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 Under￿presented
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
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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 charl￿5 achievements during this period and the benefits of its work for the groLJPS of
people it sets out to suppori. The Company is a Reg￿￿ered 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 othen￿lSe 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.
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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 $5+ Ip41
11 orl8lnal shtsws
78 performantes
Original theatre performances In 30 non-theatre 5pacos and
53% of the Ireelance artists we employed began their journey as Bubble Young Theatre Maker5
This ye3r, we've proudly expanded our reach across the capltal. Our Èngagements show a 6% increase on the
previous yèar. and we've had the prlvi1ege of visiting 18 boroughs, bringln8 original theatre to completely new
audiences and creating lasting connections in dlverse communities.
We hear Irom our member5 and partner organisations ihat our activities provide both creatNe engagement
and 3 strong sense of community and connÈctyon, thereby supporting the development of social and
emotional skills. As one housing manage¥ told us-.
"Events like yours hove J real posltivE impuct on our residents. especiolly those who are elderly or more
v(Jlneroble. Performonce5 created & delivered by older people ore incredibly relotuble & upliftlng,. they help
reduce isolation. sporkcortv*r50tion & brinL7 tlstrong sense of community& 5htsredexper1e￿e.~
We are proud of the depth of our connection to our members, demonstrated by the years-long relationship
many have with u5, often describing our building as being like a second home and their fellow members as
chosen f3mily. They tell us about the positive impact our consistent presence makes..
-Seino purt OA Bubble 0$ 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
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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.
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The Bubble Theatre Company Limlted
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42 people attended d4Jrin8 the 2024-25 f￿nancIal 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 deS￿n 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 Sec￿r, 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 pO￿l0n. 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.
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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 I￿Ve 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 AfrI￿n5 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.
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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..
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"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 I￿ve 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 Su￿a[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.
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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 suffIC￿ent 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 tWe￿e 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 sit￿le
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 charl￿S 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 COn￿rn$ 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 eXeMPt￿n 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 Othe￿￿lse 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 Sour￿5, 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 f￿tUre
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 meaSU￿d. 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 meas￿red 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 I￿0MÈ 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 Free￿nce
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 (har￿able 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
Dep￿cIatIon 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
cha￿ty 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