2025-01-31-accounts

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Company Registration No. 07897118 (England and Wales) Charity Registration No. 1147372

Belarus Free Theatre Trustees’ Annual Report and Financial Statements For The Year Ended 31 January 2025

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BELARUS FREE THEATRE

CONTENTS

	Page
Reference and Administrative Details	3
Trustees’ Annual Report	4
Independent Auditor’s Report	16
Statement of Financial Activities	21
Balance Sheet	22
Statement of Cashflows	23
Notes to the Financial Statements	24

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BELARUS FREE THEATRE

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees	M J Attenborough
	M F Ball
	T J Clark
	H A Kennedy
	D M Lan
	D J Law
	M F Miller
	A Stanley
	L J Wade
	S West
Registered Office	c/o Young Vic Theatre
	66 The Cut
	London
	SE1 8LZ
Company Registration Number	07897118
(England and Wales)
Charity Registration Number	1147372
Bankers	HSBC Bank plc
	28 Borough High Street
	Southwark
	SE1 1YB
Auditors	Saffery LLP
	71 Queen Victoria Street
	London
	EC4V 4BE

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BELARUS FREE THEATRE

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2025

The trustees, who are also directors for the purposes of the company law, present their report and the financial statements for the year ended 31 January 2025.

The company is a registered charity, registered number 1147372, limited by guarantee. The company is incorporated under the Companies 2005 and is governed by its Articles and Memorandum of Association dated 4 January 2012.

Structure, Governance and Management

The company was formed on 4[th] of January 2012. The company’s principal activity is to advance the arts for the public benefit by the promotion in particular, but not exclusively, of the art of drama. The company was registered as a charity of 22 May 2012.

Trustees are recruited and appointed in accordance with the organisation’s governing document and mission statement, and with relevant legislation. Before new trustees are appointed the Board determines what new attributes and knowledge are needed and then complies a profile.

Trustees

The trustees in post at any point between 1 February 2024 and to the date of signing were as follows:

M J Attenborough M F Ball J Bierman (resigned October 2024)

T J Clark H Kennedy D M Lan D J Law M F Miller A Stanley L J Wade

S West

Objectives

Belarus Free Theatre (BFT) is a UK-based, international, award-winning theatre company founded on the principle of freedom of speech and artistic expression. The charity’s objectives, as set out in its Articles of Association, are to advance the arts for the public benefit by the promotion, but not exclusively, of the art of drama.

The company has historically worked with both a permanent ensemble based in Belarus and an international ensemble composed of UK and global artists. In response to escalating repression,

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the majority of the Belarus-based ensemble relocated to the UK and Poland in November 2021 for their safety.

Maintaining its cross-border approach, BFT continues to champion human rights through theatre and education. Its productions confront urgent, lived realities whether drawn from personal testimony or reinterpreted from classical texts through a contemporary political lens. Through its transnational initiatives and educational programmes, BFT empowers individuals to find and raise their voices, fostering deeper civic engagement across communities, generations, and geographies.

Review of Activities and Achievements

In 2023, Belarus Free Theatre officially relocated its headquarters to Somerset House, London, marking a new chapter in its UK operations. While it remains an Associate Company of the Young Vic Theatre, BFT no longer receives in-kind support from the Young Vic—previously offered in the form of office space, IT services, support staff, and telecommunication infrastructure.

From its new base at Somerset House, the UK office now solely coordinates all charitable activities both domestically and internationally. These include the organisation of creative residencies, performances, and tours; the development of local and international partnerships; the delivery of human rights-focused artistic programmes; and all fundraising efforts supporting the company’s work in the UK and with exiled Belarusian communities.

Having entered its tenth year as a registered UK charity, Belarus Free Theatre continued in 2024–25 to deliver high-impact cultural and civic programmes across borders, in pursuit of its mission to promote freedom of artistic and political expression.

Review of Activities and Achievements for 2024/2025

By 2024, the majority of Belarus Free Theatre’s core company had successfully resettled in either the United Kingdom or Poland, with many of our Ukrainian collaborators continuing to work from within Ukraine despite the ongoing war. This international repositioning has allowed the company to maintain its creative and political momentum while deepening its engagement with displaced communities across borders.

King Stakh’s Wild Hunt

The company started the year with strong critical acclaim, with Belarus Free Theatre being honoured with a nomination for Outstanding Achievement in Opera at the Olivier Awards for King Stakh’s Wild Hunt , the company’s first-ever opera and a milestone new production developed over a four-year period. Sung in Belarusian and created in collaboration with exiled Belarusian and Ukrainian artists, the opera represents a landmark achievement in contemporary political performance. It was celebrated for its daring artistic vision, powerful storytelling, and preservation of national cultural heritage in the face of repression and displacement. Aside

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from Olivier nomination, King Stakh’s Wild Hunt was nominated for four Stage Debut awards across four different categories.

KS6: Small Forward

In 2024, the company focused its efforts on the development and production of KS6: Small Forward , a new theatre piece created in collaboration with Katsiaryna Snytsina, captain of the Belarusian national basketball team who spoke out against repression following the 2020 elections and was forced into exile, subsequently becoming a major cultural figure of resistance. The production marked Katsiaryna’s transition from elite athlete to stage performer, as she took on the role of herself to tell her personal story of resistance and reinvention.

