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2025-03-31-accounts

Companies House Copy

Registered number: 02212900 Charity number: 1161081

VOLCANO THEATRE COMPANY LIMITED

A Company Limited by Guarantee and not having a share capital

REPORT AND UNAUDITED FINANCIAL STATEMENTS

Year ended 31 March 2025

VOLCANO THEATRE COMPANY LIMITED

Contents

Page
Reference and administrative details 1
Report of the Trustees 2
Trustees Responsibilities in Relation to the Financial
Statements 8
Independent examiner's report 9
Statement of financial activities 10
Statent of financial position 11
Notes to the financial statements 12

VOLCANO THEATRE COMPANY LIMITED REFERENCE AND ADMINISTRATIVE DETAILS

Volcano Theatre Company Limited (trading as Volcano)

Charity Name: Volcano Theatre Company Limite d (trading as Volcano)
Company Registration No: 02212900
Charity registration No: 1161081
Registered Office: 27-29 High Street
Swansea
SA1 1LG
Trustees Chair Professor Keith Robert Lloyd
Miss Elen Mair Thomas (Resigned 20 October 2025)
Mr Gavin David Dudeney (Resigned 1 May 2024)
Mr Marc Jones
Ms Allie Symonds
Mr Ibukun Olatunji (Resigned 1 May 2025)
Key management personnel: Executive team
Artistic Director Paul Davies
Executive Producer Claudine Conway
Finance Officer Sarah Dow
Our advisers
Bankers: National Westminster Bank Plc
Swansea City Centre Branch
14-16A Oxford Street, Swansea,
Swansea
SA1 3AG
Independent Examiner: Ian Bowen LLB FCA
I D Bowen & Co
Chartered Accountants
19 Alexandra Road
Gorseinon
Swansea

1

VOLCANO THEATRE COMPANY LIMITED Report of the trustees for the year ended 31 March 2025

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 financial statements of the charitable company for the year ended 31 March 2025, which are also prepared to meet the requirement for a directors' report and financial statements for Companies Act purposes.

The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102) (effective 1 January 2019).

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. Theatremaking 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

REACH MORE PEOPLE

WORK IN PARTNERSHIP

PROMOTE CLIMATE JUSTICE

2

VOLCANO THEATRE COMPANY LIMITED Report of the trustees for the year ended 31 March 2025

PASS IT ON

WORK IN AND FOR SWANSEA

REPRESENT WALES

ACHIEVEMENTS & PERFORMANCE 2024/25

PERFORMANCES

UNDER MILK WOOD . In the year that Under Milk Wood entered the public domain, Volcano returned to the play they were banned from performing by the Dylan Thomas estate many years ago. Combining the striking simplicity of the original design with an array of new voices, Volcano’s new, anarchic, utopian Under Milk Wood premiered at our Swansea High Street home in November – December 2024.

THE SHAPE OF THINGS TO COME. 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.

THE RISING DAMP AND OTHER TALES. Ongoing 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.

CREATIVE, EDUCATION & COMMUNITY PROJECTS

FFIESTA – 2024 saw the first Swansea Arts Weekend with performances and events throughout the city. Volcano were commissioned to run a ‘Ffiesta’ weekend of activities and workshops based on the Festival of the Dead, a timely celebration of the South American cultural festival honouring ancestors and the departed.

UNDER MILK WOOD - workshops related to our UMW production and tickets for the show for GCSE students.

STORYOPOLIS – 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 a weekly term time ‘Saturday Club’ for children aged 8 – 14. In this financial year, funding was secured to build a children’s ‘secret’ library within our building.

MAN-MADE – funded by Austin Bailey Foundation/Swansea Council’s Men’s Shed.

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 which have included a SCRAPBOTS ‘robot wars’ style project involving a local college and wider community.

3

VOLCANO THEATRE COMPANY LIMITED Report of the trustees for the year ended 31 March 2025

MENYWOD – funded by Austin Bailey Foundation

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.

OTHER COMMUNITY

We have an ongoing series of ad hoc community events, this year including Summer High Street Hangout for the school holidays (funded by COAST), Easter & Halloween family fun days, fundraising events, Februllage Techno camps, Zombie plastics, papermaking and other craft workshops Once again we participated in Great Big Green Week with a series of workshops based on Climate Change.

CLIMATE JUSTICE

We aim to have 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 which is reviewed annually.

A sample of projects include:

BIG CLIMATE LEAP :

A 5 year partnership with Swansea Environment Centre’s Lottery funded Big Climate Leap programme. Support included training in Carbon Footprinting, annual assessment of energy usage and help and advice on energy saving measures.

