Company reBistratiort number.. 01058397 Charlty registration number.. 264359 The Bubble Theatre Company Limited IA company limited by guarantèe) Annual Report and Financial Statements for the Year Ended 31 March 2025 FTreld Sullivan Limited g H3r@ & Billet Road Blackhe3th SE3 OR
The Bubble Theatre Company Limited Contents Reference and Administrative Details Trustees, Report 2to13 Independenl Examinerfs Report 14to15 ststement of Financial Artivtties 16to17 Balance Sheet 18to19 Notes to the Financial Staterrents 20to32
The Bubble Theatre Company Limited Reference and Adminlstrative Detalls Chief Executlve officer L R Bradshaw M A L Vickers Trustees A O Apalara G Arogundade E J D Holden O P Marandos A M Shields T Sithole M I Webber Secretsry V Brand Charity Reg5stratlon Number 264359 Company Re8istratlon Nurnber 01058397 The charity is incorporated in England & Wales. 3&5 Elephant Lane London SE16 41D Reglstered Offlce Independent Examlner Field Sullivan Limiied 9 Hare & Billet Road 813ckheath SE3 OR8 Bankers National Westminister Bank london Bridge IA) Branch PO Box 35 10 Southw3rk Street London SE16 4JD Page I
The Bubble Theatre Company Limtted Trustees, Report The trustees, are director5 for the purposes tsf company law. present the annual report tO8ether with the rinantial statÉment5 and auditors, report of the charitable company for the year ended 31 M3rch 2025. Interlm Chalr's Report This year, London Bubble has once again delivered a season of insplrin8 theatrical endeavour. creating imèginative, rigorous and compassionate work with communities across London. But those achievements have been realised against a backdrop in the arts and charitable Sectors that has made everyday life for all enBaged with Bubble increasingly challenging.. rising costs. tighter public and prwate funding, and growing demand for the creative opportunities we provide. It is therefore with particular pride that I reflect Dn what Bubble has been able to accomplish. And therÈ is much to celebrate. We signilicantly Increased the volume of publlc facing the3tr& we produced. up 38% on last year, and have ventured much further afield than in previous years. OUT older adults took to an international stage when they performed at the Performar*ce Studies International conference in June, demonstratinR the power of participatory pr3rtice to connect and to speak well beyDnd lot31 boundaries. Our partnership with the Museum of London will take our work into every London borough over three year$118 done this yearll. and acTOSS the year we worked with ten commissioning partners. four of whom were new connection5. Back on our home turf, Southwark Council's confidence in our Playing Safe programme led to a ctsmmission to deliver it in ten schools, they commissioned us to make Six films, and our Tea Break Theatre was piloted successfully in two new residential settings. Importantly, we continued to priorit15e work with Underpresented communltles, this year Including projects with the LG8TQ+ communitv. These accomplishments must be read alongside the very real pressures we f8ce, The worsening economic tlimate and constrained funding environment have meant that. even as our outpyt and imp3Ct have increased, our team has betome smaller. That tension has tested our resiliente and requlred difficult choices: it has also revealed the e¥traordinèry dedication and adaptability of our staff. In that spirit of recognition, I w3nt to celebrate Luana's transition from intern to Communications Officer- a promotion earned through talent, hard work and a readine5S to go atrM)ve and beyond. I would 31s0 like to plate on record my deep gratbtude to Marie Vickers and Lucy Bradshaw, our Co CEOS. for the professlonalism and energy with which they led 8ubble through thls year. Their enthusiasm has been central to sustainin8 our artistic ambition: their commitment to staff and participant wellbeing, partnershi working and creative excellence has been evidellt In every project we have dellvered. Fin311y. l am pleased io report that. despite the challenges, we finishéd the year with a surplu5. This gave us a firmer platform from which to sustain the programmes that make Bubble distinctive. As Chair, I remain cautlOU51y opt1rn15tic aboui the future.. we will continue to champion bold, inclusive theatre that changes lives, and to work with p3rtners and funders who share our belief in the transformative power of the art Elizabeth Aolden Interim Chair of Trustees REPORT OF THE TRUSTEES Forthe year ended 31 March 2025 The trustees present their report with the financial stztements of the charity for the year ended 31 March 2025. The financial statements have been prepared In accgrdance with the accounting policies set out in note I to the accounts and comply with the charitys trust deed, the Charities Act 2011 and Accounting and Reporting by charities.. Statement ol Recommend&d Practice applicable to charities preparing their accounts i accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Page 2
The Bubble Theatre Company Limited Trustees, Report STRucfuRE, GOVERNANCE AND MANAGEMEf4T Governing document The charitv 15 ¢ontrolled by its goveming document. a deed of trust. and constitute5 a limited company, limlted by guarantee. a5 defined by the Companies Act 2006. Co.CEOs: Lucy Bradshaw and Marie Vi£ker5 Bankers National Westminster Bank London Brldge IA) Branch PO Box 35 10 Southwark sireet London SE16 4JD
This rèport explores the charl5 achievements during this period and the benefits of its work for the groLJPS of people it sets out to suppori. The Company is a Regered Chèrity and its principal object, as detailed in ihe memorandu and Articles of Associatton. tontinues to be the advancement of the education of the public through the promotion and support of the art of theatre 3nd music. In Shaping our activities and objective5 for the year, the trustees have considered the Charity Commission'5 guidance on public benefit. VISION AND MISSION London Bubblè increases access to theatre for marginalised communities. We Care about who gets to make theatre, see theatre. work in theatre and whose stories gei to be told. Our vision is of a more equitable society where people from all b3tkgrounds can enjoy culturally rich lives. Thè projects we deliver en8a8e people from underseNed communitie5 and celebrate underrepresented volces. We welcorne those who rnay have experience of exclusion or disempowerment or feel that theatre and the arts are 'not for them,, encoura8in8 them to join our creative community, express themselves. create connections and develop skills regardle55 01 their background or previous experience. Our creative practice supports mental and physical wellbein8 and the development of soclal and emotlonal Skills, including key competencies for life and work such as motlV3tion, resilience. self-belief, self-awareness and self-regulation. communication and positive relationshlps. OBJEalVES AND ACTIVITIES London is plagued with systemic inequity, exacerb3ted for people with negative experiences related to fattors includirg finance, health, race. ethnicity. ability and education. We 2re passionate about making iultural attivity accessib and are proud to be a hlgh-quality arts organisation with a strong social justice aEenda. Our prtsjècts use theètre as a tool to support the social and emotional wellbeing ol our beneficiaries. Across the Bubblè programme, we suppon people aged &l(x) who would not othenlSe access arts opportunities. Our members are disproportionately 2ffected by low household income, poor mental health and other cornplex adver51ty. We engage high numbers of neurodivergent people and people fmm the global majority,. demo8raphics that are currently underrepresented in the theatre sector. Page 3
