved musicals, delivered with the energy and originality audiences have come to expect from the New Wolsey Theatre.

Our co-productions of Little Shop of Horrors, Footloose and Bindweed plus Feel Me and Boy on the Roof (both revivals) played to audiences across the country and were met with remarkable acclaim. Little Shop of Horrors was called “Bonkers and brilliant” ( 5 stars , WhatsOnStage), while Footloose was described as “Utterly wonderful” ( 5 stars , Musical Theatre Review). Bindweed – a powerful new play by Ipswich playwright Martha Loader exploring coercive control and the hidden scars of abuse – was hailed as “A modern-day classic” ( 5 stars , British Theatre). Boy on the Roof , a tender and inventive coming-of-age story told through physical theatre and visual storytelling, was described as “Touching, funny, poignant, clever, insightful and technically flawless – a must-see show” ( 5 stars , British Theatre Guide) and was named as a Top 50 Show of 2024 (The Stage), and a winner of the OffComm (Offies Commendation) Award 2024. Feel Me by The Paper Birds – created in collaboration with young people and exploring refugee narratives and questions of empathy – was praised as “Accessible, clever and funny” ( 4 stars , City Girl Network).

We were also delighted to work with new co-producing partners – Mercury Theatre, Pitlochry Festival Theatre, Hull Truck Theatre, Theatre by the Lake, and Bolton Octagon – all of whom brought additional financial resource to Ipswich through this partnership work, enabling us to realise large-scale and bold projects that match the scale of our artistic vision.

Beyond these productions, we were proud to see the continued life of work first created at the New Wolsey Theatre. Our original co-production of a new musical with Royal & Derngate Northampton, The Season – now renamed Two Strangers (Carry a Cake Across New York) – transferred to the West End in a new production, underlining the vital role that regional theatres play in shaping the national cultural landscape and feeding talent into the commercial sector.

At home, our Rock ’n’ Roll pantomime Sleeping Beauty was a triumph. Last year’s panto received the New Wolsey Theatre’s first-ever UK Pantomime Award nomination this year, for Best Pantomime (under 500 seats). Building on that recognition, Sleeping Beauty drew even greater responses, cementing its place as a muchloved Ipswich tradition.

Page 2

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Ipswich24 praised it as “full of fun and merriment… brilliant comic timing coupled with great vocals… Milo the dragon was pure genius.” Suffolk on Stage called it “a funny, naughty, rocking, riot of a show… simply joyous for families of all ages,” highlighting its “wicked comedy, messy slapstick, flaming trapdoors, [and] a friendly dragon.” Suffolk News described it as “a joyful, alternative and inclusive take on a classic fairytale and pantomime,” while Suffolk Theatre declared it “one of the New Wolsey’s best pantos I’ve seen in many years.”

Alongside our festive success, we proudly supported Suffolk’s Spinning Wheel Theatre in producing new work for young people with additional needs, performed at Ipswich Library, Wisbech, and King’s Lynn. This partnership reflected our deep commitment to supporting artists and ensuring the arts remain accessible to all.

Our visiting programme in 2024/25 further cemented our role as Suffolk’s cultural hub, offering audiences the very best of UK touring theatre, comedy, dance, and music. Highlights included acclaimed productions from leading national companies, bold new writing, and high-profile one-night performances that brought in new and returning audiences alike. From the laughter-filled nights of top comedians to powerful dramas and spectacular family shows, our programme ensured that Ipswich audiences had access to work of the highest quality without leaving their town.

Crucially, the diversity of visiting work gave audiences the chance to see their own lives, identities, and cultures reflected on stage, strengthening our commitment to inclusivity and relevance. Highlights included Stan’s Cafe’s Community Service telling the story of one of the first Black police officers, Mama Afrika the story of an iconic South African singer, Rico’s Ultimate Asian Wedding DJ , celebrating South Asian culture; Breach’s After the Act , exploring LGBT+ history; Rush’s Windrush Generation Musical, honouring the Caribbean community; Shrishti’s Pathways , a powerful Indian dance work; Ad Infinitum’s Last Rites , and D-Live’s Deaf Awakening both amplifying the Deaf experience; and The Hole’s Not Fking Sorry** , led by disabled artists. Together, these productions brought bold perspectives and unique voices that resonated deeply with Ipswich’s communities.

These moments – from the pantomime, to nurturing inclusive work in libraries, to hosting the very best of national touring theatre – demonstrate the New Wolsey Theatre’s role at the heart of civic life: a creative home for all, rooted in its community, and proudly projecting Ipswich’s cultural brilliance on a national stage.

Children & Young People

Our work with children and young people has been outstanding this year. We ran 32 workshops across 18 schools, directly reaching over 400 pupils. At the theatre itself, 61 schools made 79 visits, purchasing 5,035 low priced tickets, with Sleeping Beauty alone drawing 2,817 pupils from 37 schools. Our touring production of Hare and Tortoise visited 27 primary schools with 33 performances, engaging more than 2,500 children, including a free community performance with Ipswich JobCentre Plus.

Our Youth Theatre on site continues to thrive, delivering 269 sessions to 151 young people this year. One third of participants identified as neurodivergent, and 16% came from culturally diverse backgrounds. Through targeted partnerships with local community groups, we took activity into neighbourhoods where these communities are already established, rather than expecting them to come to us. As a result, the proportion of culturally diverse young people we engage with — both on site and in the community — rose to 41%, ensuring our Youth Theatre activity more accurately reflects the make-up of our town. On site, 30% were supported with free bursaries, ensuring no one was excluded.

Page 3

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Our Youth Perform strand engaged 11 schools, 14 paid placements were created, and one student from Suffolk New College progressed into our casual technician pool – a powerful example of how we open career pathways for local young people.

A major highlight was the Suffolk New College Takeover , which saw students step into every part of the theatre – from the main stage to the studio, foyer, and even the outdoor Bowl performance space. Working side by side with the New Wolsey’s professional team, they gained first-hand experience of how a professional theatre operates, while also showcasing their talent and creativity to public audiences. For many, it was their first time performing and programming in a professional environment – and to do so in their home theatre made the achievement all the more meaningful. The takeover not only gave students a platform but also created a vibrant exchange between emerging voices and NWT staff, demonstrating the New Wolsey’s role in nurturing the next generation.

Our own young people also took centre stage in a remarkable milestone: the New Wolsey Theatre Young Company performed A Midsummer Night’s Dream on the main stage – only the second time in the theatre’s history that young performers have had this opportunity. The production was met with glowing praise. Ipswich24 called it “a joyous, youthful, and imaginative reimagining of Shakespeare – proof that the future of theatre in Suffolk is in very safe hands.” Suffolk News hailed it as “ambitious, accomplished and full of heart… a thrilling showcase of local young talent.” Audiences too responded with warmth and admiration, many noting the pride of seeing the next generation of theatre-makers commanding the same stage as national touring companies.

