Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Company number 11103657 Charity number 1186473
Wayward Productions Ltd
(Limited by Guarantee)
Report and Financial Statements
for the year ended 31 March 2025
Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH
Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities (including Income and Expenditure Account) | 5 - 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 17 |
Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Reference and Administrative Details
Constitution
The company is a private company limited by guarantee registered in EW - England and Wales, company number 11103657 and its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 1186473. The company obtained charitable status on 20 November 2019.
Directors and trustees
The directors of the charitable company ("the 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 minimum number of trustees shall be 3 and is not subject to any maximum. The charity may by ordinary resolution appoint any person who is willing to act as a trustee. Trustees will serve a maximum term of 3 years in the first instance, after which they can serve another 3 years and then a subsequent further 3 years if carried in a vote at a general meeting. After a trustee's 3rd term they must retire.
Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings.
The directors and trustees during the year and since the year end, were:
Directors and trustees
Prof Marcus du Sautoy Elizabeth Loudon Keerthi Kollimada
Chief executive/day to day management
Judith Dimant
Independent Examiners
Breckman & Company Ltd, 49 South Molton Street, London W1K 5LH.
Bankers
NatWest, 12 The Broadway, Southgate, London N14 6QF.
Operation address
8 Highwood Road, London N19 4PN.
Registered office
49 South Molton Street, London W1K 5LH.
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Trustees' Report
The trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2025 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
The reference and administrative details set out on page 1 forms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Objectives and activities
Wayward is a charitable production company, working primarily in theatre. Our charitable objectives are:
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. To advance education in the arts for the public benefit, in particular, but not exclusively, by the provision of activity for those who experience barriers to arts engagement due to financial circumstances or social background.
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. To promote and advance the arts through creating, touring and distributing theatrical and other art works for the public benefit.
Wayward's mission is to transform the UK's theatrical landscape by bringing work from the fringes into the UK's most prestigious venues. Wayward develops work from unexpected sources, creating artistic work of excellence and of the utmost relevance, reaching the broadest cross section of the public.
Wayward will develop an imaginative Engagement Programme working with groups not usually involved with the creative arts and challenging social and financial barriers to arts access through education work and subsidised and free ticket schemes.
Our programme incorporates performances, workshops, pre and post show talks, large scale engagement projects and other training and education-based activity.
This work is created using the following overarching programming principles:
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. Excellence
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. Innovation
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. Diversity and new voices
The programme aims are to present work which:
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. is relevant
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. stimulates discussion and debate
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. educates, informs and inspires
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. reaches audiences who experience barriers to arts engagement
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. shares and develops the very best of the art form
in order to develop art from understanding and appreciation and provide opportunities for education for the public benefit.
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2).
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Trustees' Report
Achievements and performance
In Spring 2024, we finally produced PRINCESS SMARTYPANTS co-produced with the Wardrobe Ensemble which had been delayed due to the pandemic. Following rehearsals in Bristol, we toured to the Watermill Theatre Newbury, Wardrobe Theatre Bristol, ArtsDepot Finchley, and a week at the Lyric Studio Hammersmith during May Half Term 2024. The show was very successful and subsequently toured in 2025. Workshops alongside performances took place in primary schools.
Following this intense activity during the first half of the year, the second half of the year was quiet, concentrating on developing a new piece with the Royal Court Theatre, written by Armando Iannucci, and initial conversations with Sh!t Theatre about EVITA TOO for later in 2025.
Financial review
At the year-end to 31 March 2025 Wayward held reserves totalling £269,254 (2024: £307,772). The company is therefore able to fulfil our designated reserves policy, setting aside funds towards future productions and as a contingency towards overheads. The budget for the following financial year to 31 March 2026 has been agreed by the trustees to be a deficit year, as the Company develops and creates new work for future presentation.
The Reserves policy has been set by the trustees to be reviewed on an annual basis. Currently, aside from Restricted Reserves (£nil), funds are held in a designated Production Reserve of £140,000 to underwrite future production expenditure commitments for projects in development, and a designated fund of £45,000 as a contingency representing six months of budgeted overhead expenditure. The contingency fund will be held on an ongoing basis and reviewed annually by the trustees against the following year's budget.
Plans for future periods
Development of a new play by Armando Iannucci at the Royal Court, with workshops planned for 2025/26 with full presentation planned for 2027. We've identified director Daniel Raggett (Macbeth RSC) who will lead a workshop in November 2025 at the Royal Court. Themes to be explored are freedom of speech and censorship.
Development of a new version of EVITA TOO by Sh!t Theatre for a winter season at the Purcell Room, Southbank Centre in December 2025.
Recruitment of additional trustees in 2025/26.
Small company exemptions
This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.
