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2025-03-31-accounts

FUEL PRODUCTIONS LIMITED (A company limited by guarantee)

Trustees’ Report and Financial Statements

For the Year Ended 31 March 2025

Charity number 1149680 Company number 07935786 (England & Wales)

FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

CONTENTS

Page
Report of the Directors (Trustees) 2-10
Legal and Administrative information 9
Auditor’s Report 11-13
Statement of Financial Activities 14
Balance Sheet 15
Cashflow Statement 16
Notes forming part of the Financial Statements 17-25

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

Report of the Directors (Trustees)

The Directors present their report and financial statements for the year ended 31 March 2025, which are also prepared to meet the requirements for a Directors’ Report and Accounts for Companies Act purposes.

The financial statements have been prepared in accordance with accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Companies Act 2006, the Charities Act 2011 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 (FRS102).

Objectives and Activities

The charity’s objectives are “to promote, maintain, improve and advance education with particular reference to encouraging and stimulating public appreciation, artistic knowledge and understanding of all forms of the dramatic arts and by promoting the training of theatre professionals and those working in the arts. The charity also aims to advance the arts for the benefit of the general public by promoting and facilitating access to performances of dramatic art”.

The charity’s main goals for the year were to fundraise for, develop and present a programme of work by a wide range of live performance makers, and present this programme to as wide a public audience as possible.

STRATEGIC REPORT

1. Relationships with Affiliated Organisations

We maintain close relationships with major funders for revenue activity, notably Arts Council England, the Esmée Fairbairn Foundation, John Ellerman Foundation, Backstage Trust, and the Maria Bjornson Memorial Fund. We have received corporate donations from Assured Guaranty, renewing their support from the previous year, and from CVC.

2. Achievements and Performance

In 2024/25, we engaged 153 theatre and performance makers and produced 20 live and digital projects, 10 of which were new. Productions took place at seven UK venues and were experienced by 17,490 audience members (live 15,677; digital 1,813). In addition, 2,028 people participated in our 18 post-show conversations, workshops and other engagement opportunities, and we supported 24 artists develop and research new ideas for four new projects led by Fred Davis, Racheal Ofori, Jay Bernard and Suspect Culture.

2024/25 Presentations

Production Lead Artists/Company Dates No. of
venues		 No. of
presentations		 Audience
No.’s
1 Salt and Sugar(film
screening)		 Jj Abraham,
Hemabharathy
Palani		 5 May 2024 1 1 37
2 Peaceophobia Common Wealth,
Speakers Corner and
Bradford Modified
Club
26-28 September
2024		 1 5 401
3 Nowhere Khalid Abdalla 1-26 October 2024 2 26 3,363

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

Production Lead
Artists/Company		 Dates No. of
venues
No. of
presentations
Audience
No.’s
4 Love Letters Straight
From Your Heart		 Uninvited Guests 16-19 October 2024 1 6 187
5 There’s a Bear on My
Chair		 Toby Olié 18 February-2 March
2025		 2 22 9,972
6 FuelFest: Beauty is the
Beast		 Racheal Ofori 10-12 March 2025 1 3 416
7 FuelFest: AI, AI, Oh… Will Adamsdale 13-15 March 2025 1 3 440
8 FuelFest: Joint Jay Bernard 17-19 March 2025 1 3 431
9 FuelFest: Oracle Song Melanie Wilson 20-22 March 2025 1 3 430
11 72 15,677

2024/25 Digital Presentations

Production Lead Artists/Company Medium Audience
No.’s
1 The Last Taboo of
Motherhood		 Courtney Conrad, Bryony
Kimmings, Sara Shaarawi		 Fuel Digital & podcast
platforms		 13
2 Dreaming Species Melanie Wilson Website 1,126
3 Fuelling Change Kate McGrath Fuel Digital & podcast
platforms		 600
4 Ten Years From Then Gareth Fry Fuel Digital & podcast
platforms		 38
5 Everyday Moments various Fuel Digital 4
6 The Body Remembers
Documentary		 Heather Agyepong Fuel Digital 6
7 Music to Move to various Fuel Digital 14
8 The Ethics of Digital
Immortality on Digital
Bodies		 Suhaiymah Manzoor-Khan, Prof.
Magda Osman, Dr. Kate Devlin
Fuel Digital		 4
9 Lock Her Up various Fuel Digital 4
10 Peaceophobia –
Speakers TV		 Common Wealth, Speakers
Corner and Bradford Modified
Club		 Fuel Digital 3
11 Belongingness: The
Film		 Dr. Sandra Romero-Hidalgo,
Raquel André		 Fuel Digital 1
1,813

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

a) Public Benefit

In 2024/25, we delivered a mixed programme of live performances both indoors and outdoors, podcasts and digital resources, as well as workshops, post-show conversations, and other engagement activities.

