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2024-03-31-accounts

Charity registration number 1086571

Company registration number 03786895 (England and Wales)

TOLD BY AN IDIOT

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

TOLD BY AN IDIOT

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J Dong
M M Hassall
Prof S K Scott
H E O'Hanlon Stanish
S J Woolley
Mr S Burr (Appointed 7 November
2023)
S Fagon (Appointed 7 November
2023)
A Paines (Appointed 7 November
2023)
Secretary J Holton
Charity number 1086571
Company number 03786895
Registered office Unicorn Theatre
147 Tooley Street
London
United Kingdom
SE1 2HZ
Independent examiner Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
United Kingdom
ME19 4JQ
Scottish Widows Bank plc
67 Morrison Street
Edinburgh
United Kingdom
EH3 8YJ
Nationwide Building Society
Pipers Way
Swindon
Wiltshire
United Kingdom
SN38 1NW

TOLD BY AN IDIOT

CONTENTS

Page
Trustees' report 1 - 10
Independent examiner's report 11
Statement of financial activities 12
Balance sheet 13
Notes to the financial statements 14 - 23

TOLD BY AN IDIOT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The object for which the charity was established is to advance education for the public benefit by the promotion of the arts, in particular but not exclusively the art of drama. The principle activities of the company have continued to be theatrical productions, projects, artist development and education/participation.

The company’s Values, mission and vision is as follows:

Our Values

Our company values are the beating heart of our organisation:

Our Mission

Told by an Idiot explores the human condition through theatre that is ambitious but never pretentious, experimental but always accessible and we avoid boredom at all costs. We are fascinated by the space between laughter and pain, and we consistently experiment with what theatre can be and who gets to make it. In doing so, our work blurs the line between theatre maker, participant and audience. We nurture the skills and talents of emerging theatre makers, and our work excludes no one. It stimulates and challenges people across the world and we remain committed to making theatre for anyone who breathes.

Our Vision

“I am a working-class Birmingham boy (Father an electrician, Mother a dinner lady) who had no access to theatre and the arts, and I felt excluded from that world for many years. For me to reach a position of influence in the cultural sector has been quite a journey, and I see it as my duty to open doors to the disadvantaged that follow. It is imperative that I give them access and opportunities to realise their potential and reach positions of power” Paul Hunter, Told by an Idiot’s Artistic Director

At Told by an Idiot we have a burning desire and responsibility to make change happen in British Theatre. It is crucial that we use our public subsidy to give voice to those on the periphery of the story.

Told by an idiot operates on the edge of chaos in a constant quest for exploration, and consistently opens the door to risk in order to deliver the best work by continuing to develop and change.

Entertainment is from the French word ‘entretenir’, meaning ‘hold together’ or ‘support’. It was associated with hospitality - when you entertained a guest, you were keeping them happy. These sentiments go right to the very heart of our Idiot values. Rather than seeing entertainment as a dirty word, we embrace it fully as the very thing we are trying to achieve. Ultimately at the end of one of our shows, we want the audience to leave the theatre with a smile on their face and remember that Told by an Idiot put it there.

Our vision is to ensure we make a major contribution to the national and international reputation and reach of the cultural sector in England by creating risk-taking, dynamic and critically acclaimed new work which consistently reflects ambition, quality, inclusivity and relevance.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The aims of the company are:

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

Review of Charitable Activities

The worldwide COVID-19 pandemic continued to impact us in 2023/24, with additional challenges from Brexit, soaring inflation, and the cost of living crisis. Consequently, audience and participant numbers remained below prepandemic levels, and securing international activity proved difficult. As in recent years, we depended on our strong fundraising efforts to support our core creative activities.

In December 2024, our Executive Director and Co-CEO of 12 years left the company. This prompted us to consult on potential restructuring of the leadership model and to hire a recruitment consultant to oversee the appointment of a new Executive Director, which added to the financial year's overheads. Due to our resilient business model, successful budget management and fundraising alongside a significant Theatre Tax Relief claim, we ended the year with a £50,140 surplus, enabling us to designate funds to secure activity in the next financial year and maintain a reserves position within our designated targets.