The Bubble Theatre Company Limlted Trustees. Report We reduce barrier5 to participÈtlon and increase access to careers in theatre through-. Consistency.. Providing depth and continuity of engagement, earnlng us a place as a trusted local provider with a physical building that ourcommunity can drop into at any time. Accessiblllty.. Deliv2rin8 attivities within the tommunity itself, in non-the3tre Spaces, providing all activities free of charge to benÈficiaries, offering refreshments and travel reimbursement where needed. A representative staff t&am'. 50% of our freelance 5tatt have come through our own projects. Our beneficiaries recognise that they share lived experlence with them, increasing Posltive en8a8ement. OUR AalVITY AND ITS IMPACT In 2024-25, Bubble Theatre achieved.. 7074 Indlvldual engagements. either attending participatory activitles or as audience members. 53% were children aged 6-12 22% were young people aged 13-17 3% were early career artists aged 18-30 6% wère adults aged 30-54 16% were older adults aged $5+ Ip41 11 orl8lnal shtsws 78 performantes Original theatre performances In 30 non-theatre 5pacos and 53% of the Ireelance artists we employed began their journey as Bubble Young Theatre Maker5 This ye3r, we've proudly expanded our reach across the capltal. Our Èngagements show a 6% increase on the previous yèar. and we've had the prlvi1ege of visiting 18 boroughs, bringln8 original theatre to completely new audiences and creating lasting connections in dlverse communities. We hear Irom our member5 and partner organisations ihat our activities provide both creatNe engagement and 3 strong sense of community and connÈctyon, thereby supporting the development of social and emotional skills. As one housing manage¥ told us-. "Events like yours hove J real posltivE impuct on our residents. especiolly those who are elderly or more v(Jlneroble. Performonce5 created & delivered by older people ore incredibly relotuble & upliftlng,. they help reduce isolation. sporkcortv*r50tion & brinL7 tlstrong sense of community& 5htsredexper1ee.~ We are proud of the depth of our connection to our members, demonstrated by the years-long relationship many have with u5, often describing our building as being like a second home and their fellow members as chosen f3mily. They tell us about the positive impact our consistent presence makes.. -Seino purt OA Bubble 0$ o company hos mtlde meftel like iys possible. Even ofter dromo school, in o roreer where nothino is ever secure, Bubble hos ulwoys been o constont ond helped me keep developing tts o ueative.. Young Theatre Maker Page 4
The Bubble Theatre Company Limited Trustees. Report Our r2port below shares some of thls yeals highll8hts, but it's èlso worth noting how we achieved nearw all we set out to do against the aims outlined in our 2024 Trustees Report, namely to.. Increase the reach of the organisation by IO% on 23-24, enabling more people from under-represented communities to pèrtlclpate in the arts. 6% increoseachieved Develop opportunities for early Career artists experiencing barriers to tho aTts to make their own, original theatre, advancing the dlversity and inclusion Df the industry. Succeeded, through ptloting three newprogrurnmes.. young Ambossodors, Muke Spocel and Curtain Up Issuing at least 50% of our free13nce contracts to artists who be8an their journey as Bubble Young Theatre Makers. Surpassed at 53% Increase the percentage of the organisatlon's income ralsed through partnership projects from 20% to 40% Succeeded with 45% oJincome rolsed rhrough purtnerships. Conslstsnt relation5hlps In the community Our projects sUPPOrt long-term, systemic change and we are proud to be a consistent presence, well-known and trUSted by local schoo15. housing, community and ststutory services. We have delivered Speech Bubble5 for schools in Southwark and Lewisham for 13 years. Our track record proves that schools see its positive impact as they ch005e to book it year on year. Some are in their 12th Consecutive year. Developed by theatre artists working with Speech and Language Therapists and schools, the project's approach encourage5 children to tell, act out and reflect on their own stories. Speech Bubble5 practitioners use 3 thoroughly proven strvciure and their expert knowledge of whole-body communication to promote children's communitation, confidence and wellbelng. As one Child Welfare Officer explains.. "I huve been at my school Aw 23 yeurs ond hove seen pmgrommes/projects come ond go. I leel Speech 8ubbles has knsted, os we huve seen a clear undmeusumble qrowth in the children.- We delivered Speech Bubbles in 5 sthools during this fin3nclal year, crosslng two academic years. 146 children were referred to the small group. weekly drama intervention, having been identified by their schools as havin8 communication need. Evaluation data showed that.. È6% Df referred children showed improvernent in their learning, speaking and listening 83% showed improvement in their emotional behavlour and condurt behaviour and 96% of teachers noticed improvements back in class. The consistent relationships we hold wth these 5thools and the project's positive outcome5 SUPPOrts us to advocate for the efficacy of early intervention in supporting increased life chances. Children from Speech Bubbles attended and spoke at the launch ol The Speech, Language and Communication Alllance at the House of Lords. The Rotherhlthe Shèd Is another example of our ¢onsistent presertce ènd support lor our community. It fi15t opened its door5 in 2014, born from a shared concern with our neighbouring charity Time and Talents about the lack of older men participating in activities loca11y. Since then, over 2(K) people have becorn£ casual or regular members. A practical making space. operating from our workshop. it is targeted towards older men but also welcome5 women. IYS an essential resource prtsvidln8 the space, tDo15 3nd community tor older people to make, mend and upcycle their own project5. Member5 describe it as a 'youth club for older persons who wish to create and contribute. Page S
The Bubble Theatre Company Limlted Trustees, Report 42 people attended d4Jrin8 the 2024-25 fnancIal year. dropping in and out depending on their needs. More people join weekly. and we are heavily Dver-subs£ribed. Paradoxicallvt despite len years of this valuable service to the community, towards the end of this financial VEar we were forced to reduce the number of sessions fmm two to one per week, due t¢> the challenging funding climate. Southwark Council's belief in our ability to connect wtth and share the lived experlences of under-represented groups was demonstrated through them commissioning us to create a series of six promotional films for their Start for Ufe servi$ for children a8ed O- 2 and their carers. We visitÈd Children & f amily Hubs and nurseries to capture foola8e of activitie5 and interview professtonals. children, parents and carers. The films are now Used on the council's website and in their buildings to help prospective attendees know what is on offer locallv and reduce stigma around accessing support services. Supportln8 early tareer artlsts This year we reached a slgnifitant milestc¢ne - at least SO% of the artists we employ began their journey as Bubble Young Theatre Makers. It has been a joy to support many of our members to take thÈir first steps into the industry, but we repeatedly see and hear the barrlers they face. For those who want to create. write and rehearse their own shows. finding the time, money and space to develop their art are huge barriers. They communlcate how there are very few free opportunitie5 that offer continued career-focussed support lo people without industry connections or existi#g networks. Recognlslng their needs, we developed a new programme, Bubble for Early Career Artlsts, in consLtllatlon with 18-30-year-olds who are passionate about theatre but have eKpefiencÈd barriers as participants, audience members and workforce. We piloted three new programmes for Early Career Artists, Young Ambassadors, Make Spacel and Curtaln Up ènd provided 160 hours of free space to oui mernbeTS to develop their own work. Bubble Young Ambassadors support the deSn and programming of our projects for 11-305, ensuring that youth voice is heard at deci5ion-making level ènd that our offer remalns relevant. Our ambassadors have been selected based on their passion for a more inclusive Secr, youth advocacy and leadership opportunitie5. ThEre are 12 Young Ambassadors ITh our inaugural tohort, aged 22-29. A 50..