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← Wise Children Limited

2025-03-31-accounts

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Company Number: 10547581 Charity Number: 1178358

Wise Children Limited Report and Audited Financial Statements For the Year Ended 31 March 2025

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Financial Statements For the year ended 31 March 2025

CONTENTS

Page
Reference and Administrative Details 1
Trustees’ Report 2
Independent Auditors’ Report 10
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cashflows 15
Notes to the Financial Statements 16

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Reference and Administrative Details For the year ended 31 March 2025

Company Number 10547581 Charity Number 1178358 Registered Office Unit G1 Temple 1852 (Bristol & Exeter House) Temple Campus Lower Approach Road Bristol BS1 6QA Board of Trustees Judith Dimant Kane Husbands Simon Inch (appointed 16 June 2025) Irma Inniss (appointed 17 June 2024) Clare Reddington (Chair) Nicholas Rogers (resigned 16 June 2025) Yuko Thomas Artistic Director Emma Rice Executive Director Poppy Keeling Creative Director Simon Baker Auditor Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers Natwest 40 Queens Road Bristol BS8 1BF

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Trustees’ Report 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) present their combined Directors’ report and Trustees’ annual report, as required by company law, along with the consolidated financial statements of the charitable company and its subsidiary for the year ended 31 March 2025.

The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, Charities Act 2011, the Companies Act 2006, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in January 2015. The Trustees and Directors Reports have been combined under the Companies Act 2006.

Structure, Governance and Management

Constitution

Wise Children is a private company limited by guarantee registered in England & Wales, company number 10547581. Its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 1178358.

Directors and Trustees

The directors of the charitable company ("the parent charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

As set out in the Articles of Association, the trustees are appointed by the existing Board of Trustees. A member of the Board of Trustees must propose such a person for election. Notice shall be given to the Board of Trustees for the meeting at which it is intended to propose such persons for election, stating 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 induction and training of trustees are ongoing and incorporated into quarterly trustees’ meetings.

Leadership

Artistic Director Emma Rice, Executive Director Poppy Keeling and Creative Director Simon Baker make up the organisation’s Leadership Team, managed by and reporting to the trustees. They are jointly responsible for the day-to-day running of and decision-making at the charity.

The trustees oversee Leadership Team contracts and pay, which are set in line with industry standards and reviewed annually.

Objectives and activities

The charity’s purposes are:

Wise Children is an international touring theatre company, based in the South West. Led by award- winning director Emma Rice, we make ground-breaking and accessible work with exceptional artists which we tour across the UK and the world. Alongside shows we run our lauded Training Programme, a unique professional development initiative through which we nurture the next generation of diverse, independent theatre makers.

Wise Children launched in 2018, when we became an Arts Council England (ACE) National Portfolio Organisation (NPO): our current Portfolio funding is secured until 2028.

Since our launch we have produced nine critically acclaimed original productions which have been seen by nearly 350,000 people in 30 cities across four continents. Many of these were made through co-productions with the UK’s leading theatre organisations, including the Royal Shakespeare Company, the National Theatre and the Old Vic. Our work has also been commissioned by the BBC and Sky Arts, with our digital work reaching an estimated 300,000.

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Trustees’ Report For the year ended 31 March 2025

‘Emma Rice, and her Wise Children, are making some of the best work in British theatre today. Moreover, they make it to tour the country, bringing the best to audiences everywhere. This commitment to UK touring is one of the reasons we at the RSC wanted to partner with them, along with their approach to diversity, skills-sharing and, above all, to ambitious, emotional, genre-defying storytelling.’ Daniel Evans, Co-Artistic Director of the RSC

Our Artistic Director Emma Rice is amongst the UK’s best known and loved theatre directors. Her celebrated 30year career has included being Artistic Director of Cornish theatre company Kneehigh and of Shakespeare’s Globe, London. In 2019, she received the UK Theatre Award for Contribution to British Theatre, in 2022, she was named one of Sky Arts ‘50 most influential British artists of the last 50 years’ and in 2025 she won the WhatsonStage award for Best Director.

The Training Programme also started in 2018 and since then we’ve run 88 practical courses with over 5,000 theatre makers, many of whom now work with us regularly. We evaluate the School’s impact through surveys and case studies: feedback from students is always hugely positive, with recent comments including:

‘One of the most encouraging experiences I've had as an actor. A beautiful and comfortable space to create, explore, be challenged and most importantly, be inspired by those around you.’

‘Working and learning from Wise Children has been an invaluable experience, equipping me with new tools, methods and techniques that I can take forward into future work. I felt challenged, pushed creatively, motivated and inspired on a daily basis!’

In shaping our objectives and planning our activities for the year, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

New Work

2024/25 has been another productive year, with achievements including the conclusion of our UK tour of Blue Beard, and the creation of two original theatre shows adapted and directed by Emma.

The first new show was The Buddha of Suburbia, a co-production with the Royal Shakespeare Company (RSC), which opened at the RSC’s Swan Theatre in Stratford-upon-Avon in April 2024. Adapted from Hanif Kureishi’s iconic 1980s novel by Emma, with Hanif, The Buddha of Suburbia was the first production to take place in the Swan under the RSC’s new Artistic Directors’ tenure.

The production received a slew of five-star reviews (the Times called it ‘an intoxicating, five-star show’ and the Telegraph wrote ‘Emma Rice has nailed it’) and transferred to London’s Barbican in October 2024, where the final week of shows sold out the 1,000 seat theatre. In January 2025, Emma won the WhatsonStage award for Best Director for her work on the show.

