2025-03-31-accounts

Charity registration number 515903 (England and Wales) Company registration number 01856580

THEATR NA N'OG

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THEATR NA N'OG

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mrs D C Webster
	Mrs K E Fisher
	Mr O Griffiths
	Mr D A James
	Miss R A Jones
	Ms L Seymour
	Mrs J S Preece	(Appointed 15 April 2024)
	Ms Y S Imam-Rashid	(Appointed 4 November 2024)
Secretary	Mrs G H Styles
Charity number (England and Wales)	515903
Company number	01856580
Registered office	Unit 3
	Milland Road Industrial Estate
	Neath
	UK
	SA11 1NJ
Independent examiner	Mark Howells FCCA
	CJH
	Ty Caer Wyr
	Charter Court
	Swansea
	Wales
	SA7 9FS

THEATR NA N'OG

CONTENTS

	Page
Trustees report	1 - 6
Independent examiner's report	7
Statement of financial activities	8
Balance sheet	9
Statement of cash flows	10
Notes to the financial statements	11 - 23

THEATR NA N'OG

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

The report of the trustees also incorporates a directors' report as required by company law.

Objectives and activities

Objectives and aims

The objects of the charity are to produce theatre productions for young people. The charity will also tour productions regionally, nationally and internationally to broaden its audience base.

The charity believes that children and young people deserve to experience theatre of the same high artistic standard and aesthetic value as theatre aimed at adults, by creating high quality theatre that is powerful, inspiring and relevant to all ages, bringing to life authentic stories of ordinary people who achieve extraordinary things.

It's aims are to:

• Inspire by producing bilingual theatre that captivates the minds and imaginations of audiences across Wales and beyond.

• Invest by being a resilient and innovative company who are positioned to lead in the promotion and celebration of home-grown talent, showing the best the creative industry in Wales has to offer.

• Influence by creating theatre that has a purpose and reflects the evolving nature of our society.

By achieving these aims the organisation makes it a vital component in the arts sector in its region and in Wales.

Significant activities

The charity's main objectives continued to be the promotion of theatre for young people in our local area but with an intention to tour productions to a variety of age groups and beyond our traditional area. Four key areas were identified for specific attention:

• to raise the charity's profile locally and nationally;

• to increase production and performance weeks;

• to promote our touring productions in Wales and the UK; and

• to allocate a percentage of funds for research and development of future productions.

Strategies for achieving the aims and objectives are through the artistic plan which is openly consulted with stakeholders, which forms the charity's activities.

The charity measures its success through audience numbers and participants. It also regards critical appraisal from peer groups and funders.

Significant activities undertaken in this financial year were 3 productions, with a fourth production in pre-production. The charity broadened its reach to new areas in Wales with its new initiative Goleufa/Beacon which will see its annual Autumn production perform at Theatr Brycheiniog, enhancing accessibility for young audiences in Powys and produced and performed the Welsh language Consortiwm project which presents Welsh language theatre to the Valleys of South Wales.

• 1 -

THEATR NA N'OG

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Public benefit

The trustees of the charity are committed to providing a public benefit, and have taken into account the Charity Commission's guidance in this area.

For the many members of our audiences who come from deprived communities, Theatr na n'Og's ethos has always been to inspire and encourage ambition and aspiration, to believe in oneself and dare to dream. This is what makes our work so effective at igniting young imaginations and appealing to people from all backgrounds.

Through our expertise in working with both schools and theatre venues, we have developed a unique understanding of how to bridge the gap between generations, in order to achieve a truly shared experience.

Volunteers

The charity also recognises the significance of volunteers for our activities. The charity uses creative associates and volunteers for specific events. They also contribute to the discussion on policies and strategies to engage with the wider community and under-represented groups in the sector and society.

Achievements and performance

Charitable activities

Since the pandemic, the organisation had began to offer an ambitious programme of work building on its commitment to its audiences and collaborators:

• Support teachers and young people;

• The network of freelance professionals; and

• Venues in Wales.

However, the opportunity for further investment from the Arts Council of Wales did not materialise and the cost of living crisis exacerbated an under-invested sector creating further challenges for the charity.

In the midst of these challenges the organisation continued its commitment to their audiences.

Operation Julie Tour

At the beginning of the year the company toured their highly successful co-production with Aberystwyth Arts Centre, to Aberystwyth Arts Centre, Theatr Brycheiniog, The Lyric Carmarthen, Pontio Bangor and the Riverfront Arts Centre, Crew Lyceum and The Wyvern at Swindon.