$0 blend of early career artists who are new to Bubbl& and who have previously completed Bubble Young Theatre Mkkers, some of whom participated over 10 year5 ago but are keen to be Snvolved again in a capacity that support5 their career ambitions. Between them, they bring lived experience of the care system. mental ill health and neurodiverslty and ensure that we tonsider equity, diversity and inclusion at every stage. They are instrumental In helping us consider the neÈd5 of 18-30s in London, and more specifically, the needs of early career artists. They receive mentoring ard 511PPOrt from the Bubble staff team as well as access to theatre trips and other cultural events. So far. they have stressed the importanee of netwoiking opportunities nd/or affordable rehearsal space and training in a ran8e of disclplines. lutes Ilke Bubble ure o greut plutlorm fvr emerglng tolent & exercising pOl0n. It is on educutionol place thot ullows people to network X mtyke lifr-lon9 friends. This helps them to be able to gu out & creote thelr Owjry proftsslonal work. People 5houldknowthtst there ore opportunltles Ilke thls out there. I'd Ilke to be oble to help to 5preud the word& letpeople know whot ts availttbleyorthem." Young Ambassador Make Spacel is 6-week festival of new theatre created by underserved. early-career artists. aged 18-30. Page 6
The Bubble Theatre Company Llmited Trustees. Report The costs of hiring space to create new work is prohibitive to rnany young artists, especially affecting those from dlsadvantaged, underserved and undÈrrepresented demographics. By providlng free rehears315pace, a chance to perform in front of an audience, a post-show Q&A and ongoing 5UPPOrt from London Bubble, Make Spacel increases equitable access to careers in theatre and brinES Stories from underrepresented commurt¢ties to the fore. Our inaugural Make Spacel oflered six one-week placements and was Sl8nific3ntly oversubscribed. We received 41 applications frorn 18-30-year-old Londoners. all of whom had experlenced barriers to the indLtstrv, ewdÈncing the need for opportunities like thi5 fof them to make their own work. As one of our 2024 artists explained.. e IVe qalned 50 much confidence ourselves os tYrt15ts. We now hove un urtuul piece to show off our work & to develop. This prolect hos rE.Inspired myfalth In theatre & the Industry." Make Spacel Artist The line-up was strong, diverse and offered a high artistic standard, showcasing underrepresented artists and stories in a range of styles and forms including children's theatre, autobiographic31, spoken word, clowning. movement and parkour. Each week our rehearsal space was used differently, adding to the overall festival atmosphere and encouraging audience rnembers to return. The performances at the end of each week were tree to audience members, increasing accessibility and enabling us to reach communitles with whom we hadn't previously connected. We welcomed audience members keen to see work rnade by and about people from the Trans, Neurodiverse, South Asian, LGBTQIA. Worklng C13ss and Migrant communities. Audiences commented on the "welcomSng, incluswe and supportive atmosphere" and that It is a "great opportunity to engage with theatre more regularly close-by and without it costing lots of monef. They also reflected on the 3cce5sibility of the festival. and its potential to re3ch people who wouldn't otherwise regard theatre as'for them,. We plan to recrèate this Sense of variety. energy and excitemént for year5 to come, buildin8 the profile ¢)f the festival as a springboard for emerging talent. Case Study 8 joined Bubblè in 2023, as a member of our 19th cohort of Youn8 Theatre Maker5. Alon85ide eight other cast embers, she devised an original show. IWFLUENCED, explorin8 themes of social media, trolling, lamilv responsibilities and expectations, bullying. friendship and resilienie. In her end of project feedback. she sald that Young Theatre Makers allowed her to "n7eet people from $0 manydifferent bockgmunds ¢7nd experiences, muke lilelongfrlends tour ondfvel confldentperformlng.. In 2024, B successfully applied to be part of our Make Spacel festival. She developed a one woman show, dedicated to her mum, about growing up in Eritrea and Ethiopia. and moving to London. She called the 5how'AdeW whlth translates Into'mum.. "As someone OA Erltrean des¢ent. I leel there 15 no theotre thut represents me. Eost AfrIn5 are not very Invohred in the urts. there uren't many or ony ploys obout belnq East Alrlcun. I would Ilke to be one oj thefirst to brirtty thot to life.- A highlight of the Maké Spacel festival was seeing people connert with other5 from similar backgrounds and express how rare it was for those eonnectiorts to be made throush theatie. Many rnembers of the Eritrean community attended 'Adey', commeThting that itwas unusual to see their culture portrayed in a positive light. Page 7
The BubbleTheatre Company Limited Trustees. Report Since M3ke Spacel B successfully applied to develop 'Adey' for the 2025 Camden Fringe Festival. Bubble 5UPPOrted her by providing freè rehearsal space. without which she would have had no dedicated space in which to develop the Show from a 30 to 51>minute performance. Reachlnt people where th are, in non-theatre spaces Keenly aware that many London school pypils don't have opportunities ttr engage with arts and culture, we are proud that 2,724 school pupi15 saw live theatre by Bubble in their school this year. Playlng Safe 15 our pioneering theatre-ba5ed intervention lor year 6 Students at risk of serious youth violence. The project began in 2018 in response to 3 shooting outside of a local primary school and an increase in youth Violen in the area. London Bubble Theatre joined forces wlth the school. Southwark Farnily Early Help & Youth justice Services and the Metropolttan Police to develop this project. These issues continue to bÈ £urrent. In 2024 we received a commission from Southwark Council's Community Safety department Ifunded by the Mayor of London's Violence Reduction Unit) to deliver Playing Safe in 10 schools, its largest tour to date. demonstrating its continued relevance. The project USÈS interactlve theatre techniques to create opportunities lor young people to talk about threats and Safety in their community. It tells ihe story of 11-year-old Ali who is under pressure to follow in the footsteps of his older brother by getting involved with local 'olders', known to be involved wlth drugs and violence. Using forum theatre. young people are encouraged to explore Ali and other characters in the play, the situations they find themsefve5 in and the choices they make. The cast is made up of professional actors who have previously competed Bubble's Young Theatre Maker5 pro8r3mme. 80 children were referred by their school to take part in drama workshop5 and explore the themes in more depth. 