REGISTERED CHARITY NUMBER: 1187346
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2025
for
Lung Productions CIO
Harris & Co Limited Chartered Accountants Marland House 13 Huddersfield Road Barnsley South Yorkshire S70 2LW
Lung Productions CIO
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
Lung Productions CIO
Report of the Trustees for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Chair's report
As Chair I would like to record my sincere appreciation to my fellow trustees as they continue to engage in the governance of the charity, fulfilling the charity's aims and objectives and supporting the charity to grow during the third year as an Arts Council National Portfolio Organisation. Thanks to the Executive Team of Helen Monks and Matt Woodhead (Co-Directors) who continue to strive for excellence and ambition as the charity continues to develop and to their expanding team of incredible and dedicated people, who show incredible care, detail and high quality across all aspects of their work.
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Lung Productions CIO
Report of the Trustees for the Year Ended 31 March 2025
OBJECTIVES AND ACTIVITIES Objectives and aims and future plans
The objects of the CIO are to advance the arts for the public benefit by the promotion in particular, but not exclusively, of the art of drama.
The main activities and achievements in relation to that purpose for the public benefit during the year ended 31 March 2025, were:
1) We premiered our new production The Children's Inquiry, a Verbatim musical about the children's social care system in the UK. This ran at Southwark Playhouse, receiving critical acclaim (5 stars in The Stage & What's On Stage).
2) Alongside The Children's Inquiry production we engaged with over 2,500 school children in London and Greater Manchester, running assemblies and workshops around the themes of the show. We worked collaboratively with social workers and changemakers to design training and videos which will be created next financial year and we employed 2 alumni of our care experienced group the 'True Stars' as LUNG Creative Associates on a project making a new card game for families of all shapes and sizes.
3) We launched our Calling Barnsley project which saw us work with Barnsley Council and Barnsley College students to create an interactive phonebox, hosting Verbatim monologues sharing stories about Barnsley. We created 30 powerful monologues, employed a freelance Engagement Officer who ran 20 storytelling workshops and 3 community residencies. 1,273 audience members engaged with our interactive exhibition at the Barnsley Civic
4) We continued to run our Woodhill Families Group, a space for 5 families who have been bereaved by prison suicide;
5) We continued our work as Creative Associates at the National Theatre in their Learning department on the project Speak Up. This was the third and final year of the scheme, which sees young people co-create work with local artists in 55 schools across 9 areas of England. As part of our role we delivered artist training in each area and supported the curation of the end of year sharings.
6) We continued to run our Young Carers Creative Makers programme which saw us partner with local theatres and local young carers services in Barnsley, Wakefield, Huddersfield and Calderdale, running free, creative workshops for young carers during the school holidays.
7) The LUNG team continued to undergo CPD training, enhance systems of working and build infrastructure as a company across all strands of work including Business Planning and Fundraising.
Future Plans
The main activities and achievements planned for the next financial year are;
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To continue working with our Creative Associates on the Children's Inquiry legacy, including the design and delivery of a new family card game
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To continue our monthly Woodhill families group, working closely with those bereaved by prison suicide
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To continue our role as Creative Associates on the National Theatre's Speak Up programme, supporting in the training of artists and design of end of year sharings as well as the National Theatre Symposium
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To continue to run our Young Carers Creative Makers programme during school holidays across Barnsley, Wakefield and Huddersfield
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To continue to partner with Harrow Arts Centre, but in a consultation role, supporting the theatre to run the programme independently of LUNG
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Lung Productions CIO
Report of the Trustees for the Year Ended 31 March 2025
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To begin our partnership with The National Theatre as an inaugural Resident Company, from September 2025.
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To begin a period of r&d with the RSC on a commission for a new show Factory. This will be developed throughout 2025/2026, and then performed in Stratford Upon Avon in September 2026.
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To tour our Calling Barnsley phonebox around Barnsley Town, write new monologues for the project and have them published by Faber and Faber
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To produce and perform our production The 56 as part of Bradford City of Culture.
Public benefit
The charity trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
FINANCIAL REVIEW
Financial position
During the year ended 31 March 2025 income resources was £370,650 (2024: £349,406) and expenditure was £444,181 (2024: £287,556). An in year deficit of £73,531 was reported for the year ended 31 March 2024 (2024: surplus of £61,850). A deficit was recorded in the year ending 31 March 2025 financial statements as funds that were earned in previous years were spent during the year ended 31 March 2025 due to the timing of the project delivery.
At the end of the financial period (31 March 2025) the CIO held £75,195 in closing reserves, with £70,169 allocated as unrestricted funds and £5,026 as restricted funds.
The board of trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure (£48,756). The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and ensure core staff and overhead costs are covered. Although the reserves at 31 March 2025 are in excess of this target, reserves do include funds already designated.
Activity is budgeted and planned as per successful funding applications and venue contracts, and so reserve levels needed are low. The CIO has modest overheads to budget for, and financial commitments for overheads or staff costs do not extend beyond three months and therefore the level of reserves, when factoring in reserves that earmarked for future projects, is appropriate against this commitment. Having reviewed future plans, the Trustees are satisfied that the company holds sufficient cash reserves to meet ongoing activity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The charity may by ordinary resolution appoint a person who is willing to act to be a trustee, and determine the rotation in which any directors are to retire.
