COMPANY REGISTRATION NUMBER: N1042024
CHARITY REGISTRATION NUMBER: NIC100710
Cahoots Nl Limited
Company Limited by Guarantee
Financial Statements
31 March 2025

Cahoots Nl Limited
Company Limitsd by Guarantee
Financial Statements
Year ended 31 March 2025
Page
Trustees, annual report (incorporating the directorfs report)
Independent auditorfs report to the members
Statement of financial activities (induding income and expenditure
account)
13
Statement of financial position
14
Statement of cash flows
15
Notes to the financial statements
16
The following pages do not form part of the financial ststements
Detailed statement of financial activities
28
Notes to the detailed statement of financial activities
30

Cahoots Nl Limited
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report)
Year ended 31 March 2025
The trustees. who are also the directors for the purposes of company law, pre5enl their report and the financial
statements of the charity for ihe year ended 31 March 2025.
Referenee and administrative details
Registered charity name
Cahoots Nl Limited
Charity registration number
NIC100710
Company registration number N1042024
Principal office and registered
o￿le¢
Unit 3 Offices. 1st Floor
Cilyside Reiail Park
100-150 York Str¢¢t
Belfast
BT15 IWA
The trustees
George Bleeks
Padraig Coyle
Lynne Fleming
Rory Cowan
Aidan McGrath
Paula Cairns
Gillian Mccolgan
Marianne Crossle
Emma Burdett
(Resigned 8 January 2025)
(Appointed 13 December 2024)
Key management personnel
Artistic Director- Paul McEneaney
Company secretary
Paul McEneaney
Audltor
Muir & Addy
Chartered accountants & 5tatulory auditor
427 Holywood Road
Belf&sl
BT4 2LT
Bankers
Ulster Bank
Arches Retail Park
Belf&st
BT5 4AF

Cahoots Nl Limited
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (contlnued)
Year ended 31 March 2025
Struclureg governance and manvdgement
Cahoots Nl is a charitable company limited by guarantee. The company was established under a
Memorandum of Association which eslablished the objectives and powers of the COTnpany and is govemed
under its Articles of Association. In the event of the company being wound up members are required to
contribute an amount nol exceeding £1.
The organisalion continues to maintain good governance. using monihly organisational reports to record.
monitor and review financial movem¢nl and company business on a monthly basis. Review of company
policies is carried out as required and, apart from some updating to reflect changes to legislation. no major
changes took place.
The organisation continues to expand the re-focus of direction set out in the previous reporting period in
response to the prevailing economic climale, with emphasis on establishing new creative partnershipslco-
productions to ensure continued growth, building a sustainable future and - while Northern Ireland remains
the core audience - entry to the global marketplace with increased touring.
The sustainability strategy involves -
project led emph&sis - reduction in core costs"
re-focus on the large scale productions for which Cah¢x)ts Nl has an established repulation;
reduction in delivery of smaller projects such as ad hoc workshops"
development of crealive partnerships and COTrproduclions lo share resources.
development of partnerships specifically to promote and realise extensive international touring;
income from international touring will sustain the creation of new work for ihe local audience and in
turn provide more produci for louring"
development of slrategic. imaginalive new operdtional practice conceived to grow capacity.
sustainability and resilience, miligating risk by enabling self contained experiences.
Objectives 2nd aetivities
Cahoots Nl is one of Northern Ireland's leading professional theatre companies. Since it w&$ founded on
2001 li has been committed io producing original. high quality work for children. some of il stag¢d in
conventional theatre venues and some in purpose built or site specific locations. Its work concentrates on
combining the visual polential of thealre with ihe age old popularity of magic and illusion. Cahoots Nl
conlinues to slriv¢ to be a major coniribulor lo the Nl children's arts experience through its productions and
outreach Programme. Each year Cahoots Nl delivers an ambitious, innovative and challenging programme.
and since its creation has interacted with 695.024 children and their families.

