Company Number- 10547581 Charity Number- 1178358 Wise Chlldren Limited Report and Audited Financial Statement5 Forthe Year Ended 31 March 2024 Wise Chlldren Llmlted Flnancial Statements For the year ended 31 March 2024 CONTENTS Page Refèrence and Adminlstratlve Dets115 Trustees, Report Independent Audltors, Report Statement of Flnanclal Artivities 12 Balance Sheet 13 Statement of Cashflows 14 Notes to the Financial Statements 15 Wlse Chlldren Llmlted Reference and Admlnlstratlve Deta115 For the year ended 31 March 2024 Comp3ny Nymber 10547581 Charfty Number 1178358 Reglstered Ofncè Unlt Gl Temple 1852 IBri5tol & Exeter Housel Ternple Campus Lower Approach Road Bristol BSI 6QA B￿rd ofTrustees Matthew Am)strong (resigned l January 20241 ludtth Dimant Allegra Galvin Iresigned 9 October 20231 Anthony Gayle Ireslgned 17 June 20241 Kane Husbands lappointed 8January 20241 Irma Inniss lappolnted 17 June 20241 Clare Reddington (Chairl Nicholas Ro8ers Yuko Thornas Art15tlE Olredor Emma Rice Emeryrth￿ Dlrertot Poppy Keeling Creattr￿ Dlrector Simon Baker Audltor Knox Cropper LLP 65 Leadenhall Slreet London E(3A 2AD ankers Na￿est 40 Queen5 Road 8ri5tol BS8 18F wtse Chlldren Llmlted Trustees, Report FortheyeareTrded 31 March 2024 The trustees (who are also thè Dlrectors of the charitable company for the purposes of the Companles Act) prÈsent thelr Combined Directory, report and Trv5tee5' annual report, as required by comparw law. along with the financial statements of thè tharitsble company for the year ended 31 March 2024. The Trustees confimi that the Annual Report and financlal statements of the cornpany comply wlth the current statutory requirements, Charlties Art 2011, the Companies Aci 2006, the requirements of the company's governin8 doc¥rnent and the PTOV15ions of the Statement of Recommended Practice ISORPI 'Accounting and Reporting by Charities, 155ued In January 2015. The Trustees and Directors Reports have been comblned under the Companles Art 2￿6. Styurture. Governants and Management ConstttUt￿￿ Wise Children is a private company limited by guarantee registered In England & Wèles, company number 10547581.lts governing document is Its Memorandum and Article5 Of A55ociation. The company Is a re8lstered charity. number 1178358. llirèctors and Trustees The dlrectors of the tharilable company I'the tharity l are Its trustees for the purpose ol charity law and throuBhout this report are Collective￿ ielerred to as the trustees. As Set out in the Articles of Association, the trustees are appointed by the existing Board of Trustees. A rnember of ihe BoaTd of Trustees must propose such a person for elecEion. Notice shall given tothe BL>ard of Trusiees for the meÈting at which It is Intended to Fyopose such persons fgr eleaion, ststln8 the object of the meeting. the name and address of the person to be proposed, and the name of the board member. Policies and procedures adopted for the indudion and tralning of trustees are ongoiog and incorporated into quartefly tru5tee5' meetings. Leadershlp Artistic Director Emma Rice. Executivè Director Poppy Keeling and Creative Dlrector Simon Baker make up the organlsatSon's Leadership Team, managed by and reportlng to the truslee5. They are jointly responsible for the day-to-day running of and decision-makin8 at the tharity. The trustees oversee Leadership Team contracts and pay, whlch are set Sn line vjilh indu51ry Standards and revlewed annuallv. Obhctlve5 and aciivities The charty's purposes are.. to advance education In the 8rtsfoTthe pUblic￿nefrt, in partlcular, but notexclu5iwely* bythe provislon ol training for young people.. and tts promote the arts generally ￿th particular refeTence to creatlng and tourlns theatrical works for the publlc beneflt. Wise Children is an internètional touring theatre company, based in the South West. Led by awa¥d- winnin8 dlrertor Emma Rice. we makeground-breakSn8and acce$5ible workwilh exceptional artists whlch wetour acr95S the UK and the world. Alongside show5 we run our lauded Training Programme. a unlque professional development Initiative through which we nurture the next generation of dNeTSe, independent theatre makers. Ise Children launched in 2018, when we became an Arts Council England IACEI National Portfglio 0r8anisation INPOI.. our current Portfollo fundlng is secured until 2026. Since our launch we have produced seven cdtlcally acclalrned original prodL*Ctions which thave been seen by more than 260.000 people in 24 cities worldwide. Many of these were made through co-productions wilh the UK'S leading theatre organSsatlons. Includlng the Royal Shakespeare Company, the Natlon31 Theatre and the Old Vic. Our work has also been commissloned by the BBC and SkyArts, with ourdigital work reaching an estimated 3Q),0(￿) people. 