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Lung Productions CIO
Report of the Trustees for the Year Ended 31 March 2025
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number 1187346
Principal address 4 Old Cubley Penistone S36 9AQ
Trustees
Ms Z Rasheed Chair Dr S Amin Trustee Ms I J Hirst Trustee Ms R McKay-Smith Ms G E Roche MA Trustee Ms D B Rees Trustee
Executives/Key Management
Helen Monks Matt Woodhead
FUNDS HELD AS CUSTODIAN FOR OTHERS
The charity does not hold any funds as custodian trustee for other persons or organisations.
Approved by order of the board of trustees on 9 January 2026 and signed on its behalf by:
................................................................. Ms Z Rasheed - Trustee
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Independent Examiner's Report to the Trustees of Lung Productions CIO
Independent examiner's report to the trustees of Lung Productions CIO
I report to the charity trustees on my examination of the accounts of Lung Productions CIO (the Trust) for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Your attention is to drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention which gives me reasonable cause to believe that, in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Ian Bragger FCA
Harris & Co Limited Chartered Accountants Marland House 13 Huddersfield Road Barnsley South Yorkshire S70 2LW
Date: 9 January 2026
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Lung Productions CIO
Statement of Financial Activities
for the Year Ended 31 March 2025
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 3,128 Charitable activities 3 Charitable Activities 292,295 Total 295,423 EXPENDITURE ON Charitable activities 4 Charitable Activities 350,320 NET INCOME/(EXPENDITURE) (54,897) RECONCILIATION OF FUNDS Total funds brought forward 125,066 TOTAL FUNDS CARRIED FORWARD 70,169 |
Restricted fund £ - 75,227 75,227 93,861 (18,634) 23,660 5,026 |
2025 Total funds £ 3,128 367,522 370,650 444,181 (73,531) 148,726 75,195 |
2024 Total funds £ 46 349,360 349,406 287,556 61,850 86,876 148,726 |
|---|---|---|---|
The notes form part of these financial statements
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Lung Productions CIO
Balance Sheet 31 March 2025
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 11 7,485 Cash at bank 70,320 77,805 CREDITORS Amounts falling due within one year 12 (7,636) NET CURRENT ASSETS 70,169 TOTAL ASSETS LESS CURRENT LIABILITIES 70,169 NET ASSETS 70,169 FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - 5,026 5,026 - 5,026 5,026 5,026 |
2025 Total funds £ 7,485 75,346 82,831 (7,636) 75,195 75,195 75,195 70,169 5,026 75,195 |
2024 Total funds £ 1,470 150,710 152,180 (3,454) 148,726 148,726 148,726 125,066 23,660 148,726 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9 January 2026 and were signed on its behalf by:
............................................. Ms Z Rasheed - Trustee
The notes form part of these financial statements
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Lung Productions CIO
Notes to the Financial Statements for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following Account and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) effective from 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Critical accounting judgements and key sources of estimation uncertainty
No significant judgements or estimates have had to be made by the trustees in preparing these financial statements other than as described in the following accounting policies.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid relating to prior years at the balance sheet date.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds 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.
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Lung Productions CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
| Gifts Donations 3. INCOME FROM CHARITABLE ACTIVITIES Activity Other Income Charitable Activities Grants Charitable Activities 4. CHARITABLE ACTIVITIES COSTS Charitable Activities 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Creative fees Producers fees Engagement fees Venue and equipment hire Travel and accommodation Workshop fees Actor fees Fundraiser fees |
Direct Costs (see note 5) £ 397,537 |
2025 £ 1 3,127 3,128 2025 £ 52,546 314,976 367,522 Support costs (see note 6) £ 46,644 2025 £ 149,655 57,169 36,881 2,400 15,249 20,709 40,782 69,292 5,400 397,537 |
2024 £ (2) 48 46 2024 £ 66,142 283,218 349,360 Totals £ 444,181 2024 £ 101,293 50,062 14,749 3,800 13,191 31,283 15,955 35,347 5,100 270,780 |
|---|---|---|---|
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Lung Productions CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
6. SUPPORT COSTS
| SUPPORT COSTS | |||||
|---|---|---|---|---|---|
| Governance | |||||
| Management | Finance | Other | costs | Totals | |
| £ | £ | £ | £ | £ | |
| Charitable Activities | 29,398 | 19 | 3,839 | 13,388 | 46,644 |
Support costs, included in the above, are as follows:
Management
| 2025 Charitable Activities £ Insurance 834 Telephone 460 Advertising 12,963 Computer costs 6,707 Training 566 Consultancy 200 Subscriptions 2,790 Printing, postage & stationery 918 Storage costs 3,960 29,398 Finance 2025 Charitable Activities £ Bank charges 19 Other 2025 Charitable Activities £ Sundries and general resources 3,839 Governance costs 2025 Charitable Activities £ Accountancy and legal fees 13,388 |
2024 Total activities £ 586 245 5,279 3,180 507 1,266 - - - 11,063 2024 Total activities £ - 2024 Total activities £ 855 2024 Total activities £ 4,858 |
|---|---|
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Lung Productions CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
8. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2025 £ 139,407 7,334 2,914 149,655 |
2024 £ 95,308 4,282 1,703 |
|---|---|---|
| 101,293 |
The average monthly number of employees during the year was as follows:
| Executive Team Producer Development Manager General Manager |
2025 2 2 1 1 6 |
2024 2 1 - - |
|---|---|---|
| 3 |
No employees received emoluments in excess of £60,000.