Communities, Health & Place

The New Wolsey Theatre is more than a stage – it is a civic space where the whole community can come together. Through our respected Creative Communities programme this year we partnered with 20 community groups, including Suffolk Refugee Support, The Caribbean & African Community Health Support Forum, Future Female Society, Unscene Suffolk, Wolsey Writers, Ipswich Romanian Community, Volunteering Matters, Suffolk Guide Dog Forum, ACYCLE, enabling over 700 participations and hosting seven community and education performances. A particular highlight was the Suffolk Chinese Family Welfare Association’s vibrant New Year celebration on our main stage, which brought over 300 people into the heart of the theatre.

Our summer season also celebrated the incredible creativity of Ipswich’s amateur companies. Local groups brought their talent, passion, and community spirit to our stage, giving hundreds of non-professional performers the chance to shine under professional lights. These performances not only nurtured local pride and participation but also created a vital pipeline that connects amateur performance with professional practice – reinforcing Ipswich’s cultural identity as a town of creativity at every level.

We also delivered the second iteration of The Big Afternoon , a free event that welcomed more than 500 residents from across Ipswich – despite the rain. Many were stepping inside the New Wolsey Theatre for the first time. It became a joyful, inclusive celebration of community life, demonstrating how creativity can bridge differences, foster connection, and open our doors to all.

In addition, the New Wolsey Theatre took part in Heritage Open Day , welcoming over 150 people into the building for tours and activities. For many, it was a rare opportunity to explore behind the scenes, discover the theatre’s history, and feel pride in Ipswich’s cultural heritage.

Alongside these landmark events, we continued to reduce barriers to participation. Through our Community Ticketing Framework we distributed 1,136 free tickets. We ran 24 Social Prescribing workshops, hosted 10 Warm Space sessions, and collaborated with JobCentre Plus on 16 events. Our food and clothing donation drives collected 30 crates of essential supplies for local families. Importantly, we piloted a new Community Listen Event , with 35 participants representing 14 organisations and local residents. This event has already influenced priorities that will shape the New Wolsey Theatre’s future community work.

Page 4

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

We also worked with Suffolk Pride to programme LGBT+ events as part of the Pride Fringe programme, further establishing the theatre’s strong reputation as a safe and welcoming space for these communities.

Together, these initiatives show how the New Wolsey Theatre advances well-being and fairness in Ipswich. By removing barriers to cultural life, tackling social isolation, empowering communities to have a voice, and ensuring that everyone — regardless of income, background, or circumstance — has the chance to belong, participate, and thrive, the New Wolsey Theatre stands as a civic partner in building a fairer, healthier town.

Artist Development & Creative Ecolog y

Nurturing artists and sustaining the creative ecology of our region is core to our purpose. This year, seven early-career artists were employed, and 30% of creative roles were filled by local freelancers. We delivered 42 one-to-one artist support sessions, showcased 22 artists at Scratch Nights , and supported four to secure Arts Council funding. Three Creative Assistants and four Emerging Practitioners were engaged, with 41% identifying with protected characteristics. We also provided 21 days of free rehearsal space.

Our six Associate Artists and Companies – Aspire Black Suffolk, Jamie Beddard, Martha Loader, Mae Munuo, The Paper Birds, and Spinning Wheel Theatre – continued to receive our long-term support. Their success is our success, and it is through these relationships that our region’s creative ecology grows stronger.

Innovation & Audience Development

Innovation has remained central to our programming. New strands including contemporary music, family work, and projects focusing on protected characteristic groups achieved average attendances of 67%. Audiences rated our programme at 8.6/10 (85% approval). We commissioned The Audience Agency to analyse our audience data, identifying underserved communities and informing our new Audience & Relationship Development Plan. We also spearheaded Ipswich Entertains for Christmas, uniting cultural partners under one campaign and placing creativity at the heart of our town’s celebrations.

Inclusivity & Workforce

We are developing our Vision, Mission and Values this year through consultation with staff and the Board, ensuring inclusivity is at the core of who we are. All-staff EDI and access training continued, including Deaf Awareness workshops. A new comprehensive staff handbook was developed and will launch in 2025/26. Our monitoring shows that 11% of our workforce and 20% of our freelancers are from culturally diverse backgrounds – a step forward we are proud of, but committed to deepening. Our Sleeping Beauty pantomime company was the most diverse company we have assembled to date, ensuring that our communities – particularly young people – could see themselves reflected on stage. This principle is a priority for all of our work, shaping the choices we make about programming, partnerships, and workforce development.

Environmental Responsibility

We take seriously our role as a cultural leader in sustainability. This year we embedded the Theatre Green Book into three productions. Sleeping Beauty achieved 70% reuse of materials; Hare and Tortoise reached 95% sustainable sourcing and 99% responsible disposal, including touring in an electric vehicle; and A Midsummer Night’s Dream reached 77% sourcing and 65% reuse.

With support from the Wolfson Foundation, we upgraded all non-theatrical lighting to LED, introduced sensor controls and hand dryers, and reduced energy use and waste. Our building footprint analysis showed reductions of 7% in electricity CO2e and 12% in water CO2e compared with last year, contributing to an overall 64% reduction since 2012/13 – making us one of the sector leaders in sustainable theatre practice.

Partnerships, Leadership & Governance

The New Wolsey Theatre’s impact extends beyond our own work. We play an active role in local, regional, and national forums, including the Business Improvement District, the Norfolk and Suffolk Culture Board, the national Mid-Scale Theatre Network, and the East Anglian Touring Consortium. I am also proud that we currently chair We Are Ipswich, the collective of arts and heritage organisations in the town.

Page 5

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

This year we spearheaded the development of the East Anglian Touring Consortium and submitted a major touring bid. We also led IP-Switched, a £1m Creative People and Places bid bringing together an innovative consortium of JobCentre Plus, NHS, Volunteering Matters, Ipswich Borough Council, Ipswich Central, and others. We co-hosted HighTide Rising, a new writing platform for East Anglian playwrights, and deepened collaborations with the NHS, JobCentre Plus, ACYCLE, PHOEBE, Suffolk schools, and FE/HE partners. Our Community Get-Together brought residents and organisations together to shape our future work through open dialogue.

Total Engagement

Across everything we have delivered this year – performances in Ipswich, national touring, livestreams and ondemand, school workshops, Youth Theatre, community programmes, and artist development – the New Wolsey Theatre has directly engaged with more than 126,000 people. This extraordinary reach demonstrates the breadth of our mission: to serve first and foremost the people of Greater Ipswich, while also shaping cultural life across Suffolk, East Anglia, and the UK. Every touring production, five-star review, and digital broadcast carries the name of Ipswich with it, ensuring our town is recognised nationally as a centre of creativity, ambition, and cultural excellence. In doing so, the New Wolsey Theatre not only enriches daily life for local people but also engenders civic pride — giving residents the confidence to see Ipswich as a place to celebrate, to champion, and to be proud of on the national stage.

Funding

On behalf of the Board of Trustees, I extend our deepest gratitude to all our funders, particularly Arts Council England and Ipswich Borough Council.