Telling the story of the famous police operation that took place in West Wales between 1975 and 1977 which managed to undercover, at the time, the world's largest LSD manufacturer. This original play with a 70's prog-rock soundtrack will tell the incredible story of Operation Julie. 7,525 people saw the production which was accompanied by post-performance talkback sessions.

Just Jump

A revival of the award-winning production commission by Cardiff Harbour Authority, Associated British Ports and Culture Step by Arts and Business Cymru. The production was performed at the Norwegian Church in Cardiff to 1,234 children in both Welsh and English. The success of this collaboration has led to further funding from the partners for the next year.

The Fight

The company's annual school production at the Dylan Thomas Theatre in Swansea was presented in the Autumn. This brand new play written by Geinor Styles and directed by first-time director Kevin McCurdy captured the imaginations of the children who saw it.

The play told the true story of Merthyr born boxer Cuthbert Taylor who was denied the chance to fight for a British title because of the colour-bar in the first half of the 20th century. The story compelled the young audiences to ask for an apology on behalf of Cuthbert and his family. The project had an additional week at Theatr Brycheiniog, where many of Cuthbert's family attended performances. 4,568 school children saw the production. The production had a total audience of 5,379.

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THEATR NA N'OG

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Other

The company celebrated its 40th birthday in October 2024 and commissioned a poem, film and an exhibition to highlight the contribution it has made to the arts and culture in its local area and in Wales since 1984.

The company was awarded the High Sheriff's Community Award and won The Arts and Business Environment Award. It's artistic director won the Creative of the Year in the inaugural Cultural Impact Awards.

The organisation performed to 14,138 people in this financial year an increase of nearly 120% on last year's figures of 6,458.

Financial review

Financial position

The charity continues to review its income base and cost base with a view to conserving resources. During this financial period, both income and costs have increased in line with budgetary forecasts. Resources remain at a satisfactory level.

The charity has seen an increase in material costs and in travel and accommodation costs directly impacting on production costs and subsequently the core funds of the organisation.

Certain factors which could affect future financial performance will be the increased costs of transporting audiences to the charity's performances, particularly school children, which could result in fewer audience numbers and income.

Total incoming resources for the year amounted to £690,915 (2024 - £612,579). Resources expended amount to £749,042 (2024 - £583,126). The net deficit for the year is £58,127 (2024 surplus of £29,453).

The net reserves at the balance sheet date are £478,724 (2024 - £536,851).

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Reserves policy

Theatr na n'Og has set the following policy in order to see out its short term commitments in the event of loss of income or other financial crisis.

A minimum of £125,000 has been set to cover the costs and outstanding debt following loss of all income and resources. The charity has fixed assets including ownership of Units 3 and 4 Milland Road Industrial Estate. The net book value is detailed in the annual accounts; it is noted that the net book value is lower than the market value. Further to these, the charity aims to hold at any one time at least 3 months of operating reserves to cover any immediate loss of income.

Principal funding sources

The charity has maintained its annual revenue funding from the Arts Council of Wales. Following an uplift in funding from the Welsh Government the Arts Council of Wales has increased the annual funding for 2025/26 by 3.5%.

The charity continues to diversify its funding streams and has had significant success in receiving grants from Trusts and Foundations.

Investment policy

The trustees consider the most appropriate policy for investing surplus funds is in short term deposit accounts to maintain cashflow liquidity.

• 3 -

THEATR NA N'OG

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees risk management strategy comprises:

• an annual review of the risks the charity may face;

• the establishment of systems and procedures to mitigate those risks identified in the plan; and

• the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

This work has identified new risks and has resulted in better emergency procedures and contingency plans and has given the impetus for better planning. A key element in the management of financial risk is the setting of a reserves policy and its regular review by trustees.

Plans for future periods

Just Jump

A revival of our award-winning production commissioned by Cardiff Harbour Authority, with additional funding from two business partners and Culture Step by Arts and Business Cymru. The production will be performed once again at the Norwegian Church in Cardiff.

Halen Yn Y Gwaed

A commission by the Urdd Eisteddfod for the children's production of a musical Halen Yn Y Gwaed. Over 50 children will take part in a performance at the Urdd National Eisteddfod at Margam Park. The company will have rehearsed once a week for 15 weeks to create this special performance.

Eye of the Storm

A revival of the organisation's award-winning musical Eye of the Storm as part of the company's annual schools production at the Dylan Thomas Theatre in the Autumn. This year, the show will be performed in Welsh and English, translated by Gwawr Loader. Additional activities will take place at the National Waterfront Museum and at Swansea Museum. There will be computer science workshops held in schools, facilitated by Technocamps.