In March 2024, we premiered another new show, North by Northwest, adapted by Emma from the iconic Hitchcock film. The show opened in York before touring to Manchester, Liverpool, Cheltenham, Bath and Alexandra Palace, London. North by Northwest was a hit with audiences and critics alike, with reviewers praising the ‘bravura staging that will keep you grinning at its sheer inventiveness’ (The Telegraph), and calling it ‘an espionage crowd-pleaser for the summer’ (The Guardian), ‘a potent Hitch-cocktail, garnished with a delicious twist of lemon zest’ (The Mail).

Revivals

Alongside making new work, we revived our 2021/22 National Theatre co-production Wuthering Heights for a major international tour, including dates in Sydney, Kaohsiung, Hong Kong, Shanghai, Chengdu and Suzhou. It was the first presentation for Wise Children’s work in these regions, marking a significant opportunity to forge international links and explore new markets for our work.

The tour was a huge success, both in terms of audience response (shows sold out in Kaohsiung and Hong Kong and far exceeded targets in the mainland Chinese venues) and of the health and happiness of the company on tour. As one company member fed back: ‘An amazing tour from start to finish. Held amazingly by WC who clearly really care for the performers experience and wellbeing. Always making sure that the company’s welfare and happiness are at the forefront of their practice. An utter joy.’

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Trustees’ Report For the year ended 31 March 2025

In December 2024, we also revived our popular family show The Little Match Girl and Happier Tales for a second Christmas season at our home The Lucky Chance in Frome. We added to the festive fun with The Ugly Duckling, a show for parents and toddlers which we performed on top of the Little Match Girl set, ensuring we had an offering for families and young people of all ages. As in previous years, with the support of key donors, we were able to offer every Year 4 child in Frome a free ticket to The Little Match Girl.

Wise Children’s Training Programme

Working with schools

We were delighted to be invited to return as the theatre partners for a second year of Somerset Council’s Creative Learning & Education Schools Programme, following a successful pilot in 2023/24. The programme offers Somerset schools the opportunity to learn from, and collaborate with, world-class performance companies from across the region, with the aim of inspiring students, raising aspirations and building creative confidence in teachers. The programme is designed to enrich classroom teaching and ensure all young people feel the arts are ‘for them’.

Taster workshops

Taster workshops are how we meet new people: free, day-long workshops that offer a low commitment introduction to Wise Children’s work. We ran day-long Technical and Theatre-making Tasters at every venue on the Blue Beard tour, engaging 120 people in 6 cities. Spring/summer 2025/26 saw us deliver a similar programme to accompany the tour of North by Northwest .

Residencies

Our intensive Summer Residencies at The Lucky Chance continue to be extremely popular: we had 251 applications for the 12 places on our open-access course. All courses ran smoothly, with 100% of participants feeding back positively.

For the first time, we also ran an international residency. Based at the Hong Kong Academy for Performing Arts, and in partnership with the Hong Kong Arts Festival, we spent a week working with 20 young theatre makers from across the island. It was a hugely positive experience, with feed back including:

‘Not only has my understanding of devising theatre increased, but my appreciation and love for the art of music has also grown. This has provided me with a clearer goal, direction and role models on my journey towards becoming a professional musical theatre performer.’

‘The Wise Children process is so free, with plenty of room to play and create. I’ve discovered that the creative process can start from very simple, unpolished ideas, and with gradual adding and modifying, they can all come together beautifully.’

Trainees

Key to our Training Programme are the Traineeships we offer on each production: paid roles for people we’ve met through other Training Programme activities and who we believe show exceptional promise.

In 2024/25 we had three Trainees, actor/director/theatre-makers Evie Dickson and Tom Fox who worked as Trainee Assistant Directors on North by Northwest and Blue Beard respectively, and Chloe Moore, who was employed as Trainee Wardrobe Technician on Blue Beard .

All described the experience as transformative, with Tom writing: ‘To be able to contribute to the creation of this show has been incredible. Being a part of the show from idea, to script, to R&D, to rehearsals, to tech, to previews, to press night, to tour venues has given me so many new skills and understanding how theatre at this scale (production wise and artistically) works.’

Chloe’s work on Blue Beard was part of a larger Traineeship created in partnership with York Theatre Royal and funded by the Theatre Artists’ Fund. After touring with us, Chloe spent six months as a Trainee in York’s costume department, and went on to land a permanent job there. Chloe wrote: ‘The whole experience was fantastic. The chance to be part of the Wise Children company has encouraged me to think bigger and bolder with my ideas, and to think about inclusivity more within wardrobe.’

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Trustees’ Report For the year ended 31 March 2025

Company mentoring

The Training Programme’s final offering is our flagship ‘company mentoring’ offer, where we select a theatre company to support across a year as they make some kind of step-change. In 2024, we worked with Hotter Project, an emerging company led by El Potter and Mary Higgins who wanted to formalise their partnership, establishing the fledgling company as a registered charity and beginning to fundraise for more ambitious work.

Environmental responsibility

2024/25 saw us embed environmental responsibility at the heart of the charity in a way we haven’t previously managed. This change has been powered by our Head of Organisation, who, inspired by a nmber of professional training opportunities, has taken the lead with energy and passion.

This means that across all projects we now: include our Environmental Policy and Action Plan in permanent and freelance contracts, and ask employees to commit to helping us achieve our goals; schedule a mandatory Sustainability session at the start of each project; include a ‘green card meeting’ as part of the set design process, building on the traditional ‘white card meeting’ and focusing on reducing the environmental impact of our tours; appoint a Green Champion to each project, who works with our Head of Organisation to ensure goals are met; and schedule a Green De-brief at the end of each project to reflect on successes and challenges, and make commitments for the future.

Another success in 2024/25 was the consolidation our previously dispersed ‘physical assets’ – ie the sets, costumes, props, tools, technical equipment, and more amassed over eight years of making and touring work – into one large storage unit in Frome. This was a major undertaking, but means we now have ready access to our kit, and can pull from existing stock as we develop new shows, significantly reducing waste and duplication.