The New Wolsey Theatre’s multi-faceted and impact driven delivery is underpinned by a financial model that requires sustained public investment. The economic conditions across the country in recent years has significantly impacted arts funding. For the New Wolsey Theatre this has meant finding solutions to the growing gap between standstill core funding and rising costs, including energy price hikes, inflationary increases and the rise in employer national insurance contributions.

The Board of Trustees are delighted that the careful management of resources has enabled the New Wolsey Theatre to remain stable but are aware that long-term sustainability ultimately requires public investment to increase. The loss of Suffolk County Council’s core funding from 2025/26 onwards exacerbates this challenge.

The Board will continue to advocate for the significant public benefit, both locally and nationally, created by the public investment in the New Wolsey Theatre’s essential and life enhancing programme.

Closing Words

As Chair, I could not be prouder of the New Wolsey Theatre’s achievements this year. We are a theatre rooted in our community yet ambitious in our reach, a place of creativity and pride, and a values-led civic hub. I want to thank our staff, our artists, our Board, our partners, and above all our audiences and communities for making this possible. Together, we will continue to grow our impact, nurture creativity, and celebrate the extraordinary power of theatre to transform lives – and in doing so, ensure that Ipswich shines as a place of cultural pride and excellence.

Sara Corcoran Chair Date: 12 October 2025

Page 6

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees (who are also directors of the charity for the purposes of the Companies Act) are pleased to present their annual report, together with the audited financial statements of the charity and group, for the year ended 31 March 2025. The Trustees confirm that the Annual Report and the financial statements of the charity and the group comply with the current statutory requirements, the requirements of the charity and the group’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The directors along with the members of the Board of Trustees are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

Structure, Governance and Management

The charity is a company limited by guarantee and its activities are governed by its Memorandum and Articles of Association, and is a registered charity, number 1082016.

The directors who served during the year were:

Sara Corcoran, Chair Vickie Brazier Marc Bradbrook Catherine Frost Alice Hardaker Matthew Harrison Wendy Herber Laura Herbert Colm Seeley Sarah Sheppard Sophie Woolley Charlotte Wormstone

None of the directors has any beneficial interest in the company. All of the directors are members of the company and agree to contribute £1 in the event of a winding up.

Method of Appointment of Trustees

Each year at the Annual General Meeting, three Board members stand down and, if they so wish, and with the agreement of the other directors, are re-elected. If a vacancy occurs, the Chief Executive / Artistic Director and Board members discuss inviting new director(s) with specific skills or recommendations to join the Board. The skills required are informed by a Board members skills matrix, which is updated annually and as and when Board members reach retirement and is used to highlight the skills areas where recruitment will focus.

Trustee Induction and Training

On appointment, new trustees undergo an induction process with the provision of extensive background literature, including Charity Commission guidelines for trustees and a range of documents concerning the management of the company. New directors also undertake induction sessions, co-ordinated by the Head Of People, with senior officers and staff of the company to familiarise themselves with the operation of the charity, including explanation of financial documents, current and future activity and department operations.

Organisational Structure and Decision Making

The business of the company is directed by the Board of Directors who have appointed a Chief Executive / Artistic Director to manage the day-to-day affairs and artistic output of the company in accordance with the company objectives.

Page 7

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Risk Management

The Board of Directors regularly assess the major risks to which the New Wolsey Theatre is exposed. The current principal risks and uncertainties are economic downturn, cancellation of scheduled performances, performer inability to perform and the impact of related issues that are affecting the theatre industry as a whole. The New Wolsey Theatre details its assessment of these risks in a Risk Register which is periodically reviewed by the Finance and General Purposes Task Group and in turn is reported quarterly to the full Board of Directors to discuss and approve the risk mitigation strategies.

Objectives and Activities

The purposes of the charity are:

To promote, maintain, improve and advance education, particularly by the production of plays and the encouragement of the Arts, including the arts of drama, mime, dance, singing and music, and to formulate, prepare and establish schemes therefore provided that all objects of the Company shall be of a charitable nature.

In order to implement the purposes of the charity, the mission of the New Wolsey Theatre is to produce, and present a diverse and vibrant performance programme that reflects, inspires, challenges, and entertains audiences in Ipswich and beyond. It includes original productions, dynamic collaborations with local, regional, national, and international artists and companies, and the very best touring shows from across the UK. The Creative Communities programme ensures that those in Ipswich who need the arts the most have the opportunity to experience, participate in, and shape high quality creative programmes. The artist relationship programme offers vital career support and opportunities for local freelancers.

In planning its activities, the theatre has taken cognisance of the Charity Commission’s guidance on public benefit. The theatre relies on grants and income from box office and other sources to cover its operating costs. In setting the level of ticket prices and other charges for services, the theatre has as a priority maintained an accessible range of prices and concessions to ensure that the theatre’s programme is accessible to those on low incomes.

Strategies for Achieving Objectives

The strategies employed to achieve the charity’s aims and objectives are:

Page 8

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Furthermore, the charity has established four Values that underpin all aspects of decision making, planning and delivery:

We are OPEN

Our theatre is a home for all. We welcome people from every walk of life, creating a warm, inclusive space where curiosity thrives. Whether you are an audience member, artist, participant, partner, or colleague, you will find a place here to connect, create, belong and influence. We are open to criticism and welcome new ideas.

We CREATE JOY

We bring joy to the stage and into people’s lives not only through laughter and celebration but by embracing the richness, complexity, and diversity of the human experience.

We are NOURISHING

We provide a supportive space for artists, participants, and staff to grow, explore, and take creative risks. Through storytelling, skills development, and meaningful engagement, we empower people to shape their own paths and contribute to a thriving cultural landscape. We are also committed to nurturing our environment, embedding sustainable practices into our work to ensure a greener future for generations to come.

We are BRAVE

We don’t take the easy route. We push creative boundaries, take artistic risks, and challenge ourselves to think differently. We stand firm in our commitment to inclusivity, ensuring diverse voices are heard, represented, and valued. We are unafraid to have difficult conversations, explore new ideas, and confront uncomfortable truths because real change and powerful theatre happen when we are bold enough to step outside our comfort zones.

The chair’s report details the programmes of work and achievements in 2024-2025 that relate to the implementation of the values and the delivery of the objectives.

Public Benefit

The New Wolsey Theatre’s programme is designed to ensure maximum public benefit, offering a wide and diverse programme that has broad appeal, with a range of ticket prices that are benchmarked to remain competitive and accessible.

The average price paid by our customers is lower than the national average (statistics provided by UK Theatre) and many similar sized regional venues. We offer 40 £15 tickets at every performance and a price of £15 or less for anyone aged under 26 (including school groups) and companions assisting patrons with disabilities. We are constantly monitoring our data to ensure our audience reflects our diverse community, ensuring that pricing and product are led by this data.

The New Wolsey Theatre’s continues to offer discounted or free tickets to charities and community groups.