01 these.. 95% felt listened to and that their voice was heard in ihe sessions 90% thought more about how to keep themself safe 84% now feel tter able to dÈ31 with difficult situations 83% reported that drama helped them to èxpress themselves Our Te? Break Theatre groups are designed to support older adults living alone or independently in residential settings such as almshouses and sheltered accommodation. TD overcome barriers for participation for people with multiple and chronlt health conditions, who are new to creative activities or nervous about going to new environments, sessions takè place on the doorstep in comrnunal lo¢Jn£e5 a5 well as community spaces like our own tbuildlng. 93 older adults took part in Tea Break Theatre workshops thls year. These weekly sessions include phwslcal warmups, vocal warrnups, improvisation exercises, character exercises. writing exercises, small group and ensemble work, designed to support social and emotional wellbeing. Following the success of their 2023 tovr of their deirised show.. Beneath the Paper5. our Older Adults Touring Company were accepted to be part of the Perfoimance Studles International ConferEnce. 'Assemble' in June 2024. We invited the cast to come back together and they unanlmously sald yesl This opportunlty inspired us to not to just reunite the cast lor Dne show but to embark on another tour, reaching and building new connections with older adults acr055 sheltered hoL¢sing, residential care and alfflshouses. who might not otherwise experience live theatre due to social. physical ènd financial barriers which prevent them from cèssing tradition21 theatre venues. The tour reached a further 151 people and the value of bringing live theatre to the doorstep of older members of our society was empha5i5ed by one sheltered housing manager who told us.. Page 8
The Bubble Theatre Company Limited Trustees. Report "Events like YOU have tt real positlve Impart gn our re51dents. especiolfy those WI are elderly or more vulnemble. Perfomion¢es creoted and delivered by older people ore intrÉdlbly relutoble und upllftlng,. they help reduce istjlotion, spwk converstttlon. and brlng a strong senseoAcommunlty andshured experfence." Case study BenÈath the Papers was fs f1rst project wlth London Bubble. Covid drastically reduced the number of activities and hobbies she took part in. She told us that this project -undoubtedly brought me back to life after Covid.~ Reflecting on how she felt after the first tour ended and how the prc>je£t had impatted her Confidence, T told us.. "It wus sad, there wos o gop. ft brlngs one ollve. you hute soyrng qoodbye to people you Ive been wtsrklng wlthAor o tlme. .1 love belng In the theutre. it's like breuthfnth I need tts breothe, l rteed to ort.... I love being wltb people andpart of a teum, I don't wunt top dogs or stors I love how we all join in producing 50m¢thing thot we come together und shflre something thut might reurh others. We fvm?ed a smcrll community and thut's wonderful.. Worklng in partnershipto further our Impart and Sua[n our tharlty We belleve that al chan8e can happen when we work with likeminded organisations. Our commissioned projects allow us to increase our reach to vulnerable and marginalised groups of people, includin8 those ernEaBed with the care and criminal justice systems. This year we worked alongside 14 commissioning partners to provide the3tre-based activtties for their beneficiaries, which enabled them to ac¢e5S theatre and supported the developrnent of ski115 for Ilk and work and social and emotional wellbeing. Many Southwark residents do not engage with the world-renowned cultural institutions based in the borough and consider them as 'not for them,. Bubble bridges this significant gap becoming a bridge to the arts and ulture on their doorstep and increasing cultural capital. Our strong relationship with Southwark Council continued this year, with lour Council departments employing Bubble Theatre for project delivery. Museum of Us is a bespoke play about identity and belonging that Bubble has creaied as part of a three-year partnership with London Museum. The aim is to encourage Year 5 and Year 8 5tudent$19-14-year-oldsl to think about what they would like to see in the new London Museum site In Smithfield as they curate their Young Londoners Archive. Our original show 'Museum of Us, explores growing up in the capital through the eye5 of teenagers experiencing low-lncome, the care 5Y5tem, migratitsn, and being part of the global majorSty', demographics less likely to engage with arts and culiu¥e fDr a myriad of complex reasons. Young atsdiences instantly connect with the characters and situations presented, telling us°It showed what lrfe is like today in our communitv., It celebrates the power of stories and heritage, sparking conversations about identity, culture and belonging and this Year reached 2,060 pupils in primary and secondary schools across16 boroughs. A stand-out moment from the project wa5 when one gifl in the audience shared "I'm in care too" She felt seen, her experience was normalised, and she felt proud of her identitv. Our partnership with Southwark's Youth Just1 Service continued into its Ilth year, delivering: Creatlve Voice5'. 3 drama intervention pro8ramme for 11-18-year-olds about thÈ issues and themes most affecting them andway Into Work.. for 1&18-year-olds who are thinking about employment. Page 9
The Bubble Theatre Company Limited Trustees. Report Through a short, informal play. Way Into Work particlpants meet a tharacter talled Duane whom thev continue to refer to throughout tho project. offerin6 him advice and guiding him through ioijgh deci5ion5 ahd job interviews. They take part in drama exercises designed to Explore the body lan8u3ge and communicatlon skills needed to sutteed in their own college and career pathways. This year saw a positive increase in the nurnber of young people Èngaging with the programme with 83% of participants agreeing that they now feel they h3ve skills to offer an employer and 67% of participants 2greeiTh8 that-l arn confident tslking to others about my career goals & next steps." mull winsArom engaying wlth London Bubble blg wlnsAorbuilding ourrelotionshlps with people vndollowing us to do other work with them orsupport them°YJS officer This year saw us replicate Creatlve Votc•s with young people in a Hillingdon School and a Westmlnster library, demonstrating the project model's adaptabillty. each group worked with our highly skilled practitioners to co-create origin31 theatre that celebrated thelr volces and explored the themes that matter most to them. The majorlty of the creative team on our partnership projects arè homegrown.. originally participants of Bubble Young Theatre Maker5 for NEET 18-25s. They now inspire others as skillèd professionals & their lived experlence rneans oul beneficiaries feel safe, heard & understood. Acknowledffements The Truste would like to express thelr gratitude to the thildren, young people, early career artists and older adults who make London Bubble what it is. They would like to a150 thank the staff team for enabling the £harity'S mi55ion and vision through this challenEing year. It is a testament to thesr professionalism. commitment. and hard work. The Trustee5 and rnan3gement would also like to thank the freelance artists who deliver our projects for their skill. creatwity and dedication. It is thanks to their shared collaborative cornmitment that our