Fundraising

Fundraised income was down after an exceptionally successful year in 2023/24 (when our capital project at The Lucky Chance unlocked new funding avenues), but we are grateful for the continued support of the Wolfson Foundation, the John Ellerman Foundation and the Noel Coward Foundation. We also received a grant from the Victoria Wood Foundation, and hope this marks the start of an ongoing relationship.

The Wise Children Club continued to grow steadily, with members now numbering 341, and total annual income at £8,657.

We took part in the Big Give Christmas Challenge again, and increased our target, raising £38,874 for our Christmas show at The Lucky Chance.

In February 2025, we were successful in our application to Arts Council England’s new Incentivising Touring fund, a pilot programme offering repayable grants of 25% of capitalisation to touring productions which demonstrate the potential to generate surplus. We applied for £115,000 for a revival tour of Malory Towers (planned for 2026) and were delighted to be one of just eight companies receiving funds.

We also directed focus to growing our local supporter base, with a series of events across the year designed to engage Frome and Somerset residents. Over time, we hope this group, informally known as our ‘Somerset Supporters’, will champion our work in the area, helping raise funds for work at The Lucky Chance.

As always, we are hugely grateful to the individuals who support our work with larger donations, many of whom have been giving annually since our launch. This year we were delighted to have retained the support of many of these loyal champions, as well as to have met several new donors.

Wise Children Productions Limited

On 19 July 2024 the charity incorporated a wholly owned trading subsidiary, Wise Children Productions Limited, a company limited by shares. The subsidiary was established to act as the theatre production company for the charity’s productions.

Under a formal production agreement, the charity commissions the subsidiary to produce individual productions. The subsidiary subcontracts the charity to provide production services and resources, with appropriate cost recharges.

The results of the subsidiary have been consolidated with the results of Wise Children for the first time in the year ended 31 March 2025.

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Trustees’ Report For the year ended 31 March 2025

Financial review

The company is reporting a surplus of £232,484 (2024: £97,344) on a turnover of £3,382,406 (2024: £2,036,959).

Arts Council England continues to be an essential source of funding: Wise Children is an Arts Council England National Portfolio Organisation for 2023-26 (now extended to March 2028), receiving annual funding of £483,000 (rising to £490,776 from 2025/26). In 2024/25, this represents 14% of total income, in comparison to last year's 24%.

Our other major source of income is productions, for which we receive a mix of co-production fees (contributions from partners towards the creation of a show), presentation fees (from theatres in respect of the weekly costs of presenting a show) and box office income (unsecured income directly related to ticket sales). With each production, we try to balance these income sources to ensure the production can be safely realised but that it also stands to benefit from box office success. In 2024/25, Production income accounted for 81% of annual income, in comparison to last year’s 63%.

Other sources of income include grants from Trusts & Foundations, with applications focused on trusts which feel aligned with our values. Gifts from individuals represent a small but growing part of the charity’s income and include major gifts, a Christmas Appeal and our private giving scheme, the Wise Children Club. Fundraising accounts for 5% of total income; it was 12.6% in 2023/24 (although it’s worth noting that this includes fundraising for the now-complete capital project).

The Wise Children Training Programme brings in a small amount in participants’ contributions, but due to its ‘pay what you can’ model is understood as a loss-making activity.

The Lucky Chance, our base in Frome, generates a small amount of income in ticket sales and ancillary bar surplus. This income stream has the potential to develop into a more significant contribution to the company’s overall financial health, as we increase capacity and generate additional income from hiring out the space and presenting more of our own work to local audiences.

Wise Children’s Investment Committee oversees the investment of a portion of reserves in two CAIFs, with the aim of offsetting the effects of high inflation. The funds invested have continued to perform well despite the turbulent financial climate, and the Investment Committee monitor and report on funds on a quarterly basis.

The current financial climate

The trustees have undertaken a review of the current challenges facing Wise Children, with particular focus on the ongoing impacts of Brexit and the cost-of-living crisis.

For a second consecutive year, we have expanded operations, producing a greater volume of work and extending our reach to new overseas territories. While growth presents opportunities for diversified and increased revenue streams, it also introduces greater financial complexity. Expansion entails higher operational costs, an elevated workload, and the inherent uncertainties associated with entering new markets and undertaking novel initiatives.

Risks include:

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Trustees’ Report For the year ended 31 March 2025

The charity is taking the following steps to mitigate these threats:

The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved due to the facts that as at 15 August 2025 the charity’s cash position was £251,235.05 and its principal funder, Arts Council England, has extended its funding to 31 March 2028.

The trustees therefore consider it appropriate to adopt the going concern basis for the preparation of the accounts, as detailed in note 1(b) to the financial statements.

Reserves

At 31 March 2025, the charitable group held £499,584 (2024: £501,697) in general reserves, £1,101,982 (2024: £826,771) in five designated funds and £19,545 (2024: £60,159) in restricted funds.

General reserves

Touring theatre is still facing considerable challenges related to the pandemic and the cost of living crisis. The impact of this increased precarity makes managing cashflow is complex, and, with the charity committed to making and touring live theatre productions, the Trustees consider it prudent to maintain general reserves of £500,000 to ensure stability.

Level of general reserves at March 2025: £499,584.

Operational fund

The trustees aim to maintain an unrestricted operational fund at a level of between three and six months of core expenditure, to a maximum figure of £336,000. This level will ensure there are sufficient funds available to cover core running and governance costs in the event of the company’s dissolution.

Level of operational fund at March 2025: £252,000.

Development fund

The trustees are also building a development reserve with a target figure of £250,000 designed to allow the company to takes risks with new work, including through touring.

Level of development fund at March 2025: £250,000.

The Lucky Chance

This designated fund represents the value of the expenditure to date on the purchase and renovation of The Lucky Chance in Frome and is intended to match the value of the fixed asset on the balance sheet.