CLIMATE LEADERS TRAINING PROGRAMME.

A twelve month programme of training for Climate Leaders within an organisation with a focus on community event and project planning.

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, including participation in Great Big Green Week.

LIGHTING UPGRADE – stage 2

With Capital funding from ACW we have been able to upgrade our theatre lighting. Old high energy lighting has been replaced with low energy LED, reusing lighting housing wherever possible.

HEAT ZONING – stage 2

Bunker heating has been replaced with fully zone-able infrared heating units that heat the individual, not the space. Each unit is controlled independently allowing for anything between 1 and 10 heaters to be operational depending on need.

4

VOLCANO THEATRE COMPANY LIMITED Report of the trustees for the year ended 31 March 2025

WORKSHOPS including; Zombie Plastics (repurposing beach plastics); paper making; Seahive sea wall project; Urban Jungle street art.

VOLCANO VENUE

Our High Street venue continued to operate as an arts centre for the city hosting a wide range of cultural, educational & community activities and events including the following:

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, Nigerian storytelling, Bangladeshi cultural events, Latvian elections, World Book Day events, film showings, arts fairs and free to all community Christmas lunch.

In addition to the above there was a venue ‘take over’ by Cainen Productions with a month long run of Swansea Boy in March 25.

FUTURE PLANS

Production plans for the coming year include two short plays by Welsh playwright Rhys Hughes to be showcased during Swansea Arts Weekend; another seasons of our Shape of Things to Come series of short productions supporting new and emerging artists in their ‘first steps’ in creative development.- One of these shows will be chosen as an ongoing project culminating in a Christmas in-house run of shows in December 2025. 2025/2026 will also see the development of the next Volcano Original and David Lynch season for 2026.

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 plus our regular weekly creative social groups.

Funding and income generation has helped us reach our goal of a 2 year fixed post of Creative Engagement Lead. This role will commence in August 2025 with a specific focus on raising company profile, increasing audience and participant numbers, working with a wider range of educational partners and developing our youth activities further with a focus on our diverse Castle Ward community.

FAIR PAY

Volcano is a an accredited Living Wage Foundation employer.

5

VOLCANO THEATRE COMPANY LIMITED Report of the trustees for the year ended 31 March 2025

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.

New funding secured in 2024/25
Garfield Weston (2 year unrestricted funding) £ 60,000
ACW Capital Investment Grant £ 33,678
ACW Jobs Protection and Resilience Fund £ 20,244
COAST Activity Grant Fund Summer 24 £ 2,830
Swansea Council Men’s Shed £ 2,026
Western Bay Community Cohesion Fund (Community workshops) £ 1,810
Swansea Council Period Dignity Grant £ 1,670
Austin Bailey Foundation (Community Groups) £ 800
National Lottery Great Big Green Week (Eco Workshop) £ 150

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 £437,614 with expenditure of £406,163 resulting in a surplus for the year before taxation of £31,451.

At the year end the unrestricted funds amounted to £209,985 of which £8,821 were held as fixed assets and investments. Free reserves amount to £81,629 with the remaining £119,535 being designated as follows:

Relocation Fund £ 97,170
Future Productions Fund £ 12,865
Fixed term community engagement role (delayed start) £ 9,500

The restricted funds amounted to £27,650 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 - £82,000.

The current level of free reserves stands at £81,629.

6

VOLCANO THEATRE COMPANY LIMITED Report of the trustees for the year ended 31 March 2025

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.

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.

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.

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.

7

VOLCANO THEATRE COMPANY LIMITED Report of the trustees for the year ended 31 March 2025

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.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The charity trustees (who are also directors of Volcano Theatre Company Limited for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each 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 the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to:

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

This report was approved by the board on 18 December 2025

8

VOLCANO THEATRE COMPANY LIMITED Independent examiner's report to the trustees of Volcano Theatre Company Limited

I report to the trustees on my examination of the accounts of Volcano Theatre Company Limited ('the charity') for the year ended 31 March 2025 which are set out on pages 10 to 23.