member5 Èxperience increased social and emotional wellbeing through access to theatre. The Trustees would like to express their gratitude to our individual supporters, particularly th95e who contribute through regular donations. and have attended our events throughout the year. We thank the following trusts, foundations 3nd partner organi5atiorts for their 8enerosity and support- The Mercerfs Company for their multl-year grant, The Garfield Weston Foundation and United St Saviourfs Charity for their unrestricted grants and lack Petrhéy Foundation for their support through their internship programrne and achievement aw3rds. Albion Street Community Charity, Arts Council England, British Land, Enterprise Arts Trust. Global Generation, Landsec Futures. London Borough of Camden, London Borough of Hillingdon, Londgn Borough of Southwark, IDndon Borough of Westrninster, London hAuseum. Noel Coward Foundation. Peckham Settlement. Rotherhithe Consolidated Charities, Southwark Charities, Speech Bubbles CIO. Sylvia Webber Trust, St Olave's Foundation Fund, The D'oyly Carte Charitable Trust, The London Community Foundatlon, The Nation31 Lottery Community Fund. The Sir Cllff Richard Charltable Trust, University of Surrey. Flnak)¢lal review Income Total income for the year IApr 2024 Mar 20251 amounted to £473,85712024.. £346.3241. of which £231,142 12024.. £210,727) related to voluntary incorne received. Page 10
The Bubble Theatre Company Llmlted Trustees. Report Expenses Total expenses for the year amounted lo £436.56712024.. £424.7961. The Company's cash Ilow remained sufficient throughout the year. Going Concern The budgets and current management accounts lor 2024-25 have been reviewed by the Trustees and the independent examiner, with modellin8 Carried out to include a worst-case scenarlo. In this year. the Charity slgnsficantly intreased its income from fees and commissions by over 120% to £208,03512024.. £91.6531 and 2chieved 3 modest increase In grants from other charities to £198,33012024.. £170,099>. resulting in achieving the planned reinflation of reserves. However, the external economic climate continues to be extremely difficult and the challen8ing funding environment currently facing all arts charities 15 borne out by budgèt figures for 2025-26 which show these reserves once again reducing drastically. There can be no certainty that suffICent fundin8 will come in from trusts and foundètions or Bubble's commissioning partner5, to build up reseNes or to achieve the programmes Bubble hopes to deliver. Building up reserves remains 3 priority as soon as funds allow, with Trustees continuing their strict approach to cost controls and maxlmising opportunities for raising income and taking all available steps to re-estsblish sufficient resources. 8uilding up reserves, however, must be balanced against the desire to continue ta deliver a tonsistent programme of support. connection and a high-dass programme of artistic events. This prudent appr03ch will continue until Bubble is on a firmer financial footing and includes.. A finance sub-comfflittee of Trustee5 who meet wth the CO-CEOS and Finance Manager to monitor progress through managemeni accounts, budget forecasts and 12-month cashflow projections Worklng closely with the CO-CEOS to ensure that PTojeet plans and programme developrnent is reviewed carefully for financial risk before commitments are made Maintaining a sharp focus on financial risk and planning. with transparent communication betweern the CO-CEOS and Trustees. Trustees are confident in the leadership team'5 excellent relationship5 with funders and other stakeholders, including cornmissloning partner OT8ani5ations and local authorities. Focussing efforts on applicatlODS lor multi-year grants and longer-terrn hires to increase cashflow and certainty of future incorne and Develtsping a proposal to exiend the use of Bubble's building as 3 creative health hub- bullding on the ch3rity's new role within 25-26 as network coordinator for Southwark's Culture, Health & Wellbeing Partnership and seeking to increase In[ne and use of the building by other arts aJ)d community organisations worklng in thi5 field. Con5iderlng the plan5 Outlined. our forecast5 and the income committed at the point of signing of this document, It is nonetheles5 thè Trustees, opinion that. suljject to the material uncertainties noted above. the or£anisation can continue to operate as a going concern for the next tWee months. Reserves pollcy The Charity aims to maintain sufficient unrestricted reserves equivalent to 3 month5, operations including overheads and salaries Icurrently around £72,800). Whilst ihis reserves target was not met 3t 31 March 2025, the Trustees believe thal the financial controls and future plans can provide the groundwork for gradual rebuilding of reseTves to meet the reserves policy. Pa8e 11
The Bubble Theatre Company Limited Trustees. Report Our reservès position at 31 March 2025 was.. General funds.. £47.83612024. £18.6091 Restricted funds.. £46,28512024'. £17,990) Designated funds- £91,45312024.. £111,687) and Capital funds.. £212023: £21. providln$ for the depreclation of fixed assets purchased using general funding. Total fund5 held £18S.574 POST BALANCf SHEET EVENTS Elizabeth Holden was selected to act as Interim Chair, following the re518nation of Cedric Ntumba. Chrisiopher Sonnex and Tracey Cheltenham resigned as Trystees on 20th September 2025 and 31sr December 2025 respectivelv. Trustees and offlcers Thè trustees and officers seNSng durin8 the year and since the year end were as follows: Trustee5'. A O Apalara G Arogund8de G G Bowers (resigned 12 January 20251 T Cheltenham (resigned 31 December 20251 E J D Holden O P Marandos K Ntumba (resigned 28 March 20251 A M Shields T sitle C Sonnex lappointed 18 July 2024 and resigned 20 September 20251 MJ Webber Chairman.. K Ntumba (resigned 28 March 20251 Chief Executive Officer: L R Bradshaw M A Lvickers Secretary.. V Brand Page 12
The BubbleTheatre Company Limited Trustees, Report Statement of trustees. responslbllltl•s The trustees (who are also the directors of The Bubble Theatre Company Limited for the purposes of company lawl are responsible for preparin8 the tru5tees' report and the financial statements in accordance with applicable law and Untted KinÉdom Accounting Standards (United Kingdom Generally AccEPted Accounting Pradicel, including FR5 102'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland". Company law requlres the trustees to prepare financial statements for each linancial year. Unde¥ company law the trustees must not èpprove the financial statements Ltnless they are satisfied that they give a true and fair view of the state of affairs of the charitable cornpany and ol the incoming rÈsDurces and application of resources, including Its intome and expenditLsre. of th@ charitable cornpany for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting pollcies and apply them con515tently,' observe the methods and principles in the Charities SORP,. make judgements and estim3tes that are rèasonable and prudent- State whether applicable accounting standards, comprising FRS 102 have been followed. subject to anv material departures dlsclosed and explained in the financial staternents., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable cornpany will continue in buslness. The trustees are responsible fol keeping proper actounting records that can disclose with reasonable accuracv at any time the financial position of the charitable Company and enable them to ensure that the financlal Statements comply with the Companies Act 2006. They are also responsible ftsr safegu3rdin8 the assets of the charitable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. The trustee5 are responsible for the maintenance and integrity of the corporate and financi31 inlormation included on the charitable company's website. Legislation governing the preparatlon and di55emination of financial statements may differ from legislation in otherjurisdictions. The annual report wa5 approved by the trustees Df the charity on 21 January 2026 and signed Dn its behalf bv.. WI)- olden ee Tru Page 13