21Page W15e Chlldren Llmlted Trustees. Report Fortheyearended 31 March 2024 he quallty, orlginality and Invention of Wise Chlldren's work. cornbined wtth Its ambition to reach audien￿5 across the nation. make it an invaluable 85set to the UK'5 cultural scene. Wilh theircommltment to diversifying the Sndustry through the School for Wlse Children, the company Is amongst the most exciting and ifflportsnt or8anisaiions making theatre today.. Katevarah, Executive Director, National Theatre OurArtistic Dirertor Emma Rice is amongst the UK'S besl known and loved theatre directors. Her￿lebrated 30- year career has included belng Artlstit Dlrertor of CoTnish theatre company Kneehigh and of 5h8ke5peare'5 Globe, London. In 2019. shè received the UK Theatre Award lorContribut4tsn io British Theatre.. Theatre maker Emma RI￿ was presented with thi5 special award in recognition of the unique, innovatlve and socially relevant work that she ha5 created and dlrected all over the country. and her slgnlfk2nt Influence on the tontemporary theatre land5cape.' In 2022. She wa5 named one of Sky Art5 '50 rn05t influential Brltlsh artlsts of ihe lasi 50 Yea￿.. TheTTalnin8 Programme a150 Started In 2018 and we've run57 practlc31 courseswlth over I,OQh)theatre makers. seven of whom now work with Lt5 regularly. We evaluate the School'5 imp3Ct throu8h surveys and case studie5'. feedback from students Is always hugely poS￿1ve. 'Belngable to work alongslde and le3rn from Emma has been an invaluable experlence and onethat has equipped me wSth new too￿, methods and technlques that I can lake forward Snto future work. I feltchallenged, pushed creatlvely, motlvated & Insplred on a daily basisl, IWutherln8 Heighls Trainee Director) In 5hapin8 our objeclives and planning our actwitie5 lor the year, the tru5tee5 have con51dered the tharity Commission's 8uidance on public benefit, including the guidance'Public benefit.. runnlng a charity IPB21'. AehlÈvèm¢ntsand pÈrformantè New Work 2023124 has been an extraordinarily produrtive year, with achievements includln8 the (¥eatiort of two Or￿inal theatre 5how5 written/adapted and directed by Emma. The first Is Blue Beard, Emma's unfllnchlng take on the gruesome folk tale, whlch prèmiered at Theatre Royal Bath in February 2024 before a UK tour tsking in Manchester, YorK Eéinburgh, Birmin8hèm and endlThg wth a month at London's Bztter5ei Arts Centre. The show was rapturously recelved by crltlcs and aUdIen￿S, wlth revlews callSn8 the show'fearless, furious and brilliant, (The Stage), 'an urgent story of male vio￿nCe against women for our times, (The Guardlanl. and 'a glittering and enthralling cabaret of femlnirt resistsnce. (The Scotsm3nl. Audlence feedback wa5 also overwhelmlngly posltlve, Includlng 96% of educators saying it had insplred the 8roups of students they brought to see it. One wrote in to say.. The students and staff were rnoved to tears. the girls Iwe're an all-8irls school) can't stop talklng about it, some booked to go and See it again, most of ihem bought a scrlpt so they can keep ￿-readIng It, and they keep rememberln8 bits and running to discuss them. It w35 truly mlnd-blowlrE. Such 3n important. thought-provokln& empower1￿ exciting plece of theatre. I wish I tould See it again and I'm thrilled 18et to tontinue studying it with my exam 8roup glrls., We sewred a commission from streamin8 platform Marquee TV to creats a film of the show, and glue Beard 11 be avallable to watch world￿dE from October 2024. We also tollaborated wlth the Royal Shakespeare Company IRSCI to create The Buddha of Suburbia. Adapted from HanrfKureishls iconic 1980s novel by Emma, with Hanif. The Buddha of Suburbia opened atthe RSCS Swan Theatre in Stratford-upon-Avon in April 2024. It was the first producLion to take place In the Swan under the RSCS new Artistlc Directors Daniel Evans and Tamara Harvev. The production's slew of five-star reviews Ithe fimÈ5 called it'an intOXlCaling, five-stsr shoW and the Telegraph wrote 'Emma Rice ha5 nailed IVI, meant the ori8inally scheduled Six￿eek RSC run was extended when we secured a last mlnute iransfer to the Barblcan, London, for October 2024. 