Throughout the year, we provided high-quality creative work and cultural content to the public in diverse formats, whilst also prioritising the wellbeing of our permanent staff and freelance employees during this turbulent period. Our activity for 23-24 included:

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Review of Charitable Activities (continued)

2023 marked the 30th anniversary of Told by an Idiot, and to celebrate, the 2023-2024 year was filled with extensive activity. This included two productions and preparations for our integrated ensemble improvisation lab for performers with and without disabilities, Leap Before You Look . Additionally, we expanded our digital presence and community and educational outreach, embodying our mission to create work for ‘anyone who breathes.’

Two major highlights of our 2023-2024 program were our co-production of The Killing of Sister George with the New Vic Theatre in Newcastle-under-Lyme and tour of Get Happy to Fenton Town Hall and the Barbican, London over the Christmas period. Throughout the year, a total of 5,962 people attended these performances.

Our co-production with the New Vic Theatre of Frank Marcus's cult black comedy, The Killing of Sister George, received positive reviews from both critics and audiences, with 85% of surveyed attendees indicating they would book to see work by Told by an Idiot again. The cast was led by Told by an Idiot co-founder Hayley Carmichael, marking her first theatrical appearance with the company since 2013. The show was designed by Lulu Tam, the second recipient of Told by an Idiot’s Naomi Wilkinson Award for Stage Design, which provides an emerging, female-identifying designer from an underrepresented background the opportunity to design a mid-scale show.

The production adhered to the Theatre Green Book baseline level, marking Told by an Idiot's second success in achieving a Theatre Green Book compliant show, underscoring our commitment to sustainability. Despite the positive reception, regional audiences have not fully returned to theatre post-COVID-19 pandemic, and the show performed at less than 30% capacity across its run. This was further exacerbated by the cost-of-living crisis, a challenge also faced by our peer companies touring across the UK.

Press reviews included:

“Frank Marcus’s play…here is restored to its witty, sly, metatheatrical best” “Hunter brings us an inventive, tongue-in-cheek reinvention of the story of the demise of Sister George…a joy…clever and creative” ⭐⭐⭐ ⭐ The Telegraph

"a bold production that isn’t afraid to make mischief, while never undercutting the disturbing human tragedy at the play’s heart" ⭐⭐⭐ ⭐ The Stage

Audience responses included:

“Superb production of this 1960s watershed drama from @toldbyanidiot93 @NewVicTheatre. Dark comedy of ‘sexuality, ageism and identity remains as relevant today’ as ever. Go out of you way to see it, laugh, and have comfort suspended.”

“What a thrill to watch @toldbyanidiot93 & @NewVicTheatre's co-production of The Killing of Sister George. Totally absorbing, darkly funny and strangely unsettling. Inspired direction and set design, and perfectly observed performances from the four women on stage.”

In December 2023, our celebrated family show Get Happy returned, marking a successful end to our 30th anniversary year. The production included a fully booked residency of community performances and workshops at Fenton Town Hall in Stoke-on-Trent, in partnership with Restoke and funded by successful Trust and Foundation applications. Following Fenton, the production enjoyed a sold-out run at the Barbican. This was the third iteration of the show at the Barbican, initially commissioned there in 2013.

Staying true to our mission of creating work for 'anyone,' we invested in numerous access shows across both venues, ensuring every performance was relaxed. This anarchic sketch show for all the family resonated with and engaged audiences and participants from diverse backgrounds and all ages. Nearly 300 people from Stoke-onTrent, a Levelling Up for Culture Place, attended our Fenton residency and participated in community workshops. We were delighted to secure funding that enabled us to deliver these shows in Stoke and continue our commitment to working with communities facing various challenges.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Review of Charitable Activities (continued)

Stoke audience feedback included:

“I couldn’t stop smiling. The energy of the performers” “I loved being able to share with my little one”

“made me want to see more live theatre like Get Happy”

98% of those surveyed in Stoke said they enjoyed the show ‘a lot’, 94% of those surveyed said the show made them feel ‘happy’ and 2/3 said it made them want to take part in more creative activities.