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:

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:

Ian Bowen LLB FCA I D Bowen Independent examiner Chartered Accountants 19 Alexandra Road Gorseinon Swansea SA4 4NW

19 December 2025

9

VOLCANO THEATRE COMPANY LIMITED

Statement of Financial Activities (Including income and expenditure account) for the year ended 31 March 2025

2025 2024
Unrestricted Restricted Unrestricted Restricted
Notes funds funds Total funds funds Total
£ £ £ £ £ £
INCOME
Donations and legacies 3 286,066 63,667 349,733 269,046 54,651 323,697
Income from charitable activities: 4 11,366 - 11,366 14,546 - 14,546
Other income 5 68,859 - 68,859 54,062 - 54,062
Interest receiveable 7,656 - 7,656 8,318 - 8,318
TOTAL INCOMING RESOURCES 373,947 63,667 437,614 345,972 54,651 400,623
EXPENDITURE
Expenditure on charitable activities: 7 (369,201) (36,962) (406,163) (360,783) (54,967) (415,750)
TOTAL EXPENDITURE (369,201) (36,962) (406,163) (360,783) (54,967) (415,750)
NET INCOME FOR THE YEAR 4,746 26,705 31,451 (14,811) (316) (15,127)
Transfer between funds - - - - - -
NET MOVEMENT IN FOR THE YEAR 4,746 26,705 31,451 (14,811) (316) (15,127)
RECONCILIATION OF FUNDS
Total funds brought forward 205,239 945 206,184 220,050 1,261 221,311
TOTAL FUNDS CARRIED FORWARD 209,985 27,650 237,635 205,239 945 206,184

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 23 form part of these financial statements.

10

VOLCANO THEATRE COMPANY LIMITED Statement of financial position

Statement of financial position
as at 31 March 2025
Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
15
Total net assets
Charity funds
Unrestricted income funds
16
Restricted income funds
Total funds		 02212900
2025
2024
£
£
36,470
9,367
1
1
36,471
9,368
1,640
1,003
10,281
14,446
279,382
258,397
291,303
273,846
(84,616)
(61,388)
206,687
212,458
243,158
221,826
(5,523)
(15,642)
237,635
206,184
209,985
205,239
27,650
945
237,635
206,184
Registered Number:

The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102) (effective 1 January 2019).

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

Signed:

PROFESSOR KEITH ROBERT LLOYD Trustee on behalf of trustees

Approved by the board of trustees on 18 December 2025

The notes on pages 12 to 23 form part of these financial statements.

11

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 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:

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

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income recognition

Items of income are recognised and included in the accounts when all of the following criteria are met:

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

12

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

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.

Tangible fixed assets

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

13

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

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.

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.

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.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

2 LEGAL STATUS OF THE CHARITY

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.

14

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

3 INCOME FROM DONATIONS AND LEGACIES

Unrestricted income
Arts Council of Wales - Revenue grant
In kind support - donated services and facilities
Garfield Weston Foundation
Post Code Lottery
Gifts and donations
Total unrestricted income from donations and legacies
Restricted income
Arts Council of Wales - Capital grant
Arts Council of Wales - Resilience grant
C & C Swansea - We Are All Artists
C & C Swansea - Swansea Men's Shed Fund
C & C Swansea - COAST Summer Activities
WWF - Great Big Green Week
C & C Swansea - Western Bay Community Cohesion Fund
C & C Swansea - Period Dignity
Oakdale Trust
Austin Bailey Foundation
Arts Council of Wales - Connect & Flourish
ONA Community Pitch
National Lottery - Community Fund - Growing Together
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
The Social Change Uplift Grant
Total restricted income from donations and legacies
Total income from donations and legacies		 2025
2024
£
£
207,009
214,678
58,561
53,880
175
-
20,000
-
321
488
286,066
269,046
33,678
-
10,358
-
9,860
-
1,150
-
2,830
-
500
-
1,029
1,170
1,690
10
1,317
183
1,255
1,489
-
32,182
-
498
-
9,097
-
800
-
2,500
-
1,531
-
1,228
-
3,963
63,667
54,651
349,733
323,697

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 charity was also in receipt of the Employers' Allowance via HMRC.

The value of the rate relief is £11,201 (2024 - £10,675) and the reduced rent £42,360 (2024 - £42,360). The estimated value of these services is recognised within incoming resources as a donation, and an equivalent charge included within premises costs. The Employer's Allowance amounted to £5,000 in the year.

15

for the year ended 31 March 2025

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements

4 INCOME FROM CHARITABLE ACTIVITIES

Unrestricted income
Performance fees
Commission
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 unrestricted income from trading activities
Total income from trading activities		 2025
2024
£
£
10,287
8,909
446
-
633
5,637
11,366
14,546
11,366
14,546
2025
2024
£
£
26,106
14,184
13,765
6,393
-
1,277
28,988
32,208
68,859
54,062
68,859
54,062

6 INVESTMENT INCOME

All of the charity’s investment income arises from money held in interest bearing deposit accounts.