Cahoots Nl Limited
Company Limited by Guarantee
TTUStees' Annual Report (Incorporating the Directorfs Report) (eontlnuad)
Year ended 31 March 2025
Objectives and activities {cowiM4ed)
The aims of Cahoots Nl are -
Io Produce high quality large scale work for children for our main stage spaces throughout Ireland and
internationally;
to produce work designed to fill the middlellarge scale venues in the Northern Ireland, including our
home base perfonnance space in Cityside Relail Park, with a target audience of children under twelve
accompanied by parentslcarers/ieacheTS'
to capitalise upon the age old tx)pularity of magic a5 an essential ingredient in the art of entertaining
children.
Io use traditional and new lechniques of magic and illusion lo create theatre which is truly startlin&
where the complicit suspension of disbelief is unavoidably usurped by genuine astonishment.
to use magic and illusion to fuel a theatrical experience which Ix)m)ws from Circus. dance and
perfomance art"
to maximise upon ihe unique 'live' nature of iheatre so ihat the audience experience is as vivid.
memorable and empowering as possible:
lo encourage appreciation of the arts and stimulate the artistic crealivity of children:
to present. promote, organise and manage productions of culiural and educational value for children"
to encourage children to become aclively involved in all aspecls of ihe perforniing arts:
to coordinate with oiher providers of children's work in order to raise the profile and slatus of childrens
th¢alre and ensure a strategic approach io its delivery:
to develop working partnership5 Wlth venues and festivals so that the work is as fully integrated &$
possible into their annual programme.
Our Pu
ose
Through our theatrical magic. we inspire a ￿nse of wonder. unlock imagination and nurture a love of the
arts in children.
Our Mission
Protect and promote the right of all children lo have acce5S to high quality artistic experiences.
Our Vision
We seek to become a world leader in theatre for young audiences wilh our brand recognised for delivering
innovative. exciting and high quality experiences whilst always reaching more children and young people.

Cahoots Nl Limited
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (continued)
Year ended 31 March 2026
Achievements and performance
Cahoots Nl continues to produce a body of world-cl&ss work for children and families over the financial
period l April 2024 - 31 March 2025. The organisalion's tK)rtfolio of site-specific work and commercial
partnership conlinues to strengthen with partners, Cityside Re￿11 & Leisure Park. where the company is
based. and where work is developed and delivered within Cahoots, purpose built perfonnance space.
Alongside this Cahoots, programme of large-scale theatre produclions mainiain momentum both locally
(Grand Opera House) and internationally (North America). Each projecl is ¢valuated individually. and
evaluation reports are available upon request.
The company's output in the reporting period delivered many opportunities for children, their families and
schools to experience high quality professional iheatre created specifically for them. in dynamic. accessible
ways. In 2024-25 the charity engaged with 14,193 children and families in theatres and custom built
perforniance spaces in Nl and North America. In this period Cah(M)ts Nl gave 63 perforniances. delivered 14
workshops io youth clubs, and issued 106 artist contrdcts.
The intemational touring programme, which moved Cahoots into the global marketplace and provided the
resources to Create new Work at home in Nl. continues to strengthen. A first for Cahoots was The Musicians
of Bremen co-produced in collaboraiion with Segerstrom Center lor the Arts. Costs Mes4 California. This
production has been in development Since 2022 in California and Belfast with local and international artists.
The Vanishing Elephant. a project which had its original inspirntion in New York. completed a 10-venue
tour across 7 states in USA. The long established r¢lalionship wilh Holden Arts and Associates continues to
flourish, with plans for future touring continuing into 2025-26.
A feature of the 2024-25 output was making new connection5. The Belfast Iniemational Arts Festival
Showc&se meant that a number of International delegates were invited to attend The Vanishing Elephant
while they were in Beif&8t. The delegate progrdmme included a wide range of arts professionals from all over
the world including Colombi4 Ireland. UK, Netherlands. Egypt, Palesline. USA. Tokyo and many more. We
had members of the Creative team from Buxton Opera House attend one of our perforniances who. following
this engagement. will present the show in 25126. Our US agents Holden and Arts Associates also attended,
resulting in a number of strong leads for Iniernational programming.

Cahoots Nl Limited
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Achievements and perforniance (cowiwiedj
Artistic Programme l April 2024 - 31 March 2025
May- June 2024
The Musicians of Bremen, LIVE - Cityside. BelfasL NI
A Cahoots and Segerslrom Center co-produclion
DevelopmenURehearsal period:
20 May- 19 June 2024
Venue:
Ciiyside Retail & Leisure Park
Run:
20- 22 June 2024
Performances:
Audience:
Artists." casucreativeslcrew
Local Community Groups:
October 2024
The Vanishing Elephant Community Workshop Programme - Cityside. Belfast, Nl
Dates:
3 - 23 Oct 2024
Venue:
Cityside Retail & Leisure Park
Partieipaling Youth Clubs:
Participants:
Artists: c&st and creatives
280
21
115
"Thankyou so muchfor fonighi. it was absolulely amtL7ing, Ihefeedbackfrom ourgroup is unreall They
are so exciledfor The Grand Opera HO￿￿e am l. We really apprecialeyou including us in iheproject"
October - November 2024
The Vanishing Elephant - Grand Operd House. BelfasL NI
Programmed in Belf&st Inlernational Festival
Rehearsal period:
Run at GOH:
Performances:
Audience:
Artists." castlcreativelcrew
7- 25 Oct 2024
31 Oct-2Nov2024
2097
24
'The pnost amazing show ever, Ihe grealesl show in the world, brillianl, amazingfanlaslic. spectacular.
November - December 2024
The Sorcerevs Apprenlice - Cityside. B¢lfast. Nl
Rehearsal period:
Community Previews:
Run at Cityside".
Perforniances:
Workshops:
Participating Youth Groups:
Audience:
IINov-4Dec2024
5-6Dec2024
7- 24 Dec 2024
28
1868