For the Barbican run, 86% of surveyed attendees rated the show as either ‘good’ or ‘very good’ quality. Additionally, when asked how likely they would be to recommend TBAI to a friend on a scale of 1-10, 83% rated it 6 or above, with 50% giving a rating of 9 or 10. Feedback included:

“fun, engaging, moving” “hilarious, engaging, exciting” “playful, different, silly”

Surveyed onstage and offstage members of the team gave an average of 4.3/5 for ‘how did you find working on this production of Get Happy’ , and 100% of those surveyed gave 5/5 for ‘ how supported did you feel by Told by an Idiot ’. Told by an Idiot has a deep commitment to freelancers in the sector, and this feedback evidenced the strong relationships and positive experiences freelance teams experience working with the company.

At the end of 2023-2024, we held auditions for Leap Before You Look , an integrated improvisation lab and performance opportunity for performers with and without learning disabilities, based in the West Midlands. This production was in partnership with Open Theatre and Birmingham Repertory Theatre, as part of our ongoing association with this flagship venue. We issued an open audition call for performers aged 18-30 with limited improvisation experience but a willingness to embrace surprise. Interested theatre makers were invited to submit a 1-minute comic film of themselves. Every applicant who met the criteria was invited to an in-person workshop audition at Birmingham Rep. A total of 54 individuals attended, 45% of whom identified as learning disabled. Feedback from auditionees included:

“I had so much fun…do you guys do any clubs or workshop classes I could sign up for as I really enjoyed today’s workshop!”

“I really enjoyed it today by seeing everyone and showing off my talent with my comedy skills”

“My only feedback would be to make the audition workshops longer as it was so fun to play with the group!”

The international market for touring theatre remained nearly impenetrable in 2023-2024, largely due to the lingering effects of Brexit and COVID-19 on finances and audience behaviour. We had planned to tour our critically acclaimed show Charlie and Stan internationally in 2023-2024. Despite investing in reputable international promoters, it became evident that the impacts of COVID-19 and Brexit still significantly affected venue budgets and bookers' willingness to take risks, particularly with newer work.

Although we secured a booking in Shanghai, it required cost-sharing with two neighbouring venues to make a China tour feasible. Unfortunately, these venues were unable to commit within the necessary time frame for visas and preproduction. Despite these challenges, we remain dedicated to establishing an international profile for Charlie and Stan . Its physical nature and lack of dialogue, its numerous 4 and 5-star reviews, and the show's focus on two iconic figures convinces us that it will gain traction when the international landscape improves.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Review of Charitable Activities (continued)

Feedback from the international promoter included:

“markets are incredibly unsettled at the moment and ticket sales are weak across the board” (Germany / Austria / Switzerland)

“the 7[th] wave of covid is sweeping across the country and programming any new work in the current situation felt too unstable to make any commitments” (Japan)

“venues are producing work themselves locally as the costs of bringing work from abroad are becoming increasingly difficult for them to meet” (Portugal)

2023-2024 was a successful year for the company’s digital work, highlighted by our film project, 7 Deadly Idiots , winning multiple accolades at film festivals. The film was named ‘Best Short Film’ at the Nawada International Film Festival in India, which received over 3,500 submissions from 83 countries. Additionally, 7 Deadly Idiots won ‘Best Editing’ at the Absurd Film Festival and ‘Best Experimental Short’ at the Latitude Film Awards.

In celebration of Told by an Idiot’s 30[th] birthday, and the 10[th] anniversary of one of our most celebrated shows, My Perfect Mind, we released the filmed recording of the show for 24 hours. 6010 people engaged with the screening, with feedback including: "I saw it in 2013 and 2014 at the Young Vic and it remains one of the best theatrical experiences I have had. I saw the screening during one of the lockdowns and again today, and was reminded of how good it was.”