31 Page Wlse Chlldren Llmited Trustee5' Report For the year ended 31 March 2024 Revivals Alon side making new work, we revlved our 2021122 Nationil Theatre ¢o-production Wuthering Heights for presentation at the Holland Festival. This was notsble as being the first time Emma's work has beÈn sèèn in Europè. and we hope It will be the first of many. SlowTourin The Blue Beard tourwasthelaunchof our'51owtourln¥ inltiative. ouiattempt to solvesomeofthe longstanding challenges posed by the ttaditional regional theatre iouring model for stsff and crew. It was clearfor us all tosee the benef￿ of thisihroughout the tour, actor5. 51age managers and tethnicians reportingand dlsplaylng higher levels of happiness and wellbeing than we have seen on prewous touring shows. At the heart of slow touring is stayin8 for longer in éach tity. and Blue Beard saw us play for two week5 in Bath. York, Manchester and Blrmlngham, for three in Edinbufgh and for four In London. These longer Stays meant we were able to secure signifiuntly better accommodation and that company meM￿r$ had more tlme off to settle Into and enjoy their new surroundings. They were also able to havefami￿vIS[t. slay or even travel with us-and we had one young mum in the company whose partner and 18-rnonth-old were wth us for several sections of the tour. Our understudy dld not even perform once (sadly IOT himll and we had no injuries or complèints. The company were happy and harmonious forthe whole tour, despite theshov/s emotionaltycomplex material. We count thi5 a5 a huge success. The Luck Chance A highlight of 2023 was stsrtlng to work at ou¥ new home. The Lucky Chan￿, In Frome. We had purchased the former Methodist chapèl in summer 2022, and be8un slo¥wly renovating the b¢Jlldin& with work continuing acros$ 2023. Despite signiflcant bulldlng work (including installing a bar, a new kitchen. toilets, energy-efficlent heat and elertriaty Systems, replaclng a stalrca5e and irsulatinKthe roon. we were able to bellexible with the construction schedule. and all our core aciNity took pla￿ In the building. In addition to'R&D' on four poiential new shows, we got the building ready foT a '5Dft openin8' to the pyblic at Christm35 2023 when we staged a three-week run of The Little MatehgSrl and HappierT31es, adapted by Emrna Rice and Joel Horwood from a seiies of Han5 Chrf5tian Andefsen stories. and directed by Emmè. The Show was huge success, wlth excellent re¥iew5, queL¢es for return tlckets after we totally sold out and nightly carol. singing in the makeshift bar. The first week of performances were offered freeto ￿ local schoolchildren fiom schoots within walknng distance of the theatre, and we 8ave free tickets to members of local community or83nlsations throu8h our outreach scheme 'Home Crowd,. In lotal, 1,385 people saw the show. and a hugè amount of goodwill and excitement wès generaied locally, confirmin8 our hopes that The Lucky Chance ￿11 be a fabulov5 public performance 5pacE. and addition to the Frome arts scene. Wise Children's Trainin Pro ramme Following è revlew of the School for W15e Children, a number of changes were made to the programme's structure, and its name was changed to the Wise Children Trainin8 PrograrnmÈ. 