The total amount of employee benefits (including employer pension contributions) received by key management personnel for their services to the CIO for the year was £77,187 (2024: £72,677).
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 46 Charitable activities Charitable Activities 319,900 Total 319,946 EXPENDITURE ON Charitable activities Charitable Activities 281,756 NET INCOME 38,190 RECONCILIATION OF FUNDS Total funds brought forward 86,876 |
Restricted fund £ - 29,460 29,460 5,800 23,660 - |
Total funds £ 46 349,360 349,406 287,556 61,850 86,876 |
|---|---|---|
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Lung Productions CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted fund £ TOTAL FUNDS CARRIED FORWARD 125,066 |
Restricted fund £ 23,660 |
Total funds £ |
|---|---|---|
| 148,726 |
10. INDEPENDENT EXAMINERS REMUNERATION
The trustees have decided an independent examination should be undertaken and not an audit. The charges for the independent examination during the year was £1,512 (2024: £1,440). Other services totalling £6,816 were charged by the independent examiners during the period (2024: £3,058)
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors |
2025 £ 7,485 - 7,485 2025 £ 600 3,080 3,956 7,636 |
2024 £ 353 1,117 1,470 2024 £ - 2,254 1,200 3,454 |
|---|---|---|
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
There is no deferred income at the year end.
13. MOVEMENT IN FUNDS
| Restricted funds Restricted grants Total restricted funds Unrestricted funds Arts Council England - NPO General Total Unrestricted funds Total funds |
1st April 2024 B/F Income Expenditure Transfers in/out Gains/ (Losses) 31st March 2025 C/F 23,660 75,227 (93,861) - 5,026 |
|---|---|
| 23,660 75,227 (93,861) - - 5,026 |
|
| 23,660 75,227 (93,861) - - 5,026 - 206,699 (206,699) - - - 125,066 88,724 (143,621) 70,169 |
|
| 125,066 295,423 (350,320) - - 70,169 |
|
| 148,726 370,650 (444,181) - - 75,195 |
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Lung Productions CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
13. MOVEMENT IN FUNDS - continued
Restricted income in the year ended 31 March 2025 has come from a number of grant providers with the largest ones during the year being £15,000 from Garfield Weston and £10,000 from the Rayne Foundation. The Garfield Weston and The Rayne Foundation restricted income were both to be used for our Children's Inquiry project, which saw us work with care experienced young people across the country in workshops, assemblies creating a verbatim musical and an interactive card game.
Comparative for movement in funds
| Restricted funds Restricted grants Total restricted funds Unrestricted funds Arts Council England - NPO General Total Unrestricted funds Total funds |
1st April 2023 B/F Income Expenditure Transfers in/out Gains/ (Losses) 31st March 2024 C/F - 29,460 (5,800) - 23,660 - 29,460 (5,800) - - 23,660 - 29,460 (5,800) - - 23,660 - 206,699 (206,699) - - - 86,876 113,247 (75,057) 125,066 86,876 319,946 (281,756) - - 125,066 86,876 349,406 (287,556) - - 148,726 |
|---|---|
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Lung Productions CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025.
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Lung Productions CIO
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
| INCOME AND ENDOWMENTS Donations and legacies Gifts Donations Charitable activities Other Income Grants Total incoming resources EXPENDITURE Charitable activities Wages Social security Pensions Creative fees Producers fees Engagement fees Venue and equipment hire Travel and accommodation Workshop fees Actor fees Fundraiser fees Support costs Management Insurance Telephone Advertising Computer costs Training Consultancy Subscriptions Printing, postage & stationery Storage costs Finance Bank charges Other Sundries and general resources |
2025 £ 1 3,127 3,128 52,546 314,976 367,522 370,650 139,407 7,334 2,914 57,169 36,881 2,400 15,249 20,709 40,782 69,292 5,400 397,537 834 460 12,963 6,707 566 200 2,790 918 3,960 29,398 19 3,839 |
2024 £ (2) 48 46 66,142 283,218 349,360 349,406 95,308 4,282 1,703 50,062 14,749 3,800 13,191 31,283 15,955 35,347 5,100 270,780 586 245 5,279 3,180 507 1,266 - - - 11,063 - 855 |
|---|---|---|
This page does not form part of the statutory financial statements
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Lung Productions CIO
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
| Detailed Statement of Financial Activities for the Year Ended 31 March 2025 |
||
|---|---|---|
| Other Governance costs Accountancy and legal fees Total resources expended Net (expenditure)/income |
2025 £ 13,388 444,181 (73,531) |
2024 £ 4,858 |
| 287,556 | ||
| 61,850 |
This page does not form part of the statutory financial statements
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