The show premiered at New York’s La MaMa Theatre in 2024 and had its UK premiere at the Barbican, London in February 2025 before touring internationally. All tickets for the Barbican run were sold out well in advance, demonstrating the strong demand for politically engaged theatre and the growing recognition of Belarus Free Theatre’s work among UK audiences. As a central pillar of Belarus Free Theatre’s 20th anniversary season, the production not only celebrates personal resilience and queer visibility but also underscores the company’s commitment to artistic freedom, democratic resistance, and storytelling that defies borders.

KS6: Small Forward is a genre-defying theatrical event based on the true story of Katsiaryna Snytsina, an elite Belarusian basketball player, Olympic competitor, and outspoken dissident who takes on the lead role to tell her own story. For the first time in the company’s history, Belarus Free Theatre turned its gaze toward the world of professional sport to explore the lived experience of one of Belarus’s most prominent athletes, tracing her rise to international acclaim and her courageous decision to speak out against the Lukashenka dictatorship.

The production invites audiences into the emotionally and physically charged world of professional basketball, using the structure and intensity of a live match to tell a personal story of triumph, exile, and reinvention. The stage becomes a symbolic court where Katya relives the highs and lows of her 20-year athletic career, which included competing in two Olympic Games, taking bronze at EuroBasket, and ranking among the Top Three scorers in women’s EuroCup history. But her journey took a dramatic turn in 2020, following Belarus’s rigged presidential elections and subsequent violent crackdown on peaceful protesters.

In protest of the regime’s brutality, Katsiaryna made the historic decision to resign from the national basketball team and publicly denounce the dictatorship—becoming the first and only well-known Belarusian athlete to do so. Forced into exile, she relocated to London, where she continued her career with the London Lions and ultimately led the team through a recordbreaking season in 2023/24. Her final year on the court culminated in five major trophies, including the prestigious EuroCup title, making the Lions the first-ever British team to win a top European championship.

As Katya prepared to retire from professional sport, she joined Belarus Free Theatre to bring her story to the stage. KS6: Small Forward was developed through a year-long process of interviews, physical training, and collaborative dramaturgy, led by BFT’s co-founders Nicolai

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Khalezin and Natalia Kaliada. The result is a powerful and deeply personal production that merges documentary theatre with live music, movement, and political commentary. Katya was joined on stage by DJ and composer Blanka Barbara whose original score energises the piece with pulsing, propulsive beats, transforming the theatre into a dynamic, emotionally immersive space.

The performances in New York sold-out audience and included a post-show discussion featuring Katya Snytsina, Belarus’s opposition leader Sviatlana Tsikhanouskaya, and Natalia Kaliada, moderated by U.S. journalist Margaret Hoover. The event attracted significant attention from the Belarusian and Ukrainian diasporas, international human rights organisations, and the media, solidifying BFT’s reputation as a leading voice in political theatre on the global stage, while being recorded for Margaret’s show Firing Line, which was broadcasted on PBS network.

KS6: Small Forward Documentary

Running in parallel with the stage production of KS6: Small Forward , Belarus Free Theatre is producing a feature-length documentary film that captures the extraordinary personal and political journey of Katsiaryna Snytsina. The film traces Katya’s evolution from elite basketball player and Olympic athlete to dissident and debut stage performer, offering a rare and intimate portrait of a woman redefining herself under exile.

Filmed across the UK, Poland, Turkey and the United States, the documentary charts the final year in Katsiaryna’s basketball career, seeing her reach the EuroCup finals with her new team, the London Lions, and make basketball history one final time as they became the first ever UK team to get EuroCup. At the same time the documentary records the creative process behind KS6 , documenting rehearsals, physical training, and dramaturgical development, while also exploring the emotional terrain of starting over in a new career and a new country.

At the heart of the film is the question: what happens when a national sports icon risks everything to stand up for truth? With exclusive behind-the-scenes footage and first-hand testimony, the documentary offers a powerful counterpoint to the live performance. Where the stage show is charged with adrenaline, choreography, and immediacy, the film allows space for reflection, memory, and the psychological cost of courage. It also documents a much longer recording of career change, the costs of committing your public story to public benefit and the true sportsmanship spirit in some of Europe’s most challenging championships.

The film is currently in post-production and is scheduled to premiere at a major international festival in early 2026. It will be accompanied by a global impact campaign designed to engage sports communities, LGBTQ+ audiences, and human rights advocates.

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Belarus Free Theatre and Education Projects

No Exit

As a result of Belarus Free Theatre’s enforced relocation from Belarus, the company’s underground theatre laboratory, Fortinbras , which had operated clandestinely for over a decade, was re-established in Warsaw, Poland. This shift marked not only a change in location, but also a transformation in structure and purpose. The laboratory evolved into a vital creative hub for displaced Belarusian and Ukrainian youth, who began approaching the company in the aftermath of Russia’s full-scale invasion of Ukraine with requests to engage in creative training and expression.