2023124- highllghts included.. The fSr5t performers. course taking place at The Lutky Chance in july 2023. Students Spent a week creating work wlth Emma. composer lan Ross, Associate Director ￿Ur8 Keefe and rnDvementlpuppetry dlrector John Leader. The week was a resounding SUC￿5$ With one partiopani wrltlng. Gettlng to experience £mma's speclfic brand of supportive, no bullshlL playlul. get-5hit-done-nes5 Was intTedibly inspiring, Huge thanks to all the leaders for their bravery and grace and go(xl humour throu8hoth the week., For a Second year. we also offered a paKI Stage Manager Traineesllp alongside the course and had newty-quallfled Stage Mana8er Elliott runnin8 thè room wlth support ard mentoring from the team. He fed bèck.. '1 thoroughly enjoyed the course- there was always a good level of support. but it nevEr became overbearing or obstructive. From the very beginnlng each leader was conslstenilyfriendly and kind- I fdt welcome and valued from the moment l entered the spa￿.. In September we completed our second 'Pi¢k & Mlx. resldenry, brin8in8 together second-year drama siudents frorn schoo15 acr95S the country. The students worked with Emma. &ura. lan & John for a 41Pa8e Wise Children Limited Trustees, Report For the year ended 31 March 2024 week atthe Lucky chan￿ and we had greatfeedback from all, Includln8. Because of the Wise Children tram+ you feel like an attual professional and a part of the team, which makes you work even harder. The klndne55. 8enerosSty and creatlvity behlnd thelr protess was a blg Inspiration., We also ueated two pald traineeshlps on Blue Beard. Our Tralnee Dlrettor toured full time with the show, tech'ing the show into each new venue and runnin£ TraininB Programme Taster workshops in each city: 3nd our TTrinee Wardrobe techntcian's work on Blue Beard was part of a lar8èr traineeship created In partnershlp wlth York Theatre Royal and funded by the Theatre Arti5Vs Fund In whlch she completed a year-lon8 Ipaidl placemenl and is now permanently employed. Workin with schools In November 2023, we became the theatre partner on a pilot programme led by SOme￿et Councll's C￿atIVe Leamlng & Education Schools Programme. The programme Offe￿ Somerset schools the tspportunity to learn from. and collaboratewlth. world-class perfom)ance companiesfrom acrossthe region, with the aim of InsplrlNd studènts. raising aspirition5 and buildin8 creative confidence in teachers. The programme15 deslgned to enrich tlassr¢xtyrn teaching and ensure all young people feel the arts are'forthern,. As part of the pro8ramme, we.. delivered a CPD day for érama teachers, wlth tralnlng and resources to support les50n plan5.. ran in-school workshops for students.. and provided tickets to Blue Beard atTheatre Royal Bath as well as back5ta8e tours, Q&A5 and the chance to observe technical and dress rehearsals. Feedback has been hu8ety positive, incl¥din8. Ha￿ngthe0pportVnIfy forourstudents to workwith inspirational artist5 such as Tom and john from Wise Children is invaluable in professionalising our young people. Not On￿ is it 8reat to gwe them new experiences. btrt for thern to collaborate and play with Wlse Chlldren helps 5klll them vp for thelr GCSE as well as offer career5 e¥perlence.' Dan Morgan- Head ot Performin8 Arts at Stanchestef Academy '1 didn't know whatto expect but it wa5 $0 much morethan I could have expectedl Itfelt personal, an attual real insl8ht Into the Industry and age approprlate- sornetSmes these klnd of ex￿enceS can be pitched a blt young but this felt like I to ts as equals.'_ YouTh8 Q&A participant undraisin We had an exceptSonally successful year In terms of fundralsln& lar8ely due to 5nCreas￿ opportunities afforded by the capitsl projert at The Lucky Chance. The buildins also gave us the chance to invite existing and potentlal donor5 to see our work more frequently, improving our ability to cultivate and nurture supporL and was the locus of our Bi8 Give Appeal, throu8h which we raised over £28,Q)O- our hi8he5tAppeal lar8et to date. We are gratelul to have received grants from the Woltson Foundation, the Garfield Weston Foundation, the john Ellernian Foundation. Ihe 8ackstageTru5t, the Noel Coward Foundation, the Garrlck Trust and the Virtori Wood Foundatlon. We undertook a revlew of our'frlends, scheme,. the W15e Chlldren Club, and were delighted with the results, with the numbw of memberships irKrea5in8 by 25% lall at new membership prices) and revenue by 101% As always, we are hugely eTrteful to the IndI￿dualS who support ourwork with largerdonations, mèny of whom have been 8lvin8 annually since our launch. This year we were dell8hted to have retalned the support of many of these loyal thampions. as well as to have mèt several nèw donors. In particular we were overwhelmed to receive a 5gnifitsnt legacygift from a Club member in memory of her father, a