The Fight

Due to the success of last year's production for schools, the organisation has been invited by Cardiff City Council to perform The Fight at the Sherman Theatre in Cardiff. The performances will be made available for every secondary school in Cardiff free of charge, as a result of additional funding from The Arts Council of Wales and Cardiff City Council.

Romjul

A new play for families has been commissioned by the Norwegian Church in Cardiff and from the Heritage Lottery Fund, to highlight the history of the Norwegian community in Cardiff. The play will tell the story of two Norwegian sisters who evacuated to Cardiff during the World War II, find themselves seeking shelter in the church during an air raid. The play will be performed during the first two weeks of December to coincide with the Festival of Light.

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution

Theatr na n'Og is a company limited by guarantee and a registered charity. It was established in 1984 to promote and advance artistic education and the public appreciation of the arts. These objects are set out in its governing instrument which is its Memorandum and Articles of Association.

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THEATR NA N'OG

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs D C Webster Mrs K E Fisher Mr O Griffiths Mr D A James Miss R A Jones Ms L Seymour Mrs J S Preece (Appointed 15 April 2024) Ms Y S Imam-Rashid (Appointed 4 November 2024)

Recruitment and appointment of trustees

Under the terms of the Articles of Association, there is no maximum to the number of board members but there should be a minimum of four. All members will serve an initial term of of three years. At an annual general meeting retiring members can be re-elected for a second term of three years.

Vacant positions are advertised and a short list are interviewed for each post. Trustees are then chosen for the specific skills that they will bring to the Board.

Organisational structure

The governing body is the board of trustees whose members are non-executive and unpaid. The board meets quarterly and covers areas such as artistic development, diversity, membership and finance. These meetings are supported by sub-committees in the areas of finance, human resources and artistic planning to support the senior management in day to day operations.

An artistic director is appointed by the trustees to manage the day to day operations of the charity. To facilitate effective operations, the artistic director has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity.

Induction and training of trustees

All new trustees are required to attend an induction and orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. Trustees are also encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Remuneration policy

The trustees consider that the board of trustees and the artistic director comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity. The trustees delegate the day to day running of the organisation to the artistic director. All trustees give their time freely and no trustee received remuneration during the year.

The pay of senior staff who are not trustees is set at industry approved levels, reviewed annually and benchmarked against comparable organisations run on a voluntary basis. The remuneration benchmark is generally the mid-point of the range paid for equivalent roles in similar organisations.

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THEATR NA N'OG

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Relationship with related parties

The charity has key relationships with the Arts Council of Wales and agrees specific annual targets and objectives.

Partnerships

Theatr na n'Og continues to collaborate with a wide range of partners and fosters positive and meaningful relationships for the future. This promotes and presents an exciting collection of productions catering for the surrounding community and beyond.

This year the company has developed close working relationships with: Aberystwyth Arts Centre, Dylan Thomas Theatre, Swansea Museum, National Waterfront Museum, National Museum Wales, Swansea University and Technocamps.

Theatr na n'Og has an excellent relationship with local schools. It's ambition to develop relationships with schools nationwide to replicate the very successful model in Swansea, Neath Port Talbot and Bridgend has been realised and will be expanded further in 2025.

The trustees report was approved by the Board of Trustees.

Mrs D C Webster

Chair

Date:a oe

:

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THEATR NA N'OG

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THEATR NA N'OG

| report to the trustees on my examination of the financial statements of Theatr Na n'og (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, | report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination [ have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. | confirm that | am qualified to undertake the examination because | am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the

examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.

• 2 ___ the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

• 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

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Mark ial FCCA
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CJH Ty Caer Wyr

Charter Court Swansea SA7 9FS WalesDate: edt (3 [25—_

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THEATR NA N'OG

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income and endowments from: Donations and legacies 3 313,579 - Charitable activities Productions and touring 4 215,635 146,300 Investments 5 15,372 - Other income 6 29 - Total income 544,615 146,300 Expenditure on: Raising funds 7 66,586 14,725 Charitable activities 8 591,517 131,575 Taxation 13 (55,361) - Total expenditure 602,742 146,300 Net income/(expenditure) and movement in funds (58,127) - Reconciliation of funds: Fund balances at 1 April 2024 536,851 - Fund balances at 31 March 2025 478,724 -

