**Charity Number : 1161081 Company Number : 02212900**
I D Bowen & Co Office copy
## **VOLCANO THEATRE COMPANY LIMITED**
_**A Company Limited by Guarantee**_
**REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**YEAR ENDED 31 MARCH 2024**
**VOLCANO THEATRE COMPANY LIMITED**
|_Contents_|_Pages_|
|---|---|
|Trustees Report|1|
|Independent Examiner’s Report|9|
|Statement of Financial Activities|10|
|Statement of Financial Position|11|
|Notes to Financial Statements|12|
## **VOLCANO THEATRE COMPANY LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
The trustees, who are also the directors of the charitable company for the purposes of the Companies Act 2006, present their annual report together with the audited financial statements of the charitable company the year ended 31 March 2024 which are also prepared to meet the requirement for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Memorandum and Articles of Association, applicable Accounting Standards in the United Kingdom, the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Charities Act 2011 and the Companies Act 2006 .
## **OUR PURPOSE AND ACTIVITIES**
Volcano is a unique investigative arts organisation built on distinctive practice. Whilst the company’s activities are various and far-reaching, everything we do depends on the health and integrity of our core creative process. Theatre-making occupies, for us, the centre of a network of practices and relationships that are rooted in the city of Swansea and reach out through Wales, the UK, Europe, and beyond.
Our work is created from a meanwhile-use building in the High Street, an area of Swansea in need of regeneration. This enables us to encourage the development of Arts & Performance in an area where there previously was none.
Volcano have taken over the entire ground floor of the building which incorporates the Bunker Theatre to the rear. We have created a series of performance/ arts & social spaces within the remainder of the ground floor which will enable increased access and a variety of events.
## **STRATEGIC PRIORITIES**
## _DELIVER ARTISTIC EXCELLENCE_
- Make outstanding original work and develop new ways of making work.
- Build capacity to maximize creative output.
## _REACH MORE PEOPLE_
- Create quality experiences with tangible benefits for a diverse populace.
- Develop existing audiences and reach new ones.
## _WORK IN PARTNERSHIP_
- Develop and strengthen partnerships with venues, promoters, and stakeholders.
- Forge new associations between artists, organisations and practitioners.
## _PROMOTE CLIMATE JUSTICE_
- Recognise the climate and ecological emergency and promote urgent action and democratic solutions.
- • Be an exemplar of sustainable practice. Educate and motivate others.
## _PASS IT ON_
- Identify, nurture, and inspire the current and next generation of creators.
- Build legacy and sustainability into the full range of our activities.
## _WORK IN AND FOR SWANSEA_
- Invigorate Swansea as a cultural environment and champion cultural democracy.
- Make work that is culturally distinctive, and which responds to a sense of place.
Page 1
## **VOLCANO THEATRE COMPANY LIMITED**
## _REPRESENT WALES_
- Develop an authentically bilingual capacity at all levels.
- Be a cultural ambassador for Wales at national and international levels through artistic practice and dialogue.
## **ACHIEVEMENTS & PERFORMANCE 2023/24**
## **PERFORMANCES**
_**CONFESSIONS OF A DARK ROOM**_ continued the partnership between director Paul Davies and designer Bourdon Brindille, who together created Sincere as Objects and _The Dread Zone_ . It draws on the films of Ingmar Bergman, and on books by Junichiro Tanizaki, Yukio Mishima and E.T.A. Hoffman.
Moving from the bright long days of Summer to the darkening nights of Autumn and the long Winter months ahead. How might we relate to life’s dark days when we seem so obsessed with neon, with light and seeing everything that there is to see? It is as if we have only one sense. Little wonder that we are filled with anger, anxiety, and avarice.
## _**THE SHAPE OF THINGS TO COME**_
Initiated in 2021/22, The Shape of Things to Come is an annual season of short original performances commissioned from freelance artists. The idea behind this initiative is to encourage performers to develop new performance modes in front of small, enthusiastic audiences. No spaces in our premises are out of bounds, each performer choosing their own space to develop and perform in.
## _**AR LAN Y MOR**_
From our first season of The Shape of Things to come a Welsh language production with artist Rhiannon Mair has developed year on year with a performance at the 2022 Eisteddfod. Summer 2023 saw the show Tour to six locations from North to South Wales, Wrexham to Swansea performing in universities and small community spaces with a view to stimulate discussion and debate on the issues of second homes in rural communities, including workshops at Aberystwyth University. This show has been supported by Night Out.
## _**CHOCOLATE CAKE**_
Another production developed from The Shape of Things to come, artist and performer Rebecca Smith Williams spent a week developing this show further culminating in performances targeted at new parents in an inclusive baby/young child friendly environment.
## **CREATIVE, EDUCATION & COMMUNITY PROJECTS**
## _**ST JOSEPSHS**_ – _funded by Swansea All Wales Church Trust Fund_ .
A new project with the pupils of St Josephs school of sanctuary involved script writing, costume making and performance. The whole year 6 got involved in the area of their choice and devised and wrote a performance of their own making, the project climax was a performance held at Volcano’s Bunker theatre to St Joseph’s pupils, families and friends.
