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_
- 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.
2
**VOLCANO THEATRE COMPANY LIMITED Report of the trustees for the year ended 31 March 2025**
_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.
## _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 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:
- 76 Performances
- 9 Exhibitions involving 173 individual artists
- 29 Workshops/activities specifically for young people
- 59 Workshops/Creative learning experiences for adults/families
- 117 other Community Events
- All contributing to over 10,000 attendees to the venue
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.
- **#2** Volcano raises funding through ticket/external hire fees/services delivered/Performance fees from tour venues/Sponsorship & additional core/project 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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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
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:
- 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; or
- [ the accounts do not accord with the records; or]
- 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); or
- any matter to which the examiner believes should be drawn to the attention of the reader to gain a proper
- understanding of the accounts.
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:
- 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 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