The Bubble Theatre Company Limited Independent Examiner's Report to the truslees of The Bubble Theatre Company Limited I'the CompanWI I report to the charity tru5tee5 Iwho are also Directors for the purpose of company lawl on my examin3tion of the account5 of the The Bubble Theatre Company Limited I'the charitable comp3ny'l for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet and related notes 16 to 32. This report Ss made solely to the charitrfs trustees, as a body, in accordance with section 145 of the Cha¥ities Act 2011. My work has been undertaken so that I might state to the chariWs trustees those matters l am required to state to them in this report and for no other Pufpose. To the fullest extent permitted by law, I do not accept tsr assume responsibility to anyone 01her than the charity and the charlS trustee5 as a body. for rny work. for this report, or for the opinions I have forrned. Responslbllltles and basls of report As the charity's trustees of The 8ubble Theat Company Limited you a responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2CQ61'the 2(M)6 Act'l. Having satisfied myself that the actounts Of The Bubble Theatre Company Limited are not required to be audiied under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your chariWs accounts as carried OLJt under section 145 of the Charit¥e5 Act 20111'the 2011 Act'l. In c3rrying out my examination I have followed the Direction5 given by the Charity Commission under Section 14515llbl of the 2011 Act. An Independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an audltor considers in givlng their opinion on the finantial statements. The planning and conduct of all audit goes beyond the limited assurance that an independent examination provide. Consequently l expre55 no opinion as to whether the fin3ncial statements present a 'true ènd fair, view 3nd my report is limited to those specific matt&rs set out in the independent examiner's Statement. Independent examinerfs statement Since The Bubble Theatre Company Limited's eross income exceeded £250.(YK) your examSner must bè rnember of a body listed in section 145 of the 2011 Act. I Confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed rny examination. I conflrm that no matters have come to my attention in connertion with the examination giving me cause to believe.. accounting Tecords were not kept in respect of The Bubble Theatre Company Limited as required by 5ectlon 386 of thè 2006 Act- or 2. the accounts do not accord with those recor(ts.' or 3. the account5 do not comply with the accounting requirement5 Of section 396 of the 2006 Act other than ny requirement that the accounts Bive a 'tnJe and fair view. which is not a matter Considered as Part ol an independent examination., or 4. the accounts have not been prepared in accordance with the methods and prlnclples of the Statement of Rècommended Practice lor accounting and reporting by charities applicablè to tharfties preparing their accounts in accordance with th& Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021. Page 14
The Bubble Theatre Company Limited Independent Examiner's Report to the trustees of The Bubble Theatre Company Limited I'the Company.) I have no COnrn$ and have come across no other matters in connection with the examination to which attentlon should be drawn In this report in order to enable a proper understanding of the accounts to be reached. Tim Sullivan FCA ICAEW 9 Hare & Billet Road Blackheath SE3 ORB 2£ianuary 2026 Page IS
rfj Ln M Ln m o rrt Ln v e ra V
The Bubble Theatre Company Limited (Registratlon number: 010583971 Balance Sheet as at 31 March 2025 2025 2024 Note Flxed èssets Tangible assets 14 91.451 111.684 Current assets Debtors 15 63.514 105,187 36.818 99,838 Cash 3t bank and In hand 16 168,701 136,656 Credff(ors: Amounts fallln8 due wlthln one year 17 164,5S31 180,3801 Nét current assets 104,148 56.276 Total assets less current liabllltles 195,599 167,960 Credltor5'. Amounts falllnÉ due after more than ohe year 18 110.C)251 119,6761 Net assets 185,574 148,284 Funds of thè charlty: Re5trirted income fund5 Restricted funds 46,285 17.990 Unrestrlcted Incorne funds Designated Funds General Funds 91.453 47.836 111.687 18.607 Tot31 unrestricted lund5 139,289 130.294 Total funds 19 185,574 148,284 For the financial year ending 31 March 2025 the charlty was entitled io eXeMPtn from audit under section 477 of the Companies Art 2006 relating to small ctsmpanles. Dlrectors, responsibllitSes: The members have not required the charity to obtain an 3udit of Its accounts for the year in question in accordance with section 476; and The directors acknowledge their responsibilities for cornplying with the requirÈment5 of the Act with respect to accounting records and the prepar3tion of accounts. The notes on pages 20 to 32 fDrm an Integral part of these f1nantial statements. Page IB
The Bubble Theatre Company Llmlted (Registration number: 010583971 Balance Sheet as at 31 March 2025 The financial statements on pages 16 to 32 were approved by the trustees. and authorised for Issue on 21 January 2026 and signéd on their behalf by.. (I; JJ04q9 EJD olden ee The notÈ5 on pages 20 to 32 form an integral p2rt of these f¥n3ncial statements. Page 19
The Bubble Theatre Company Lirnited Notes to the Financial Statements for the Year Ended 31 March 2025 I Charity status The charity is limited by guarantee. incorporèted in England & Wale5, and mnsequently does not have share capital. Each ot the trustees 15 liable to contribute an amount not exceeding £1 towèrds the assets of the charity in the èvent ol liquidation. The address of Its registered office is.. 3&5 Elephant Lane London SE16 4JD These finèncial stalements were authorised for issue by the trustees on 21 January 2026. 2 A¢¢ountln8 polSeles Summary of signifitant accountFTrg policie5 and key atcounting estimates The principal accounting policies applied in the preparation of these financial staternents are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financièl statements have been prepared in acco¥dance with Accounting and Reporting by Charities.. Statement of Recommended Piactice applicable to charities preparing their accounts in accordance with the Financial Reporting siandard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 (Charities SORP IFRS 1021 Second edition October 20191, the Financial Reporting Standard applicable in the UK and Republic tsf Ireland IFRS 1021. They also comply with the Companies Act 2006 and Charit125 Act 2011. Basis of preparation The Bubble Theatre Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilit*es are initially recogni5ed at historical cost or transaction value unless Othelse stated in the relevant accountinÉ policy notes. Golng toncern The trustees consider that the chaTlty is a Eoing concern and that there are no signiflcant areas of uncèrtainty which affect the carrylng value of assets held by the Charity. However. there are material uncertainties relating to its ability to Carry on as a golng concern 8iven it5 518nificant dependence on raising income from trusts and foundations and other Sour5, and the challenging funding environment cyrrentlyfaung all arts charities. Page 20