Total Unrestricted Restricted Total funds funds 2025 2024 2024 2024 £ £ £ £ 313,579 324,437 - 324,437 - 361,935 52,444 217,493 269,937 15,372 16,180 - 16,180 29 2,025 - 2,025 690,915 395,086 217,493 612,579 81,311 58,455 - 58,455 723,092 416,790 217,493 634,283 (55,361) (109,612) - (109,612) 749,042 365,633 217,493 583,126 (58,127) 29,453 - 29,453 536,851 507,398 - 507,398 478,724 536,851 - 536,851

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THEATR NA N'OG

BALANCE SHEET AS AT 31 MARCH 2025

		2025		2024
	Notes	£	£	£	£
Fixed assets
Tangible assets	14		93,135		98,218
Current assets
Debtors	15	82,573		257,950
Cash at bankand in hand		336,226		270,856
		418,799		528,806
Creditors: amounts falling due within	16
one year		(33,210)		(90,173)
Net current assets			385,589		438,633
Total assets less current liabilities			478,724		536,851
The funds of the charity
Unrestricted funds	20		478,724		536,851
			478,724		536,851

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on Berfrces.

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Company registration number 01856580 (England and Wales)

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THEATR NA N'OG

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes Cash flows from operating activities Cash generated from/(absorbed by) operations 25 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment income received Net cash generated from investing activities Net cash generated from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2025 £ (916) 29 15,372	£ 50,885 14,485 - 65,370 270,856 336,226	2024 £ (7,377) 2,025 16,180	£ (89,488) 10,828 - (78,660) 349,516 270,856

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THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Theatr Na n'og is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 3, Milland Road Industrial Estate, Neath, SA11 1NJ, UK.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees have assessed whether there are significant doubts about the charity's ability to continue as a going concern. In a difficult trading environment for charities, Theatr na n'Og has always been reliant on public funding. The trustees will only commit to productions if they know that such funding is available. This policy is underpinned by available reserves.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations and voluntary income are accounted for when receivable.

Grants for immediate expenditure are accounted for when they become receivable. Grants received for specific purposes are treated as restricted funds. Grants received in advance are deferred and recognised in the accounts in future accounting periods.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid by the Bank.

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THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Costs are allocated between direct charitable and support expenditure according to the nature of the cost. Where items involve more than one category they are apportioned between the categories on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% on cost Plant and equipment 20% on cost Fixtures and fittings 15% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

3 Income from donations and legacies

Donations and gifts Grants Grants Arts Council of Wales Arts Council of Wales Cost of Living Income from charitable activities Unrestricted Restricted funds funds 2025 2025 £ £ Productions and touring Box office and performance income 178,374 79,051 Consultancy and other fees 1,320 - Sundry sales 5,094 - Grants 30,000 67,249 Sponsorship 800 - Royalties received 47 - 215,635 146,300	Unrestricted Unrestricted funds funds 2025 2024 £ £ 804 74 312,775 324,363 313,579 324,437 312,775 320,795 - 3,568 312,775 324,363 Total Unrestricted Restricted Total funds funds 2025 2024 2024 2024 £ £ £ £ 257,425 49,650 15,513 65,163 1,320 1,248 - 1,248 5,094 359 - 359 97,249 - 201,980 201,980 800 1,000 - 1,000 47 187 - 187 361,935 52,444 217,493 269,937	Unrestricted Unrestricted funds funds 2025 2024 £ £ 804 74 312,775 324,363 313,579 324,437 312,775 320,795 - 3,568 312,775 324,363 Total Unrestricted Restricted Total funds funds 2025 2024 2024 2024 £ £ £ £ 257,425 49,650 15,513 65,163 1,320 1,248 - 1,248 5,094 359 - 359 97,249 - 201,980 201,980 800 1,000 - 1,000 47 187 - 187 361,935 52,444 217,493 269,937
		324,437
		320,795 3,568
		324,363
		Total 2024 £ 65,163 1,248 359 201,980 1,000 187
		269,937

4 Income from charitable activities

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THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4	Income from charitable activities		(Continued)
	Grants analysis
		Productions	Productions
		and touring	and touring
		2025	2024
		£	£
	Arts Council of Wales	10,474	184,473
	Arts & Business Cymru	5,050	10,000
	Garfield Weston	30,000	-
	Ashley Family Foundation	5,000	-
	Oakdale Trust	2,000	-
	Colwinston Trust	30,000	-
	Neath Port Talbot Council	14,725	-
	International Links (Global) Ltd	-	7,507
		97,249	201,980
5	Income from investments
		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Rental income	10,810	10,377
	HMRC interest	6	-
	Interest receivable	4,556	5,803
		15,372	16,180
6	Other income
		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Net gain on disposal of tangible fixed assets	29	2,025