16

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

7 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Costs directly allocated to activities
New show development
Production cost
Salaries and fees for workshop leaders, consul
Motor, travelling and accommodation
Publicity expenses
Property and costume costs
Royalties
Depreciation
Other workshop costs
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
Ineligible grant expenditure
Total support costs allocated to activities
Governance costs
Book keeping
Independent examiner’s fee
Other legal & professional fees
Total governance costs
Total expenditure
Allocation of expenditure between funds
Expenditure charged to unrestricted funds
Expenditure charged to restricted funds
Total expenditure		 Total
Total
2025
2024
£
£
120
67
132,162
122,303
46,377
43,769
8,076
5,055
2,614
2,355
(700)
6,659
270
351
9,684
2,850
-
15,174
198,603
198,583
85,890
73,792
1,863
6,785
77,682
91,939
2,421
2,537
1,206
802
2,921
2,935
577
465
77
239
8,672
18,850
4,270
260
510
214
529
776
3,587
-
190,205
199,594
15,180
15,326
2,175
1,925
-
322
17,355
17,573
406,163
415,750
369,201
360,783
36,962
54,967
406,163
415,750

17

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

8 TAXATION

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.

9
NET INCOME FOR THE YEAR
This is stated after charging:-
Operating leases - land and buildings
Independent examiner’s fee
Depreciation of tangible fixed assets
10 ANALYSIS OF STAFF COSTS AND TRUSTEE REMUNERATION AND EXPENSES
Wages and salaries
Social security costs
Pension		 2025
2024
£
£
6,000
6,000
2,175
1,925
10,194
3,064
18,369
10,989
2025
2024
£
£
114,416
130,754
9,643
4,954
2,421
2,537
126,480
138,245

No employees had emoluments in excess of £60,000 (2024 - £ 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 (2024 - £Nil) neither were they reimbursed expenses during the year (2024 - £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 £82,289 (2024 - £81,802).

The average number of employees (including casual and part time staff) during the year was:-

Administration staff
Charitable activities		 2025
2024
Number
Number
1
1
4
7
5
8

18

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

11 TANGIBLE FIXED ASSETS

Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
12 INVESTMENTS
Cost
At 1 April 2024
At 31 March 2025		 Plant and
machinery
Motor
vehicles
Total
£
£
£
123,930
42,897
166,827
39,505
-
39,505
(2,208)
-
(2,208)
161,227
42,897
204,124
119,461
37,999
157,460
9,068
1,126
10,194
128,529
39,125
167,654
32,698
3,772
36,470
4,469
4,898
9,367
Investments in
subsidiary
undertakings
£
1
1

The holding is 1 share of £1 which is the only share allotted, called up and fully paid.

Volcano Trading Company Limited provides theatrical production services to the charity. All commercial trading operations are carried out from the charity’s premises and the company will pay all of its profits to the charity under the gift aid scheme.

19

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

Volcano Trading Company Limited
Profit & loss account
Turnover
Cost of sales and administrative costs
Interest receivable
Net loss
Taxation
Profit after tax
Retained in subsidiary
Current assets
Current liabilities
Total net assets
Aggregate share of capital and reserves
13 DEBTORS
Trade debtors
Other debtors
Prepayments and accrued income
Grants receivable
14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans
Trade creditors
Taxation and social security costs
Other creditors
15 CREDITORS:AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
Bank loans
The assets and liabilities of the subsidiary were:		 2025
2024
£
£
100,590
90,078
(103,061)
(91,608)
908
366
(1,563)
(1,164)
23,482
23,636
21,919
22,472
21,919
22,472
131,939
109,095
(2,457)
(1,532)
129,482
107,563
129,482
107,563
2025
2024
£
£
-
4,196
-
265
9,968
6,085
313
3,900
10,281
14,446
2025
2024
£
£
10,121
10,121
6,524
2,836
4,094
2,505
63,877
45,926
84,616
61,388
2025
2024
£
£
5,523
15,642
5,523
15,642

20

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

16 ANALYSIS OF MOVEMENT IN FUNDS

UNRESTRICTED FUNDS

Movement in current year

Unrestricted funds
Designated funds
Relocation fund
Future productions fund
Storyopolis
Fixed term community engagement role (delayed start)
Total designated funds
General fund
Total unrestricted funds		 Brought
forward
Income
Expenditure
Transfers
Carried
forward
£
£
£
£
£
97,170
-
-
-
97,170
12,865
-
-
-
12,865
5,781
-
-
(5,781)
-
-
-
-
9,500
9,500
115,816
-
-
3,719
119,535
89,423
373,947
(369,201)
(3,719)
90,450
205,239
373,947
(369,201)
-
209,985