Volunteers

The New Wolsey Theatre has the support of 94 volunteers who assisted with ushering performances and assisting with marketing activity and we are extremely grateful for their loyalty and support.

Remuneration

The New Wolsey Theatre has a Finance & General Purposes Task Group, comprising of four Board members, with a remit that covers operational and resource related matters, including the approval of annual pay increases for all staff as well as considering proposals for changes to remunerations and other terms and conditions of employment for personnel. The Task Group are responsible for discussing and approving pay and remuneration decisions for key personnel, with decisions based on industry salary benchmarking and level of responsibility, accountability and expertise required. The theatre operates pay scale bands, and job roles are evaluated to determine where they fit within these scales.

Page 9

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial Review

The results of the year and financial position of the charity are as shown in the annexed financial statements.

Turnover in 2024-2025 amounted to £3,356,965 of which 35% (£1,167,728) was received in unrestricted core grants from our major funders, 1% (£41,185) was received in restricted activity project grants with the remaining 64% (£2,148,052) received in income generated by charitable activities (box office, donations, fundraising and investments). Total expenditure was £3,304,177 of which approximately 97% was spent on charitable activities (£3,215,156); £2,267,585 on activities undertaken directly for the operation of the theatre, £947,571 on support functions such as administration and marketing. The remaining 3% expenditure (£89,021) was spent on governance and fundraising.

Reserves Policy

The company’s free unrestricted reserves policy is to establish and maintain sufficient reserves to fund its working capital, (including that required to cover seasonal and cyclical variations in the operation of the company’s activities), to withstand and take action to recover from a sudden significant drop in earned income, (mainly box office sales), and to replace fixed assets essential to its operation.

The Trustees regularly review the appropriate level for reserves, taking into consideration the company’s current and projected activities in conjunction with the general economic environment and conditions specific to its operation.

The Trustees’ current assessment of free unrestricted reserves needed at the end of a financial year is within the range of £750,000-£850,000.

At 31 March 2025, the company had free unrestricted reserves of £1,067,155 (total unrestricted reserves £2,637,405 less tangible assets £1,040,442 and designated funds £529,808).

Designated funds have been disclosed in note 19 to the financial statements, which gives details of the purpose of the designation of unrestricted free reserves.

The Trustees consider this level of free unrestricted reserves to be sufficient to meet the core aims of the reserves policy and, in addition, to enable the company to maintain activity in the short term at 2024/25 levels by using some of the reserves to mitigate the effect of the loss of some core funding and the pressure of significant ongoing cost increases.

The Trustees will continue to investigate options to increase revenue generation, philanthropic giving and funding to enable the company to maintain the current level of activity in the longer term without needing to deplete reserves below the above range.

Material Investments Policy

The charity’s governing document gives the charity the power to invest any monies not immediately required in investments, securities or property as it sees fit.

Page 10

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Future Plans

In 2025/26, we will embed our new Vision, Mission and Values; deliver our new Audience & Relationship Development Plan; progress our Decarbonisation Plan towards Carbon Charter Gold; strengthen workforce and freelance diversity; and take forward both the East Anglian Touring Consortium and IP-Switched projects, while playing a major part in delivering a Cultural Strategy for Ipswich. We will expand our school partnerships, grow our digital programme, and continue to ensure that Ipswich is at the heart of much of what we do.

Our Autumn 2025 productions are Don’t Look Now , a co-production with Wiltshire Creative, Teechers , touring across East Anglia in October 2025 and the rock’n’roll pantomime Beauty & The Beast , written by Vikki Stone. In Spring 2025 we will produce a newly commission musical which is the first production from the East Anglian Touring Consortium (whose partners include the New Wolsey Theatre Ipswich, Mercury Theatre Colchester, Theatre Royal Bury St. Edmunds, Landmark Theatres Peterborough, Queens Theatre Hornchurch, Eastern Angles and HighTide).

Forthcoming visiting productions include Penned Up (The Hal Company in association with Suzanna Rosenthal Productions), Black Sheep (curious directive), Noughts and Crosses (Pilot Theatre in association with Northern Stage) and War Of The Worlds (imitating the dog).

The Creative Communities programme will include seven Youth Theatre groups and a range projects, including the utilisation of NW2 by a range of community groups, a community celebration event, a collaboration with the NHS and Ipswich Job Centre Plus, workshops in schools, career pathway initiatives and a production that will tour to Suffolk primary schools.

Adoption of the Theatre Green Book best practice to improve the environmental sustainability of our produced work will continue to be a major priority, with the 2025/26 pantomime significantly reusing assets from previous productions. We will also seek to secure funding for essential improvements and upgrades to the infrastructure that will futureproof the theatre and significantly progress our decarbonisation goals.

Stakeholders

The Trustees would like to thank Arts Council England and Ipswich Borough Council for their significant ongoing financial investment. Without their support the theatre could not continue.

The Trustees would also like to thank Suffolk County Council for their financial investment for the previous 25 years.

We would also like to thank:

The 2024-2025 Sponsors

Barnes Construction Castons Consultancy C J Electrical John Grose Ltd Larking Gowen Mediterranean Shipping Company St. Joseph’s College

Trusts and Foundations and other organisations who have supported various activities throughout the year:

Activities Unlimited Alfred Williams Trust Theatres Trust theatre works!

Page 11

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Trustees also wish to record their gratitude for the continuing support of the Alfred Williams Trust and all the people who have shown their commitment to the work of the New Wolsey Theatre by becoming Members.

The Public

Enormous thanks to the members of the public who in addition to buying tickets become members of the theatre’s individual donor schemes, or ‘rounded up‘ their ticket purchases to include a donation to the theatres work.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Sara Corcoran

Chair Date: 12 October 2025

Page 12

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW WOLSEY THEATRE COMPANY LIMITED

Opinion

We have audited the financial statements of The New Wolsey Theatre Company Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 13

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW WOLSEY THEATRE COMPANY LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

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

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 14

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW WOLSEY THEATRE COMPANY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Due to the field in which the company operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; employment law; GDPR, compliance with the UK Companies Act and Charity law.

The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 15

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NEW WOLSEY THEATRE COMPANY LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Giles Kerkham FCA DChA (Senior statutory auditor)

for and on behalf of Larking Gowen LLP Chartered Accountants Statutory Auditors 1 Claydon Business Park Great Blakenham Ipswich IP6 0NL 22 October 2025

Page 16

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
Total expenditure
Net income
Transfers between funds
19
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
30,593
3,199,601
37,033
44,639
3,311,866
38,559
3,223,337
3,261,896
49,970
8,776
58,746
2,578,659
58,746
2,637,405		 Restricted
funds
2025
£
3,914
41,185
-
-
45,099
-
42,281
42,281
2,818
(8,776)
(5,958)
24,044
(5,958)
18,086		 Total
funds
2025
£
34,507
3,240,786
37,033
44,639
3,356,965
38,559
3,265,618
3,304,177
52,788
-
52,788
2,602,703
52,788
2,655,491		 Total
funds
2024
£
29,788
3,235,572
26,283
31,189
3,322,832
26,318
3,190,143
3,216,461
106,371
-
106,371
2,496,332
106,371
2,602,703

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 22 to 48 form part of these financial statements.