Throughout 2023-2024, we upheld our dedication to transparency by welcoming New Vics ‘Ages and Stages’ members to observe rehearsals for The Killing of Sister George , and accommodating parents and babies during rehearsals for Get Happy . Livestreamed rehearsals have become a cornerstone of our efforts to demystify our creative process. During this period, over 13,000 people tuned into our livestreams, gaining insight into our research and development weeks, rehearsals, tech sessions, and auditions. Audiences shared “ It’s lovely to be invited into your rehearsal process ” and “ a great privilege to watch you all working, thank you ”.

Our podcast, Regrets, I’ve Had A Few , continued to gain popularity, experiencing a remarkable 188% increase in listens compared to figures from 2023-2023. Introducing ‘Ask an Idiot’, a new segment where listeners can pose questions to guests, has fostered a more interactive dialogue with our audience. Unlike traditional podcast formats that often result in one-sided conversations, this approach not only strengthens our listener base but also underscores the significance of audience participation, engagement, and feedback across all our activity.

In 2023-2024, research and development remained a pivotal focus as we explored new ideas for upcoming productions. We initiated a reading and subsequent week-long development phase for Carl Grose’s adaptation of The Cat and The Canary , a confirmed co-production with Chichester Festival Theatre in Autumn 2024. Additionally, research and development time was dedicated to a new production idea—a ‘meditation on grief’ infused with an Idiot's comedic twist.

Our impactful education and participation initiatives continued to thrive in 2023-2024, organized into five distinct categories: 1) Professional Development workshops, 2) Academic and Community workshops, 3) International engagements, 4) Projects, and 5) Doctor’s Surgeries.

A highlight of this period was the deepening collaboration with Open Theatre in Birmingham, renowned for their expertise in nonverbal physical theatre for young people with learning disabilities. From first working together on the film project The Silent Treatment in 2019, our partnership has evolved through ongoing workshops, culminating in a residency in 2023-2024 and collaboration on Leap Before You Look .

Other notable activities included workshops to welcome new students at Warwick University during Freshers' Week, conducting CPD workshops for teachers, and leading an after-school drama club at EIFA International School in London. This term-long club culminated in an abridged performance of A Midsummer Night’s Dream for students and parents at a local theatre.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Review of Charitable Activities (continued)

In addition, we provided four free workshops tailored for students with learning disabilities in West Midlands colleges, including Walsall College, Queen Alexandra College Harborne, and Liberty Jamboree Lichfield. These sessions introduced participants to Told by an Idiot and encouraged them to audition for Leap Before You Look , resulting in several auditionees securing places in the final ensemble, which compromised of performers both with and without disabilities.

Feedback from workshops across 23-24 included:

“The students really enjoyed it and I absolutely loved it, it was so helpful for them and for me. I would love to work with you again”

“The workshop was fantastic! We had such a great afternoon. [The workshop leader] was amazing. We all said afterwards she did an incredible job of making us feel super comfortable (even though she got us doing some rather silly things!!) and it was great how the exercises so naturally allowed us to be free and playful without feeling self-conscious. Lots of great techniques for our team to take into the classroom.”

In addition to our productions in Stoke-on-Trent during 2023-2024, we hosted a variety of community workshops for local groups. These included sessions with the New Vic Theatre’s Creativity and Dementia group, where medical students specialising in Dementia also participated. We conducted a SEND (special educational needs and disabilities) workshop in collaboration with Bentilee Volunteers, and offered theatremaking workshops with a LGBTQ+ group based in Stoke-on-Trent. Additionally, we engaged with Ages and Stages, the New Vic Theatre’s elders group, and facilitated workshops for Restoke’s youth groups. Feedback from these workshops included: “Brilliantly enjoyable day. Big Thanks” “I liked how engaging it was, I felt like it involved all of us”

Throughout 2023-2024, we sustained our acclaimed series of professional development workshops. This included our regular week-long workshop, The Role of the Director in the Devising Process , alongside other sessions such as Who’s Writing This Anyway? with co-founder John Wright , and a new workshop led by international theatremaker Jos Houben titled The Five Spaces .