• 15 -

THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Expenditure on raising funds

Unrestricted Restricted funds funds 2025 2025 £ £ Fundraising and publicity Advertising 6,612 - Other fundraising costs 4,038 14,725 Staff costs 55,936 - 66,586 14,725	Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 6,612 3,694 - 18,763 3,471 - 55,936 51,290 - 81,311 58,455 -	Total 2024 £ 3,694 3,471 51,290
		58,455

8 Expenditure on charitable activities

	Productions	Productions
	and touring	and touring
	2025	2024
	£	£
Direct costs
Staff costs	47,865	43,217
Depreciation and impairment	2,179	2,194
Production costs	500,654	404,048
Motor running expenses	(187)	2,927
Subsistence and touring expenses	2,600	1,266
App development and hosting	-	333
Water rates	102	85
Insurance	3,861	3,967
Light and heat	2,395	2,526
Telephone	1,026	847
Postage and stationery	865	794
Sundry expenses	2,804	666
Repairs and renewals	6,417	12,394
Cleaning	2,712	2,501
Affiliation fees	1,700	1,839
	574,993	479,604
Share of support and governance costs (see note 9)
Support	84,200	91,449
Governance	63,899	63,230
	723,092	634,283
Analysis by fund
Unrestricted funds	591,517	416,790
Restricted funds	131,575	217,493
	723,092	634,283

• 16 -

THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9 Support costs allocated to activities

Productions and touring 2025 £ Staff costs 50,303 Operating lease charges 365 Water rates 152 Insurance 9,010 Light and heat 3,592 Telephone 2,393 Postage and stationery 2,018 Sundry expenses 2,673 Repairs and renewals 9,626 Cleaning 4,068 Governance 63,899 148,099 2025 Governance costs comprise: £ Staff costs 40,190 Depreciation 3,820 Operating lease charges 851 Independent examiners fees 12,165 Legal and professional 2,449 Bank charges 186 Staff training 3,980 Interest on late paid PAYE 258 63,899 10 Net movement in funds 2025 £ The net movement in funds is stated after charging/(crediting): Fees payable to the charity's independent examiner: - for the independent examination of the charity's financial statements 5,470 - for other financial services 6,695 Depreciation of owned tangible fixed assets 5,999 Profit on disposal of tangible fixed assets (29) Operating lease charges 1,216

Total 2024 £ 46,890 324 128 9,257 3,789 1,977 1,853 4,889 18,591 3,751 63,230 154,679 2024 £ 38,329 3,855 756 11,950 3,415 198 4,727 - 63,230 2024 £ 5,375 6,575 6,050 (2,025) 1,080

• 17 -

THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

Productions and touring Marketing and publicity Adminstration and management Total Employment costs Wages and salaries Social security costs Other pension costs	2025 Number 2 1 3 6 2025 £ 172,116 13,846 8,332 194,294	2024 Number 1 1 3
		5
		2024 £ 161,827 10,250 7,649
		179,726

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

Aggregate compensation 13 Taxation Theatre tax relief	2025 2024 £ £ 51,242 49,749 2025 2024 £ £ (55,361) (109,612) (55,361) (109,612)	2024 £ 49,749

Theatr na n'Og, as a registered charity, is entitled to exemption from taxation in respect of income and capital gains received within sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives only.

The charity does however qualify for Theatre Tax Relief in respect of certain expenditure it incurs on its theatrical productions, resulting in the tax credits included in the accounts as above.

• 18 -

THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

14 Tangible fixed assets

Freehold land and buildings Plant and equipment Fixtures and fittings £ £ £ Cost At 1 April 2024 189,611 88,770 48,717 Additions - 916 - Disposals - (983) - At 31 March 2025 189,611 88,703 48,717 Depreciation and impairment At 1 April 2024 98,744 82,026 48,110 Depreciation charged in the year 3,794 1,981 224 Eliminated in respect of disposals - (983) - At 31 March 2025 102,538 83,024 48,334 Carrying amount At 31 March 2025 87,073 5,679 383 At 31 March 2024 90,867 6,744 607	Total £ 327,098 916 (983
	327,031
	228,880 5,999 (983
	233,896
	93,135
	98,218

A legal charge held by the Arts Council of Wales in relation to the freehold property expires 5 November 2027.