Level of The Lucky Chance designated fund at March 2025: £429,982

Artistic Associate fund

A fund designated to support exceptional artists who have had a longstanding association with the company to develop their independent practice, with a target figure of £20,000.

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Trustees’ Report For the year ended 31 March 2025

Level of Artistic Associate fund: £20,000

Capital fund

Designated to fund a second phase of capital works at The Lucky Chance for completion across calendar year 2026.

Level of Capital fund: £150,000

Restricted

The restricted fund at the year end holds donations received in respect of capital works on The Lucky Change as part of its redevelopment that are so far unspent.

Level of restricted funds at March 2025: £19,545

The trustees review the company's reserves policy in detail on a regular basis.

Plans for future periods

Plans for 2025/26 include the UK tour of North by Northwest , a new Christmas show at The Lucky Chance, and the revival our popular 2019 production of Enid Blyton’s Malory Towers . We’ll continue to expand the Wise Children Training Programme, adding a strand of work for teachers and educators, and a series of incomegenerating Masterclasses.

We are also planning to rebrand the company, renaming ourselves Emma Rice Company and launching a new website. We made this decision after much deliberation for two reasons. The first is that, as we do more international touring, we are increasingly faced with audiences assuming we make children’s theatre and have come to realise that our name is not helping us communicate the kind of work we make. We also have plans to revive some of Emma’s past work, from her time at Kneehigh, and at Shakespeare’s Globe, and feel it will be simpler and clearer to bring these chapters together under the umbrella of the name Emma Rice Company.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable group and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Trustees’ Report For the year ended 31 March 2025

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

Members of the parent charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2025 was 6.

The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Approved by the Trustees on 15[th] September 2025 and signed on their behalf by:

Name: Clare Reddington, Chair

Trustee

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Independent Auditors’ Report For the year ended 31 March 2025

Opinion

We have audited the financial statements of Wise Children Limited (the ‘parent charitable company’) and its subsidiary (‘the group’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities (including the Income and Expenditure Account), the consolidated and charity Balance Sheets, consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Independent Auditors’ Report For the year ended 31 March 2025

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

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

In preparing the financial statements, the trustees are responsible for assessing the group and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Independent Auditors’ Report For the year ended 31 March 2025

Auditor’s responsibilities for the audit of the financial statements

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

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

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

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

Date:

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Consolidated Statement of Financial Activities (Including the Income and Expenditure Account) For the year ended 31 March 2025

Note
INCOME AND EXPENDITURE
Income from:
Grants and Donations
2
Charitable Activities
3
Investments
Total Income
Expenditure upon:
Raising Funds
4
Charitable Activities
Productions
Wise Children Training Programme
The Lucky Chance
Total Expenditure
4
Gain/(loss) on revaluation of
investments
Net Income/(Expenditure)
Transfers between funds
14
Net Movement in funds for the year
Net funds at 1 April 2024
Net funds at 31 March 2025		 Unrestricted
Funds
£
557,905
2,723,513
5,988
3,287,406
37,321
2,903,595
74,256
25,951
3,041,123
4,655
250,938
22,160
273,098
1,328,468
1,601,566		 Restricted
Funds
£
95,000
-
-
95,000
-
80,000
19,000
14,454
113,454
-
(18,454)
(22,160)
(40,614)
60,159
19,545		 Total
Funds Year
Ended
2025
£
652,905
2,723,513
5,988
3,382,406
37,321
2,983,595
93,256
40,405
3,154,577
4,655
232,484
-
232,484
1,388,627
1,621,111		 Total
Funds Year
Ended
2024
£
739,059
1,291,213
6,687
2,036,959
45,713
1,719,065
42,886
17,174
1,951,773
12,158
97,344
-
213,504
1,291,283
1,388,627

The notes on pages 16 to 29 form part of these financial statements.

All activities derived from continuing operations in each of the above two financial periods.

All recognised gains or losses are included in the above Statement of Financial Activities.

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15

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Consolidated Balance Sheets For the year ended 31 March 2025

Notes
Fixed Assets
Tangible Assets
9
Investments
10
Current Assets
Stock
11
Debtors
12
Cash at bank and in hand
Creditors: Amounts falling
due within one year
13
Net Current Assets
Total Assets Less Liabilities
Funds
Restricted
14
Unrestricted
Designated funds
14
General funds
14		 GROUP
2025
2024
£
£
432,455
418,883
136,813
132,158
569,268
551,041
5,095
995
1,030,621
811,645
470,439
319,455
1,506,155
1,132,095
(454,312)
(294,509)
1,051,843
837,586
1,621,111
1,388,627
19,545
60,159
1,101,982
826,771
499,584
501,697
1,621,111
1,388,627		 CHARITY
2025
2024
£
£
432,455
418,883
136,913
132,158
569,368
551,041
5,095
995
1,030,621
811,645
470,439
319,455
1,506,155
1,132,095
(454,412)
(294,509)
1,051,743
837,586
1,621,111
1,388,627
19,545
60,159
1,101,982
826,771
499,584
501,697
1,621,111
1,388,627		 CHARITY
2025
2024
£
£
432,455
418,883
136,913
132,158
569,368
551,041
5,095
995
1,030,621
811,645
470,439
319,455
1,506,155
1,132,095
(454,412)
(294,509)
1,051,743
837,586
1,621,111
1,388,627
19,545
60,159
1,101,982
826,771
499,584
501,697
1,621,111
1,388,627
551,041
995
811,645
319,455
1,132,095
(294,509)
837,586
1,388,627
60,159
826,771
501,697
1,388,627

The notes on pages 16 to 29 form part of these financial statements.