We also experimented with online workshops, offering both Breaking Bard, an online Shakespeare workshop, and Life With The Dull Bits Cut Out, a workshop that delved into comedy and anarchy inspired by the world of film. Feedback for online workshops included: “I found the workshop easily accessible, a brilliant global group who all brought different perspectives and motives to the workshop, very invigorating and fun. What worked so well about it being online was that people from all the over the world could join, from the comfort and safety of their own homes and therefore all the more accessible.”

In 2023-2024, we maintained our commitment to inclusivity by providing bursary opportunities. This enabled 10 Deaf and/or disabled participants, as well as theatremakers from Wales, to attend our workshops—10 in person and 10 online—free of charge. This was made possible through the generous support of Trusts and Foundations that partnered with us this year.

We delivered an online workshop with the United Nations International School in New York, marking our international outreach. Looking ahead to 2024-2025, we are focused on expanding our global engagements further.

TOLD BY AN IDIOT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Fundraising Activities

As a result of successful fundraising campaigns in 2023-2024, we received a total of £18,313 in Trust and Foundation income.

We are grateful to the following funders for their support throughout 2023-2024:

Arts Council England Backstage Trust 26[th] May 1961 Charity John Thaw Foundation Joseph Hopkins and Henry James Sayer Foundation Edward and Dorothy Cadbury Trust GJW Turner Trust Eveson Trust Sir Barry Jackson Trust

Covid-19

The Trustees have reviewed the risks posed by the ongoing impact of Covid-19 on businesses globally and within the UK. The cultural sector, in particular, continues to face significant challenges, as highlighted in industry reports suggesting that a full recovery may take years or even decades, exacerbated by the resurgence of Covid-19 in early 2023. Theatres have not recovered from closures during the pandemic and audiences have not returned to prepandemic levels. Venues both in the UK and internationally continue to largely opt for 'safe' programming choices such as small-cast shows, beloved classics, and musical revivals to mitigate risks. Despite these challenges, Told by an Idiot maintains an optimistic outlook and has a strong track record of producing innovative new work and projects. However, navigating this new landscape in the coming years requires careful consideration of the best path forward.

Financial review

Principle Funding Sources

Told by an Idiot continues to be revenue funded by Arts Council England as a National Portfolio Organisation (NPO). The company also works in financial partnerships with other organisations/venues to create its productions and relies on Trust and Foundation funding for most of its projects.

Reserves Policy

It is the trustees’ policy to hold a sum not less than six months administration and overheads costs as a reserve. The trustees consider that this sum is sufficient to ensure that the company can meet financial obligations.

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Funds at 31 March 2024

The 2023-2024 annual budget was well managed and management accounts were submitted to the board quarterly for scrutiny. We successfully delivered activity across the year despite the continued after-effects of the pandemic making activity (touring in particular) extremely financially challenging. The year-end shows a surplus of £50,140 as opposed to an approved budget forecast deficit of (£3,679) (a £53,819 improvement against budget). A significant contributor to this included the Theatre Tax Relief claim at the higher rate of 25%, which was much higher than budgeted.

We have maintained our reserves this year whilst being able to implement the industry standard inflationary rise on staff wages and freelance fees. We continue to pay artists and practitioners fairly, ensuring we remain a recognised Living Wage Employer and we continue to follow and at times exceed the ITC/Equity guidelines.

The carried forward fund at 31 March 2024 is £268,998 (2023: £218,858) of which £157,575 is designated funds, £9,750 is restricted funds for the remainder of Leap Before You Look in 2024-2025, and £101,673 is free reserves.

Year on Year fluctuations

The cycle of development, production and touring means that earned income and costs of operation will undulate. This cycle in 2023-2024 remains interrupted by the after-effects of Covid-19 and so the ratio of funded:earned income has seen a continued necessary though uncomfortable spike in this year.

Restricted Funds

At the end of 23/24 we hold £9,750 restricted funds, for projects to be delivered in 2024-2025.