lrfe-long lover of the theatre. Hnan¢lal revlew The company Is reportlng a surplus of £97,344 on a turnover of £2.036.9S9. One key source of fundlnÉ Is Arts Councll Ereland: Wse Chlldren Is an Arts Counal England National Portfollo Organisation for2023-26, receivingannual funding of £483,000. In 2023124, this represents 24%of ttslal incorne, In comparison to last year's 17%. Ourother majorsourceof income is productions, forwhichwe recelvea mixofco-productionfee5 Icontrlbutions from p?rtneTS toward5 the creation of a show). presentation fees Ifrom Iheatres in respect of the wtekty ¢0515 of pre5entin8 a show) and box office income lun5ecured incorne directly related to ticket sales). With each productlon, we try to balance these income sources to ensure the produrtlon can be safely realised but that it 51Page Wlse Chlldren Llmlted Trustees, Report For the year ended 31 March 2024 also stands io benefit from box office success. In 2023124, Produttlon Income accounted for 63% of annual income. Other source5 of in¢omÈ include grants from Trusts & Foundations. with applicatoons focused on trusts whlth feel aligned with our wdlues. In 2023124 the company ralsed £177.749 whsch was an almost 2(K)% increase in trusts and foundation fundraisin£, due to applications to lèrger funds to support our capital project. Gift5 from indlwduals represent a small but growing part of the chariws income ard indude malorglfts. a Chrlstma5 Appeal and our private givlTrg 5theme. the Wise Children Club. Fundraisin8 accounts for 12.6% of total income,. It was 4.2% In 22123. The Wise Children Tfalning Programme brings In a 5m311 amount in participants. contrlbutlons, but due to its 'pay what you can. model is understood as a1055-m4kin8 attivlty. The Lucky Chance, our building in Frome, opened to the public for the firsl time at Christmas 2023, and generated a small amount of income in ticket 5ale5 and ancillary bar surplus. This income stream has the potentlal to develop into a more significant tt*ntribLrtlon to the companls overall firtandal health. as we coniinue to increase capaclty and gene￿te additional income from hiring outthe space and presentlll8 mr)re Df our own work to local audiences. During the year, Wise Chlldren's Investment Commrttee researched and Implemented a new strategy to offset some of the effects of high inflation by investing 50rne ol our r￿erVeS into two Investment arxount5. The lunds Invested outperformed our expectations in the year io March 2024, and the Investment cornm￿ee will monltor their impart on a quarterfy basts. The currentfinanaal tlimats The trustees have consldered a range of issue5 turrently faong ihe tharity. includlrg the on601￿ impacts of Brexit and the UK'S cost-of-living crisis. The charity has 5ienifitanity Increased Its level of activity in the past year. as well as taking on the management of a building. These fartors add complexity to the financlal picture, bringing both the possibilbty of increased and new revenue Streams, and the B￿ater stability of a pemI￿ent base, but also increased costs. an increased workload and the inevitable uncertainties of newventures. fllsk5 Include.. The maintenaTh￿ and wnning of The Lucky Chance provin8 significantty more expenslve than anticipated; The existing staff ￿ructUre and team struggllng to effectively and happlly deliver the increased workload; The theatre5 that commisslon and ctrproduce our work having dramètltally reduteil income and reserves. and besng unable to collaborate with usto make newworL or only beln8 able to support new work with muth reduced bud6ets; Inflation and other major world events disrupting natlonal and global infrastTUCture and log1st1￿. causing Pri￿$ for Se￿CeS io splral and makin8 our increasing focu5 pn income from internadonal touring precarious,. The sell employed artists. technicians and suppllets we rely ofi either leaving the industry or having thelr ￿O￿T￿5 so decimated that they are no longer avalloble to us. or On￿ in reduced form.. and Increased deffland for donations frorn individua15 and Trysts and Foundatio￿5, combined with the COSt￿-17￿7n8 trlsis, makln8 fundralsin8 an increasin￿Y unreliable source of Incorne. The charty Is takln6 the followin8 Step5 to m￿l#ate these threats: Devehping the 'sbw tourln8' model. whlch we piloted to great success thls year, and which sees us collaborating closely with a small number of venues. Together, the 'slow tourf group will co-produce work, sharln8 the financial risk; Buildlng on the success of our fI￿t international tour to find new international presenters and audientes, and brln8lng Sn income from overseas.. 