Page 17

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 03982202

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
15
Debtors
16
Investments
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 7,888
504,171
543,238
1,439,834
2,495,131
(880,082)		 2025
£
1,040,442
1,615,049
2,655,491
18,086
2,637,405
2,655,491		 8,726
366,907
523,124
1,205,927
2,104,684
(673,484)		 2024
£
1,171,503
1,431,200
2,602,703
24,044
2,578,659
2,602,703

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Sara Corcoran

Chair Date: 12 October 2025

The notes on pages 22 to 48 form part of these financial statements.

Page 18

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 03982202

COMPANY BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Investments
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 7,888
395,788
543,238
1,439,834
2,386,748
(771,799)		 2025
£
1,040,442
100
1,040,542
1,614,949
2,655,491
18,086
2,637,405
2,655,491		 8,726
285,619
523,124
1,205,927
2,023,396
(592,296)		 2024
£
1,171,503
100
1,171,603
1,431,100
2,602,703
24,044
2,578,659
2,602,703

The Company's net movement in funds for the year was £ 52,788 (2024 - £106,370) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

Page 19

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 03982202

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Sara Corcoran

Chair Date: 12 October 2025

The notes on pages 22 to 48 form part of these financial statements.

Page 20

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Purchase of tangible fixed assets
Movement in cash investments
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23
The notes on pages 22 to 48 form part of these financial statements		 2025
£
282,066
(28,045)
(20,114)
(48,159)
233,907
1,205,927
1,439,834		 2024
£
305,743
(77,509)
484,947
407,438
713,181
492,746
1,205,927

Page 21

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The New Wolsey Theatre Company Limited is a registered company, limited by guarantee, and a charity registered with the Charity Commission. The New Wolsey Theatre Company Limited is incorporated in England and Wales, company registration number 03982202 and charity registration number 1082016. The registered office is The New Wolsey Theatre, Civic Drive, Ipswich, IP1 2AS.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The New Wolsey Theatre Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

The financial statements are prepared in sterling and rounded to the nearest £.

2.2 Going concern

The Trustees have considered the charity’s position at the time of signing the financial statements.

Our programme of activity meets all the funding objectives of Arts Council England, our largest funder, who continue to give the theatre a quarterly low risk rating. This provides a sound basis for confidence of continued National Portfolio Organisation (NPO) funding, which also levers local authority funding from Ipswich Borough Council, into the future.

The Trustees have forecast through to 12 months post signing and are confident that the charity will have adequate resources to continue in operational existence for the foreseeable future, being no less than twelve months from the date of approving these accounts.

They continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named in the Trustees' Report. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Page 22

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2.5 Income

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income from the Ramps on the Moon project is recognised when the charity has entitlement to the project funds. Release of stage payments by Arts Council England is conditional on satisfaction of monitoring requirements and in practice this revenue is recognised as restricted income upon receipt.

Income from rentals is recognised in the period to which they relate.

Investment income is recognised on a receivable basis.

Income from theatre admission tickets is included in the period in which the relevant show takes place. Income received in advance of shows is deferred.

Bar and catering income is recognised in the period in which the transaction occurs. Till sales are recognised when they are made and any advance sales are carried forward and recognised when the service is provided.

Page 23

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Governance costs are those incurred in connection with administration of the Group and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Expenditure relating to the Ramps on the Moon project is recognised as follows: Costs of delivery of productions or activities by consortium members are recognised when the production or activity budget is sanctioned by the project steering group. Administration costs of the charity as lead project partner are recognised as incurred.

The cost of the theatre's productions consists of direct costs excluding internal labour. These costs are carried forward until written off on the occasion of the first performance to a paying public audience.

Non-recoverable VAT has been included with the relevant expenditure.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Page 24

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

2.9 Investments

Fixed asset investments represent investments in subsidiaries are valued at cost less provision for impairment.

Current asset investments represent term deposits with a maturity period of greater than three months from the date of acquisition or opening of the deposit or similar account.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Page 25

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.

2.16 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Page 26

(A company limited by guarantee)

THE NEW WOLSEY THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
Bookings - box office/website
8,276
Bucket collections
16,438
Alfred Williams Trust
1,000
Individuals / One Off
630
Gift Aid
4,249
Pay It Forward
-
30,593
Unrestricted
funds
2024
£
Donations
Bookings - box office/website
9,108
Bucket collections
14,144
Alfred Williams Trust
1,000
Gift Aid
4,121
Pay It Forward
-
28,373		 Restricted
funds
2025
£
-
-
-
-
-
3,914
3,914
Restricted
funds
2024
£
-
-
-
-
1,415
1,415		 Total
funds
2025
£
8,276
16,438
1,000
630
4,249
3,914
34,507
Total
funds
2024
£
9,108
14,144
1,000
4,121
1,415
29,788

Page 27

(A company limited by guarantee)

THE NEW WOLSEY THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Income from charitable activities

Unrestricted
funds
2025
£
Operations of Theatre
1,608,566
Grants receivable
1,167,728
Ancillary trading (Front of House)
284,489
Theatre tax relief
138,818
Total 2025
3,199,601
Unrestricted
funds
2024
£
Operations of Theatre
1,591,402
Grants receivable
1,167,728
Ancillary Trading (Front of House)
253,699
Theatre tax relief
190,509
Total 2024
3,203,338		 Restricted
funds
2025
£
-
41,185
-
-
41,185
Restricted
funds
2024
£
-
32,234
-
-
32,234		 Total
funds
2025
£
1,608,566
1,208,913
284,489
138,818
3,240,786
Total
funds
2024
£
1,591,402
1,199,962
253,699
190,509
3,235,572

Page 28

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Grants receivable - restricted
Arts Council England
Ramps on the Moon
Sub total
Suffolk County Council
Activities Unlimited
Health & Wellbeing Activity
Suffolk Family Focus
Sub total
Ipswich Borough Council
Community Resilience Fund
Ipswich Thrive
Make a difference
Sub total
Other
NHS Personal Health Budget
theatre works!
Theatres Trust
Total		 2025
£
-
-
6,000
-
13,500
19,500
-
200
290
490
2,000
2,880
16,315
41,185		 2024
£
15,184
15,184
6,000
8,550
1,500
16,050
1,000
-
-
1,000
-
-
-
32,234

Page 29

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Grants receivable - Unrestricted
Core funders
Arts Council England annual grant
Suffolk County Council annual grant
Ipswich Borough Council annual grant
Total		 2025
£
953,328
122,400
92,000
1,167,728		 2024
£
953,328
122,400
92,000
1,167,728
6. Income from other trading activities
Income from fundraising events
Unrestricted
funds
2025
£
Sponsorship and other fundraising income
37,033
Investment income
Unrestricted
funds
2025
£
Bank interest
44,639		 Total
funds
2025
£
37,033
Total
funds
2025
£
44,639		 Total
funds
2024
£
26,283
Total
funds
2024
£
31,189