As a result of this success, the latest piece No Exit, was made with next generation of young performers. As new young people join the cast, bringing fresh stories and generational perspectives—including those of the first wave of Gen Alpha contributors—the show’s form and focus continue to shift. This ever-developing nature reflects BFT’s long-term commitment to working with the Belarusian and Ukrainian diasporas in exile, even while based in Poland.

No Exit is the newest original production to emerge from Belarus Free Theatre’s ongoing work with displaced young people, following the success of Postchildhood . Rooted in the lived experiences of refugee youth in Poland and the UK, the play tells the story of Dasha and Mikita are two teenagers who first meet at a refugee centre after fleeing the war in Ukraine. Haunted by the trauma of separation and loss, Dasha is desperate to find her missing grandmother, who vanished after searching for the family cat that ran away during their evacuation. Mikita offers to help her, sparking a bond that slowly deepens as both young people are relocated to London. There, amidst the alien rhythms of a new city, their relationship becomes a lifeline, but also a mirror, reflecting the emotional scars they carry.

No Exit explores the question at the heart of displacement: can one truly begin again after losing everything? Through Dasha and Mikita’s journey, the production examines the emotional and psychological weight of forced migration, the silent burden of survivor’s guilt, and the fragile hope that can exist even in isolation.

While the setting shifts from war-torn memories to an unfamiliar present, the play remains anchored in the inner lives of its protagonists. Their story unfolds with raw honesty, underscoring how grief, love, and loneliness often exist side by side. As they search for stability, they also search for meaning and for each other.

Like Postchildhood , No Exit places young voices at the centre of the narrative, challenging audiences to confront the human realities behind headlines and statistics. It is a story of rupture and resilience, an intimate portrait of two young people learning how to move forward when there’s seemingly nowhere left to go.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025

Audience Statistics

Show	Total Performances	Total Audience
KS6: Small Forward	32	8,320
No Exit	10	1,100
Total	42	9,420

Despite a decrease in the total number of audiences during the 2024/25 financial year, the number of shows shown live this year have significantly exceeded the previous financial year. This growth is largely attributed to the company’s international touring programme and its continued operation outside of Belarus. Following the success of our large-scale productions which bring large viewership despite fewer shows, we wanted to focus on our roots and present a brand new smaller scale production, KS6 . At the same time the audience within Belarus remains a key priority for the company through consistent online programming aimed at audiences otherwise deprived of independent, non-state sponsored cultural product. This year the online version of KS6 was released at a later date falling into the next financial year, so the numbers on that are not yet released.

Digital Projects

Free Kuhar (Kitchen Revolution)

In 2024/25, Belarus Free Theatre continued to build on the success of its growing multimedia platform Перетрем с Халезиным ( Kitchen Revolution ), an online series that has become a vital space for open, uncensored conversation among Belarusians in exile and those still inside the country. Rooted in the symbolic tradition of the Soviet kitchen as a private space for truthtelling and dissent, the project reclaims the kitchen table as a civic stage - one where dialogue, disagreement, and resistance unfold with intimacy and purpose.

Hosted by BFT’s co-founder Nicolai Khalezin, Kitchen Revolution features longform conversations with prominent Belarusian and international guests, including artists, intellectuals, journalists, political figures, and cultural leaders. Since its launch, the series has amassed over 4 million views on YouTube and has become a trusted platform for those seeking insight, critical reflection, and shared experience outside the state-controlled narrative.

Over the past year, the series expanded its thematic scope while maintaining its core mission: to create a space for authentic public discourse in a time of repression and exile. Discussions explored a wide range of topics including personal freedom, exile, the role of the artist in political life, intergenerational trauma, and the continued erosion of civil liberties under authoritarianism. These episodes provided not only reflection, but a sense of continuity, solidarity, and belonging for Belarusians navigating life in forced displacement.

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This extension of the series underscores the breadth of cultural life that continues to resist authoritarianism in Belarus. By offering clergy and religious thinkers a platform to speak openly about the intersection of faith, conscience, and civic responsibility, Kitchen Revolution amplifies voices that are both culturally significant and politically courageous.

Unlike traditional media formats, Kitchen Revolution remains deliberately conversational and unfiltered. Its aesthetic reflects the everyday settings in which truth is often told in kitchens, living rooms, cafés; spaces where political theory and personal experience meet. This approach has helped the platform resonate deeply with its audience, creating a sense of shared understanding among viewers who may be physically scattered but emotionally united.

As Belarus Free Theatre continues its work in exile, Kitchen Revolution plays an essential role in maintaining an independent Belarusian public sphere. It is not simply a media project but an evolving cultural archive documenting voices of resistance, memory, and imagination at a time when history is being actively erased. The series will remain a central part of the company’s public-facing work as it moves into its third decade.

Online Audiences

Platform	Followers/subscribers Jan 2024	Followers/subscribers Jan 2025
Twitter	17k	15.1k
Instagram	7,730	7,523
Youtube	3,621	3,623

During the 2024/25 financial year, the official social media accounts of Belarus Free Theatre experienced a decline in follower numbers, particularly on Instagram. This was largely due to an evolving digital risk environment in certain regions, where following specific accounts may result in personal repercussions for users. In response, the company issued proactive guidance to its audience to ensure their digital safety and well-being. While this led to a noticeable drop in Instagram subscribers, it did not affect overall engagement with the company’s content, particularly the flagship YouTube series Free Kuhar , which continued to attract a growing and consistent viewership throughout the year.