61Paee W15e Children limited Trustee< Report For the year ended 31 March 2024 And increasln8 ourfundra15erfs hour5. and developing a network of fundTaisln8 f￿elanCerS, In orderto intwse ourfuThdraising ¢apaeity. The trustees consider that the charity will continue as a Boing concern for a period of at least 12 months from the date on which these financlal statements are approved due to the facts that as at 31" October 2024 the charitvs cash position was over £450,IXX)and its principalfunder. Artscountil England, has extended its fiJndirYg to 31 March 2026. The trustees therefore eonsider It approprlate to adopt the golng concern basls for the preparation of the accounts, as daailed in note I to the finan(ial statements. Re5eThYs At 31 Marth 2024. the company held £501.697 In general reserves. £826.771 In three dÈ5ignated fvnds and £60.159 in ￿Stri￿ed lund5. General reserves Tourlng theatre is 5tlll facln8 con51derable challenges rel4ted to the pandemlc and the cost of living crisis. With the charity cornmitted to making 4nd louring live theatre pioductions, the Tru5tee5 consider It prudent to malntaln general reserves of £450.(￿. Level o*Beneral reserves at March 2024.. £SOL697. eratlonal fvnd The trustees aim to maintain an unrestricted operational fund at a level of between three and S￿ months of core expendlture. to a maximum figure of f 160.fKX). This level will ensure there aresufficlentfunds avallablÈtocover core running and governance costs in the event tsf the compan15 dlssolutioTh. Level of operatSonal fund at March 2024.. £160,C£¢). Develo ment fvnd The trustees are a150 bullding a development reserye with B t￿￿et figure of f 250.IYJO des16ned to allow the company to takes risks wth new work, includln8 throuEh iourln8. Level of development fund at Marth 2024.. £250,000. The Luck Chance Thls desl8nated fund represents the value of the expen￿￿Ure to date on the purchase and renovation of The Lucky (hance in Frome and Is Inten(Jed to match the value of thè flxed a￿et on the balan￿ sheet. Level of The Lucky Chance desi8nated fund at Mareh 2024.. £416,771 Restricted The re5trfcted fuThd holds donations received in respect of further Capital works planned for 202412025 which were unspent at the year*nd. as well as some funding for educatlonal projects re￿iVed in advance whSch wlll be spent durin8 the financial year to 31 March 2025. Level of restricted fund5 at March 2024.. £60.159. The trustees review the company's reserves policy in detail on a regular basss. Pkns forfuture perlods Plansfor 2024125 IncludethetransferofThe Buddha of Suburbla to the8arblcan, London. In October/November 2024,. a revlval ol The tittle Match Gid over Christmas at The Lucky Chance. alon£ wth a host of other actlvlyes for children and families,. a tour to Australia znd East Asia of our feted production of WutherinB Hei8hts.' and our second slow tour. an adaptatiL)n of Alfred Hitchco¢W5 North by Northwest which will tour the UK In 5prin81summer 2025. We'll also continueto run theWi5e ChildrenTraining Programme. addlng a slrand of work In parts of the eourntry th hi5torirally low leve15 of engagement wth theatre, and plan to partner wlth Sornerset Council for a second year ol the Creatlve Learnlng & Educatlon Schools Programme. Wlse Chlldren Llmlted Trustees, Report For the year ended 31 March 2024 We are dreaming of a second ph35e of capital works at The Lucky chan￿ and aim to have plan5 land planning perniis5ionl in place to be8in fundralslng lor thts in earnest in 2025. Stattmtnt of re4)onslbllltS•s olthetrustees The trustees (who are also directors ol the charlty for the purposes of company lawl are responsible for preparing the trustees, report and thè flnancial statements in accordance wth applicable law and United Kingdom Actounting Standards. Including Financial Reporting Standard 102-. The Financial Reportlng Standard pplicable