Highlights included:

b) Representation

Representation is one of our core values and in all our work we seek to increase inclusion and access to the arts for practitioners and audiences.

In looking to present the most vital work of our times, we are committed to our strong focus on producing work by artists from under-represented demographics, maintaining representation on our board, staff team and in on and offstage freelance roles, and actively engaging audiences and participants from under-served demographics. We acknowledge our responsibility to do more with and for under-represented groups amongst theatre makers, artists, and audiences in the future.

During the last financial year, we continued acting on the Anti-Racism Touring Rider (which we worked on with 10+ other theatre organisations and adopted in 2021) and reviewed and continued acting on our Inclusion, Diversity, Equality, and Access Policy and Action Plan; our Anti-Racist

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

Promise; our Code of Practice; and our policies on Anti-Ableism, Anti-bullying and Harassment, Safeguarding, Wellbeing and Freelancer’s Pay. We have also created an Access Toolkit to which we continue to add information.

28% of lead artists of new projects produced or developed in 2024/25 identified as from the global majority.

Results from our workforce demographic survey, which was completed by 54% of our freelance and contract workforce) showed that, of those we engaged:

c) Touring

This year we built upon our model, making strides in our deep engagement ambition outside of London despite an increasingly challenging context for mid-scale venue partners across the UK. In 2024/25, we toured to four venues outside of the capital: Strike A Light Festival, Gloucester; Theatre Royal Plymouth; HOME, Manchester; and The Egg, Theatre Royal Bath. Two of these venues were new relationships for Fuel.

d) International Reach

In 2024/25, we continued to find opportunities for international collaboration and presentation. In September 2024, our co-production of Touching The Void opened in Japan with a local producing partner and local cast and crew. We have made good progress with exploring new opportunities in Europe, Australia, New Zealand and Asia, which we aim to tour to in 2025/26.

3. Plans for future periods

We have an exciting programme of new commissions that have planned presentations across 2025/26. Highlights include:

In the next financial year we are also focusing on key development work on new commissions including: C+nto by Joelle Taylor and Charlie Josephine, Senebesh & the Dolphins by Michael Henry and Inua Ellams, Irresistible by Lucian Msamati and Kate McGrath , Once Upon a Time in Sokoto by

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

Inua Ellams, Always Maybe The Last Time by Chris Thorpe, Memorabilia by Suspect Culture, Joint by Jay Bernard, and Beauty is the Beast by Racheal Ofori.

4. Financial Review

The financial statements show the current state of the charity’s finances for the year ended 31 March 2025.

2024/25 saw the financial challenges facing the theatre sector, and touring in particular, continue and so was another year of doing less with reduced producing and administrative capacity. Turnover fell by £151,533 (12%) to £1,066,357 (2024: £1,217,890) and total expenditure fell by £212,597 (16%) to £1,113,940 (2024: £1,326,617). A deficit of £40,544 on unrestricted general funds before fund transfers was partly offset by the release of £28,323 from Fuel’s designated Project

Development fund to maintain an unrestricted fund balance in line with our reserves policy (see below). A net amount of £4,594 of project designated funds were utilised in the year (note 17 to the accounts), as well as a net outgoing of £768 on restricted funds; giving rise to an overall deficit of £47,583 (2024: deficit of £108,727).

Fuel’s principal sources of income are:

The support of our partners is essential to our ability to continue supporting inspiring artists to develop and present adventurous, playful and significant work for people all over the UK and beyond. Not all artistic projects are self-supporting, and the performing arts relies on a mixed economy of funding to survive.

Reserves policy

The trustees have examined the charity’s requirements for reserves considering the main risks to the organisation. In light of ongoing sectoral challenges arising from the wider economy and those specific to the performing arts sector, the trustees believe that the level of unrestricted funds held by the charity should be around £200,000, being a 3-year average of 8 weeks’ turnover (2022/23 to 2024/25).