International Press Coverage

Belarus Free Theatre’s 20[th] anniversary and the production of KS6: Small Forward brought an unprecedented wave of international media coverage during the 2024/25 financial year.

KS6: Small Forward received glowing reviews across major outlets. The Financial Times described it as a “ slam-dunk of a show: a vibrant, intimate story of political awakening ,” noting that the production channels the upbeat atmosphere of a basketball game while addressing painful realities under authoritarian rule. The Guardian praised the work for its “high-energy, busy format” with interactive elements and playful yet powerful performance by

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Katsiaryna Snytsina, who “brings a rangy authenticity” as she recounts her transition from Olympic athlete to an outspoken exile.

The TheatreHub called it a theatrical experience played “almost like a basketball match with timeouts and half-time entertainments,” emphasizing the kinetic energy of the five-strong cast and noting that “there’s no denying the energy” of the staging. In New York, New York Theater observed that “a globe-trotting professional basketball player and Olympian… awoke to the terror happening in her native land,” remarking that Snytsina’s story is not only engaging but urgent.

TheatrePizzazz hailed BFT as “the bravest theatre company on the planet,” describing the show as an uplifting David-versus-Goliath narrative with “arresting artistry” and noting that director Natalia Kaliada summarized the production’s ethos succinctly as “The main trophy is freedom”

The World programme (PBS) ran a feature titled Belarusian play starring Olympic basketball player sheds light on life under a repressive regime , which described Snytsina’s journey from professional athlete in London to dissident in exile and highlighted how KS6 “tells the story of an Olympic basketball star from Belarus who becomes a dissident and comes out as gay” through the theatre medium. Outsports covered her high-profile status in the LGBTQ+ community under Belarus repression, referring to her as an “extremist lesbian” and underscoring the personal cost of her expression and activism.

In addition to production reviews, broader profiles on Belarus Free Theatre and its founders underscored their enduring impact. The Financial Times , reflecting on BFT’s 20-year history, affirmed that the company “fearlessly produced political theatre that challenges oppression” and highlighted KS6 as a fitting centrepiece given Lukashenka’s re-election as part of a regime described as deeply repressive.

Artistic Directors and ensemble members were continuously featured on various programmes, both Belarusian and International including PBS’s Firing Line in discussions about dictatorship, resistance, and the role of art and sport in political activism, thus covering both print and visual material.

Future Plans

Looking ahead, Belarus Free Theatre will continue to build on the success of its international touring and creative programming, with a particular focus on expanding the reach and impact of KS6: Small Forward .

In parallel, the company will complete the post-production of its feature-length documentary based on KS6 , charting Katsiaryna Snytsina’s transformation from professional athlete to political exile and performer. The film is expected to premiere at a major international festival by early 2026, accompanied by an outreach and impact campaign focused on sport, LGBTQ+ rights, and artistic freedom.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025

The company also plans to continue the development of its youth-led exile theatre work, including new iterations of Postchildhood and PostEscape , expanding the programme to include new contributors from the next generation of displaced Belarusian and Ukrainian communities in Poland.

In addition, Belarus Free Theatre has begun the early stages of development for its major new installation with aims for eventual participation in Venice Biennale. The production of this ambitious, multidisciplinary work will take place over an extended period from 2026 through 2028, allowing for a dynamic artistic process and long-term development. This project is intended to serve not only as a landmark cultural intervention, but as a foundational step toward ensuring consistent independent Belarusian participation in major international art forums, beginning with the Biennale and extending into future global exhibitions.

Public Benefit

In planning the activities of the Charity, the Trustees have given due regard to the Charity Commission’s guidance on public benefit. The trustees believe that the activities of the charity in the year confirm its ability to provide current and on-going benefit to the public.

Belarus Free Theatre continues to work across borders, increasing its accessibility to audiences around the world – both through international performing and the development of its digital work.

The company continues to work with international talent in order to raise awareness of global issues through its outstanding, critically acclaimed theatre productions. It continues its unique and exceptional outreach work with young people in the UK, Poland and around the world.

Financial Review

In 2024/25 Belarus Free Theatre expenditure was £1,559,537 (2024: £2,141,047). The decrease in the total expenditure can be attributed to the different nature of production made this financial year, the smaller scale meant lower costs across all categories and less people contracted and employed.

Staff and personnel expenditure at £296,058 (2024: £291,867) was higher than in the previous years and equated to 19% (2024: 14%) of its total generated expenditure.

Fundraising was able to maintain the high standards set out by previous years with the fundraising efforts leading to donations and grants of £1,063,307 (2024: £1,055,171), approximately 74% (2024: 89%) of the total income of £1,444,357 in the year (2024: £1,186,478).

Reserves Policy and Risk Management

The Trustees assess the risks facing the Charity at Board meetings and ensure that appropriate systems and procedures are in place to mitigate them. The key risks identified fall broadly into

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two areas: the security of personnel and property, and the ability to secure sufficient resources to deliver the Charity’s objectives.