_**CHINESE NEW YEAR**_ – _funded by ACW Connect & Flourish & Weston Bay Community Cohesion Fund_ A full month of cultural celebrations, workshops and children’s activities run in partnership with the Chinese In Wales Association. A community event started the month of celebrations with a packed out ‘Waking The Dragon’ ceremony and exhibition of Chinese art and culture. Contributions to the artwork and running of the events involved children from the local Chinese School and our own Storyopolis plus adults from our two community groups donating time and skills to the preparations.
_**MAN-MADE** – funded by Austin Bailey Foundation._
A weekly drop-in session for men to share creative ambitions in a supportive environment. Community led by volunteers the weekly sessions have included creative workshops and electronics courses and has ambitions to develop into a larger enterprise named SCRAPBOTS where new skills learned will manifest in a ‘robot wars’ style project involving a local college and wider community.
## _**MENYWOD** – funded by Austin Bailey Foundation & Oakdale Trust_
A weekly drop-in session for women takes the form of creative workshops or participant led creative projects based around the principles of reuse, recycle, repurpose, upcycle. The Oakdale Trust have funded an _URBAN VILLAGE_ project where artwork created by our groups are displayed in commercial premises from Swansea High Street railway station to the Waterfront Museum.
Page 2
## **VOLCANO THEATRE COMPANY LIMITED**
## **OTHER COMMUNITY**
We have an ongoing series of ad hoc community events, this year including Easter & Halloween family fun days, fundraising events as well as our larger Chinese New Year family open events. Once again we participated in Great Big Green Week with a series of workshops based on Climate Change.
_**STORYOPOLOS** – this year funded by The National Lottery Communities Fund & Millennium Stadium Charitable Trust_ Our Station to Sea legacy project STORYOPOLIS, working in partnership with Cover to Cover Bookshop continued to develop existing projects, carrying out a series of one off workshops based around climate change and initiated a weekly term time ‘Saturday Club’ for children aged 8 – 14. They also took part in Swansea Literary festival and run a series of Summer Holiday events.
Funding secured from the Millennium Stadium Charitable Trust allowed us to build a ‘secret’ library in partnership with Swansea Library. This is an ongoing project with a permanent home in our High Street location.
## _**UNIVERSITY OF WEST LONDON**_
Volcano’s relationship with Drama Studio London further develops with a series of workshops on movement in led by Volcano’s Freelance Movement Director Catherine Bennett.
## **CLIMATE JUSTICE**
Volcano’s climate justice commitments run like a seam through our work, ethos and future plans. We apply the circular economy principles of reduce, repair, re-use, re-purpose & refuse. Support from _Cwmpas_ (formerly Social Business Wales) enabled a Sustainability Health Check leading to the development of an Eco-Code and Climate Justice Action Plan to be reviewed annually.
A sample of projects include:
## _RECYCLING SHED_
In partnership with Swansea Environment Centre and with help from Eco Artist Clare Misselbrook, a garden shed left over from a previous Volcano production was repurposed and upcycled into a recycling station for difficult to recycle items. We are currently able to accept batteries, CDs/DVDs, rubber shoes/boots, corks, electronic vapes, tetrapac cartons, soft plastics and single use coffee cups. Recycling bags for curbside collections are also available.
## _COMMUNITY WORKSHOPS_
Volcano facilitated a number of sustainability focused community workshops.
## _LIGHTING UPGRADE – stage 1_
All UV strip lighting have been replaced with an LED equivalent. This single measure has cut our day to day lighting energy use by approx. 50%.
## _HEAT ZONING – stage 1_
To further reduce our energy use we have created two ‘warm zones’ in our large hard to heat building, the office has been partitioned from the main gallery space and the community space separated to create two distinct heatable areas. Programable modern heaters have been installed to provide a warm office/community space when required without energy wastage when not in use.
## **VOLCANO VENUE**
Our High Street venue continued to develop as an arts centre for the city hosting a wide range of cultural, educational & community activities and events including the following;
- 63 Performances
- 15 Exhibitions involving 148 individual artists.
- 57 Workshops/activities specifically for young people.
- 58 Workshops/Creative learning experiences for adults/families
- 86 other Community Events.
- All contributing to over 10,000 attendees to the venue.
The range of groups using the venue in this financial year include: Swansea University, UWTSD, Gower College, Shrigley, Comedian Mark Thomas, Lighthouse Theatre, Swansea Asylum Seekers Support, Swansea Pole & Aerial Academy, Swansea Carers, Rewise, Carpet Spoken Word, Mess Up The Mess, Latvian National Council, PRS, Elysium Gallery as well as a range of independent artists and performers.
Page 3
## **VOLCANO THEATRE COMPANY LIMITED**
Activities ranged from Volcano productions, youth theatre groups, educational workshops & training days, climate workshops, community workshops and support groups, charity fundraisers, book launches, poetry readings, awards ceremonies, film showings, arts fairs, an artist open studio, polling station for Latvian elections, free to all community Christmas lunch, a Waking the Dragon ceremony, days of culture and refugee support events.
## **FUTURE PLANS**
## **FUTURE PERFORMANCES**
_UNDER MILK WOOD_ . In the year that **Under Milk Wood** enters the public domain, Volcano will return to the play we were banned from performing by the Dylan Thomas estate all those years ago. Combining the striking simplicity of the original design with an array of new voices, Volcano’s new, anarchic, utopian Under Milk Wood will premiere at our Swansea High Street home in November – December 2024.