As at 31 March 2025 unrestricted General Funds were £200,599 (2024: £219,636) and total free reserves were £189,723 (2024: £204,171). There was also designated unrestricted funds of £29,886 (2024: £57,664) carried forward to 2025/26 to be used in direct project expenditure during the year. At 31 March 2025 Restricted funds were £155,477 (2024: £156,245). The undesignated unrestricted funds comprise free organisational reserves available across all of FPL’s operations. All restricted funds are allocated to specific projects and once these projects are complete no surplus is expected to remain from these restricted funds.

Going Concern

We have set out above a review of Fuel’s financial performance and the general reserves position. Our planning processes, including financial projections, have taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure. The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. In forming this opinion, they have considered financial risks to

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

the organisation on both its income and expenditure for at least a period of twelve months from the date of approval of these financial statements.

Investment policy

Any available funds are held on the charity’s bank account to enable it to meet its operational obligations as they fall due. The Trustees will consider the investment of surplus funds when such arise.

Risk Management

The Trustees and Senior Management review the charity’s major risks on an ongoing basis. The main areas of risk to the continuing and orderly provision of services and mitigating factors are:

Combined risk of economic and social factors

Fuel has a number of diverse and strong income streams which provide a sound mixed economy operating model. The ongoing economic and social impact of Covid-19, and the cost-of-living crisis and its consequences, will affect our activity and therefore our ability to earn and raise income.

Risk management and mitigation:

Risk of loss or inability to retain key members of Senior Management staff

Like many organisations of our size, there is a reliance on a small leadership team. In January 2025 our Head of Fundraising left for a new opportunity. This created an opportunity to restructure and split the role into an assistant level and senior strategic role. In the interim, a freelance consultant was engaged to support the delivery of key core funding bids while an Executive and Fundraising Assistant was recruited.

Risk management and mitigation:

5. Structure, Governance and Management

Governing document

Fuel Productions Limited (the charity) (FPL) was formed in February 2012 and is registered with the Charity Commissioners of England and Wales under registration number 1149680. It is a company limited by guarantee (company registration number 07935786 – England & Wales) and is governed by its Memorandum and Articles of Association. Its operational address is currently at Somerset House, South Wing, Strand, London WC2R 1LA.

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

The charity is managed by its Trustees who constitute the board of directors and have been appointed in accordance with the charity’s Articles of Association. The directors in office during the year ended 31 March 2025 were as follows: -

N Benjamin S W D Egan Co-Chair L Geissendorfer Co-Chair J Hallgarten A Henry (resigned 11[th] March 2025) S Hoyle (resigned 25th June 2025) W Martin K M E McGrath J Sealey S Thaker

The day-to-day management was carried out by Kate McGrath (Artistic Director & CEO) and Ine Van Riet during the year ended 31 March 2025. The registered office is disclosed on the information page.

Appointment and training of Trustees

New Trustees are proposed at quarterly meetings, and their proposal discussed by existing Trustees. Potential Trustees observe at board meetings, at the end of which, a vote is taken as to whether to appoint as a new Trustee.

New Trustees receive copies of Fuel Production Limited’s business plan and are briefed on the structure and operation of the company.

Organisational structure and decision-making process

FPL employs producing and operations teams. In 2024/25, this consisted of: an Artistic Director & CEO, an Executive Director, two Senior Producers, an Engagement Producer, a Development Producer, a Producer , an Assistant Producer, an Assistant Producer & Executive Assistant, a Programme Assistant, a Head of Finance, a General Manager, a Communications Manager , and a Production Manager. FPL is led by the Planning (SMT) team, comprised of Fuel’s founding Director and current Artistic Director & CEO, Kate McGrath, along with the Executive Director, the Head of Finance, the Head of Fundraising and the two Senior Producers.

A team of freelancers is assembled for each project based on its nature and scale. During the year we engaged 158 freelance and contract staff on and offstage. Regular project and production management meetings are held throughout to ensure it remains on schedule and on budget.

The Trustees are responsible for the management of the charity’s business and charitable objectives. The day-to-day management of the charity is delegated to Kate McGrath, the Artistic Director & CEO, who implements policy and strategy as approved by the Trustees.

Related parties and co-operation with other organisations

Any connection between a Trustee or senior manager of the charity with a contractor, consultant, production company, contracted artist, performer or funder must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. Note 11 details the related party transactions reported in the year.