The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, present their report together with the financial statements of the charity for the year ended 31 March 2022. The Trustees have followed the requirements of the Statement of Recommended Practice (SORP) issued 2015.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J Dong M M Hassall T King A P Schmitz Prof S K Scott H E O'Hanlon Stanish S J Woolley F P Crewes A Shayek Mr S Burr S Fagon A Paines

(Appointed 3 May 2023 and retired 7 December 2023) (Retired 7 December 2023)

(Retired 7 December 2023) (Deceased 2 August 2023) (Appointed 7 November 2023) (Appointed 7 November 2023) (Appointed 7 November 2023)

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TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Constitution

The charity was incorporated on 10 June 1999 as a company limited by guarantee and is governed by its Memorandum and Articles of Association as amended by Special Resolution on 21 July 2009. The company was registered as a charity by the Charity Commission in England and Wales on 14 May 2001.

Recruitment and appointment of trustees

The management of the company is the responsibility of the Trustees, who are appointed under the terms of the Articles of Association. All members of the Board of Directors who have served for three years from the date of their election must retire. Having retired, a trustee can offer themselves for re-election provided they have served for a period of less than six years. A Trustee who has served six years must retire at the meeting which takes place at the end of their sixth year and shall not be eligible for re-election to the Board of Directors for at least one year. New Trustees are proposed by serving Trustees or the company’s executive team and elected with a majority vote by the Trustees.

Induction and training of trustees

An induction process has been established for new Trustees. Separate meetings are arranged with the Chair and executive team. In addition, Trustees are presented with a welcome pack, including Charity Commission guidelines, a list of board roles and responsibilities, the company business plan, company handbook and Memorandum and Articles of Association. Trustees are also offered the opportunity to attend training for board development.

Organisational structure

An Artistic Director (part-time), an Executive Director (part-time until 31 December 2023, full-time from 1 January 2024), a Producer (full-time), an Assistant Producer (part-time), and a Finance Manager (part-time) manage the everyday operations of the company. The executive team, made up of the Artistic Director and the Executive Director, report to the Trustees at quarterly board meetings. The Executive Director acts as Company Secretary to the board.

Related Parties

Trustee Justin Audibert is Artistic Director of the Unicorn Theatre where Told by an Idiot rents a small office space. (Retired as a Trustee in March 2023)

Risk Management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Members Liability

Every member of the charity undertakes to contribute to an amount not exceeding £1 to the assets of the charity in the event of winding up.

The trustees' report was approved by the Board of Trustees.

Prof S K Scott Chair

7 October 2024

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TOLD BY AN IDIOT

I report to the trustees on my examination of the financial statements of Told by an Idiot (the charitable company) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

J Howard FCA Azets Audit Services

2nd Floor Regis House 45 King William Street London EC4R 9AN

Dated: ......................... 29 October 2024

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STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and
legacies
2
181,701
9,750
Charitable activities
3
122,237
-
Investments
4
3,959
-
Total income
307,897
9,750
Expenditure on:
Raising funds
5
27,623
-
Charitable activities
6
233,614
6,270
Total expenditure
261,237
6,270
Net income/(expenditure)
for the year/
Net movement in funds
46,660
3,480
Fund balances at 1 April
2023
212,588
6,270
Fund balances at 31
March 2024
259,248
9,750		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
191,451
189,024
50,914
122,237
156,940
-
3,959
1,253
-
317,647
347,217
50,914
27,623
33,468
-
239,884
342,596
48,644
267,507
376,064
48,644
50,140
(28,847)
2,270
218,858
241,435
4,000
268,998
212,588
6,270		 Total
2023
£
239,938
156,940
1,253
398,131
33,468
391,240
424,708
(26,577)
245,435
218,858

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 13 - 344
Current assets
Debtors 14 52,396 28,701
Cash at bank and in hand 272,414 219,903
324,810 248,604
Creditors: amounts falling due within
one year 15 (55,812) (30,090)
Net current assets 268,998 218,514
Total assets less current liabilities 268,998 218,858
Income funds
Restricted funds 17 9,750 6,270
Unrestricted funds
Designated funds 18 157,575 122,000
General unrestricted funds 101,673 90,588
259,248 212,588
268,998 218,858

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

7th October 2024

The financial statements were approved by the Trustees on .........................