Movement in prior year

Unrestricted funds
Designated funds
Relocation fund
Future productions fund
Storyopolis
Total designated funds
General fund
Total unrestricted funds		 Brought
forward
Income
Expenditure
Transfers
Carried
forward
£
£
£
£
£
97,170
-
-
-
97,170
22,250
-
-
(9,385)
12,865
12,100
-
-
(6,319)
5,781
131,520
-
-
(15,704)
115,816
88,530
345,972
(360,783)
15,704
89,423
220,050
345,972
(360,783)
-
205,239

Name of unrestricted fund Description, nature and purposes of the fund

General fund The ‘free reserves’ after allowing for all designated funds Designated funds Designated relocation fund to provide against costs of relocating to new premises. Designated future productions for the creation of future productions. Designated community engagement fund is in respect of a fixed term role the start of which was delayed until 2025-26.

21

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

16 ANALYSIS OF MOVEMENT IN FUNDS (Continued)

RESTRICTED FUNDS

Movement in current year

Restricted funds
Fixed assets capital grants
Arts Council of Wales - Resilience grant
C & C Swansea - We Are All Artists
C & C Swansea - Swansea Men's Shed Fund
C & C Swansea - COAST Summer Activities
WWF - Great Big Green Week
C & C Swansea - Western Bay Community Cohesion Fund
C & C Swansea - Period Dignity
Oakdale Trust
Austin Bailey Foundation
Total restricted funds		 Brought
forward
Income
Expenditure
Transfers
Carried
forward
£
£
£
£
£
945
33,678
(6,973)
-
27,650
-
10,358
(10,358)
-
-
-
9,860
(9,860)
-
-
-
1,150
(1,150)
-
-
-
2,830
(2,830)
-
-
-
500
(500)
-
-
-
1,029
(1,029)
-
-
-
1,690
(1,690)
-
-
-
1,317
(1,317)
-
-
-
1,255
(1,255)
-
-
945
63,667
(36,962)
-
27,650

Movement in prior year

Restricted funds
Fixed assets
Arts Council of Wales - Connect & Flourish
C & C Swansea - Western Bay Community Cohesion Fund
C & C Swansea - Period Dignity
C & C Swansea - Chinese New Year
ONA Community Pitch
National Lottery - Community Fund - Growing together
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		 Brought
forward
Income
Expenditure
Transfers
Carried
forward
£
£
£
£
£
1,261
-
(316)
-
945
-
32,182
(32,182)
-
-
-
1,170
(1,170)
-
-
-
10
(10)
-
-
-
800
(800)
-
-
-
498
(498)
-
-
-
9,097
(9,097)
-
-
-
2,500
(2,500)
-
-
-
1,531
(1,531)
-
-
-
1,228
(1,228)
-
-
-
183
(183)
-
-
-
1,489
(1,489)
-
-
-
3,963
(3,963)
-
-
1,261
54,651
(54,967)
-
945

22

VOLCANO THEATRE COMPANY LIMITED Notes to the Financial Statements for the year ended 31 March 2025

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current year

Tangible fixed assets
Investments
Net current assets
Creditors falling due in more than 12 months
Charity funds
Prior year
Tangible fixed assets
Investments
Net current assets
Creditors falling due in more than 12 months
Charity funds
OPERATING LEASE COMMITMENTS
Property
Within one year
Between one and five years
The future minimum operating lease commitments are as
follows:		 Unrestricted
funds
Restricted
funds
Total
£
£
£
8,820
27,650
36,470
1
-
1
206,687
-
206,687
(5,523)
-
(5,523)
209,985
27,650
237,635
Unrestricted
funds
Restricted
funds
Total
£
£
£
8,422
945
9,367
1
-
1
212,458
-
212,458
(15,642)
-
(15,642)
205,239
945
206,184
2025
2024
£
£
6,000
6,000
-
6,000
6,000
12,000

18 OPERATING LEASE COMMITMENTS

19 RELATED PARTY TRANSACTIONS

The charity charged Volcano Trading Company Limited, a wholly owned subsidiary, £28,988 (2024 - £32,208) in respect of management and other services provided during the year.

The charity paid Volcano Trading Company Limited £100,590 (2024 - £90,078) in respect of theatrical production services received during the year.

20 Other information

Volcano Theatre Company Limited is a charitable company limited by guarantee and incorporated in England and Wales. Its registered office is:

27-29 High Street Swansea SA1 1LG

23