None of our Trustees receives remuneration or other benefits from their work as Trustees. Kate McGrath, who is a Trustee, receives remuneration for her role as Artistic Director & CEO further details are provided in Notes 10 & 11 to the accounts.

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

Legal and Administrative details

Charity number: 1149680 Company number: 07935786 Registered Office: South Wing, Somerset House, Strand, London, WC2R 1LA

Fuel Productions Ltd is incorporated and domiciled in the UK.

The charity also makes itself known as Fuel.

Our advisors

Auditors Knox Cropper LLP 65 Leadenhall Street, London, EC3A 2AD Bankers The Co-operative Bank plc Business Direct, Skelmersdale, WN8 6WT Legal advice Sean Egan Consultants Ltd 50 Sheen Park, Richmond, Surrey, TW9 1UW

Directors and Trustees of Fuel Productions Ltd:

The directors of the charitable company (the charity) are its Trustees for the purpose of charity law. The Trustees and officers serving during the year and since the year end were as follows:

N Benjamin S W D Egan Co-Chair L Geissendorfer Co-Chair J Hallgarten A Henry (resigned 11[th] March 2025) S Hoyle (resigned 25[th] June 2025) W Martin K M E McGrath J Sealey S Thaker

Key management personnel:

Kate McGrath Artistic Director & CEO Ine Van Riet Executive Director

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

Trustees’ Responsibilities in relation to the financial statements

The Trustees (who are also the directors of FPL for the purposes of company law) are responsible for preparing the Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Policies).

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 of the incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and to 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 hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the Trustees are aware at the time of approving our Trustees’ annual report:

Auditors

Knox Cropper LLP were appointed as auditors during the year and have expressed their willingness to continue in that capacity.

The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The annual report and accounts, including the strategic report, was approved by the Board of Trustees and signed on its behalf by:

Date: 10[th] September 2025

Katherine McGrath (Trustee)

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

Independent Auditor’s Report to the Members of Fuel Productions Limited

Opinion

We have audited the financial statements of Fuel Productions Limited (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

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

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

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 Report of the Independent Auditors 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

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:

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:

Responsibilities of Trustees

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

In preparing the financial statements, the Trustees are responsible for assessing the 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 but to do so.

Our responsibilities for the audit of the financial statements

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

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

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

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

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

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

Use of our report

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

Liv Burrell ACA (Senior Statutory Auditor) for and on behalf of Knox Cropper LLP 65 Leadenhall Street, London, EC3A 2AD

Date: 22[nd] September 2025

13

Fuel Productions Limited

Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31 March 2025

Notes
Income
Donations
3
Income from charitable activities
4
Investment income
5
Total incoming resources
Expenditure
Raising Funds: Fundraising costs
6
Charitable activities
7
Governance
8
Total expenditure
Surplus/(Deficit) for year
Transfer between funds
17
Net Movement on funds
Reconciliation of funds
Total Funds brought forward
Total Funds carried forward
17		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2025
£
£
£
£
141,555
-
33,000
174,555
501,436
-
386,506
887,942
3,860
-
-
3,860
646,851
-
419,056
1,066,357
16,007
-
29,063
45,070
662,063
6,271
391,211
1,059,545
9,325
-
-
9,325
687,395
6,271
420,274
1,113,940
(40,544)
(6,271)
(768)
(47,583)
21,507
(21,507)
-
-
(19,037)
(27,778)
(768)
(47,583)
219,636
57,664
156,245
433,545
200,599
29,886
155,477
385,962		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total 2024
£
£
£
£
146,949
-
-
146,949
714,558
-
355,771
1,070,329
612
-
-
612
862,119
-
355,771
1,217,890
4,736
-
35,858
40,594
785,649
94,107
397,767
1,277,523
8,500
-
-
8,500
798,885
94,107
433,625
1,326,617
63,234
(94,107)
(77,854)
(108,727)
(39,307)
39,307
-
-
23,927
(54,800)
(77,854)
(108,727)
195,709
112,464
234,099
542,272
219,636
57,664
156,245
433,545

All transactions are derived from continuing activities.