_THE SHAPE OF THINGS TO COME_ will enter its fourth season with a call out to artists due shortly.
_THE RISING DAMP AND OTHER TALES_ . Volcano’s support and partnership with artist Marianne Tuckman as part of our commitment to nurture new talent to further develop this piece devised as part of The Shape of Things to Come series of commissions.
## **FUTURE CREATIVE/COMMUNITY PROJECTS/EDUCATION**
A range of youth, educational, community and climate justice activities and free provisions to include further work with local schools/youth groups, Hwb Y Stryd regular drop-in facilities with free provisions for our local community and Menywod/Man-made weekly creative social groups.
## **FAIR PAY**
Volcano is a an accredited Living Wage Foundation employer.
## **FUNDRAISING**
We are both funded (see #1) and also raise funds (see #2)
#1 Volcano is an Arts Council of Wales revenue funded company so receives annual base funding. #2 Volcano raises funding through ticket/external hire fees/services delivered/Performance fees from tour venues/Sponsorship & additional core/project funding.
With support from Arts & Business Volcano have developed a Fundraising Strategy for the next three years. This will focus on increasing our Core funding, income generating potential, reducing energy costs and extending project funding.
|New funding secured in 2023/24||
|---|---|
|Postcode Lottery Community Fund (Core Funding)|£20,000|
|Millenium Stadium Charitable Trust (Storyopolis Children’s Library)|£ 1,531|
|Austin Bailey Foundation (Men’s/Woman’s wellbeing/community workshops)|£ 1,500|
|Oakdale Trust: Urban Jungle (Community)|£ 1,500|
|City & County of Swansea: Period Dignity Grant (Free period products)|£ 1,228|
|Weston Bay Community Cohesion Fund (Community Event)|£ 800|
A major shake-up in funding from Arts Council of Wales sees it scrapping it’s long term ‘Portfolio’ of funded organisations with an investment review designed to respond to current challenges and bring it’s cultural support further in line with the principles of the Wellbeing of Future Generations act and Welsh Government’s commitments to carbon zero and climate justice.
Funding for 3 years from April 2024 has been secured.
Page 4
## **VOLCANO THEATRE COMPANY LIMITED**
## **FINANCIAL REVIEW**
The charity’s statement of financial activities is shown on page 10 and comprises restricted and unrestricted funds, being those provided to assist in furthering the general objects of the charity.
During the year the charity’s income was £400,623 with expenditure of £415,750 resulting in a deficit for the year before taxation of £15,127.
At the year end the unrestricted funds amounted to £205,239 of which £8,423 were held as fixed assets and investments. Free reserves amount to £81,000 with the remaining £115,816 being designated as follows:
|Relocation fund|£97,170|
|---|---|
|Future productions fund|£12,865|
|Storyopolis|£ 5,781|
The restricted funds amounted to £945 which is entirely represented by fixed assets.
## _**Investment policy**_
Under the memorandum and articles of association, the charity has the power to make any investment which the trustees see fit. The charity has a policy of keeping surplus liquid funds in short-term deposits which can be accessed readily.
## _**Reserves policy**_
Reserves are needed to bridge the gap between expenditure and receiving of resources, to cover unplanned repairs or other expenditure and to bridge the gap caused by any loss of funding. The Trustees consider that the level of reserves should be maintained between four and six months basic overheads, a figure of £54,000 - £81,000.
The current level of free reserves stands at £81,000.
Page 5
## **VOLCANO THEATRE COMPANY LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Charity Name:** Volcano Theatre Company Limited (trading as Volcano) **Charity registration number:** 1161081 **Company registration number:** 02212900 **Registered office:** Volcano Theatre, 27-29 High Street, Swansea, SA1 1LG _**Our advisers**_ **Independent Examiner** Ian David Bowen. I D Bowen & Co., Chartered Accountants, 19 Alexandra Road, Gorseinon, Swansea, SA4 4NW **Bankers** National Westminster Bank Plc., Swansea City Centre Branch, 14-16A Oxford Street, Swansea, SA1 3AG
## **Directors and trustees**
The directors of the charitable company (the charity) are its trustees for the purpose of charity law.
The trustees serving during the year and since the year end were as follows:
## **Key management personnel: Trustees and Directors**
Elected trustees: Professor Keith Robert Lloyd Chair Miss Elen Mair Thomas Professor Catrin Elizabeth Webster (Resigned 12 December 2023) Mr Gavin David Dudeney (Resigned 1 May 2024) Mr Marc Jones Ms Allie Symonds Mr Ibukun Olatunji
## **Key management personnel: Executive team**
Artistic Director Paul Davies Executive Producer Claudine Conway Finance Officer Sarah Dow
Page 6
## **VOLCANO THEATRE COMPANY LIMITED**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## _**Governing document**_
Volcano Theatre Company Limited is a charitable company limited by guarantee. The company was incorporated on 21 January 1988 and converted to charitable status by the adoption of the amended Memorandum and Articles of Association on 24 June 2014. The company was registered as a charity by the Charity Commission on 26 March 2016. In the event of the company being wound up the members are required to contribute an amount not exceeding £1. The maximum number of members permitted by the Articles of Association is 10 but the board of trustees may from time to time register an increase in members.