in the UK and Republlc of Ireland Iunlted Kin8dgm Generally Accepted Acu)untin8 Practlcel. Company law requires the trusteesto preparefinaneial statements for each financial year, which give a true and fair view of the state of affairs of thè chaiitable company and of the Incoming resources and application of fesources for that period. In preparin8 those financial statements the trustees are required to.. select suitable accountin8 policies and then applythem tonslstently,. observe the methods and prlncIpl￿ In the tharitles SORP- make judgements and accountltB estimates that are Teasonable and prudent- stste whether appIl￿ble UKaccountin8 Standards and statements of recommended practice have been followed, subiectio èny materlal departures disdosed and explzined in the financial statemenis,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are resprjnsible for keeplng proper accountin8 records which disclosè with reasonable accuracy at any time the financial posilion of the charity and whlch enable them lo ensure that the flnanclal statements tomply with the CompaniesAct 2(KJ6. Thetrustee5 are a150 responsible forsafe8uardln8the assets of the charlty and hence fortaking reasonable steps for the prevention and detettion of fraud and other irregularities. In sofar as the trustees are aware.. there ￿ no relevant audit infomiation of which the charitable company's auditors are unaware; the tN5tee5 havè tsken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the audltors afe aware of that informatlon. The trustees are responsible for the maintenance and inte8rity of the corporate and financial information ncluded Dn the chzritable company's webstte. Leglslation In the Unlted Kingdom governin8 the preparation and disseminatlon of flTranclal statements may differ from legislation in other jurisdictions. Members of the charity 8uarantee to contribute an amtsunt not exteedlng £1 to the assels of the charity in the event of wlndln8 up. The totsl number of such guaralltee5 at 31 March 2024 was 6. The trustees are member5 of the charity but this entitles thern On￿ to voting ri8ht5. The trustees have no benelicial interest In the charlty. Apprc>ved by the Trustees on be 2024 and si8ned on their behalf by.. Name.. Reddin Trustee 81Page Wise Children Llmlted Independent Audltor5' Report For the year ended 31 March 2024 Opinion We have audlted the flnancbal statements of Wlse Chlldren Llrnlted Ithe'charltable companVI for the year ended 31 March 2024 which comprise the Statement of Financial Activities linduding the Income and Expenditure Account), the Balante sheet, statement of cash flows and the notes to the financial staternents, including a summary of s18niflcant accounting policies. The financlal reportingframework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standard5 Iunlted Klngdom Generally Accepted Accounting Practice), intluding Financial Reportingstandard 102 The Flnancial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements.. 8ive a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its income and expenditure, for the year then ended: have bèen properly prepared In accordance with United KinBdom Generally Accepted Accountlng Practlce, Including Flnanclal Reportin8 Standard 102 Yhe Flnanclal Reporting Standard applicable in the UK and Republic of Ireland, and have been prepared In accordance with the requlrements of the Companies Art 2006. Basls tor oplnlon We tonducted our audlt In accordan￿ wlth Internatlonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responslbilltles under those ￿andardS are further descrlbe 20.664 501.697 I60.￿0 250,000 330,460 740.460 1232.181 160,000 250,000 416,771 826.771 i.a28.468 86.311 86,311 106,975 1*64,210 11,874A981 TOTAL FUNDS 1291283 2036,959 1,951.773 12.158 1388.627 Purposes of restrirted funds Wise Children Training Programme To 5UPPOrt activity in Wise a)tldren's Professional Development Programme (previously named the School for Wise ChildTenl To support the London presentation of Why Not Theatre's produrtion The Mahèbharats at The Barbican in Autumn 2023. The Mahabharata Blue Beard Adaption To support the creation of a new adaptation of Blue Beard to tour. speclficalwto supportthe production In Its London venue in Spring 