14

Fuel Productions Limited Balance Sheet as at 31 March 2025

Charity number 1149680 Company number 07935786 (England & Wales)

Notes
Fixed Assets
Tangible assets
12
Current Assets
Cash at bank and in hand
Debtors
13
Investments
14
Liabilities
Creditors falling due within one year
15
Net Current Assets
Total Net Assets
Funds
17
Unrestricted funds – General Funds
Unrestricted funds: Designated: Productions
Unrestricted funds: Designated: Project Development
Restricted funds		 2025
£
10,876
182,919
315,207
6,210
504,336
(129,250)
375,086
£ 385,962
200,599
14,886
15,000
155,477
£ 385,962		 2024
£
15,465
323,988
170,228
7,271
501,487
(83,407)
418,080
£ 433,545
219,636
12,664
45,000
156,245
£ 433,545

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

The notes on pages 17 to 25 form part of these financial statements.

Signed:

Katherine McGrath, Trustee, on behalf of the trustees

Approved by the Board of Trustees on 10[th] September 2025

15

Fuel Productions Limited Statement of Cash Flows for the year ending 31 March 2025

Notes
2025
£
Cash provided by (used in) operating activities
A
£(145,990)
Cash flows from investing activities
Interest income
3,860
Purchase of tangible fixed assets
-
Investment in commercial productions
1,061
Cash provided by (used in) investing activities
4,921
Increase in cash and cash equivalents in the year
(141,069)
Cash and cash equivalents at the beginning of the year
323,988
Total cash and cash equivalents at the end of the year
£182,919
A. Reconciliation of net movement in funds to net cash flow from operating activities
2025
£
Net movement in funds
(47,583)
Add back depreciation charge
4,589
Add back loss on disposal of fixed assets
-
Deduct interest income shown in investing activities
(3,860)
Decrease/(increase) in stock
-
Decrease/(increase) in debtors
(144,979)
Increase/(decrease) in creditors
45,843
Net Cash used in operating activities
£(145,990)		 2024
£
£(143,966)
612
(5,250)
6,712
2,074
(141,892)
465,880
£323,988
2024
£
(108,727)
6,445
417
(612)
-
44,349
(85,838)
£(143,966)

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

  1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2019 – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Fuel Productions Limited meets the definition of a public entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Preparation of the accounts on a going concern basis

The Trustees, having assessed the charity’s financial position, its plans for the foreseeable future, the impact of sector specific and wider economic difficulties, the risks to which it is exposed and the detailed cash forecasts for the 12 months from the date of signing, are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.

c) Legal Status

Fuel Productions Limited is a company limited by guarantee incorporated in England and Wales and has no share capital. 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. FPL is registered as a charity with the Charity Commission. The registered office is South Wing, Somerset House, Strand, London WC2R 1LA.

d) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Expenditure which meets these criteria is charged to the fund.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) have been met, it is probable that the income will be received and the amount can be measured reliably.

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

Income received in advance of a theatrical performance or provision of other specified service is deferred until the criteria for income recognition are met (see note 17).

f) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities

17

FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit and costs linked to the strategic management of the charity.

All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the use of resources. Costs relating to a particular activity are allocated directly, others are apportioned on the basis of an estimate of the proportion of project size.

g) Fixed assets

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a reducing balance basis as follows:

Office equipment 25% on net book value Production equipment 25% on net book value Website 33% on net book value

h) Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

i) Cash at bank and in hand

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

j) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

k) Financial instruments

The charity has elected to apply the provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Instruments Issues” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

l) Pension contributions

The charity operates a stakeholder pension scheme which is available to all employees. Pension contributions are charged to the SOFA as they become due.

18

FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

2. 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 Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

3.Income from Donations
Individuals
Corporations
Unrestricted grants
4. Income from charitable activities
Arts Council England - National Portfolio funding
Project Grants
Commissions
Production fees & charges
Ticket sales & merchandise
Royalties
Consultancy
Other
5. Investment income
Bank interest
Total incoming resources		 2025
£
68,586
15,325
90,644
£174,555
204,861
386,506
10,488
65,313
83,956
23,608
-
113,210
£887,942
3,860
£ 3,860
£1,066,357		 2024
£
11,949
10,000
125,000
£146,949
204,861
355,771
151,935
103,941
16,497
8,193
900
228,231
£1,070,329
612
£ 612
£1,217,890

Of the total incoming resources of £1,066,357 in the year £419,506 (2024: £355,771) was restricted under agreements to support a mixture of productions and FPL programmes.