The financial statements were approved by the Board and authorised for issue on 15[th] September 2025 and signed on its behalf by:

Name: Clare Reddington

Trustee

Company Registration Number: 10547581 Registered Charity Number: 1178358

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16

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Consolidated Cash Flow Statements For the year ended 31 March 2025

Notes
Net cash (used in)/provided by operating activities
16
Net cash (used in)/provided by investing activities
17
Net change in cash and cash equivalents in the period
Reconciliation of net cash flow to movement in net cash
Movement in net cash in the period
Net cash and cash equivalents brought forward
Net cash and cash equivalents carried forward		 Year Ended 31
March 2025
£
169,252
(18,268)
150,984
150,984
319,455
470,439		 Year Ended 31
March 2024
£
(131,920)
(208,645)
(340,565)
(340,565)
660,020
319,455

The charity has not provided an analysis of changes in net debt as it does not have any long-term financing arrangements.

15 | P a g e

17

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

1 Accounting Policies

Basis of Accounting

The financial statements have been prepared under the historical cost convention (with the exception of investments measured at fair value) and in accordance with the accounting policies set out in the notes to the financial statements. The financial statements comply with the charity’s governing document, the Charities Act 2011, the accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102 second edition – effective from January 2019).

The Charity is a Public Benefit Entity as defined by FRS102. The financial statements are prepared in Sterling, which is the functional currency of the Group.

Going Concern

The accounts have been prepared on the assumption that the charitable group is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charitable group’s ability to continue as a going concern.

Consolidation

The Statement of Financial Activities and Balance Sheet consolidate the results of the subsidiary company, Wise Children Productions Ltd.

Income

Income is recognised when the charitable group has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received, and the amount can be measured reliably. Income received in advance of provision of theatrical productions or training events is deferred until criteria for income recognition are met.

Income from investments and interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable group.

Expenditure and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Wherever possible costs are directly attributed to these headings. Costs common to more than one area are apportioned on the basis of staff time. Governance costs are those incurred in the governance of the charitable group and are primarily associated with the constitutional and statutory requirements. These are included within the support costs of the charitable group.

Irrecoverable VAT is charged as a cost against the activity for which expenditure was incurred.

Fund Accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund, and the basis of transfers to or from them, are set out in Note 14.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor.

16 | P a g e

18

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

Tangible Fixed Assets

Items with a value greater than £500 are capitalised. Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

The depreciation rates in use are as follows:

Renovation Works 2% per annum on cost, straight line Computer Equipment 33.3% per annum on cost, straight line

The Trustees review the tangible fixed assets annually for any evidence of impairment, where there is objective evidence of impairment the entity recognises the loss in the SOFA immediately.

Investments

Investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on the quoted price for listed investments at the balance sheet date. Changes in fair value and gains and losses arising on the disposal of Investments are credited or charged to the income or expenditure section of the Statement of Financial Activities as 'gains or losses on investments' and are allocated to the appropriate fund holding or disposing of the relevant investment.

Debtors and Creditors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions are recognised where the charitable group 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.

Stock

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash and Cash Equivalents

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.

Financial Instruments

The charitable group only has basic financial instruments as defined under Section 11 of FRS 102. Basic financial instruments are recognised initially at transaction value and subsequently at settlement value.

Pensions

The parent charity operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the Statement of Financial Activities in the year they are payable.

Accounting estimates and key judgements

In the application of the charitable group’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

17 | P a g e

19

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation and theatre tax relief.

Theatre Tax Relief

The Group has estimated the credit receivable under Theatre Tax Relief based on its eligible production expenditure incurred during the period. The amount is included within income from charitable activities and accrued income at the year end. As this amount is subject to review and approval by HMRC, actual results may differ.

2 INCOME FROM GRANTS AND DONATIONS

Individual Donations
Gift Aid
Grants Receivable for Core Activities
Arts Council England
Backstage Trust
Cockayne
Garrick Charitable Trust
The John Ellerman Foundation
Noel Coward Foundation
Victoria Wood Foundation
Garfield Weston Foundation
Wolfson Foundation
Total Income from Grants and Donations
Income from Grants and Donations 2024		 Unrestricted
Funds
£
41,508
3,397
483,000
-
-
-
30,000
-
-
-
-
557,905
566,310		 Restricted
Funds
£
5,000
-
80,000
-
-
-
-
5,000
5,000
-
-
95,000
172,749		 Total
2025
£
46,508
3,397
563,000
-
-
-
30,000
5,000
5,000
-
-
652,905
739,059		 Total
2024
£
78,310
-
483,000
20,000
25,000
2,500
30,000
4,000
2,749
20,000
73,500
739,059

3 INCOME FROM CHARITABLE ACTIVITIES

Income from Production Contracts
Box Office and Royalties
Theatre Tax Relief
Other Charitable Activities
Income from Charitable Activities 2024		 Unrestricted
Funds
£
1,680,505
175,648
757,806
109,554
2,723,513
1,291,213		 Restricted
Funds
£
-
-
-
-
-
-		 Total
2025
£
1,680,505
175,648
757,806
109,554
2,723,513
1,291,213		 Total
2024
£
815,787
49,417
369,996
56,013
1,291,213

Total Income includes £2,095,207 charged by WCPL to cover the cost of productions in the year, and £692,122 of Theatre Tax Relief claimed by WCPL.

18 | P a g e

20

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

4 RESOURCES EXPENDED ON:

OURCES EXPENDED ON:
Raising Funds
Cost of Generating Funds
Charitable Activities
Productions
Wise Children Training Programme
The Lucky Chance
Total Expenditure		 Staff Costs
£
21,495
21,495
760,227
26,970
14,691
801,888
823,383		 Other Direct
Costs
£
3,590
3,590
1,597,405
57,697
22,387
1,677,489
1,681,079		 Support
Costs
(Note 5)
£
12,236
12,236
625,963
8,589
3,327
637,879
650,115		 Total
2025
£
37,321
37,321
2,983,595
93,256
40,405
3,117,256
3,154,577

Production costs include £2,787,329 charged to WCPL in the year for the production of four shows.