The Bubble Theatre Company Llmlted Notes tothe Financial Statements forthe Year Ended 31 March 2025 Judgements and key Sources of estlmation uncertainty In the application of the charity's accounting policies, the dirertors are required to make judgements. estimates and 3ssumptiDns about the carrying amount of assets and liabilities that are not readtly apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevarnt. Actual results may differ frorn these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revlsions to accounting estimates are recogni5ed in the periods in which the estimate Is r@vSsed where revSsions affects only thèt period, or in thÈ period of the revislon and future periods where the revisltsns affects both Current and ftUre perlods. In¢ome and endowrnent5 All Income Is recognSsed once the chaiity has entitlement to the Income, it is probable thèt the income will be received and the amount of the income receivable can be measured reliablv. Donatlons ¢7ndlego¢les Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event th* a donation 15 5ubjert to conditions thai require a level of performance by the charitv before the charity Is entitled to the funds, the income is deferred and not re¢ognised until elther those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it Is probable that these conditions will be fulfllled In the reporting period. Grunts recefvable Grant5 are reccpgnised when the ch3rlty has an entitlernent to the funds and anyconditlDns linked to the grants have been mei. Where performance condltions are attached to the grant and are yet to be met, the income 15 recognised as a liability and Included on the balance sheet as deferred incorne to be released. Deferred Income Deferred Income represents arnounts feceived for future periods and is released to incomlng resources in the period for which. it has been received. Such income is only deferred when.. The donor specifies ihat the grant or donation must only be used in future accounting periods,. trr Thé donor has imposed conditions which must be met before the charity has unconditional entitlement. Dontstedsewlces undlocilities Where services or facilities are provlded to the charity as a donation that would normally be purchased Irom our suppliers, this benefit is included in the financial statements at it's fair valu? unless it's fair value cannot be r@li3bly meaSUd. then at the cost to the donor orthe resale value of goods that are to bè sold. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Page 21
The Bubble Theat Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Expendlture All expenditure is recognised once there is a legal or constructive obligation to thar expenditure. it is probable settlement is reouired and the amount can be measred reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciatior) tharges allocated on the portion of ihe asset's use. Other support costs are allocated based on the spread of staff costs. Ralsln¥¥lunds These are costs incurred in attracting voluntary income. the management of investments 2nd thDse sncurred in trading activitie5 that ralse funds. Churttable artlvltles Charitable expenditure comprises those costs incurred by the charity In the delivery of its activities and services for its beneficiarie5. It intludes both costs that can be allocated directly to such actlvltles and those costs of an indirect nature necessary to SUPPOrt thèm. Support costs Support costs include central function5 and have been allocated to activity cost categories on a ba51S consistent with the use ol resources, for example, allocating property costs by floor èrea5, or per capita. staff cost5 by the tlme spent and other c05t5 by their usage. Taxation The charity is considered to pass the te5t5 set out in Paragraph I Schedule 6 of thè Finance Act 2010 and therefore It meets the definition ol a charitable company for UK corporatlon tax purposes. Accordingly, the charity is potentlally exempt from taxation in respect ol incorne or capital 8ains received within categorie5 covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Tax3tion of Chargeable Gains Act 1992, to thé extent that such income or gains are applied eKclusively to charitable purposes. Tanglble fixed assèts Individual fixed assets costing £100 or more are initially recorded at cost, less any subsequent accumulated depreciation and Subsequent accumulated impairment losses. DÈpre£latlon and amortisatlgn Depreciation is provided on tangible fixed asset5 $0 as to write off the cosi or valuation, less any estimated residu31 value, over their expected useful economic life as follows-. A55et class Building improvements Theatre aFtd office equipment Depreclatlon method and rate 16 year straight line 4 year straight line Page 22
The Bubble Theatre Company Limited Notes to the Flnanclal Statements for the Year Ended 31 March 2025 Trade debtors Trade debtors are amounts due from ctsstorners for merchandise sold or servltes performed in the ordinary course ol busines5. Trade debtors are recognised initially at the traT>saction price. They a subsequently rne35ured at amortised cost usinB the effective interest method, less provision for impairment. A provision for the impairment of trade debtors Is established when there Is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receNables. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid irsve5tments that are readily convertible to a known arnount of cash and are subject to an insignificant risk of change in valuè. Trade ¢redltors Trade creditors are obllgations to pay for gtsods oi services that have been acquired in the ordinary course of buslness from suppliers. Accounts payable are classified as current liabilities if the charity doe5 not have an unconditional right, èt the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after ihe reporting date, they are presented as non-current liabllltles. Trade creditors are reco8nised initially at the transaction pri and subsequently measured at omortised cost using the effective interest method. Borrowings Interest-bearing borrowings are initially recorded at fair value. net of tran5actlon costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognlsed as a charge to the Statément of FinancSal Activitles over the period of the relevant borrowtrng. Interest expense is recognised on the basls of the effective interest method and is included in inte¥est payable and similar charges. Borrowings are classified as current liabillties unless the Charity has an unconditional rlRht to defer settlement Of the liability for at leèst twelve months after the reporting date. Fund strurture Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objettives of the charitv. Desi8nared lunds are unrestricted funds set aside for specific purpose5 at the discretion ol the trustees. Restricted income funds are those donated for use in a particular area or for specllic purposes, the use of which is restricted to that area or pvrp05e. Pège 23
The BubbleTheatre Company Llmited Notes to the Financial Statements for the Year Ended 31 March 2025 3 Income from donatio and legacles Unrestricted funds General Restrl¢ted funds Total 2025 Total 2024 Donations and legacies.. Donations 21.234 57.625 11,578 21.234 198,330 11,578 40,628 170,099 Grènts from other charities 140.705 Donated senri$ and facilities 90,437 140,705 231,142 210,727 4 I0MÈ frorn charitable artivities Unréstrirtèd funds General Total 2025 Total 2024 Fees 14.000 194.035 14,( 194,035 17,625 74,028 Commission 208,035 208,035 91,653 5 Investment income Unrestrl¢ted funds General Total 2025 Total 20Z4 InterÈst receivable and similar income.. Interest receivable on bank deposits 852 852 37 6 Other Income Unrestrlcted funds General Toial 2025 Total 2024 Trading Rental income 1.225 32.603 1.225 32.603 1,824 42,083 33.828 33.828 .2025 43,907 '2024 Grants Restrlcted Unrestritted Total Total Page 24