15 Debtors

Amounts falling due within one year: Trade debtors Corporation tax recoverable Other debtors Prepayments and accrued income	2025 £ 232 54,281 1,248 26,812 82,573	2024 £ 11,976 109,612 23,800 112,562
		257,950

16 Creditors: amounts falling due within one year

Notes Other taxation and social security Deferred income 17 Trade creditors Other creditors Accruals	2025 £ 3,811 17,023 417 2,200 9,759 33,210	2024 £ 4,960 - 46,731 7,633 30,849
		90,173

• 19 -

THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Deferred income

Arising from government grants Other deferred income Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities Movements in the year: Deferred income at 1 April 2024 Released from previous periods Resources deferred in the year Deferred income at 31 March 2025	2025 2024 £ £ 2,000 - 15,023 - 17,023 - 2025 2024 £ £ 17,023 - - 27,000 - (27,000) 17,023 - 17,023 -	2024 £ - -
		-
		2024 £ -
		-

Income deferred is related to the following projects:

• Just Jump a production that is scheduled to be completed April/May 2025 as requested by Arts and Business Cymru, Cardiff Harbour Authority and Associated British Ports;

• Fees for a workshop put on in April 2025; and

• Fee for the performance of Halen Yn Y Gwaed at the Urdd Eisteddfod in May 2025.

18 Retirement benefit schemes

Retirement benefit schemes
	2025	2024
Defined contribution schemes	£	£
Charge to profit or loss in respect of defined contribution schemes	8,332	7,649

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

• 20 -

THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	At 1 April	Incoming	Resources	At 31 March
	2024	resources	expended	2025
	£	£	£	£
Operation Julie	-	59,425	(59,425)	-
Just Jump	-	35,150	(35,150)	-
The Fight	-	37,000	(37,000)	-
Business consultant	-	14,725	(14,725)	-
	-	146,300	(146,300)	-
Previous year:	At 1 April	Incoming	Resources	At 31 March
	2023	resources	expended	2024
	£	£	£	£
Theatre in Science	-	2,575	(2,575)	-
Erasmus Project	-	7,507	(7,507)	-
Y Fenyw Mewn Du	-	83,149	(83,149)	-
Operation Julie	-	94,262	(94,262)	-
Just Jump	-	30,000	(30,000)	-
	-	217,493	(217,493)	-

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 April	Incoming	Resources	At 31 March
	2024	resources	expended	2025
	£	£	£	£
General funds	536,851	544,615	(602,742)	478,724
Previous year:	At 1 April	Incoming	Resources	At 31 March
	2023	resources	expended	2024
	£	£	£	£
General funds	507,398	395,086	(365,633)	536,851

• 21 -

THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

21 Analysis of net assets between funds

	Unrestricted
	funds
	2025
	£
At 31 March 2025:
Tangible assets	93,135
Current assets/(liabilities)	385,589
	478,724
	Unrestricted
	funds
	2024
	£
At 31 March 2024:
Tangible assets	98,218
Current assets/(liabilities)	438,633
	536,851

22 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year Between two and five years	2025 £ 1,920 5,870 7,790	2024 £ 660 1,595
		2,255

23 Related party transactions

• 22 -

THEATR NA N'OG

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

23 Related party transactions

(Continued)

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

	Purchase of goods	and
	services
	2025	2024
	£	£
Other related parties	3,394	2,455
	3,394	2,455

EFGHEL Limited is a company wholly owned by Eric Styles who is the husband of Geinor Styles, company secretary and employee of the charity.

During the year the charity purchased goods and services from EFGHEL Limited as above.

The balance outstanding at the balance sheet date was £nil (2023 - £nil).

24 Limited by guarantee

The charity is constituted as a company limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding £1, to the company should it be wound up.

25 Cash generated from/(absorbed by) operations (Deficit)/surplus for the year Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets Movements in working capital: Decrease/(increase) in debtors (Decrease)/increase in creditors Increase/(decrease) in deferred income Cash generated from/(absorbed by) operations	2025 2024 £ £ (58,127) 29,453 (15,372) (16,180) (29) (2,025) 5,999 6,049 175,377 (114,206) (73,986) 34,421 17,023 (27,000) 50,885 (89,488)	2025 2024 £ £ (58,127) 29,453 (15,372) (16,180) (29) (2,025) 5,999 6,049 175,377 (114,206) (73,986) 34,421 17,023 (27,000) 50,885 (89,488)
		(89,488)

26 Analysis of changes in net funds

The charity had no material debt during the year.

• 23 -