## _**Appointment of trustees**_
As set out in the Articles of Association the minimum number of trustees is 3 and until otherwise determined by a General Meeting shall not be more than 7. The board of trustees may appoint any member of the charity as a member of the board of trustees, either to fill a casual vacancy or by way of addition to the board of trustees. Any member so elected holds office until the next Annual General Meeting at which time they will eligible for re-election.
Only member of the company are eligible to hold office as a member of the board of trustees.
The appointment and retiring of trustees, the conduct of business, the proceedings of meetings, the management of risk and the general management of the company all took place during the year in accordance with the provisions of the governing documents.
## _**Trustees induction and training**_
All new trustees receive an induction pack of information about Volcano and guidance on their responsibilities as charity trustees and company directors. The induction pack provides information on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and informs them of the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and the recent financial performance of the charity.
## _**Organisation**_
The board of trustees, which can have up to 7 members, administers the charity. The board normally meets each quarter An Executive Team is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Executive Team has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity.
Volcano’s trustees take ultimate legal and financial responsibility for the company while the day-to-day running of the charity is delegated to the Executive Team.
## _**Related parties and co-operation with other organisations**_
None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the charity with a production company, contracted actor, performer or exhibitor must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. Details of related party transactions in the current year are set out in the notes to the accounts.
## _**Risk management**_
The trustees have examined the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate our exposure to the major risks identified.
## **SMALL COMPANIES PROVISIONS**
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Page 7
## **VOLCANO THEATRE COMPANY LIMITED**
## **TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS**
The Trustees (who are also directors of Volcano Theatre Company Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 the income and expenditure, of the charitable company 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 in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
By order of the board of trustees
PROFESSOR KEITH ROBERT LLOYD , Trustee on behalf of trustees
17 December 2024
Page 8
## **VOLCANO THEATRE COMPANY LIMITED**
## **INDEPENDENT EXAMINER’S REPORT TO THE CHARITY TRUSTEES OF VOLCANO THEATRE COMPANY LIMITED**
I report on the accounts of the company for the year ended 31 March 2024, which are set out on pages 10 to 22.
## **Respective responsibilities of trustees and examiner**
The trustees (who are also directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention to indicate that:
- accounting records have not been kept in accordance with section 386 of the Companies Act 2006;
- the accounts do not accord with the records;
- where accounts have been prepared on an accruals basis, whether they fail to comply with the relevant accounting requirements under section 396 of the Companies Act 2006 or are not consistent with the Charities SORP (FRS102)
- any matter to which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts.
Name of independent examiner:
## Ian David Bowen
Professional body: Institute of Chartered Accountants in England & Wales
Address: I D Bowen & Co Chartered Accountants 19 Alexandra Road Gorseinon Swansea SA4 4NW Date: 20 December 2024
Page 9
## **VOLCANO THEATRE COMPANY LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024**
|**_Note_**
**INCOME**
Donations and legacies
_Income from charitable activities:_
Operation of theatre company
_Income from other trading activities:_
Commercial trading operations
Investment income
3
4
5
6
**TOTAL INCOMING RESOURCES**
**EXPENDITURE**
_Expenditure on charitable activities:_
Operation of theatre company
7
**TOTAL EXPENDITURE**
**NET INCOME FOR THE YEAR**
**BEFORE TAXATION**
Taxation
8
9
**NET INCOME AND NET**
**MOVEMENT IN FOR THE YEAR**
**AFTER TAXATION**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|**_Unrestricted_**
**_Funds_**
**_£_**
**_Restricte_**
**_d Funds_**
**_£_**
**_Total_**
**_Funds_**
**_2024_**
**_£_**
**_Unrestricted_**
**_Funds_**
**_£_**
**_Restricted_**
**_Funds_**
**_£_**
**_Total_**
**_Funds_**
**_2023_**
**_£_**
269,046
14,546
54,062
8,318
54,651
-
-
-
323,697
14,546
54,062
8,318
312,340
14,384
64,468
4,654
21,582
-
-
-
333,922
14,384
64,468
4,654|
|---|---|
||345,972
54,651
400,623
395,846
21,582
417,428|
||(360,783)
(54,967)
(415,750)
(428,019)
(22,003)
450,022|
||(360,783)
(54,967)
(415,750)
(428,019)
(22,003)
450,022|
||(14,811)
-
(316)
-
(15,127)
-
(32,173)
-
(421)
-
(32,594)
-|
||(14,811)
220,050
(316)
1,261
(15,127)
221,311
(32,173)
252,223
(421)
1,682
(32,594)
253,905|
||205,239
945
206,184
220,050
1,261
221,311|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 12 to 22 form part of these financial statements.