7. Investment income

Page 30

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Allocated centrally incurred fundraising and governance
costs 38,559 38,559 26,318

9. Analysis of expenditure by activities

Operations of Theatre
Ancillary trading
Generating grants		 Activities
undertaken
directly
2025
£
2,021,918
245,667
-
2,267,585		 Support
costs
2025
£
969,346
-
28,687
998,033		 Total
funds
2025
£
2,991,264
245,667
28,687
3,265,618

Page 31

(A company limited by guarantee)

THE NEW WOLSEY THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities (continued)

Operation of Theatre
Ancillary trading
Ramps on the Moon
Generating grants		 Activities
undertaken
directly
2024
£
2,067,764
232,290
3,048
-
2,303,102		 Grant
funding of
activities
2024
£
-
-
5,001
-
5,001		 Support
costs
2024
£
818,202
-
39,842
23,996
882,040		 Total
funds
2024
£
2,885,966
232,290
47,891
23,996
3,190,143

Analysis of direct costs

Staff costs
Depreciation
Own productions
Visiting productions
Artist Development
Creative Communities
Premises
Operational overheads
Other ancillary trading costs		 Operation
of theatre
2025
£
646,330
151,064
431,727
448,487
1,100
81,738
204,583
56,889
-
2,021,918		 Ancillary
trading
2025
£
138,450
3,524
-
-
-
-
-
-
103,693
245,667		 ROTM
direct
activities
2025
£
-
-
-
-
-
-
-
-
-
-		 Total
funds
2025
£
784,780
154,588
431,727
448,487
1,100
81,738
204,583
56,889
103,693
2,267,585

Page 32

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Own productions
Visiting productions
Artist Development
Creative Communities
Premises
Operational overheads
Other ancillary trading costs
Other Ramps on the Moon costs		 Operation of
theatre
2024
£
805,787
146,848
456,683
386,515
500
76,204
145,607
49,620
-
-
2,067,764		 Ancillary
trading
2024
£
124,519
3,366
-
-
-
-
-
-
104,405
-
232,290		 ROTM direct
activities
2024
£
-
-
-
-
-
-
-
-
-
3,048
3,048		 Total
funds
2024
£
930,306
150,214
456,683
386,515
500
76,204
145,607
49,620
104,405
3,048
2,303,102

Analysis of support costs

Staff costs
Depreciation
Other Operations of Theatre
Other Generating grants
Other ROTM
Governance costs		 Total
funds
2025
£
631,298
4,517
310,256
1,500
-
50,462
998,033		 Total
funds
2024
£
554,394
4,672
237,742
1,500
34,933
48,799
882,040

Page 33

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Auditors' remuneration
2025 2024
£ £
Fees payable to the Group's auditor for the audit of the Group's annual
accounts 14,040 12,940
Fees payable to the Group's auditor in respect of:
Non-audit services 2,810 5,675

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2025
£
1,354,621
101,454
24,926
1,481,001		 Group
2024
£
1,419,913
91,024
22,998
1,533,935		 Company
2025
£
1,354,621
101,454
24,926
1,481,001		 Company
2024
£
1,419,913
91,024
22,998
1,533,935

Total redundancy payments for the year amounted to £Nil (2024: £Nil).

The average number of persons employed by the Company during the year was as follows:

Group Group
2025 2024
No. No.
Employees 54 60

Page 34

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Staff costs (continued)

The average headcount expressed as full-time equivalents was:

Admin
Marketing
Technical
FOH management, sales and box office
Community and education
Premises
Performers, stage management and stage crew		 Group
2025
No.
7
7
5
7
5
2
5
38		 Group
2024
No.
6
6
7
7
4
2
9
41

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 1 1

The key management personnel of both the parent charity and the group comprise the trustees, the Chief Executive / Artistic Director, the Executive Director and the Head of Creative Communities. The total employee benefits of key management personnel of the parent charity of the group were £194,481 (2024 - £183,392) .

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, travel and subsistence expenses totalling £ 101 were reimbursed or paid directly to 2 Trustees (2024 - £184 to 1 Trustee) .

Page 35

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13.
Tangible fixed assets
Group and Company

Cost or valuation
At 1 April 2024
Additions
Disposals
Depreciation
At 1 April 2024
Charge for the year
On disposals
Net book value
At 31 March 2025
At 31 March 2024
14.
Fixed asset investments
Company
Cost or valuation
At 1 April 2024
At 31 March 2025		 Leasehold
improvement
and
equipment
£
2,633,434
28,044
(58,897)
1,461,931
159,105
(58,897)
1,040,442
1,171,503
Investments
in
subsidiary
companies
£
100
100

Page 36

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Registered office or principal Principal activity number place of business

New Wolsey Theatre Productions 09249160 Limited

New Wolsey Theatre, Civic Theatre production Drive, Ipswich, Suffolk, IP1 2AS

Holding Included in consolidation

100% Yes

The financial results of the subsidiary for the year were:

Name Income Expenditure Net assets £ £ £ New Wolsey Theatre Productions Limited 607,649 607,649 100 15. Stocks Group Group Company Company 2025 2024 2025 2024 £ £ £ £ Goods for resale 7,888 8,726 7,888 8,726

Page 37

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Tax recoverable
Grants receivable
17.
Current asset investments
Term deposits (greater than 3 months)		 Group
2025
£
4,854
-
70,697
99,294
329,326
-
504,171
Group
2025
£
543,238		 Group
2024
£
12,848
-
23,846
131,154
190,509
8,550
366,907
Group
2024
£
523,124		 Company
2025
£
4,854
220,943
70,697
99,294
-
-
395,788
Company
2025
£
543,238		 Company
2024
£
12,848
109,220
23,847
131,154
-
8,550
285,619
Company
2024
£
523,124

Page 38

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2024
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 March 2025		 Group
2025
£
102,403
46,909
121,153
609,617
880,082
Group
2025
£
355,949
523,944
(355,949)
523,944		 Group
2024
£
116,341
25,248
59,810
472,085
673,484
Group
2024
£
256,650
355,949
(256,650)
355,949		 Company
2025
£
102,403
46,909
107,132
515,355
771,799
Company
2025
£
355,949
523,944
(355,949)
523,944		 Company
2024
£
39,671
25,248
55,292
472,085
592,296
Company
2024
£
256,650
355,949
(256,650)
355,949

Deferred income due within one year comprises advance ticket sales, advance sponsorships, unredeemed vouchers and advance memberships.