Cahoots Nl Limited
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (continued)
Year ended 31 March 2025
Achievements and performanee fconlinuedj
January- February 2025
The Musicians of BretRen LIVE. Costa Mew USA
Rehearsal period:
13 Jan-4 Feb2025
Tour:
5-9Feb2025
Venue:
Samueli Theatre, Segerstrom Center for the Arts.
Costa Mew Californi4 USA. S￿tIng capacity 300
io
2466
20
Perforniances:
Audience-
Artlsts: caSVcTeative￿creW
'Loved the music, from Tom Wails to gospel and county il was amazingl Super almosphere, greal slory
and message with (m AM4ZING sei.,
February- April 2025
The Vanishing Elephant, USA
Tour:
Venues.. l O venues across
Perfomiances:
Workshops".
Audienee:
Artists: casvcrealiveslcrew
26 Feb- 4 April 2025
7 States
19
6 (Q&A sessions with cast and cr¢w12 in each of 3 venues)
10.037
24
"This show is one of ihe mosl powerful and incredible experiences J ve ever been privileged io share.
Thankyou io Pro-Arl and Cahools. l am so ihunkfvl Joiiended ihisplay andl appreciaie ihe wonderfvl
arlistry in lelling ihis slory. J am ovenvhelmed with emolion righi now. Ji's difficuli io lalk. And io ihink
l almosl chose lo noi go. I hadplanned on going buifound myself working in standing waler and mud
righi up lill an hour before, bui Ihadihal 51i115mall voice sayingget ready andgo. And now I'm slanding
in ihe parking lol of JW Adams, shaking wilh emolion, in ieur3. 11,3 good io slill be able lo feel ihese
days. The power ofslorylelling. Thealer, Music. Arl. Ji's Iransformalive. '
FiDancial review
The company is a non-profAI making organisaiion. The results are set out in detail on page 13. The company
had net outgoing resources for the year of £89.832. This represents the reinvestmenl of prior years surpluses
in the development of new pn)jects to allow the charity io continue lo provide an extensive programme of
work which is increasing in scale and inlernaiional renown.
Reserves policy
The directors have examined the charity's requiremenls for reserves in light of ihe main risks to the funding
of the organisalion. Unrestricted free reserves are currently £129,028, and this level of reserves would be
suificient to fund the organisalion's running costs for a period of four months at currenl levels of spending.
The directOTS consider this level of reserves to be adequaie to meet ihe needs of the charity.
During the year transfers were made into several designaied funds from the general fund, as detailed in note
16. The directors designate these funds for specific priyjuclions and aciivilies to ensure that adequate financial
resources are available for the planned activities of the Charity.

Cahoots Nl Limited
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) {conUnuedJ
Year ended 31 March 2025
Plans for future periods
In the year April 2025- March 2026 Cahoots Nl will otTer-
new. world class productions in large scale theatres.
spectacular site-specific perforniances.
new writing for developmenl and production"
dynamic and unique outreach and education opportunities.
international iouring-
established and new local and international Covproductions and partnerships.
projects that cross artfomi boundaries:
Productions and Development of Projects for l April 2025 - 31 March 2026
The Vanishing Elephant
USA
The Vanishing Elephant
UK Tour
New Work Development
Belf&8t. Nl
Secrets of Space
BelfasL NI
Unlocking Sherlock
Belfast. Nl
The Musicians of Bremen Live BelfasL NI
The Secret Bookshop
Belfast. Nl
Secrets of Space
USA Tour
Tour April 2025
ApriVMaylJune
JunelJuly/AugusVSeptember/October
September
Seplember/OctobertNovember
SeptemberlOctoberNovember
OctoberNovember/DecemberlJanuary
January/FebnwylMarch
Trustees, responsibilities s¢atemeDt
The trustees, who are also directors for the purposes of company law. are responsible for preparing the
trustees, report and the financial slalements in accordance wilh applicable law and Unil¢d Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity Irustees lo prepare financial slalements for each year which give a true and
fair view of the state of affairs of the charitable company and the incoming resources and application of
resources. including the incorne and expendilure, for Ihal peri(xl.
In preparing these flnancial statemenls, the tn￿teeS are required to:
select suitsble accounting policies and then apply them consistently.
observe the methods and principles in the applicable Charities SORP.
make judgments and accounting estimates that are reasonable and prudent:
prepare the financial statements on the going concern blsis unless il is inappropriate to presume that
the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficienl to show and explain
the charity's transactions and disclose with reasonable accuracy ai any time the financial posilion of the
charity and enable them to ensure ihat the financial statements comply with the Companies Aci 2006. They
are also responsible for safeguarding the assets of the charity and hence for taking reasonable step5 for the
prevention and detection of fraud and other irregularilies.