The Bubble Theatre Company Limited Notesto the Financial Statements forthe Year Ended 31 March 2025 Albion Streei Community Charity Amitable Society's School Arts Council England British Land 1,000 1,000 4,900 2,567 2.567 23.106 2,500 2,SL)O 5.005 Charterhouse in Southwark 4,000 Christina Smith Foundatlon 14,220 Enterprise Arts Trust Haberdashers, Benelovent Foundation 1,000 1,000 i.OLK) 3.054 lack Petchey Foundation Landsec Futures 26,964 26.964 1,800 2,500 2.500 London Borough of Souihwark Noel Coward Foundation 5,859 5,859 2.500 1,4LKI 1,400 Peckham Settlement 1,890 1,890 2,500 Rotherhithe Consolidated Charlties 2,073 2,073 3,0(X] Sovthwark Charities 5,927 5,927 3,000 Sylvia Webber Trust st Olave's Found3tion Funcj 1,500 2,650 2,650 Team Loridon Bridge The D'O¥ly Carte Charitable Trust The Garfield Wèston Foundation 2,832 4.OCIJ 4,000 3,(X)O 40,OLV) 4D,000 The Henry SmSth Charity The London Community Foundation The Mercers, Companv The Merchant Taylors, Foundatlon The Nation31 Lottery Community Fund The Radcliffe Trust 17,50 8.OQ) 8.oc 58,5 58,SOO 18,500 4,600 16,37S 16.375 4.582 4,OCX) Unlted St Saviours's Charitv The Sir Cliff Richard Charitable Trust 13,125 13,125 43,500 2,000 W.G Edwards Charitzble Foundation 2,000 140.705 57,625 198,330 170.099 Page 25
The Bubble Theatre Company Llmlted Notes to the Flnancial Statements for the Year Ended 31 Mard12025 7 Expenditure on ralsing funds a) Costs of generating donations and legacres Total 2025 Total 2024 Note Fundraising cost5 6,919 18,132 8 Expenditure on charltable atti¥itles Total 2025 Total 2024 Note Project C05ts Marketing and communications Consulting and Freence Staff costs Allocated support costs 16,155 10,398 121,959 199.539 81,597 18,785 10.701 108.446 191,203 77,529 13 429.648 406.664 In addition to the expenditure analysed above. there are also s¢Jpport costs of £81.59712024- £77.5291 which relate diiectly to (harable activities. See note 9 for further details. Page 26
The Bubble Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 9 Analysls of support costs Support Costs Total 2025 Totsl 2024 Sundries DepcIatIon of freehold property Rent and ratès 20,234 25.000 1,007 4.992 3,960 12.787 3,813 1,607 1,201 2,3 350 20,234 25,1100 566 Water rate5 LiEht, heat and power Insurance 7,020 4,726 10,850 General maintenance Cornputer Software and maintenance Printing, postage and stationery Trade subscriptitsns Independent examiner Legal and professional Bank charge5 Irrecoverable VAT 2.263 576 1,900 1,706 2,640 1,479 1,270 81,597 77,529 10 Rèlated partytransactions There were no rÈlated pzrtytransactions in the year. 11 Taxatlon The charily is a re8lStered charity and is therefore exempt from taxation. 12 Trustees remuneration and expenses No trustees, nor zny persons connected with them, have received any remuneration from the charity durinB th2 year. Page 27
The Bubble Theatre Company Limlted Notes to the Finantlal Statements for the Year Ended 31 March 2025 13 Staff costs The aggregate payroll costs were as fDIIows'. 2025 2024 Stsff costs durln8 the year were.. Wages and salaries Social security costs Pension costs Compensation payments Other statt costs 174,429 12.703 4.863 2,500 170,557 12,029 5,631 2,986 199.539 191,203 The monthly average number of persons (including senior management I leadership team) employed by the chaty during the year @xpres5ed as full time equivalents was as follows.. 202S 2024 Employees Durln8 the year, the charlty made redundancy andlor termin3tion payments which totalled £2,50012024 £Nill. No ernployee received emoluments of more than £60,[ during the year. The total employee benefits of the key management personnel ol the charity were £lQ3.727 12024 £103,0601. Page 28
The Bubble Theatre Company Limlted Notes to the Financial Statements for the Year Ended 31 March 2025 14 Tangible fixed assets Land and buildings Fumlture and eqtjipment Theatre equlpment Total Cost At l April 2024 323,750 33,607 86,777 444.134 At 31 March 2025 323,750 33,607 86,777 444,134 Depreclatlon At l April 2024 Charge forthe yèar 212,065 20,234 33,607 86,777 332,449 20,234 At 31 March 2025 232,299 33,607 86.777 352,683 Nét book value At 31 March 2025 91,451 91,451 At 31 March 2024 111,685 111,685 IS Dèbtors 2025 2024 Trade debtor5 Prepayments Accrued income 61,055 31,608 2,169 3.041 2.459 63.514 36.818 16 Cash and cash equivalents 2025 2024 Cash on hand 420 Cash at bank 492 104,767 99.346 105.187 99,838 17 Creditors: amounts falllng due withln onÈ year Page 29
The Bubble Theatre Company Limlted Notes to the Financial Statements for the Year Ended 31 March 2025 2025 2024 Bank loans Trade creditois Other taxation and social security VAT 9.838 22,3S8 3,849 16,001 1,658 5,336 5.503 9.837 20.686 4,505 8,643 3,430 3.092 30,187 Other creditors Accruals Deferred income 64,553 80.380 18 Credllors: amouhts fall1 due after one year 2025 2024 Bank loans 10.025 19,676 Page 30
The Bubble Theatre Company Lirnited Notes to the Financial Staternents for the Year Ended 31 March 2025 19 Funds Balan at i Aprll 2024 Incomin8 resources Resourcès e¥pended Balance at 31 March 2025 Unrestrl¢ted funds General fund Capital fund 8uildinÉ fund 18,607 333,152 1303,9231 47,836 111,685 120,2341 120,234 91,451 111,687 91,453 rotsl unrestricted fund5 130.294 333,152 1324,1571 139,289 Restrrrted funds Project fund 17,990 140.705 1112.4101 46.285 Ttstsi funds 148,284 473.857 1436,5671 185.574 Balance at I Aprll 2023 Balance at 31 March 2024 Incomlhg rosourtes Resources expended Translers Ljnrestricted fvnd5 General fund 63.552 204.225 Capital fund Building fund 1249,1701 18,607 111,685 111,685 111.685 111,687 Total unrestrirted funds 63.554 204,225 1249,1701 111,685 130,294 Restrirted funds Building fund Project fund 131,919 31,283 120,2341 1155,3921 1175,6261 1111,6851 142,099 17.990 163,202 142,099 1111,6851 17.990 Totsl funds 226,756 346.324 1424,7961 148,284 Page 31
The Bubble Theatre Company Llrnlted Notes to the Financial Statements for the Year Ended 31 March 2025 The specific purposes for which the funds ère to be applied are as follows.. Capital fund - The balance will fund future depreclation of fixed assets which were ori8Snally purchased uslng general funds. Project reserve fund- The trustees have created this fund to provide the charity wSth the means to malntsln a level of actitivites while sourcing new funds on a continuing b3sis. This will be reviewed and an amount designated at the beginnlng of Èach year. Project fund- This is a fund of donailons and earned income from commlssions and fees, designated to speciflc artistlc attivity prolé¢ts. Building fund - This fund was established to raise monies for capit31 improvements to the Bubble Theatre Building, especially for access to the theatre. Project fund- This 15 a fund of restricted grant funding that is received for specifSc artislic activity projects. 20 Analysis of net assèts between fund$ Unrestrlrted funds General Oeslgnated Total funds at 31 March 202S Restrirted funds Tangible fixed assets Current assets 91.451 91.451 168.701 164,5531 110,0251 122,414 164,5531 110,0251 46,285 Creditors over I year Toral net assets 47,836 91.453 46,285 185,574 Unrestrlcted funds General Designated Total funds at 31 Mar¢h 2024 Re5trlrted firnds Tangible fixed assets Current assets 111.684 111.684 136,656 180.3801 119,6761 118,663 180,38QI 119,6761 18,607 17,990 Creditors over I year Total net assets 111,687 17.990 148.284 Page 32