Page 39

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Statement of funds

Statement of funds - current year

Balance at 1
April 2024
£
Unrestricted funds
Designated funds
Artistic Projects Fund
233,990
Infrastructure Needs Fund
357,880
591,870
General funds
General Funds
1,986,789
Total Unrestricted funds
2,578,659		 Income
£
Expenditure
£
15,428
(36,862)
-
(22,222)
15,428
(59,084)
3,296,438
(3,202,812)
3,311,866
(3,261,896)		 Transfers
in/out
£
-
(18,406)
(18,406)
27,182
8,776		 Balance at
31 March
2025
£
212,556
317,252
529,808
2,107,597
2,637,405

Page 40

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Statement of funds (continued)

Balance at 1
April 2024
£
Restricted funds
Esmee Fairbairn Foundation
3,841
Telethon donations
1,567
Environmental Projects
-
Ipswich Thrive
-
Holiday Activities Fund
287
Creative Learning Work
671
Ian McKellen (Creative
Learning)
6,707
Youth Theatre Squared
-
Suffolk Family Focus
6
Health & Wellbeing Activity
8,550
Community Meals
1,000
Pay It Forward
1,415
Make A Difference
-
theatre works!
-
NHS Personal Health Budget
-
24,044
Total of funds
2,602,703		 Income
£
Expenditure
£
-
-
-
(1,567)
16,315
(16,257)
200
(200)
-
-
-
-
-
(6,707)
6,000
(6,000)
1,500
-
12,000
(10,550)
-
(1,000)
3,914
-
290
-
2,880
-
2,000
-
45,099
(42,281)
3,356,965
(3,304,177)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
(1,347)
-
-
(4,319)
(230)
(2,880)
-
(8,776)
-		 Balance at
31 March
2025
£
3,841
-
58
-
287
671
-
-
159
10,000
-
1,010
60
-
2,000
18,086
2,655,491

Page 41

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Statement of funds (continued)

Designated funds :

Artistic Projects Fund - The directors have designated money from unrestricted funds along with income from the theatre’s Friends & Membership schemes to create specific funding to support parts of the theatre’s artistic and community programmes that are not commercially viable, the theatre’s talent development programme and the work of smaller scale theatre companies.

During the year the fund was used to support the main stage production of ‘Bindweed’, further talent development showcases and work by Associate Artists. It also covered the costs of commissioning a new musical theatre script, producing a ‘Theatre In Education’ schools tour of ‘Hare And Tortoise’ and the Youth Theatre production of ‘A Midsummer Night’s Dream’.

Infrastructure Needs Fund - The directors have designated money from the theatre’s unrestricted reserves towards the cost of major projects needed to maintain and improve various aspects of the theatre’s infrastructure.

During the year the fund was used to start upgrading internal fire doors, replace the theatre’s captioning units and purchase various stage lights. Projects underway and planned for 2025/26 include the continuation of the upgrades to internal fire doors, upgrading the theatre’s IT hardware to support Windows 11, the installation of heating / air conditioning units in the front of house area of the theatre (the public foyers, staff office and production control rooms) and modernising the flying systems above the main stage.

The fund will also be used as ‘match funding’ for applications for major capital works over the next two years.

Restricted funds:

Esmee Fairbairn foundation - The Esmee Fairbairn Foundation fund is money provided by the Esmee Fairbairn Foundation towards a programme of work that aims to increase the presence of deaf and disabled people in theatre as artists, participants and audience members. The first grant awarded contributed to the costs of a major coproduction and tour of "The Threepenny Opera" and establishing the Agent For Change programme. This was instrumental in enabling the formation of the Ramps On The Moon consortium and the associated funding from Arts Council England. The theatre was also awarded a second grant from the foundation towards the cost of continuing the Agent For Change programme. The grant has previously been used to provide access support arising from the engagement of disabled artists. The balance of the fund with be used to continue providing further access support as required.

Telethon donations - The Telethon Donations fund is money from donations, both one-off and regular, from supporters of the theatre following a fundraising campaign to raise money for 'New Talent' (Pulse, Young Associates, Creative Learning), 'New Access' (support for disabled artists and provision of access performances for deaf, hard of hearing, blind and visually impaired audience members) and 'New Theatre' (commissioning and creation or new written / produced shows). During the year the fund was used to support the research and development phase of a project by one of the theatre’s associate artists.

Creative Learning Work - The Creative Learning Work fund is money donated by various individuals and associations to support the Youth Theatre and Young Company groups run by the theatre. The balance will be used to buy equipment and materials that can be used by all the groups.

Ian McKellen (Creative Learning) - The Ian McKellen (Creative Learning) fund is money received in

Page 42

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Statement of funds (continued)

connection with 3 special fundraising performances at the theatre by actor Ian McKellen. Money was raised from ticket sales, programme sales and donations collected at the end of each performance. The fund was used in the year to support the cost of the theatre’s ‘The Big Afternoon 2024’, a free community event.

Youth Theatre Squared - The Youth Theatre Squared fund is money provided from the Activities Unlimited department of Suffolk County Council's Health, Wellbeing and Children’s Services to cover the cost of running a youth theatre group known as YT² (Youth Theatre Squared) for a year. The group provides an opportunity for young people aged 11-20 with physical, sensory, communicative, behavioural or learning disabilities to explore all aspects of theatre-making within a supportive and engaging environment and to build their skills and confidence.

The Suffolk Family Focus fund - The Suffolk Family Focus Fund is money from Suffolk County Council, as part of its Suffolk Family Focus project, to provide free tickets for performances at the theatre to disadvantaged families in the Ipswich area.

Holiday Activities Fund - The Holiday Activities Fund is money from a grant from Suffolk County Council (SCC) to deliver a programme of activities, to children and young people identified by SCC, for three days during the Christmas 2022 school holidays.

Community Meals Fund - The community meals fund is money from Ipswich Borough Council’s Community Resilience Fund to provide food and drink for those in need. It was used to offer, in partnership with Ipswich Borough Council’s Housing Team, four lunchtime clubs for those who are homeless or at risk of homelessness. Across four weeks in May 2024, there was a total of 73 participations.

Pay It Forward Fund - The Pay It Forward fund is donations received from customers to enable the theatre to provide free pantomime tickets to people who do not have the means to buy them. 184 free tickets were issued using donations received for the 2024 pantomime. The current balance will be used to provide free tickets for the 2025 pantomime.

Health And Wellbeing Activity Fund - The Health And Wellbeing Activity fund is money received from Suffolk County Council’s Cultural Activity Partnership Programme (to support West Ipswich residents and address their unmet needs around sleep, community, movement and food and drink) and Suffolk Family Focus (to support Jobcentre Plus customers with their wellbeing and confidence through creative activity). During the year the fund was used to deliver an ‘Eat, Sleep, Move, Repeat’ project, consisting of a variety of workshops and activities, both at the Ipswich Job Centre and at the theatre. Building on the success of this, the fund will be used to deliver ‘Creative Club’ sessions and other activities at the Job Centre and theatre, expected to take place between September 2025 to March 2026.

Make A Difference - The Make A Difference fund is money received from Ipswich Borough Council to enable the theatre to provide time in the theatre’s community space for members of a group, organised by Suffolk Refugee Support, to take part in informal English classes.

theatre works! - The theatre works! fund is money received from the charity “theatre works!” to provide free pantomime tickets to children from a local school.