Cahoots Nl Limited
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (continued)
Year ended 31 March 2025
Small company provisions
This report has been prepar¢d in accordance with the provisions applicable to companies entitled to the small
companies exemption.
The trustees, annua
by..
eport was approved on 24 October 2025 and signed on behalf of the board of trustees
aul McEneaney
Charity Secretary

Cahoots Nl Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of
Cahoots Nl Limited
MUIR & ADDY
Year ended 31 March 2025
Opinion
We have audited the financial ststements of Cahoots Nl Limited (Ihe 'charity') for ihe year ended
31 March 2025 ￿hICh cornprise the Sthiemenl of financial activities (including income and expenditure
account). 5￿temen[ of financial posilion, statement of cash flows and ihe related noles. including a 5urnmary
of significant accounting policie5. The financial reporling framework ihal has been applied in their
preparation is applicable law and United Kingdom Accouniing Standards. including FRS 102 The Financial
Reporting Slandard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted
Accounting Practice).
In our opinion the financial staiements:
give a true and fair view of ihe sthie of the charity's affairs as at 31 March 2025 and of its incoming
resources and application of resourc¢s. including income and expenditure. for the year then ended-
have been properly prepared in accordance with Uniied Kingdom Generally Accepted Accounting
Practice;
have been prepared in accordance wilh the requirements of ihe Charilies Act (Northem Ireland) 2008.
Basis for Opinion
We conducted our audit in accordance wilh Intemational Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under ihose standards are further described in the auditorf5
responsibilities for the audil of the financial statements seclion of our report. We are independenl of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial slatements
in the UK. including the FRC'S Ethical Stsndart and the provisions available for small entities. in the
circutnstances set oui below. and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have oblained i5 sulficient and appropriale to provide a
basis for our opinion.
In auditing these financial staiemenls we have applied the"Ethical Standard - Provisions Available for STnall
Entities" issued by the Financial Reporting Council. in the circumstances Set out in note 25 10 the financial
statements.
Conclusions relating to going concern
In auditing the financial statements. we have concluded thai the trustees, use of the going concem basis of
accounting in the preparation of the financial siatements is appropriaie.
Based on ihe work we have perfonned. we have nol identified any material uncertainlies relating to events
or conditions that. individually or colleclively, may casl significani doubt on the charity's ability io continue
as a going concern for a period of at le&st twelve months from when the financial slatemenis are auihorised
for issue.
Our responsibililies and the responsibilities of ihe trustees wilh respeci io going concem are described in Ihe
relevant sections of this report.