Page 10
## **VOLCANO THEATRE COMPANY LIMITED**
## **STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024**
|**TATEMENT OF FINANCIAL POSITION**
**S AT 31 MARCH 2024**
**_Note_**
**FIXED ASSETS**
Tangible assets
Investments
12
13
**CURRENT ASSETS**
Stock
Debtors
Cash at bank and hand
14
**Creditors**: amounts falling due within one year
15
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Amounts falling due in more than one year
16
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Unrestricted income funds
Restricted income funds
17
**TOTAL FUNDS**|
**_£_**
1,003
14,446
258,397|**Company number: 02212900**
**_2024_**
**_£_**
**_£_**
**_2023_**
**_£_**
9,367
1
8,789
1
9,368
1,357
9,123
315,156
8,790
325,636
(87,351)
212,458
238,285
221,826
(15,642)
247,075
(25,764)
206,184
221,311
205,239
945
220,050
1,261
206,184
221,311|**Company number: 02212900**
**_2024_**
**_£_**
**_£_**
**_2023_**
**_£_**
9,367
1
8,789
1
9,368
1,357
9,123
315,156
8,790
325,636
(87,351)
212,458
238,285
221,826
(15,642)
247,075
(25,764)
206,184
221,311
205,239
945
220,050
1,261
206,184
221,311|**Company number: 02212900**
**_2024_**
**_£_**
**_£_**
**_2023_**
**_£_**
9,367
1
8,789
1
9,368
1,357
9,123
315,156
8,790
325,636
(87,351)
212,458
238,285
221,826
(15,642)
247,075
(25,764)
206,184
221,311
205,239
945
220,050
1,261
206,184
221,311|
|---|---|---|---|---|
|||9,368
212,458||8,790
238,285|
||273,846
(61,388)||325,636
(87,351)||
||||||
|||221,826
(15,642)||247,075
(25,764)|
|||206,184||221,311|
|||205,239
945||220,050
1,261|
|||206,184||221,311|
The financial statements have been prepared in accordance with the special provisions within Part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to the members of the company.
The trustees are satisfied that the company is entitled to exemption from the requirements to obtain an audit under Section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Signed:
Name: PROFESSOR KEITH ROBERT LLOYD , Trustee on behalf of trustees
Approved by the trustees on 17 December 2024
The notes on pages 12 to 22 form part of these financial statements.
Page 11
**VOLCANO THEATRE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## 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:
## _**Basis of preparation**_
The financial statements have been prepared in accordance with the Charities SORP (FRS102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Volcano Theatre Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## _**Consolidation**_
The charitable company and its subsidiary comprise a small sized group. The charitable company has therefore taken advantage of the exemption provided in section 399 of the Companies Act 2006 not to prepare group financial statements and accordingly these financial statements present information about the charitable company as a single undertaking.
## _**Going concern**_
The charitable company reported a deficit of £15,127 for the year.
The Trustees and Executive have prepared cash flow forecasts and budgets that support the going concern basis of these financial statements.
The charity has adequate cash reserves which are being actively monitored and managed and the trustees believe that these actions have secured the immediate future of the charitable company for the next 12 to 18 months and that on this basis the charity is a going concern.
## _**Income recognition policies**_
Items of income are recognised and included in the accounts when all of the following criteria are met:
- the charity has entitlement to the funds;
- any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity;
- there is sufficient certainty that receipt of the income is considered probable; and
- the amount can be measured reliably.
Income received in advance of theatrical performances or provision of other specified service is deferred until the criteria for income recognition are met.
## _**Donated services and facilities**_
Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain the services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## _**Interest receivable**_
Interest in funds held on deposit is included when receivable and the amount can be measured reliably by the charity,
Page 12
## **VOLCANO THEATRE COMPANY LIMITED**
this is normally upon notification of the interest paid or payable by the bank.
## _**Fund accounting**_
Funds held by the charity are either:
_Unrestricted general funds:_ these are funds which are available to spend on activities that further any of the purposes of the charity. _Designated funds:_ these are unrestricted funds which the trustees have decided at their discretion to set aside to use for a specific purpose. _Restricted funds:_ these are funds which the donor has specified are to be solely used for particular areas of the charity's work or for specific artistic projects being undertaken by the charity.
## _**Expenditure and irrecoverable VAT**_
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Expenditure on charitable activities includes the costs of performances, workshops and other educational activities undertaken to further the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## _**Allocation of support costs**_
Support costs are those functions which assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance personnel, payroll and governance costs which support the charity's artistic programmes and activities. These costs have been allocated to expenditure on charitable activities. The bases on which support costs have been allocated are set out on note 7.
## _**Operating leases**_
The charity classifies the lease of printing, specialist lighting and audio equipment as operating leases: the title to the equipment remains with the lessor. Rental charges are charged on a straight line basis over the term of the lease.
## _**Tangible fixed assets and depreciation**_
Depreciation is provided on all tangible fixed assets so as to write off their full cost or valuation less estimated residual value over their expected useful lives at the following rates:
Plant and machinery 20% - 33.3% on cost Motor vehicles 25% on the reducing balance _**Stocks**_
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
## _**Debtors**_
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Debtors are usually measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Page 13
2 **LEGAL STATUS OF THE CHARITY**
3
## **VOLCANO THEATRE COMPANY LIMITED**
Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
## _**Cash at bank and in hand**_
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## _**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.