Due to the nature of the Charity’s work, the security of staff and assets remains a central concern. This is managed through regular reviews of the security situation in all regions where the Charity operates, along with ongoing training and clear safety protocols for all company members.

The second major area of risk relates to financial sustainability. The Charity mitigates this risk through a diverse fundraising strategy, which is regularly reviewed by the Trustees. This includes a mix of institutional grants, private donations, earned income, and in-kind support, allowing the organisation to respond flexibly to changes in the external funding environment.

It is the policy of the Trustees for the Charity to maintain sufficient reserves to enable continued operation for at least three months in the event of a shortfall in income. At the balance sheet date, the Charity held free reserves, defined as unrestricted funds not committed to specific projects of £280,168 (2024: £139,723). This level of reserves is considered sufficient to support the Charity’s essential operations.

The Trustees continue to exercise caution in financial planning. Specific projects are only undertaken once confirmed funding is in place, ensuring the Charity remains financially stable while delivering its mission effectively.

Fundraising

The Trustees take their obligations under the Charities (Protection and Social Investment) Act 2016 seriously and are committed to ensuring that all fundraising activity is conducted transparently, ethically, and in accordance with best practice.

As of the 2024/25 financial year, Belarus Free Theatre has not employed any external fundraising agencies. All fundraising activities have been carried out directly by the Charity’s core team, including senior leadership and the Board of Trustees. This includes the preparation of funding proposals, the cultivation of donor relationships, and the coordination of grant compliance and reporting.

While the Charity is not currently registered with the Fundraising Regulator, its approach is guided by the principles outlined in the Fundraising Regulator’s Code of Fundraising Practice. The Charity applies these standards internally to ensure all fundraising is responsible, respectful, and in line with public expectations.

Fundraising activity is regularly monitored by the Executive Director, with oversight and review provided by the Board of Trustees at each quarterly meeting. This includes discussion of income generation strategy, risk management, and any ethical considerations relating to prospective or existing donors.

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Belarus Free Theatre received no complaints in relation to fundraising during the 2024/25 financial year.

The Trustees remain particularly mindful of the need to safeguard vulnerable individuals in all communications. The Charity does not engage in cold calling, door-to-door fundraising, or any form of high-pressure solicitation. All public-facing materials are reviewed for clarity and sensitivity, and supporters are provided with easy opt-out mechanisms. Personal data is handled in full compliance with GDPR and data protection policies.

The Trustees remain committed to maintaining the highest standards of integrity and accountability in all fundraising activities and will continue to ensure that the Charity’s practices reflect both legal obligations and the trust placed in it by its supporters.

Going Concern

The Trustees have reviewed the Charity’s financial position for the 2024/25 financial year, taking into account the levels of reserves and cash held at the balance sheet date. They remain confident that Belarus Free Theatre is in a position to manage its operational and financial risks effectively, and that it retains the flexibility to proceed with project delivery only when confirmed funding is in place.

The Trustees recognise that fluctuations in the timing of income receipts from funders are an ongoing feature of the Charity’s operating model. In light of this, the organisation continues to actively manage cash flow and implement scenario-based budgeting to ensure it remains resilient in the event that projected income targets are not met in full or are delayed.

Looking ahead, the Trustees also acknowledge the increasing complexity of large-scale international productions, such as previous productions of King Stakh Wild Hunt and Dogs of Europe and welcome the adapted mixed approach of touring smaller production such as KS6: Small Forward along larger projects such as the Venice Biennale installation, which involve cross-border logistics, new commissions, and collaboration with artists in exile. These projects may entail elevated production costs in the short term, but are part of the Charity’s strategic vision.

To strengthen financial sustainability, the Trustees will continue to assess the Charity’s reserves policy and determine an appropriate minimum level of free reserves required to reliably cover core operating costs.

Accordingly, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. They are satisfied that there are no material uncertainties that would cast significant doubt on the Charity’s ability to continue, and therefore continue to adopt the going concern basis of accounting in preparing the annual accounts.

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Remuneration

The Charity’s remuneration policy is determined by the Executive Management Team, comprising the Artistic Directors and the Executive Director, and is reviewed by the Board of Trustees as part of the regular financial oversight conducted at each Board meeting. The Board holds responsibility for reviewing, recommending, and approving any changes to the salaries of the Executive Team.

Directors’ Responsibilities

The trustees (who are directors of Belarus Free Theatre for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

• Select suitable accounting policies and apply them consistently;

• Observe the methods and principles of Charities SORP;

• Make judgments and estimates that are reasonable and prudent;

• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at the time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to smaller companies. Signed on behalf of the board:

M Ball Trustee 27 October 2025 Date………………………….

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF BELARUS FREE THEATRE

Opinion

We have audited the financial statements of Belarus Free Theatre for the year ended 31 January 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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:

• give a true and fair view of the charitable company’s state of affairs as at 31 January 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the Companies Act 2006.