The charity receives a grant from Arts Council England, a government funded organisation, as one of their National Portfolio Organisations (NPO). This grant is unrestricted funding to the organisation. In both 2023/24 and 2024/25 Arts Council England awarded additional project grants to support specific programmes of work. These amounts are included in Project Grants and in 2024/25 amounted to £332,153 (2024: £212,548).

6. Expenditure on raising funds
Salaries & fees
Expenses		 2025
£
40,190
4,880
£45,070		 2024
£
40,013
581
£40,594

19

FUEL PRODUCTIONS LIMITED Annual Report and Accounts

For the Year Ending 31 March 2025

2025
2024
£
£
7. Charitable activities
Artistic & creative fees
224,383
334,913
Production & touring costs
128,318
217,487
Producing & production staff costs
399,293
426,286
Royalties payable
10,697
3,680
Access costs
11,522
9,896
Marketing costs
45,211
57,360
Educational engagement
6,651
8,099
Set storage
18,782
18,841
Direct administration costs
4,402
3,830
Support costs
209,166
197,131
£ 1,059,545
£ 1,277,523
Support costs
Staff costs
137,940
129,601
Freelance fees
12,706
1,730
Office overheads
20,963
24,733
Administration costs
14,098
15,560
IT costs
5,601
5,588
Insurance
11,052
11,417
Legal & Professional fees
400
750
Sundry expenses
1,817
1,307
Depreciation
4,589
6,445
£ 209,166
£ 197,131
8. Governance
Audit/Independent Examination fees
£ 9,325
£ 8,500
9. Net incoming resources and expenditure for the year
2025
2024
£
£
This is stated after charging:
Depreciation
4,589
6,445
Lease payments in the year
28,253
29,734
Auditor's/Independent Examiner's remuneration:
Audit fees
9,325
8,500
10.
Analysis of staff costs, trustee remuneration and expenses, and the cost of key
management personnel
2025
2024
£
£
Salaries and wages
498,917
529,107
Social security costs
47,030
49,419
Pension costs
21,248
11,895
£567,195
£590,421		 2025
2024
£
£
7. Charitable activities
Artistic & creative fees
224,383
334,913
Production & touring costs
128,318
217,487
Producing & production staff costs
399,293
426,286
Royalties payable
10,697
3,680
Access costs
11,522
9,896
Marketing costs
45,211
57,360
Educational engagement
6,651
8,099
Set storage
18,782
18,841
Direct administration costs
4,402
3,830
Support costs
209,166
197,131
£ 1,059,545
£ 1,277,523
Support costs
Staff costs
137,940
129,601
Freelance fees
12,706
1,730
Office overheads
20,963
24,733
Administration costs
14,098
15,560
IT costs
5,601
5,588
Insurance
11,052
11,417
Legal & Professional fees
400
750
Sundry expenses
1,817
1,307
Depreciation
4,589
6,445
£ 209,166
£ 197,131
8. Governance
Audit/Independent Examination fees
£ 9,325
£ 8,500
9. Net incoming resources and expenditure for the year
2025
2024
£
£
This is stated after charging:
Depreciation
4,589
6,445
Lease payments in the year
28,253
29,734
Auditor's/Independent Examiner's remuneration:
Audit fees
9,325
8,500
10.
Analysis of staff costs, trustee remuneration and expenses, and the cost of key
management personnel
2025
2024
£
£
Salaries and wages
498,917
529,107
Social security costs
47,030
49,419
Pension costs
21,248
11,895
£567,195
£590,421		 2024
£
334,913
217,487
426,286
3,680
9,896
57,360
8,099
18,841
3,830
197,131
£ 1,277,523
129,601
1,730
24,733
15,560
5,588
11,417
750
1,307
6,445
£ 197,131
£ 8,500
2024
£
6,445
29,734
8,500
£590,421

20

FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

10. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel (continued)

The average number of employees during the year were:

he average number of employees during the year were:
Producing & production staff
Fundraising staff
Support staff		 2025
10
1
2
13		 2024
11
1
2
14

One employee received employee benefits in excess of £60,000 in the band of £70,000 to £80,000 (2024: one). One employee receiving remuneration of £70,000 or more participated in the charity’s pension scheme. The total employer’s contribution for them in the year was £11,321 (2024: £1,321).

Pension costs are allocated to activities in line with the related staffing costs and are wholly charged to unrestricted funds.