NHS Personal Health Budget - The NHS Personal Health Budget fund is money from NHS England to help with additional personalised costs to support the care needs of people attending Creative Health actives run by the theatre under commission from NHS England.

Page 43

THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Statement of funds (continued)

Environmental Projects - The Environmental Projects fund is money from the Theatres Trust / Wolfson Foundation Theatre Improvement Scheme towards the cost of installing LED lighting with movement sensors & electronic hand driers in the backstage areas and offices of the theatre.

Ipswich Thrive - The Ipswich Thrive fund is money from Ipswich Borough Council towards the cost of an “Arts Council England Funding Applications” workshop during the “Ipswich Thrive: Business Week” in March 2025.

Transfer descriptions:

The Suffolk Family Focus fund was used to provide free tickets for disadvantaged families in the Ipswich area to attend performances at the theatre. An amount equal to the value of the tickets issued has been transferred to unrestricted reserves following the relevant performances.

The Pay It Forward fund was used to provide free pantomime tickets to people who do not have the means to buy them. An amount equal to the value of the tickets issued has been transferred to unrestricted reserves following the relevant performances.

The Make A Difference fund was used to provide free time in the theatre’s community space for local refugees to take part in English classes. An amount equal to the value of the hire charge waived was transferred to unrestricted reserves following each session.

The theatre works! fund was used to provide free pantomime tickets to children from a local school. An amount equal to the value of the tickets issued has been transferred to unrestricted reserves following the relevant performance.

Statement of funds - prior year

Unrestricted funds
Designated funds
Artistic Projects Fund
Infrastructure Needs Fund
General funds
General Funds
Total Unrestricted funds		 Balance at
1 April 2023
£
228,002
239,522
467,524
1,967,284
2,434,808		 Income
£
16,345
-
16,345
3,272,838
3,289,183		 Expenditure
£
(10,357)
(6,730)
(17,087)
(3,130,314)
(3,147,401)		 Transfers
in/out
£
-
125,088
125,088
(123,019)
2,069		 Balance at
31 March
2024
£
233,990
357,880
591,870
1,986,789
2,578,659

Page 44

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Statement of funds (continued)

Restricted funds
Esmee Fairbairn Foundation
Telethon donations
Environmental Projects
Early Years
Ramps On The Moon phase 2
Holiday Activities Fund
Creative Learning Work
Ian McKellen (Creative
Learning)
Youth Theatre Squared
Suffolk Family Focus
Health & Wellbeing Activity
Community Meals
Pay It Forward
Total of funds		 4,993
1,567
3,295
904
32,591
287
1,880
14,201
-
1,806
-
-
-
61,524
2,496,332		 -
-
-
-
15,184
-
-
-
6,000
1,500
8,550
1,000
1,415
33,649
3,322,832		 (1,152)
-
(3,295)
(904)
(47,775)
-
(1,209)
(7,494)
(6,000)
(1,231)
-
-
-
(69,060)
(3,216,461)		 -
-
-
-
-
-
-
-
-
(2,069)
-
-
-
(2,069)
-		 3,841
1,567
-
-
-
287
671
6,707
-
6
8,550
1,000
1,415
24,044
2,602,703

20. Summary of funds

Summary of funds - current year

Balance at 1
April 2024
£
Designated funds
591,870
General funds
1,986,789
Restricted funds
24,044
2,602,703		 Income
£
Expenditure
£
15,428
(59,084)
3,296,438
(3,202,812)
45,099
(42,281)
3,356,965
(3,304,177)		 Transfers
in/out
£
(18,406)
27,182
(8,776)
-		 Balance at
31 March
2025
£
529,808
2,107,597
18,086
2,655,491

Page 45

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 Balance at
1 April 2023
£
467,524
1,967,284
61,524
2,496,332		 Income
£
16,345
3,272,838
33,649
3,322,832		 Expenditure
£
(17,087)
(3,130,314)
(69,060)
(3,216,461)		 Transfers
in/out
£
125,088
(123,019)
(2,069)
-		 Balance at
31 March
2024
£
591,870
1,986,789
24,044
2,602,703

21. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
1,040,442
Current assets
2,477,045
Creditors due within one year
(880,082)
Total
2,637,405
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
£
Tangible fixed assets
1,171,503
Current assets
2,080,640
Creditors due within one year
(673,484)
Total
2,578,659		 Restricted
funds
2025
£
-
18,086
-
18,086
Restricted
funds
2024
£
-
24,044
-
24,044		 Total
funds
2025
£
1,040,442
2,495,131
(880,082)
2,655,491
Total
funds
2024
£
1,171,503
2,104,684
(673,484)
2,602,703

Page 46

THE NEW WOLSEY THEATRE COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
24.
Analysis of changes in net funds
At 1 April
2024
£
Cash at bank and in hand
1,205,927
Liquid investments
523,124
1,729,051		 Group
2025
£
52,788
159,105
838
(137,263)
206,598
282,066
Group
2025
£
1,439,834
1,439,834
Cash flows
£
233,907
20,114
254,021		 Group
2024
£
106,371
154,887
(2,980)
45,928
1,537
305,743
Group
2024
£
1,205,927
1,205,927
At 31 March
2025
£
1,439,834
543,238
1,983,072

Page 47

(A company limited by guarantee)

THE NEW WOLSEY THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

25. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £24,926 (2024 - £22,998) . Contributions totalling £4,934 (2024 - £5,275) were payable to the fund at the balance sheet date.

26. Operating lease commitments

At 31 March 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2025
£
12,019
48,078
496,629
556,726		 Group
2024
£
12,217
47,988
508,623
568,828		 Company
2025
£
12,019
48,078
496,629
556,726		 Company
2024
£
12,217
47,988
508,623
568,828

The total commitment to minimum lease payments under non-cancellable operating leases due after more than 5 years, £496,556 (2024 - £507,993) , relates to the lease of the Wolsey Theatre, which expires in September 2073. The annual commitment for this lease is £11,437.

27. Related party transactions

During the year, the charity provided free use of space within the Theatre to the spouse of a member of key management to deliver ‘Wolsey Writers’ (community projects) and also hired out space in the NW2 community building to deliver writing workshops. The charity charged £148 for the service of processing the income for both strands of activity and £120 in hire charges. As at 31 March 2025, the charity owed £934 (2024- £233) in respect of matured sales less charges. In the prior year, the charity provided free use of space to deliver ‘Wolsey Writers’ and charged £27 for processing session income.

During the year the charity incurred costs of £450,187 (2024 - £653,188) from New Wolsey Theatre Productions Limited. The charity also received fees of £607,649 (2024 - £849,093) and payroll reimbursement costs of £Nil (2023 - £93,765) from New Wolsey Theatre Productions Limited. The balance owing from New Wolsey Theatre Productions Limited at the year end is £220,943 (2024 - £109,220) . New Wolsey Theatre Productions Limited is a wholly owned subsidiary of the charity, with further information included in note 14.

Page 48