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

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

Material uncertainty related to going concern

We draw attention to Note 1.2 in the financial statements, which outlines the trustees’ assessment of the charity’s financial position and future cash flow projections. While the trustees have a reasonable expectation that the charity has adequate resources to continue its activities for a period of at least twelve months from when the financial statements are authorised for

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issue, their assessment highlights that a significant proportion of budgeted income is derived from donations, the timing of which is inherently uncertain. This uncertainty has led to delays in the receipt of funding and actual financial performance falling short of budgeted expectations. As a result, a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Trustees’ Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Trustees’ Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Report.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 15, the trustees (who are also 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 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 charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

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 auditor’s 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

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We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include the Companies Act 2006, the Charities Act 2011 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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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 auditor’s 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

28 October 2025

Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditors

71 Queen Victoria Street London EC4 V 4BE

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) FOR THE YEAR ENDED 31 JANUARY 2025

				2025	2024
		Unrestricted	Restricted	Total	Total
	Notes	Funds	Funds	Funds	Funds
		£	£	£	£
Income and endowments from
Grants and donations	2	945,893	117,414	1,063,307	1,055,171
Charitable activities	3	381,050	-	381,050	131,307
Total income		1,326,943	117,414	1,444,357	1,186,478
Expenditure on
Raising funds	4	51,318	-	51,318	54,465
Charitable activities	5	1,053,956	454,263	1,508,219	2,086,582
Total expenditure		1,105,274	454,263	1,559,537	2,141,047
Net incoming/(outgoing) resources before transfers		221,669	(336,849)	(115,180)	(954,569)
Transfers between funds				-	-
Net incoming/(outgoing) resources for the year		221,669	(336,849)	(115,180)	(954,569)
Balances brought forward at January 2024	31	139,723	336,849	476,572	1,431,141
Balances carried forward at	31
January 2025	12	361,392	-	361,392	476,572

All of the above results are derived from continuing operations and include all gains and losses recognised in the period. The notes on pages 24 to 35 form part of these financial statements. A full comparative statement of financial activities is included at note 15.

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BALANCE SHEET AS AT 31 JANUARY 2025

Notes Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Net assets Funds Unrestricted 12, 14 Restricted 12, 14	2025 £ 2024 £ 356,192 21,907 99,147 596,508
	455,339 618,415
	(93,947) (141,843) 361,392 476,572
	361,392 476,572
	361,392 139,723 - 336,849
	361,392 476,572

Approved by the Board of Trustees on and signed on its behalf by 27 October 2025

---

M Ball Trustee

Belarus Free Theatre - Company Registration No. 07897118 (England and Wales).

The notes on pages 24 to 35 form part of these financial statements.

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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025

2025 2024 £ £ Net cash (used by)/provided by operating activities (see below) (497,361) (871,539) Change in cash and cash equivalents in the reporting period (497,361) (871,539) Cash and cash equivalents at 1 February 2024 596,508 1,468,047 Cash and cash equivalents at 31 January 2025 99,147 596,508 Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 £ £ Net movement in funds for the reporting period (115,180) (954,569) Adjustments for: (Increase)/ decrease in debtors (334,285) 30,348 (Decrease)/ Increase in creditors (47,896) 52,682 Net cash provided by operating activities (497,361) (871,539) Analysis of changes in net debt 1 February 2024 Net cash flows 31 January 2025 £ £ £ Cash at bank 596,508 (497,361) 99,147 Net debt 596,508 (497,361) 99,147 Analysis of cash and cash equivalents 2025 2024 £ £ Cash at bank 99,147 596,508 99,147 596,508	2025 2024 £ £ Net cash (used by)/provided by operating activities (see below) (497,361) (871,539) Change in cash and cash equivalents in the reporting period (497,361) (871,539) Cash and cash equivalents at 1 February 2024 596,508 1,468,047 Cash and cash equivalents at 31 January 2025 99,147 596,508 Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 £ £ Net movement in funds for the reporting period (115,180) (954,569) Adjustments for: (Increase)/ decrease in debtors (334,285) 30,348 (Decrease)/ Increase in creditors (47,896) 52,682 Net cash provided by operating activities (497,361) (871,539) Analysis of changes in net debt 1 February 2024 Net cash flows 31 January 2025 £ £ £ Cash at bank 596,508 (497,361) 99,147 Net debt 596,508 (497,361) 99,147 Analysis of cash and cash equivalents 2025 2024 £ £ Cash at bank 99,147 596,508 99,147 596,508	2025 2024 £ £ (497,361) (871,539) (497,361) (871,539) 596,508 1,468,047
		99,147 596,508
		(497,361) (871,539)
		Net cash flows 31 January 2025 £ £ (497,361) 99,147
	596,508	(497,361) 99,147
		2025 2024 £ £ 99,147 596,508
		99,147 596,508

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

1 Accounting Policies

1.1 Accounting basis

The financial statements of the charity have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006, the Charities Act 2011, and the 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 (FRS102) (Charities SORP (FRS102)) (effective 1 January 2019).

The charity is a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

1.2 Going concern

The trustees have assessed the charity’s financial position and future cash flow projections and have a reasonable expectation that the charity has adequate resources to continue its activities for a period of at least twelve months from when the financial statements are authorised for issue. This assessment includes consideration of current and expected income streams, expenditure commitments, and the availability of reserves. In particular they have noted that the majority of the budgeted income is from donations and the timing of these is difficult to predict. This leads to a material uncertainty when preparing cash flow forecasts. Whilst there have been delays in the receipt of funding, resulting in actual financial performance falling short of budgeted expectations, the trustees remain confident that these funds will be received and that the charity will continue to operate as a going concern.