.............................. Prof S K Scott Trustee

Company registration number 03786895

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Told by an Idiot is a private company limited by guarantee incorporated in England and Wales. The registered office is Unicorn Theatre, 147 Tooley Street, London, SE1 2HZ, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing documents, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2 Going concern

After reviewing the charity’s forecasts and projections and taking into account the economic conditions and possible changes in trading performance, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing the financial statements.

The trustees have also considered the impact of the COVID-19 pandemic lockdown on the future viability of the charity. Although there has been some recovery within the industry, the impact on touring is still apparent. Both international and UK venues are taking a much more cautious approach to programming than prepandemic. Budgets for the coming year have been prepared which support the view that the financial statements should be prepared on a going concern basis.

Consequently, the trustees have a reasonable expectation that the charity will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future and therefore have prepared the financial statements on a going concern basis.

1.3 Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company.

TOLD BY AN IDIOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.4 Income

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

Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

1.5 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 are allocated on the portion of the asset’s use.

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 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 are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

All assets costing more than £500 are capitalised.

1.6 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.

1.7 Taxation

The charity is exempt from corporation tax in respect of income to the extent that such income is applied exclusively to charitable purposes.

1.8 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

Straight line over three years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

TOLD BY AN IDIOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.9 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.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 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.

1.12 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

1.13 Retirement benefits

The charity contributes to personal pension plans and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Grants
179,310
9,750
Donations
2,391
-
181,701
9,750		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
189,060
187,279
50,914
2,391
1,745
-
191,451
189,024
50,914		 Total
2023
£
238,193
1,745
239,938

TOLD BY AN IDIOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Charitable activities

Theatrical Education/ Total Theatrical Education/ Total
Productions participation 2024 Productions participation 2023
2024 2024 2023 2023
£ £ £ £ £ £
Sales within charitable
activities 96,733 25,504 122,237 141,502 15,438 156,940

4 Investments

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Bank deposit interest 3,959 1,253
5 Raising funds
**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Direct costs 258 575
Support costs 27,365 32,893
Fundraising and publicity 27,623 33,468
27,623 33,468

TOLD BY AN IDIOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Charitable activities

Programme
Programme
Costs Costs
2024 2023
£ £
Theatre 36,246 212,950
R&D 18,584 13,129
Education 10,545 6,088
65,375 232,167
Share of support costs (see note 8) 169,380 156,015
Share of governance costs (see note 8) 5,129 3,058
239,884 391,240
Analysis by fund
Unrestricted funds 233,614 342,596
Restricted funds 6,270 48,644
239,884 391,240

7 Independent Examiner’s remuneration

Legal and Professional costs include Independent Examiner’s remuneration which amounts to a fee of £2,750 (2023: £2,700)

TOLD BY AN IDIOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8
Support costs
Support
costs
Governance
costs
£
£
Staff costs
149,863
-
Depreciation
344
-
Other Costs
8,915
-
Rent
12,000
-
Website
5,798
-
Insurance
2,218
-
Storage
10,123
-
Bank Charges
225
-
I.C.T
3,351
-
Travel
529
-
Postage and Stationary
1,154
-
Legal and professional
-
5,065
Board Costs
-
178
194,520
5,243
Analysed between
Fundraising
27,365
-
Charitable activities
167,155
5,243
194,520
5,243
9
Net movement in funds
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets		 2024Support costs Governance
costs
£
£
£
149,863
146,389
-
344
342
-
8,915
10,499
-
12,000
12,000
-
5,798
6,710
-
2,218
2,346
-
10,123
6,766
-
225
223
-
3,351
2,215
-
529
287
-
1,154
1,131
-
5,065
-
2,763
178
-
295
199,763
188,908
3,058
27,365
32,893
-
172,398
156,015
3,058
199,763
188,908
3,058
2024
£
344		 2023
£
146,389
342
10,499
12,000
6,710
2,346
6,766
223
2,215
287
1,131
2,763
295
191,966
32,893
159,073
191,966
2023
£
342

During the year, no trustees received any remuneration (2023: £nil).