In accordance with written authority of the Charity Commission on 23rd February 2018 as required by clause 4.3 of the Articles of Association, one trustee who is also an employee received remuneration during the year. Details of the amount paid are set out below:

Salary and benefit Pension Contributions
2025 2024 2025
2024
K McGrath £76,869 £74,659 £11,321
£1,321

None of the Trustees were paid expenses in either 2024/25 or 2023/24.

The key management personnel of the charity comprises the trustees, the Artistic Director & CEO and Executive Director. The total employee benefits of the key management personnel in the year was £127,554 (2024: £113,944).

11. Related party transactions

21

FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

12. Tangible Fixed Assets

Office
Equipment
Cost
£
At 1 April 2024
11,305
Additions
-
Disposals
-
At 31 March 2025
11,305
Depreciation
At 1 April 2024
7,773
Charge for Year
961
Eliminated on Disposal
-
At 31 March 2025
8,734
Net Book Value
At 31 March 2025
£2,571
At 31 March 2024
£3,532
13.
Debtors
Trade debtors
Other debtors
14.
Current asset investments
Investment in commercial productions
15.
Creditors: Amounts falling due within one year
Trade creditors
Accruals & deferred income
Other creditors
Social security & other tax
16.
Deferred income
Balance at 1 April
Amount released to incoming resources
Amount deferred in the year
Balance at 31 March		 Office
Equipment
£
11,305
-
-		 Production
Equipment
Website
£
£

28,002
19,559

-
-
-
-		 Total
£

58,866
-
-

58,866

43,401

4,589
-

47,990

£10,876

£15,465
2024
£
1,074
169,154
£170,228
2023
£
£7,271
2023
£
19,924
25,563
24,823
13,097
£83,407
£
33,946
(33,946)
-
£ -
11,305
28,002
19,559
7,773
961
-		 23,808
11,820

1,048
2,580
-
-
8,734 24,856
14,400
£2,571
£3,146
£5,159
£3,532
£4,194
£7,739

2025
£
8,159
307,048
£315,207
2025
£
£6,210
2025
£
36,930
24,199
55,499
12,622
£129,250
£
-
-
-
£ -

22

FUEL PRODUCTIONS LIMITED Annual Report and Accounts

For the Year Ending 31 March 2025

17. Analysis of charitable funds
Analysis of movements in unrestricted funds
General Fund
Designated - Productions
Designated – Project Development
Total unrestricted funds
Analysis of movements in restricted funds
Production funds:
Archive Project
Boarding School project
Common Wealth: Peaceophobia
CVC commissioning
Eska: Woman & Machine
Fred Davies: Global Majority Puppetry
Training
Inua Ellams: Senebesh & The Dolphins
Inua Ellams: The 419
Inua Ellams: Stained Metal
Jay Barnard: Joint
Joelle Taylor: C+nto
Khalid Abdalla: Nowhere
Lucian Msamati: Mugabe Project
Melanie Wilson: Oracle Song
Osoyegbon
Rachel Bagshaw: Trio
Racheal Ofori: beauty is the Beast
Toby Olie: There's a Bear on My Chair
Fuel's season of work for young people
Fuel 2024 Touring
Organisational development:
Fundraising & production staff
Access To Work
Total restricted funds
Total Funds		 Balance
1 April
2024
Income
Expenditure
Transfers
between
Funds
Funds
31 March
2025
£
£
£
£
£

219,636
646,851
(687,395)
21,507
200,599
12,644
-
(4,594)
6,816
14,886
45,000
-
(1,677)
(28,323)
15,000
£277,300
£646.851
£(693,666)
£ -
£230,485
10,000
- (1,100)
-
8,900
-
25,000
-
-
25,000
-
11,250
(11,250)
-
-
3,000
-
-
-
3,000
11,520
5,000
-
-
16,520
-
41,685
(41,685)
-
-
13,354
27,500
(11,440)
-
29,414
14,999
-
-
-
14,999
-
8,000
-
-
8,000
-
28,710
(26,496)
-
2,214
-
27,428
-
-
27,428
-
69,900
(69,900)
-
-
13,500
-
-
-
13,500
11,134
2,999
(13,866)
-
267
845
2,000
(2,675)
-
170
5,631
-
(5,631)
-
-
-
26,590
(20,525)
-
6,065
8,699
7,467
(16,166)
-
-
-
36,325
(36,325)
-
-
-
99,049
(99,049)
-
-
63,563
-
(63,563)
-
-
-
603
(603)
-
-
£156,545
£419,506
£ (420,274)
£ -
£ 155,477
£433,545
£1,066,357
£(1,113,940)
£ -
£385,962