Comparative Resources Expended

Raising Funds
Cost of Generating Funds
Charitable Activities
Productions
Wise Children Training Programme
The Lucky Chance
Total Expenditure		 Staff Costs
£
20,622
20,622
443,619
23,064
23,152
489,835
510,457		 Other Direct
Costs
£
1,870
1,870
889,970
62,242
22,806
975,018
976,888		 Support
Costs
(Note 5)
£
23,221
23,221
385,476
13,933
41,798
441,207
464,428		 Total
2024
£
45,713
45,713
1,719,065
99,239
87,756
1,906,060
1,951,773

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21

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

5 SUPPORT COSTS

SUPPORT COSTS
Staff Costs
Other Staff Costs
Rent and Office Costs
Off-Site Storage
IT Costs
Advertising & Marketing
Legal & Professional Fees
Audit & Accountancy
Depreciation
Governance
Other Costs		 Raising
Funds
£
8,804
329
660
838
422
132
186
383
33
11
439
12,236		 Productions
£
450,393
16,850
33,743
42,847
21,580
6,762
9,507
19,574
1,671
562
22,474
625,963		 Wise Children
Training
Programme
£
6,180
231
463
588
296
93
130
269
23
8
308
8,589		 The Lucky
Chance
£
2,394
90
179
228
115
36
51
104
9
3
119
3,327		 Total
2025
£
467,771
17,500
35,045
44,501
22,413
7,023
9,874
20,329
1,736
583
23,341
650,115

Comparative Support Costs

Staff Costs
Other Staff Costs
Rent and Office Costs
IT Costs
Advertising & Marketing
Legal & Professional Fees
Audit & Accountancy
Depreciation
Governance
Other Costs		 Raising
Funds
£
17,674
693
1,709
495
351
544
641
534
49
531
23,221		 Productions
£
293,396
11,503
28,364
8,212
5,819
9,024
10,650
8,873
819
8,816
385,476		 Wise Children
Training
Programme
£
10,605
416
1,025
297
210
326
385
321
30
318
13,933		 The Lucky
Chance
£
31,814
1,247
3,076
890
631
979
1,155
962
89
955
41,798		 Total
2024
£
353,489
13,859
34,174
9,894
7,011
10,873
12,831
10,690
987
10,620
464,428

20 | P a g e

22

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

6 NET MOVEMENT IN FUNDS

This is stated after charging:

is is stated after charging:
2025 2024
£ £
Depreciation of fixed assets 10,684 10,690
Trustees’ remuneration - -
Trustees’ reimbursed expenses 126 958
Auditors’ remuneration
Statutory audit 7,200 6,600
Other services 575 350

7 STAFF COSTS AND NUMBERS

Staff costs were as follows:

Salaries and Wages
Social Security Costs
Pension Costs
Freelance Production Staff		 2025
£
441,171
42,834
8,631
798,518
1,291,154		 2024
£
359,356
36,936
9,828
457,826
863,945

Two employees received remuneration in excess of £60,000 in the year (2024: 2) as follows:

£60,001 - £70,000
£80,001 - £90,000		 2025
2024
1
1
1
1
2
2

The key management personnel of the charitable company comprise the Artistic Director, the Executive Director and the Creative Director. The total employee benefits of the key management personnel were £221,379 (2024: £210,376).

Average staff during the year 2025
11.5		 2024
11.6

8 TAXATION

The parent charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

21 | P a g e

23

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

9 TANGIBLE FIXED ASSETS – GROUP AND CHARITY

Cost
At 31 March 2024
Additions
At 31 March 2025
Depreciation
At 31 March 2024
Charge for the year
At 31 March 2025
Net Book Value
At 31 March 2025
At 31 March 2024
D ASSET INVESTMENTS
Investment in Unit Trusts (Note 10a)
Investment in Subsidiary (Note 10b)		 Freehold
Property
Computer
Equipment
£
£
425,277
7,049
22,160
2,096
447,437
9,145
8,506
4,937
8,949
1,736
17,455
6,673
429,982
2,473
416,771
2,112
GROUP
2025
2024
£
£
136,813
132,158
-
-
136,813
132,158		 Computer
Equipment
£
7,049
2,096







Total
£
432,326
24,256
456,582
13,443
10,684
24,127
432,455
418,883
CHARITY
2025
2024
£
£
136,813
132,158
100
-
136,913
132,158		 Total
£
432,326
24,256
456,582
13,443
10,684
24,127
432,455
418,883
CHARITY
2025
2024
£
£
136,813
132,158
100
-
136,913
132,158
9,145
4,937
1,736
6,673
2,473
2,112
132,158

10 FIXED ASSET INVESTMENTS

10a Investment in Unit Trusts

Market value brought forward
Additions
Disposals
Unrealised gain/(loss) on investment
Historical Cost		 GROUP
2025
2024
£
£
132,158
-
-
120,000
-
-
4,655
12,158
136,813
132,158
120,000
120,000		 CHARITY
2025
2024
£
£
132,158
-
-
120,000
-
-
4,655
12,158
136,813
132,158
120,000
120,000		 CHARITY
2025
2024
£
£
132,158
-
-
120,000
-
-
4,655
12,158
136,813
132,158
120,000
120,000
132,158
120,000

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24

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

10b Investment in Subsidiary

The wholly owned trading subsidiary Wise Children Productions Limited, which is incorporated in England and Wales, was incorporated on 19 July 2024. WCPL's was established to act as the theatre production company for the charity’s productions. The charity holds the entire issued share capital of 100 ordinary shares of £1 each. A summary of the trading results is shown below.