The charity is a company limited by guarantee and has no share capital. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
## **INCOME FROM DONATIONS AND LEGACIES**
|**_Unrestricted income_**
Arts Council of Wales - Revenue grant
In kind support - donated services and facilities
Garfield Weston Foundation
Gifts and donations
**_Total unrestricted income from donations and legacies_**
**_Restricted income_**
Arts Council of Wales - Connect & Flourish
C & C Swansea - Western Bay Community Cohesion Fund
ONA Community Pitch
National Lottery - Community Fund - Growing Together
C & C Swansea - Period Dignity
C & C Swansea - Western Bay Community Cohesion Fund - Chinese New Year
Swansea Wales All Church Trust Act
Millenium Stadium Trust
Swansea Council Period Dignity Grant
Oakdale Trust
Austin Bailey Foundation
The Social Change Uplift Grant
WCVA - Third Sector Resilience Fund
National Lottery - UK Comic Workshop
Postcode Community Trust - Peoples' postcode
The Climate Coalition - The Great Big Green Week
IETM
The Great Big Green Week
**_Total restricted income from donations and legacies_**
**Total income from donations and legacies**|**_2024_**
**_£_**
**_2023_**
**_£_**
214,678
53,880
-
488
221,333
60,698
30,000
309|
|---|---|
||269,046
312,340|
||32,182
1,170
498
9,097
10
800
2,500
1,531
1,228
183
1,489
3,963
-
-
-
-
-
-
699
330
-
2,500
828
-
-
-
-
-
531
479
3,451
500
7,939
963
1,062
2,300|
||54,651
21,582|
||323,697
333,922|
Page 14
## **VOLCANO THEATRE COMPANY LIMITED**
The charity is grateful to all donors of in kind support including the City & County of Swansea for providing Non-domestic Business Rate relief to the charity in respect of its premises and to Coastal Housing Group Limited for providing a lease on its premises at below market rental.
The value of the rate relief is £10,675 (2023 - £13,226) and the reduced rent £ 42,360 (2023 - £42,360). The estimated value of these services is recognised within incoming resources as a donation, and an equivalent charge included within premises costs.
## 4 **INCOME FROM CHARITABLE ACTIVITIES**
|**_Unrestricted income_**
Performance fees
Project fees
Workshops
**_Total unrestricted income from charitable activities_**
**Total income from charitable activities**
5
**INCOME FROM TRADING ACTIVITIES**
**_Unrestricted income_**
Premises hire
Bar sales
Other income
Management charges
**Total income from trading activities**|**_2024_**
**_£_**
**_2023_**
**_£_**
8,909
-
5,637
4,709
3,000
6,675|
|---|---|
||14,546
14,384|
||14,546
14,384|
||**_2024_**
**_£_**
**_2023_**
**_£_**
14,184
6,393
1,277
32,208
11,725
3,545
835
48,363|
||54,062
64,468|
6 **INVESTMENT INCOME**
All of the charity’s investment income arises from money held in interest bearing deposit accounts.
Page 15
## **VOLCANO THEATRE COMPANY LIMITED**
## 7 **ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
|**_Basis of_**
**_Allocation_**
**_Costs directly allocated to activities_**
New show development
Production cost
Salaries and fees for workshop leaders, consultants and performers
Motor, travelling and accommodation
Publicity expenses
Property and costume costs
Royalties
Depreciation
Other workshop costs
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
**Total costs directly allocated to activities**
**_Support costs allocated to activities_**
Premises costs
Repairs and refurbishment
Salaries and statutory contributions
Pension contributions
Telephone
Insurances
Printing, postage, stationery and advertising
Bank charges and similar costs
Sundry expenses
Training
Depreciation
Interest and similar charges
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
**_Governance costs_**
Book keeping
Independent examiner’s fee
Other legal & professional fees
Direct
Direct
Direct
**Total governance costs**
**Total expenditure**|**_Total_**
**_2024_**
**_£_**
**_Total_**
**_2023_**
**_£_**
67
122,303
43,769
5,055
2,355
6,659
351
2,850
15,174
-
195,755
43,947
4,771
4,405
3,849
53
5,067
11,221|
|---|---|
||198,583
269,068|
||73,792
6,785
91,939
2,537
802
2,935
465
239
18,850
260
214
776
76,341
6,642
60,860
2,061
743
3,116
114
1,148
10,043
946
83
--|
||199,594
162,097|
||15,326
1,925
322
16,932
1,925
-|
||17,573
18,857|
||415,750
450,022|
Of the £415,750 expenditure in 2024 (2023 - £450,022) £360,783 was charged to unrestricted funds (2023 - £428,019) and £54,967) to restricted funds (2023 - £22,003).
## 8 **NET INCOME FOR THE YEAR**
|**ET INCOME FOR THE YEAR**|||
|---|---|---|
||**_2024_**|**_2023_**|
||**_£_**|**_£_**|
|This is stated after charging:-|||
|Operating leases - land and buildings|6,000|6,000|
|Independent examiner’s fee|1,925|1,925|
|Depreciation of tangible fixed assets|3,064|5,150|
Page 16
## **VOLCANO THEATRE COMPANY LIMITED**
9 **TAXATION**
|**AXATION**||
|---|---|
|United Kingdom corporation tax refund|**_2024_**
**_£_**
**_2023_**
**_£_**
-
-|
||-
-|
The charitable company’s activities are potentially exempt from taxation under Part 11 of the Corporation Tax Act 2010. No tax charge has arisen in the year.