1.3 Income

Production income is recognised in line with performance dates.

Grants receivable are recognised in accordance with the terms of the agreements. Donations are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the charity is considered probable. All other income is recognised on an accruals basis once the charity is legally entitled to receipt.

1.4 Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of irrecoverable VAT.

Costs of fundraising are those incurred in attracting voluntary income. Costs incurred directly in relation to the charitable activities are allocated to those activities as they fall due.

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

Support costs are those incurred directly in support of expenditure on the objects of the charity and are allocated on the basis of time spent.

Governance costs are related to the public accountability of the charity and costs related to statutory requirements.

Grants are charged to expenditure when the grants are made by the Charity. Unpaid grants are included in creditors in accordance with the requirements of FRS102.

1.5 Restricted income funds

These balances represent voluntary income or grants, which have been received for the purposes set out in Note 11. The application of these funds is restricted by the expressed wishes of the donor or the terms of the grant.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and bank overdrafts.

1.7 Financial instruments

The charity 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. The charity has selected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.8 Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the Trustees are required to make judgement, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The Trustees consider that there are no areas of judgement or key uncertainties.

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

2. Grant and Donation income

2. Grant and Donation income
	2025	2024
	£	£
Unrestricted Income
Donations	2,202	63
Charities Aid Foundation	943,691
Total	945,893	63
Restricted Income
CAF America	-	801,513
Backstage Trust	27,807	200,000
Danish Cultural Institute	8,150	33,474
German Marshall Fund	-	20,121
National Endowment for Democracy	76,698	-
European Theatre Convention	4,759	-
Total	117,414	1,055,108
Total Grants and donations	1,063,307	1,055,171
3. Income from charitable activities	DRAFT 2025	2024
	£	£
Unrestricted Income Creative industries tax credit	331,393	-
Earned income	49,57	131,307
Total	381,050	131,307

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

4. Expenditure on raising funds

	2025	2024
	Total	Total
	Funds	Funds
	£	£
Staff costs (note 6)	33,374	33,374
Direct costs	17,944	21,091
	51,318	54,465

5. Charitable Activities

The charity has one activity being that of the production and performance of theatrical productions. The costs summarised below are those relating to this activity.

2025	2024
Total	Total
Funds	Funds
£	£
Staff Costs (note 7) 262,684	258,493
DRAFT Overhead Costs 391,573	553,803
Direct Production Costs 349,263	450,770
Travel and Accommodation Costs 460,654	641,425
Production and Performance Grants 11,591	39,827
Governance costs (note 6) 26,532	78,372
Foreign exchange 5,922	63,892
1,508,219	2,086,582

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

6. Governance Costs

6. Governance Costs
	2025	2024
	Total	Total
	Funds	Funds
	£	£
Legal and professional fees	83	18,476
Bank Charges	1,447	4,356
Audit and accountancy – current year	25,002	25,000
Audit and accountancy – prior year	-	30,540
	26,532	78,372

7. Staff costs

7. Staff costs
2025	2024
£	£
Salaries 274,563	272,699
Employer’s National Insurance 16,994	15,516
Pension costs 4,501	3,652
296,058	291,867
DRAFT Average monthly number of employees during the year was: 2025	2024
Admin (UK) 5	3
Admin (Belarus) 1	3
Productions 5	5
11	11

No employees received emoluments as defined for taxation purposes of more than £60,000 in the year (2024: none).

No trustees received reimbursement of expenses in relation to costs incurred on behalf of the charity (2024: no trustees).

There were three key management personnel defined as those with strategic influence, being the Artistic Directors, in the prior year there were two key management personnel. Between them, these three employees received total remuneration packages in 2024/25 of £143,638 (2024: £96,000).

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

8. Net expenditure

Net expenditure is stated after charging:

	2025	2024
	£	£
Auditors’ remuneration
Audit fees	15,000	18,000
Accountancy fees	7,800	7,000
Tax fees	2,500	3,800

9. Taxation

The charity is a registered charity and as such is a charity within the meaning of schedule 6 of the Finance Act 2010. Accordingly, the charity is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising. Given this, no tax charge arises on the charity. The Charity is eligible to claim Theatre Tax Relief on any production that is a qualifying theatre production.