INCOME STATEMENT
Turnover
Administration costs
Distribution costs
Operating Profit
Tax on profit
Profit for the Financial Period
BALANCE SHEET
Current assets
Debtors
Creditors: amounts due within one year
Total assets less current liabilities
Capital and Reserves
Called up share capital		 Period ending
31 March 2025
£
2,787,329
(2,653,168)
(134,161)
-

-
-


692,222

(692,122)
100

100

11 STOCK

Stock GROUP
2025
2024
£
£
5,095
995
5,095
995		 CHARITY
2025
2024
£
£
5,095
995
5,095
995		 CHARITY
2025
2024
£
£
5,095
995
5,095
995
995

Stock is made up of bar inventory for resale.

23 | P a g e

25

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

DEBTORS
Trade debtors
Provision for doubtful debts
Prepayments and Accrued Income
Other Debtors
 GROUP
2025
2024
£
£
246,010
391,548
-
(37,828)
83,333
455,818
701,278
2,107
1,030,621
811,645		 CHARITY
2025
2024
£
£
246,010
391,548
-
(37,828)
83,333
455,818
701,278
2,107
1,030,621
811,645		 CHARITY
2025
2024
£
£
246,010
391,548
-
(37,828)
83,333
455,818
701,278
2,107
1,030,621
811,645
811,645

12 DEBTORS

13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals
Social security and other taxes
Other Creditors
VAT
Deferred Income		 GROUP
2025
2024
£
£
80,220
67,184
245,802
86,073
18,441
25,360
593
739
(22,010)
40,320
131,266
74,833
454,312
294,509		 CHARITY
2025
2024
£
£
80,220
67,184
245,802
86,073
18,441
25,360
693
739
(22,010)
40,320
131,266
74,833
454,412
294,509		 CHARITY
2025
2024
£
£
80,220
67,184
245,802
86,073
18,441
25,360
693
739
(22,010)
40,320
131,266
74,833
454,412
294,509
294,509
Deferred income
Balance at 1 April 2024
Amount released in year
Amount deferred in the year
Balance at 31 March 2025		 GROUP
2025
2024
£
£
74,833
20,000
(74,833)
(20,000)
131,266
74,833
131,266
74,833		 CHARITY
2025
2024
74,833
20,000
(74,833)
(20,000)
131,266
74,833
131,266
74,833		 CHARITY
2025
2024
74,833
20,000
(74,833)
(20,000)
131,266
74,833
131,266
74,833
74,833

24 | P a g e

26

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

14 STATEMENT OF FUNDS

GROUP

RESTRICTED FUNDS
Wise Children Training Programme
Wuthering Heights International Tour
The Lucky Chance Capital Works
TOTAL RESTRICTED FUNDS
UNRESTRICTED FUNDS
GENERAL FUNDS
Wise Children General Funds
Wise Children Productions Ltd
TOTAL GENERAL FUNDS
DESIGNATED FUNDS
Operational Fund
Development Fund
Artistic Associate Fund
The Lucky Chance Phase 2 Capital
Fund
The Lucky Chance
TOTAL DESIGNATED FUNDS
TOTAL UNRESTRICTED FUNDS
TOTAL FUNDS
CHARITY
RESTRICTED FUNDS
Wise Children Training Programme
Wuthering Heights International Tour
The Lucky Chance Capital Works
TOTAL RESTRICTED FUNDS
UNRESTRICTED FUNDS
GENERAL FUNDS
DESIGNATED FUNDS
Operational Fund
Development Fund
Artistic Associate Fund
The Lucky Chance Phase 2 Capital
Fund
The Lucky Chance
TOTAL DESIGNATED FUNDS
TOTAL UNRESTRICTED FUNDS
TOTAL FUNDS		 Balance at
2024
4,000
-
56,159
60,159
501,697
-
501,697
160,000
250,000
-
-
416,771
826,771
1,328,468
1,388,627
Balance at
2024
4,000
-
56,159
60,159
501,697
160,000
250,000
-
-
416,771
826,771
1,328,468
1,388,627		 Income
15,000
80,000
-
95,000
500,077
2,787,329
3,287,406
-
-
-
-
-
-
3,287,406
3,382,406
Income
15,000
80,000
-
95,000
500,077
-
-
-
-
-
-
500,077
595,077		 Expenditure
(19,000)
(80,000)
(14,454)
(113,454)
(253,794)
(2,787,329)
(3,041,123)
-
-
-
-
-
-
(3,041,123)
(3,154,577)
Expenditure
(19,000)
(80,000)
(14,454)
(113,454)
(253,794)
-
-
-
-
-
-
(253,794)
(367,248)		 Transfers &
Investment
Gain/Loss
-
-
(22,160)
(22,160)
(248,396)
-
(248,396)
92,000
-
20,000
150,000
13,211
275,211
26,815
4,655
Transfers &
Investment
Gain/Loss
-
-
(22,160)
(22,160)
(248,396)
92,000
-
20,000
150,000
13,211
13,211
26,815
4,655		 Balance at
2025
-
-
19,545
19,545
499,584
-
499,584
252,000
250,000
20,000
150,000
429,982
1,101,982
1,601,566
1,621,111
Balance at
2025
-
-
19,545
19,545
499,584
252,000
250,000
20,000
150,000
429,982
1,101,982
1,601,566
1,621,111

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Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

Purposes of restricted funds

Wise Children Training Programme To support activity in Wise Children’s Professional Development Programme (previously named the School for Wise Children)

Wuthering Heights International This Arts Council England grant supports Wise Children’s international tour of Tour Wuthering Heights across East Asia, building cultural exchange and reaching new global audiences. The restricted fund will be used solely for delivery of this project.