## 10 **ANALYSIS OF STAFF COSTS AND TRUSTEE REMUNERATION AND EXPENSES**
|**Total wage costs**
Wages and salaries
Social security costs
Pension costs|**_2024_**
**_£_**
**_2023_**
**_£_**
130,754
4,954
2,537
101,175
3,632
2,061|
|---|---|
||138,245
106,868|
No employees had emoluments in excess of £60,000 (2023 - £ Nil) Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023 - £Nil) neither were they reimbursed expenses during the year (2023 - £Nil). No trustee received payment for professional or other services supplied to the charity.
The key management personnel of the charity comprise the trustees, Artistic Director, Executive Producer and Finance Officer. The total employee benefits of the key management personnel of the charity were £77,787 (2023 - £76,719).
## 11 **STAFF NUMBERS**
The average number of employees (including casual and part time staff) during the year was:-
|Administration staff
Charitable activities|**_2024_**
**_2023_**
7
1
4
1|
|---|---|
||8
5|
Page 17
## **VOLCANO THEATRE COMPANY LIMITED**
## 12 **TANGIBLE FIXED ASSETS**
|12
**TANGIBLE FIXED ASSETS**||
|---|---|
|**Cost**
At 1 April 2023
Additions
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for year
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023
13
**INVESTMENTS**|**_Plant and_**
**_machinery_**
**_£_**
**_Motor_**
**_vehicles_**
**_£_**
**_Total_**
**_£_**
120,288
3,642
42,897
-
163,185
3,642|
||123,930
42,897
166,827|
||118,030
1,431
36,366
1,633
154,396
3,064|
||119,461
37,999
157,460|
||4,469
4,898
9,367|
||2,258
6,531
8,789|
|||
The charity holds the entire share capital of Volcano Trading Company Limited which is incorporated in the United Kingdom (company number 09527257).
|Cost
At 1 April 2023
Purchased in the year
At 31 March 2024|**_Investment_**
**_in subsidiary_**
**_undertakings_**
**_£_**
1
-|
|---|---|
||1|
The holding is 1 share of £1 which is the only share allotted, called up and fully paid.
The company will pay all of its profits to the charity under the gift aid scheme.
Volcano Trading Company Limited provides theatrical production services to the charity. All commercial trading operations are carried out from the charity’s premises.
Page 18
## **VOLCANO THEATRE COMPANY LIMITED**
The summary financial performance of the subsidiary is:
|Turnover
Cost of sales and administrative costs
Interest receivable
Net loss
Taxation
Profit after tax
Amount gift aided to the charity
Retained in subsidiary
The assets and liabilities of the subsidiary were:
Current assets
Current liabilities
Total net assets
Aggregate share of capital and reserves
14
**DEBTORS**
Trade debtors
Other debtors
Prepayments and accrued income
Grants receivable
15
**CREDITORS:**AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans
Trade creditors
Other taxes and social security costs
Deferred income
Other creditors and accruals
16
**CREDITORS:**AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
Bank loans|**_2024_**
**_£_**
**_2023_**
**_£_**
90,078
(91,608)
366
143,594
(145,134)
1|
|---|---|
||(1,164)
23,636
(1,539)
37,630|
||22,472
-
36,091
-|
||22,472
36,091|
||109,095
(1,532)
86,629
(1,538)|
||107,563
85,091|
||107,563
85,091|
||**_2024_**
**_£_**
**_2023_**
**_£_**
4,196
265
6,085
3,900
4,016
-
5,107
-|
||14,446
9,123|
||**_2024_**
**_£_**
**_2023_**
**_£_**
10,121
2,836
2,505
36,686
9,240
9,872
5,592
2,279
60,879
8,729|
||61,388
87,351|
||**_2024_**
**_£_**
**_2023_**
**_£_**
15,642
25,764|
||15,642
25,764|
Page 19
## **VOLCANO THEATRE COMPANY LIMITED**
## 17 **ANALYSIS OF MOVEMENT IN UNRESTRICTED FUNDS**
||**_Brought_**|**_Income_**|**_Expenditure_**|**_Transfers_**|**_Carried_**|
|---|---|---|---|---|---|
||**_Forward_**||||**_Forward_**|
||**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|
|**Unrestricted fund**s||||||
|**_Designated funds_**||||||
|Relocation fund|97,170|-|-|-|97,170|
|Future productions fund|22,250|-|-|(9,385)|12,865|
|Storyopolis|12,100|-|-|(6,319)|5,781|
|**_Total designated funds_**|131,520|-|-|(15,704)|115,816|
|**_General fund_**|88,530|345,972|(360,783)|15,704|89,423|
|**Total unrestricted funds**|220,050|345,972|(360,783)|-|205,239|
|**Analysis of movement in unrestricted funds - prior year**||||||
||**_Brought_**|**_Income_**|**_Expenditure_**|**_Transfers_**|**_Carried_**|
||**_Forward_**||||**_Forward_**|
||**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|
|**Unrestricted fund**s||||||
|**_Designated funds_**||||||
|Relocation fund|97,170|-|-|-|97,170|
|Ongoing productions: Sincere as Objects|29,620|-|-|(29,620)|-|
|Ongoing productions: Solo Duets for the||||||
|Future|8,597|-|-|(8,597)|-|
|Future productions fund|19,883|-|-|2,367|22,250|
|Youth/community development fund|5,000|-|-|(5,000)|-|
|Storyopolis|-|-|-|12,100|12,100|
|**_Total designated funds_**|160,270|-|-|(28,750)|131,520|
|**_General fund_**|91,953|395,846|(428,019)|28,750|88,530|
|**Total unrestricted funds**|252,223|395,846|(428,019)|-|220,050|
## **Name of unrestricted fund**
## **Description, nature and purposes of the fund**
_General fund Designated funds_
The ‘free reserves’ after allowing for all designated funds. Designated relocation fund to provide against costs of relocating to new premises. Designated future productions for the creation of future productions. Designated youth/community development fund for the development of educational and community partnerships - National Volcanic Association.