10. Debtors

10. Debtors
2025	2024
£	£
DRAFT Trade debtors 700	13,449
Creative tax credit 331,393	-
Prepayments and accrued income 24,099	8,458
356,192	21,907
11. Creditors: amounts falling within one year 2025	2024
£	£
Accruals & other creditors 86,294	130,902
Other tax and social security 7,653	10,941
93,947	141,843

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

12. Funds

	Balance at
	1 February	Incoming	Outgoing	Balance at		31
	2024	Resources	Resources	January 2025
	£	£	£			£
Unrestricted Funds
Operational costs	-	943,691	(862,467)		81,224
General	139,723	383,252	(242,807)		280,168
Total Unrestricted Funds	139,723	1,326,943	(1,105,274)		361,392
Restricted Funds Mini Series Project	17,936	104,505	(122,441)		-
Advocacy	227,521		(227,521)		-
King Stakh's Wild Hunt	-	8,150	(8,150)		-
Concert	23,167	-	(23,167)		-
Regranting	56,445	-	(56,445)		-
Kitchen Revolution	11,780	-	(11,780)		-
ETC Young Europe IV	-	4,759	(4,759)		-
Total Restricted	336,849	117,414	(454,263)		-
Total funds	DRAFT 476,572	1,444,357	(1,559,537)		361,392

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12. Funds (continued)

	Balance at 1
	February	Incoming	Outgoing	Balance at 31
	2023	Resources	Resources	January 2024
	£	£	£	£
Restricted Funds
Mini Series Project	62,979	-	(45,043)	17,936
Advocacy	34,993	328,620	(136,092)	227,521
Blogging	33,944	-	(33,944)	-
King Stakh's Wild Hunt	-	253,595	(253,595)	-
UK HQ	-	232,439	(232,439)	-
Concert	-	52,098	(28,931)	23,167
Regranting	-	80,151	(23,706)	56,445
Company Relocation	-	40,076	(40,076)	-
Kitchen Revolution	-	68,129	(56,349)	11,780
Total Restricted	131,916	1,055,108	(850,175)	336,849
Unrestricted Funds	1,299,225	131,370	(1,290,872)	139,723
Total funds	DRAFT 1,431,141	1,186,478	(2,141,047)	476,572

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12. Funds (continued)

Restricted Funds received and utilised in the year or to be used to support activities in future years are as follows:

Mini Series Project – Funds received from the National Endowment for Democracy to be used for a series of projects highlighting democracy.

Advocacy – Funds towards the Charity’s advocacy through programming.

Blogging – Funds to be used towards blogging to promote the Charity’s productions and messages.

King Stakh's Wild Hunt – Funds to be used towards expenses incurred by the production and touring of King Stakh’s Wild Hunt production.

UK HQ – Funds to be used for the expenses incurred by the UK headquarter. In 2025 this has been allocated to a designated fund.

Concert – Aimed at Fundings Boombox Game4Ukraine concert, to be reimbursed.

Regranting – Funds to be used for the reapproved regranting for small supporting grants toward individuals and organisations working in line with our charitable aims.

Company Relocation – Funds to be used for expenses incurred by the relocation of the company and the need to buy new equipment, furniture, home goods and other utilities caused by the ensemble forced relocation from the country.

Kitchen Revolution - Funds to be used towards the productions of the Kitchen Revolution YouTube Series, including the physical appearance of the host.

Open Society Foundation - Funds are given towards organisational and project costs of the charity. Newer grants given to the Charity have no restriction and have therefore been treated as unrestricted from 1 February 2022 onwards.

Backstage Trust – Funds are given towards relocation costs of the Charity.

Letters from Lukashenko's Prisoners - Funds are given towards campaigns.

Dogs of Europe – Funds are given towards the costs of the production “Dogs of Europe”.

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

ETC Young Europe IV – Funds received from organisation in connection with the European Theatre Convention’s 2021-24 programme Young Europe IV which promotes non-dominant voices through theatre.

Emergency Support– Funds to be used for emergency regranting and support of cultural activity of those affected by the war in Ukraine.

Artistic Projects – Funds to be used for new and innovative artistic projects initiated by the Charity.

13. Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named in the financial statements. 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. At 31 January 2025 the total of such guarantees was £11 (2024: £11).

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

14. Analysis of net assets between funds

----- Start of picture text -----
||||| |---|---|---|---| |2025| |Unrestricted|Restricted| |Funds|Funds|Total| |£|£|£| |Current assets| |Debtors|356,192|-|356,192| |Cash at bank and in hand|99,147|-|99,147| |-| |Creditors: amounts falling due within one year|(93,947)|(93,947)| |Net assets|361,392|-|361,392| |2024| |Unrestricted|Restricted| |Funds|Funds|Total| |£|£|£| |Current assets| |Debtors|21,907|-|21,907| |Cash at bank and in hand|259,659|336,849|596,508| |Creditors: amounts falling due within one year|(141,843)|-|(141,843)| |Net assets|139,723|336,849|476,572|

----- End of picture text -----

15. Related party transactions

There were no related party transactions to be disclosed.

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

16. Comparative Statement of Financial Activities

			2024
	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	£	£	£
Income and endowments from
Grants and donations	63	1,055,108	1,055,171
Charitable activities	131,307	-	131,307
Total income	131,370	1,055,108	1,186,478
Expenditure on Raising funds	54,465	-	54,465
Charitable activities	1,236,407	850,175	2,086,582
Total expenditure	1,290,872	850,175	2,141,047
Net incoming/(outgoing) resources before transfers	DRAFT (1,159,502)	204,933	(954,569)
Transfers between funds	-	-	-
Net incoming/(outgoing) resources for the year	(1,159,502)	204,933	(954,569)
Balances brought forward at 31 January 2023	1,299,225	131,916	1,431,141
Balances carried forward at 31
January 2024	139,723	336,849	476,572

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