2024. The Lucky Chance Capltal Works To hold funds raised to complete the renovatlon of the old Portway Methodist Church in Frome, to become Wlse ChlldrÈn's home venue and rehearsal Space. Purposes of deslgnated funds Operational Fund To maintain a fund of between 3- and 6-months core expenditure, to ensure sufficient funds are avallable to cover core runnlng and governance costs In the event of the cornpanvs dis501ution To allow the company to take risks wrth new work and tourin& ihe company intends to build this reserve to £250,000 This designated fund represents the value of the expendlture to date on the purchase and renovation of The Lucky Chance in Frome and wlll be released against unrestrlcted funds as the property is depreclated. Development Fund The Lucky Chance 231Page Wlse Children Limited Notes to the Flnancial Statements Forthe year ended 31 March 2024 STATEMEf+lT OF FUNDS COMPARATIVE Balancè ai Transfers & Investment GaIn1￿$S Balance at 2023 Inwme Emppnditure REsniicrED FUND5 School for Wlse O)Ildren Productlon Activities Wuthering Hei8hts New Produrtion ACti￿111e5 Cornrnun￿ Streenlngs Blue Beard Adaptatlon Office Equipment Addltlons The Lucky Chance Capital Works TOTAL RESTRICTED FUNDS 14,960 114.9601 138.7681 129,OCQI 38.768 York 29.￿)0 13,9CM)I 11,0001 785 59,102 17851 59.lQ2 59.102 38.768 87.628 785 UNRESTRICTED FUNDS GENERAL FUNDS DESIGNA TED FUNDS Operational Fund Development Fund The Lucky Chance 654.011 2,718.087 2.525,702 1354,6751 491,721 160.000 225,000 160.(NX) 250,0(X) 330.460 740.460 1232,181 25,000 330.460 355,460 785 385,OCX) 1,039.011 TOTAL UNRESTRicfED RJNDS 2,718,087 12.525,7021 TOTAL FUNDS lJ177,779 2.826,834 2.613,330 1291,283 15 ANALYSIS OF NE[ ASs￿s BETWEEN FUNDS Unrestrlrted Funds Desl8Trated Fund5 R•strlcted Funds NoTrCurrent Assèts Current Assets Credltors: Due Wlthln One Year 134,270 661.936 1294.5091 501,697 416,771 410,000 551,041 1,132.095 1294,5091 1.388.627 60,159 826,771 60.159 ANALY51S OF NET ASSETS BETWEEN FUNDS COMPARATIVE Unrestrfcted Funds Desl8nated Funds Rèstrlctad Funds Total 2023 Non-current Ass•ts rrent Assèts Cfedltors: Due Wlthln One Year 3.781 637.687 1149,7471 491,721 330,460 410,000 334.241 1.106.789 1149,747 1,291,283 59.102 740.460 59,102 241Page Wlse Chlldren Llmlted Notes to the Flnanclal Statements For the year ended 31 March 2024 16 RECONCILIATION OF INCOME FROM OPERATING AcfiviTIES TO NET CASHFLOWS 2024 2023 Net Income forthe reporting perlod Investment Income DepreclatSon LossesllGalrl on Investments Decreaselllncreasel In stock Decreasejllncreasel in debtors IOecreasel/lncrease In credltors and provlsions 97,344 16,6871 10.690 112,1581 19951 1364.8761 144,762 213.504 12,9441 1,828 1165,3011 122,6591 Net cash (used byl/provided from operating activities 1131,9201 24.428 17 Cash Flows from Investlng Attivitles 2024 2023 Interest Recelved Purchase of Fixed Asset Investment Purchase of Tangible Asset 6,687 1120.OCK)I 195.3321 2,944 332.847 Net cash Iu5ed byl/provided from operatinB activities 1208,6451 1329,903 18 Related Partles Durin8 the year, there were no related party transactions12023: paid a trustee for consultancywork totalling £2,2￿j). In the prior year, income of £1,287 was received from the Harvard Club of the UK, where Yuko Thomas, trustee, Is a director. There were no amounts received in 2024. 251Page Wlse Chlldren Limited Notes to the Financial Statements For the year ended 31 March 2024 19 Comparative Fund and SOFA Balances Total Funds Year Ended 2023 Unrestricted Funds Restrirted Funds Note INCOME AND EXPENDITURE Income from: Grants and Donation5 Charitable Activitie5 Inve5tment5 492,593 2.222.550 2.944 108.747 601.340 2,222.550 2,944 Total Income 2,718,087 108.747 1826.834 Expenditure upon: Ralslng Funds ChorltubleArtivities Productions Wise Chlldren Training Programme The Lucky Challce 19,615 19.615 2,4￿,987 27.926 17.174 72.668 14.960 2,533,655 42,886 17,174 Totsl Expenditure 2,525.702 87,628 2.613,330 Gainlllossl on revaluatlon of Investments Net IncomellExpendl￿re} Transfers between lunds Net Movement in funds for the year 192,385 785 193,170 21,119 17851 20,334 213,504 213,504 Net funds at l April 2023 Net funds at 31 March 2024 1,039.011 1.232,181 38.768 S9,102 1,077,779 1,291,283 261Page