The Lucky Chance Capital Fund To hold funds raised to complete the renovation of the old Portway Methodist Church in Frome, to become Wise Children’s home venue and rehearsal space.

Purposes of designated funds

Operational Fund

Development Fund

To maintain a fund of between 3- and 6-months core expenditure, to ensure sufficient funds are available to cover core running and governance costs in the event of the company’s dissolution

To allow the company to take risks with new work and touring, the company intends to build this reserve to £250,000

Artistic Associate Fund Supporting exceptional artists who have had a longstanding association with the company to develop their own work.

The Lucky Chance Phase 2 Capital This second phase of works will focus primarily on developing and upgrading Works the outside space, with the aim of enhancing facilities, creating a more welcoming environment, and improving the overall visitor experience. The Lucky Chance This designated fund represents the value of the expenditure to date on the purchase and renovation of The Lucky Chance in Frome and will be released against unrestricted funds as the property is depreciated.

STATEMENT OF FUNDS COMPARATIVE – GROUP AND CHARITY

RESTRICTED FUNDS
Wise Children Training Programme
The Mahabharata
Blue Beard Adaptation
The Lucky Chance Capital Works
TOTAL RESTRICTED FUNDS
UNRESTRICTED FUNDS
GENERAL FUNDS
DESIGNATED FUNDS
Operational Fund
Development Fund
The Lucky Chance
TOTAL DESIGNATED FUNDS
TOTAL UNRESTRICTED FUNDS
TOTAL FUNDS		 Balance at
2023
-
-
-
59,102
59,102
491,721
160,000
250,000
330,460
740,460
1,232,181
1,291,283		 Income
33,249
1,000
25,000
113,500
172,749
1,864,210
-
-
-
-
1,864,210
2,036,959		 Expenditure
(29,249)
(1,000)
(25,000)
(21,626)
(76,875)
(1,874,898)
-
-
-
-
(1,874,898)
(1,951,773)		 Transfers &
Investment
Gain/Loss
-
-
-
(94,817)
(94,817)
20,664
-
-
86,311
86,311
106,975
12,158		 Balance at
2024
4,000
-
-
56,159
60,159
501,697
160,000
250,000
416,771
826,771
1,328,468
1,388,627

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28

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

15 ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP AND CHARITY

Non-Current Assets
Current Assets
Creditors: Due Within One Year		 Unrestricted
Funds
£
139,286
814,610
(454,312)
499,584		 Designated
Funds
£
429,982
672,000
-
1,101,982		 Restricted
Funds
£
-
19,545
-
19,545		 Total
2025
£
569,268
1,506,155
(404,312)
1,671,111

ANALYSIS OF NET ASSETS BETWEEN FUNDS COMPARATIVE

Non-Current Assets
Current Assets
Creditors: Due Within One Year		 Unrestricted
Funds
£
134,270
661,936
(294,509)
501,697		 Designated
Funds
£
416,771
410,000
-
826,771		 Restricted
Funds
£
-
60,159
-
60,159		 Total
2024
£
551,041
1,132,095
(294,509)
1,388,627

16 RECONCILIATION OF NET INCOME FROM OPERATING ACTIVITIES TO NET CASHFLOWS

Net Income for the reporting period
Investment income
Depreciation
Losses/(Gain) on investments
Decrease/(Increase) in stock
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors and provisions
Net cash (used by)/provided from operating activities
Flows from Investing Activities
Interest Received
Purchase of Fixed Asset Investment
Purchase of Tangible Asset
Net cash (used by)/provided from operating activities		 2025
£
232,484
(5,988)
10,684
(4,655)
(4,100)
(218,976)
159,803
169,252
2025
£
5,988
-
(24,256)
(18,268)		 2024
£
97,344
(6,687)
10,690
(12,158)
(995)
(364,876)
144,762
(131,920)
2024
£
6,687
(120,000)
(95,332)
(208,645)

17 Cash Flows from Investing Activities

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29

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

18 Related Parties

During the year, there were recharges of production costs from Wise Children to Wise Children Productions Ltd (a 100% owned subsidiary of the charity) of £2,787,329 and production fees of £2,095,207 returned to Wise Children. At the year end, there was a debtor balance in Wise Children of £692,122 relating to a TTR claim still payable from Wise Children Productions Ltd.

19 Surplus for the Financial Year

As permitted by section 408 Companies Act 2006, Wise Children’s individual Statement of Financial Activities has not been included in these financial statements. The surplus for the year is made up as follows:

2025 2024
£ £
Wise Children’s individual surplus for the financial year 232,484 97,344

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30

Docusign Envelope ID: B7DB30C7-992F-4FD9-AD94-D38578CA3F13

Wise Children Limited Notes to the Financial Statements For the year ended 31 March 2025

20 Comparative Fund and SOFA Balances

Note
INCOME AND EXPENDITURE
Income from:
Grants and Donations
2
Charitable Activities
3
Investments
Total Income
Expenditure upon:
Raising Funds
4
Charitable Activities
Productions
Wise Children Training Programme
The Lucky Chance
Total Expenditure
4
Gain/(loss) on revaluation of
investments
Net Income/(Expenditure)
Transfers between funds
14
Net Movement in funds for the year
Net funds at 1 April 2023
Net funds at 31 March 2024		 Unrestricted
Funds
£
566,310
1,291,213
6,687
1,864,210
45,713
1,693,065
69,990
66,130
1,874,898
12,158
1,470
94,817
96,287
1,232,181
1,328,468		 Restricted
Funds
£
172,749
-
-
172,749
-
26,000
29,249
21,626
76,875
-
95,874
(94,817)
1,057
59,102
60,159		 Total
Funds Year
Ended
2024
£
739,059
1,291,213
6,687
2,036,959
45,713
1,719,065
99,239
87,756
1,951,773
12,158
97,344
-
97,344
1,291,283
1,388,627

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