During the year, no trustees received any benefits in kind (2023: £nil).

During the year, no trustees received any reimbursement of expenses (2023: £nil).

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.

TOLD BY AN IDIOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11 Employees

The average monthly number of employees during the year was:

Production
Artistic directors
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
3
1
4
2024
£
143,842
3,332
2,689
149,863		 2023
Number
4
1
5
2023
£
138,565
4,600
3,224
146,389

No employee received remuneration amounting to more than £60,000 in either year.

In the year ended 31 March 2024, staff costs included sums paid to actors and technical personnel engage for specific productions. The key management personnel of the charity are the Artistic Director and Executive Director. Remuneration and benefits received by key management personnel amounted to £77,807 (2023: £79,305).

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

TOLD BY AN IDIOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13 Tangible fixed assets

Cost
At 1 April 2023
At 31 March 2024
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
At 31 March 2024
Carrying amount
At 31 March 2023
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 Fixtures and fittings
£
8,866
8,866
8,522
344
8,866
344
2024
2023
£
£
21,351
25,584
31,045
3,117
52,396
28,701
2024
2023
£
£
469
10,908
37,665
6,973
633
680
17,045
11,529
55,812
30,090		 Fixtures and fittings
£
8,866
8,866
8,522
344
8,866
344
2024
2023
£
£
21,351
25,584
31,045
3,117
52,396
28,701
2024
2023
£
£
469
10,908
37,665
6,973
633
680
17,045
11,529
55,812
30,090
8,866
8,522
344
8,866
344
2023
£
25,584
3,117
28,701
2023
£
10,908
6,973
680
11,529
30,090

14 Debtors

15 Creditors: amounts falling due within one year

16 Retirement benefit schemes

Defined contribution schemes

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £2,689 (2023: £3,224).

TOLD BY AN IDIOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balacnes of donations and grants held on trust for specific purposes: Received in 23/24 to be spent on Leap before you look in 24/25: £2,000 Sir Barry Jackson Trust; £5,000 Eveson Trust; £1,000 GJW Turner Trust; £1,000 E&D Cadbury Trust; £750 Hopkins Sayer Foundation

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources
Balance at
1 April 2022 resources expended 1 April 2023 resources expended 31 March 2024
£ £ £ £ £ £ £
Project
Grants 4,000 50,914 (48,644) 6,270 9,750 6,270 9,750

The funds are held in accordance with the charity's policy on reserves, as set out in the Trustees' Report.

18 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2022
Resources
expended
Balance at
1 April 2023
£
£
£
Administration and Overhead
92,000
-
92,000
Creative Resilience
30,000
-
30,000
Seven Deadly Idiots
2,200
(2,200)
-
Hidden Giants
1,000
(1,000)
-
Digital income generating initiative
-
-
-
Leap before you look
-
-
-
R&D
-
-
-
Bursary places
-
-
-
125,200
(3,200)
122,000		 Transfers
Balance at
31 March 2024
£
£
10,840
102,840
-
30,000
-
-
-
-
10,000
10,000
2,000
2,000
4,735
4,735
8,000
8,000
35,575
157,575		 Transfers
Balance at
31 March 2024
£
£
10,840
102,840
-
30,000
-
-
-
-
10,000
10,000
2,000
2,000
4,735
4,735
8,000
8,000
35,575
157,575
157,575

The above funds are held in accordance with the charity's policy on reserves, as set out in the Trustees' Report.

Four new funds were designated at 31/03/24 for the completion of four projects in 24/25.

TOLD BY AN IDIOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

19
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2024
2024
£
£
Fund balances at 31
March 2024 are
represented by:
Tangible assets
-
-
Current assets/(liabilities)
268,998
-
268,998
-		 Total Unrestricted
funds
Restricted
funds
2024
2023
2023
£
£
£
-
344
-
268,998
214,514
4,000
268,998
214,858
4,000		 Total
2023
£
344
218,514
218,858

20 Related party transactions

There were no disclosable related party transactions during the year (2023: none).

21 Members Liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she ceased to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.