23

FUEL PRODUCTIONS LIMITED Annual Report and Accounts

For the Year Ending 31 March 2025

17. Analysis of charitable funds
(continued) - Prior year
Analysis of movements in unrestricted funds
General Fund
Designated - Productions
Designated – Digital Infrastructure
Designated – Project Development
Total unrestricted funds
Analysis of movements in restricted funds
Production funds:
Archive Project
CVC commissioning
David Farr:A Dead Body in Taos
Eska: Woman & Machine
Hannah Lavery: Protest
Inua Ellams: Senebesh & The Dolphins
Inua Ellams: The 419
Inua Ellams: 14th Tale
Khalid Abdalla: Nowhere
Lewis Gibson: The Day I Fell Into A Book
Lucian Msamati: Mugabe Project
Melanie Wilson:Oracle
Osoyegbon
Rachel Bagshaw:Trio
Racheal Ofori: FLIP!
The Last Taboo of Motherhood
Toby Olie:There's a Bear on My Chair
Travis Alabanza:When All Is Said
Fuel's season of work for young people
Fuel 2024 Touring
Organisational development:
Fundraising & production staff
Total restricted funds
Total Funds		 Balance
1 April
2023
Income
Expenditure
Transfers
between
Funds
Funds
31 March
2024
£
£
£
£
£
195,709
862,119
(798,885)
(39,307)
219,636
106,771
-
(94,107)
-
12,644
5,693
-
-
(5,693)
-
-
-
-
45,000
45,000
£308,173
£862,119
£(892,992)
£ -
£277,300
-
10,000
-
-
10,000
8,795
-
(5,795)
-
3,000
-
1,165
(1,165)
-
-
28,341
7,299
(24,120)
-
11,520
5,000
9,000
(14,000)
-
-
24,529
10,199
(21,374)
-
13,354
14,999
-
-
-
14,999
10,000
9,999
(19,999)
-
-
21,924
2,999
(24,923)
-
-
3,739
-
(3,739)
-
-
13,500
-
-
-
13,500
21,972
3,000
(13,838)
-
11,134
3,995
-
(3,150)
-
845
6,305
-
(674)
-
5,631
18,500
69,990
(88,490)
-
-
-
24,473
(24,473)
-
-
-
8,699
-
-
8,699
-
10,906
(10,906)
-
-
-
3,279
(3,279)
-
-
- 100,013
(100,013)
-
-
52,500
84,750
(73,687)
-
63,563
£234,099
£355,771
£ (433,625)
£ -
£ 156,545
£542,272
£1,217,890
£(1,326,617)
£ -
£433,545

24

FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2025

17. Analysis of charitable funds (continued)

Designated Funds

Production funds represent unrestricted earned income from specific productions set aside against costs of their future development and presentation.

The Digital Infrastructure funds were held for investment in development of a digital content distribution platform.

The Project Development funds are held to be used in the development of new projects with artists Fuel has relationships with.

Restricted Funds

Restricted Production funds are to support the costs of the future development and presentation of specific productions.

The Fundraising & Production staff fund represents funding from the Backstage Trust to support the costs of employing a Fundraising Manager and a Production Manager.

Fund transfers

£28,323 was released from the Project Development Fund designated fund to general reserves in the year. £6,816 in unrestricted earned income was transferred from general funds to designated Production Funds.

18. Analysis of net assets between funds

As at 31 March 2025
Unrestricted funds
Restricted funds
As at 31 March 2024
Unrestricted funds
Restricted funds		 Tangible
Assets
Net Current
Assets
Total
£
£
£
10,786
219,609
230,485
-
155,477
155,477
£10,876
£375,086
£385,962
15,465
261,835
277,300
-
156,245
156,245
£15,465
£418,080
£433,545

19. Operating Lease Commitments

Land and Buildings 2025
Within 1
year
In more
than 1 year
£
£
29,654
26,954
£ 29,654
£ 29,654		 2024
Within 1
year
In more
than 1 year
£
£
29,144
29,144
£ 29,144
£ 29,144

25