This report was approved by the Board of Trustees on 5th December 2025 and signed on its behalf by
Keerthi Kollimada Trustee
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Independent Examiner's Report to the Trustees of Wayward Productions Ltd
I report on the accounts of the charity for the year ended 31 March 2025, which are set out on pages 5 to 17
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Association of Chartered Certified Accountants.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:
-
ꞏ examine the accounts under section 145 of the 2011 Act;
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ꞏ follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and
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ꞏ state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in, any material respect, the requirements:
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ꞏ to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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ꞏ to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Graham Berry FCCA Breckman & Company Ltd Chartered Certified Accountants
49 South Molton Street London W1K 5LH
5th December 2025
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 March 2025
| Unrestricted Restricted funds funds Notes £ £ Income and endowments from: 2 Donations and legacies - page 6 15,646 - Charitable activities: Theatre - page 6 14,694 28,896 Investments 7,038 - Other 3 1,128 - Total 38,506 28,896 Expenditure on: Charitable activities: Theatre - page 7 77,024 28,896 Total 77,024 28,896 Net income/(expenditure) 4 ) (38,518 - Reconciliation of funds: Total funds brought forward 307,772 - Total funds carried forward 13 14 269,254 - |
2025 Unrestricted Restricted Total funds funds £ £ £ 15,646 30,304 - 43,590 184,291 7,500 7,038 4,816 - 1,128 62,082 - 67,402 281,493 7,500 105,920 239,964 7,500 105,920 239,964 7,500 ) (38,518 41,529 - 307,772 266,243 - 269,254 307,772 - |
2024 Total £ 30,304 191,791 4,816 62,082 |
|---|---|---|
| 288,993 | ||
| 247,464 | ||
| 247,464 | ||
| 41,529 266,243 |
||
| 307,772 |
The notes on pages 10 to 17 form an integral part of these financial statements.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
| Year ended 31 March 2025 2025 £ Incoming resources Incoming resources from generated funds Grants Donations Donations - Gift Aid on donations 15,646 15,646 Incoming resources from charitable activities Theatrical income Box office/performance fees 14,694 14,694 Project specific funding Grants ACE - Lottery 26,896 Royal Victoria Foundation 2,000 Donations - 28,896 |
2024 £ 30,304 - |
|---|---|
| 30,304 | |
| 184,291 | |
| 184,291 | |
| - - 7,500 |
|
| 7,500 |
6
Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Year ended 31 March 2025
| Expenditure on charitable activities Theatre Production costs Actors and directors fees Other fees Company pensions Production costs Production travel/accommodation Marketing Hire of equipment Depreciation of fixtures/fittings/equipment Support costs - page 8 Governance costs - page 8 |
2025 £ 16,330 7,697 732 8,094 4,010 2,626 292 1,188 40,969 60,928 4,023 105,920 |
2024 £ 85,129 38,983 2,130 35,629 1,300 6,029 7,842 1,188 |
|---|---|---|
| 178,230 66,424 2,810 |
||
| 247,464 |
7
Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Year ended 31 March 2025
| Support and governance costs Support costs Office overheads Telephone Computer costs Insurance Administration costs Salaries Social security costs Staff pension costs Staff welfare Travel/accommodation/subsistence Printing/postage/stationery Books/journals Advertising Subscriptions/licences Website costs Sundry expenses Professional/financial Legal/professional Bank charges Governance costs Accountancy/consultancy Independent examination Board expenses |
2025 £ 647 490 882 55,600 162 1,294 301 594 57 - 260 83 300 190 68 - 900 2,500 623 |
£ 2,019 58,841 68 60,928 4,023 64,951 |
2024 £ 692 684 1,358 58,810 - 1,294 509 1,213 76 23 120 93 370 1,104 54 24 - 2,250 560 |
£ 2,734 63,612 78 |
|---|---|---|---|---|
| 66,424 2,810 |
||||
| 69,234 |
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds 13 - General fund - Designated funds Total charity funds |
Balance Sheet 31 March 2025 2025 £ 64,319 209,041 273,360 ) (4,489 |
£ 383 268,871 269,254 84,254 185,000 269,254 |
2024 £ 62,082 266,171 328,253 ) (22,052 |
£ 1,571 306,201 |
|---|---|---|---|---|
| 307,772 | ||||
| 122,772 185,000 |
||||
| 307,772 |
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
ꞏ The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
ꞏ The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees on 5 December 2025 and signed on its behalf by
Keerthi Kollimada
Trustee
The notes on pages 10 to 17 form an integral part of these financial statements.
9
Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2025
1. Accounting policies
1.1. Basis of preparing the financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice, issued October 2019, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Companies Act 2006.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
1.2. Preparation of the accounts on a going concern basis.
The Trustees consider the company to have enough resources to continue operating for the foreseeable future and is therefore considered a going concern.
1.3. Incoming resources
All incoming resources are included in the Statement of Financial Activities when:
-
the charity is legally entitled to the funds
-
any performance conditions attached to the income have been met or are fully within the control of the charity
-
there is sufficient certainty that receipt of the income is considered probable
-
the amount can be reliably measured
- Donations and legacies
Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows:
-
when donors specify that grants/donations given to the charity must be used in future accounting periods, the income is deferred until those periods
-
when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use are met.
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2025
- Charitable activities
Theatre income - income from box office, performance fees and sundry other theatrical income is included in incoming resources in the period in which the relevant show takes place.
Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
- Donated services and facilities
Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
- Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
1.4. Expenditure
All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:
-
there is a legal or constructive obligation to make a payment
-
it is probable that settlement will be required
-
the amount of the obligation can be measured reliably
- Charitable activities
Theatre production costs - costs incurred in production and running of productions toured in the year.
- Support costs
The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to theatre production costs.
- Governance costs
Costs associated with the constitutional and statutory requirements of the charity.
1.5. Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised as expenditure when due.
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2025
1.6. Tangible fixed assets and depreciation
Individual fixed assets costing £100 or more are capitalised at cost.
Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures/fittings/equipment
- 33.3% straight line
1.7. Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
1.8. Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.10. Fund accounting
Funds held by the charity are either:
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Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
-
Designated funds - these are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
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Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
1.11. Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value.
1.12. Significant Accounting Estimates and Judgements
In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually.
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2025
2. Incoming resources
The total incoming resources for the year have been derived from the principal activity undertaken wholly in the UK.
| 3. Other income (TTR) Theatre Tax Relief (TTR) 4. Net income/(ependiture) for the year is stated after charging: Depreciation of tangible fixed assets Independent examiners fee - independent examination - other services |
2025 £ 1,128 2025 £ 1,188 2,500 900 |
2024 £ 62,082 |
|---|---|---|
| 2024 £ 1,188 2,250 - |
5. Trustees' emoluments and reimbursed expenses
The trustees received no remuneration during the year (2024 £nil).
The aggregated amount reimbursed to trustees during the year was £nil (2024 £nil).
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2025
| 6. Staff costs and numbers Staff costs Salaries and wages Social security costs Pension costs |
2025 £ 55,600 162 1,294 57,056 |
2024 £ 58,810 - 1,294 |
|---|---|---|
| 60,104 |
No employee earned £60,000 or more during the year (2024 - nil).
The key management personnel of the charity comprise the Trustees and the Senior Management Team. The total employee benefits of the key management personnel of the charity were £41,013 (2024 £36,892).
Staff numbers
The average numbers of employees (including casual and part time staff) during the year was made up as follows:
| 2025 | 2024 | |||
|---|---|---|---|---|
| Number | Number | |||
| Support | 2 | 3 |
7. Pension costs
The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £1,294 (2024 - £1,294).
8. Corporation taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. The company obtained charitable status on 20 November 2019.
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2025
| 9. Fixed assets - tangible assets Cost 1 April 2024 / 31 March 2025 Depreciation 1 April 2024 Charge for year 31 March 2025 Net book values 31 March 2025 31 March 2024 10. Debtors Other debtors 11. Creditors: amounts falling due within one year Trade creditors Other taxation/social security Other creditors Accruals |
Fixtures/ fittings/ equipment £ 3,564 1,993 1,188 3,181 383 1,571 2025 2024 £ £ 64,319 62,082 2025 2024 £ £ 1,080 - 820 19,802 55 - 2,534 2,250 4,489 22,052 |
Fixtures/ fittings/ equipment £ 3,564 1,993 1,188 3,181 383 1,571 2025 2024 £ £ 64,319 62,082 2025 2024 £ £ 1,080 - 820 19,802 55 - 2,534 2,250 4,489 22,052 |
|---|---|---|
| 1,993 1,188 |
||
| 3,181 | ||
| 383 | ||
| 1,571 | ||
| 2024 £ 62,082 |
||
| 2024 £ - 19,802 - 2,250 |
||
| 22,052 |
12. Limited by guarantee
The company is limited by guarantee, registered in EW - England and Wales, and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £10, to the company should it be wound up. At 31 March 2025 there were 3 members.
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2025
| 13. | Unrestricted funds | Brought | Incoming | Outgoing | Carried |
|---|---|---|---|---|---|
| forward | resources | resources | forward | ||
| £ | £ | £ | £ | ||
| General fund | 122,772 | 38,506 | ) (77,024 |
84,254 | |
| Designated funds: | |||||
| Production | 140,000 | - | - | 140,000 | |
| Overhead | 45,000 | - | - | 45,000 | |
| 307,772 | 38,506 | ) (77,024 |
269,254 |
Production
The production fund has been designated to underwrite production expenditure on Princess Smartypants, and any future full productions as needed.
Overhead
The overhead fund represents 6 months of overhead costs.
| 14. | Restricted funds | Incoming | Outgoing | Carried | |
|---|---|---|---|---|---|
| resources | resources | forward | |||
| £ | £ | £ | |||
| Princess Smartypants | 28,896 | ) (28,896 |
- | ||
| 28,896 | ) (28,896 |
- |
Princess Smartypants
The fund is to finance the Research & Development and the Full Production phases of Princess Smartypants.
15. Analysis of net assets between funds
| General Designated funds funds £ £ Fund balances at 31 March 2025 are represented by: Tangible fixed assets 383 - Net current assets 83,871 185,000 84,254 185,000 |
Total £ 383 268,871 |
|---|---|
| 269,254 |
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Docusign Envelope ID: 08B84E86-F371-43B9-BBBC-AC6227628EA7
Wayward Productions Ltd
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2025
16. Related party transactions
During the year there were no related party transactions that required disclosure.
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