Page 20
## **VOLCANO THEATRE COMPANY LIMITED**
## **Analysis of movement in restricted funds**
|**_Restricted funds_**
Fixed assets
Arts Council of Wales - Connect & Flourish
C & C Swansea - Western Bay Community Cohesion Fund
ONA Community Pitch
National Lottery - Community Fund - Growing together
C & C Swansea- Period Dignity
C & C Swansea - Western Bay Community Cohesion Fund -
Chinese New Year
Swansea Wales All Church Trust Act
Millenium Stadium Trust
Swansea Council Period Dignity Grant
Oakdale Trust
Austin Bailey Foundation
The Social Change Uplift Grant
**_Total restricted funds_**
**Analysis of movement in restricted funds**-**prior year**|**_Brought_**
**_Forward_**
**_£_**
**_Income_**
**_£_**
**_Expenditure_**
**_£_**
**_Carried_**
**_Forward_**
**_£_**
1,261
-
-
-
-
-
-
-
-
-
-
-
-
-
32,182
1,170
498
9,097
10
800
2,500
1,531
1,228
183
1,489
3,963
(316)
(32,182)
(1,170)
(498)
(9,097)
(10)
(800)
(2,500)
(1,531)
(1,228)
(183)
(1,489)
(3,963)
945
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|
||1,261
54,651
(54,967)
945|
|||
|**Analysis of movement in restricted funds**-**prior year**|||||
|---|---|---|---|---|
||**_Brought_**|**_Income_**|**_Expenditure_**|**_Carried_**|
||**_Forward_**|||**_Forward_**|
||**_£_**|**_£_**|**_£_**|**_£_**|
|**_Restricted funds_**|||||
|Fixed assets|1,682|-|(421)|1,261|
|Arts Council of Wales - Connect & Flourish|-|699|(699)|-|
|WCVA - Third Sector Resilience Fund|-|3,451|(3,451)|-|
|C & C Swansea - Western Bay Community Cohesion Fund|-|330|(330)|-|
|National Lottery - Community Fund - Growing together|-|2,500|(2,500)|-|
|National Lottery - UK Comic Workshop|-|500|(500)|-|
|C & C Swansea- Period Dignity|-|828|(828)|-|
|Postcode Community Trust - Peoples' postcode|-|7,939|(7,939)|-|
|Community Changemakers Fund|-|963|(963)|-|
|The Climate Coalition - The Great Big Green Week|-|2,300|(2,300)|-|
|Austin Bailey Foundation|-|531|(531)|-|
|The Social Change Uplift Grant|-|479|(479)|-|
|IETM|-|1,062|(1,062)|-|
|**_Total restricted funds_**|1,682|21,582|(22,003)|1,261|
|**Name of unrestricted fund**
**Description, nature and**|**purposes of the**|**fund**|||
Storyopolis
Storyopolis fund providing free workshops for schools, and occasional public events for the children’s literacy project.
Page 21
## **VOLCANO THEATRE COMPANY LIMITED**
## 18 **ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible fixed assets
Investments
Net current assets
Creditors falling due in more than 12 months
Total
**Analysis of net assets between funds - prior year**
Tangible fixed assets
Investments
Net current assets
Creditors falling due in more than 12 months
Total|**_Unrestricted_**
**_Funds_**
**_£_**
**_Restricted_**
**_Funds_**
**_£_**
**_Total_**
**_£_**
8,422
1
212,458
(15,642)
945
-
-
-
9,367
1
212,458
(15,642)|
|---|---|
||205,239
945
206,184|
||**_Unrestricted_**
**_Funds_**
**_£_**
**_Restricted_**
**_Funds_**
**_£_**
**_Total_**
**_£_**
7,528
1
238,285
(25,764)
1,261
-
-
-
8,789
1
238,285
(25,764)|
||220,050
1,261
221,311|
## 19 **RELATED PARTY TRANSACTIONS**
The charity charged Volcano Trading Company Limited , wholly owned subsidiary, £32,208 (2023 - £48,233) in respect of management and other services provided during the year.
The charity paid Volcano Trading Company Limited £90,078 (2023 - £143,594) in respect of theatrical production services received during the year.
## 20 **OPERATING LEASE COMMITMENTS**
The total minimum future lease commitments under non cancellable leases are as follows:
|**Falling due:**
within one year
within two to five years|**2024**
**£**
**2023**
**£**
6,000
6,000
6,000
12,000|
|---|---|
||12,000
18,000|
## 21 **CONTROL OF THE CHARITABLE COMPANY**
The charitable company is under the control of the board of trustees and no individual is a person of significant control.
Page 22