Cahoots Nl Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of
Cahoots Nl Limited (eontlnu•d)
MUIR & ADDY
Year ended 31 March 2025
Other information
The other infomation comprises ihe infornialion included in ihe annual reporL other ihan the financial
statements and our auditor's report ihereon. The trusiees are responsible for the other information. Our
opinion on Ihe financial staiements does nol cover ihe other information and, except lo the exlenl Otherwise
explicitly staled in our reporL we do not express any forni of assurance conclusion thereon.
In connection with our audit of the financial slalements. our responsibility 15 10 read ihe other infonnation
and. in doing so. consider whether the oiher infonnation is materially inconsistenl wilh the financial
statements or our knowledge obtained in the audit or otherwise appea￿ to be materially misstaled. If we
identify such material inconsistencies or apparent maierial misstaiements. w¢ are required io delem)ine
whether ihere is a material misstatement in the financial slaiements or a material misstatement of the other
infom)ation. If. b&sed on the work we have perfomied. we conclude that there is a material misstatement of
this other information. we are required to report thai faci.
We have nothing to report in ihis regard.
Matters on which we are required to report by exeeption
In the light of the knowledge and understanding of ihe charily and its environment obtained in the course of
the audit, we have noi identified material missthtements in ihe trustees, report.
We have nothing lo report in respect of the following mallers in relation io which the Chariiies Aci (Northern
Ireland) 2008 requires us to report to you if. in our opinion:
the infornialion given in the Irustees, rewrt is inconsislent in any material respect with the financial
statements- or
adequate accounting records have not been kepl: or
the financial statements are not in agreement with ihe accounting records and returns: or
we have not received all Ihe infomiation and explanations we require for our audil.
ReSPODsibilities of trustees
As explained more fully in the trustees, responsibilities stalem¢nl. Ihe trustees are responsible for ihe
preparation of the financial statements and for being satisfied Ihat they give a true and fair view, and for such
internal conlrol as the trustees deiemiine is necessary lo enable the preparation ol financial siaiements that
are free from maierial misstatement, whether due to fraud or error.
In preparing ihe financial slatements. the Irustees are responsible for ass¢s5ing Ihe chariry's ability. to continue
as a going concem. disclosing. as applicable. matlers relaied to going concem and using the going concern
basis of accounting unless the iruslee> eiiher inlend 10 liquidaie the charil). or 10 cease operations. or have no
realistic altemative bul 10 do so.
10

Cahoots Nl Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of
Cahoots Nl Limited (conllnued)
MUIR & ADDY
Year ended 31 March 2025
Auditor's rcsponsibililic5 for thc audit or the financial statements
Our objeclives are lo obtain reasonable assurance about wh¢iher the financial slatements as a whole are free
from malerial misstateinent. ￿hether due to fraud or error, and to issue an audilor's report that includes our
opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in
accordance iviih ISAS (UK) Ivill alivays delect a material misstatement when il exisls. Missialemcnls can
arisL. froni fraiid or error and are considered maierial if. individually or in the aggregate, Ihey could reasonably
be expected 10 infliience Ihe economic dLcisions of users taken on the basis of these financial stal¢ments.
Irregularities. including frdud. are instances of non-compliance with laws and regulation5. We design
procedures in line with our responsibilities. ouilined above. to delecl material misstaternenls in respect of
irregularilies. including fraud. The extent to which our procedures are capable of deiecling irregularities,
including fraud is deiailed below:
We discussed laws and regulalions and fraiid risks during OUT audit planning procedures. The company must
comply iviih relevant legislation and prepare financial sthiemenls which give a Irue and fair view. Fraud is
mosl likely to involve the mi5approprialion of charity &ssels. for example fraudulent payments which mighl
include ihe creation of fictitious suppliers or employees or lh¢ changing of bank delails.
Our engagement team collectively had appropriaie experience of applicable laws and regulations and
competence lo recognise non-compliance. We used checklisls in evaluating ihe presenialion, slructure and
content of the financial stalements. We consider thal our audit has a reasonable chance of detecting Tnalerial
non-compliance with laws and regulations. We remain mindful thai fraud, by its very nature, may be difficult
to detect. and that misappropriaiion may occur before iransaclions enier the accounting records of the charity.
Audit procedures were planned and perfonned io tesi controls in place for auihorisation and payment of
supplier invoice5 and salaries. We also undertook analylical procedures to identify trends that might indicate
fraudulent payments and we reviewed general ledger payTnents processed differenilv lo regular supplier
paymenis. We consider that our audit has a reasonable chance of delecting a maierial fraud in this area.
As part of an audit in accordance with ISAS (UK). we exercise professional judgment and mainlain
professional scepticism throughout ihe audil. We also-
Identify and &ssess ihe risks of material misstatement of the fiF]ancial siatements, whether due to fraud
or error. design and perfonn audii procedure5 responsive lo Ihose risks, and obtain audil evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a maierial
misstatement resulting from fraud is higher than for one resulting from error. as fraud rnay involve
collusion. forgery, intentional omissions. misrepresentations. or the ove￿ide of internal conlrol.
Obtain an understsnding of internal conlrol relevani lo Ihe audil in order lo design audit procedures that
are appropriaie in lh¢ circumstances. but not lor the purpose of expressing an opinion on the
effectiveness of the intemal conlrol.
Evaluate the appropriateness of accounting policies used and ihe re&sonableness of accounling
estimates and relaied disclosures made by ihc irustees.
11

Cahoots Nl Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of
Cahoots Nl Limited (continued)
MUIR & ADDY
Year ended 31 March 2025
Conclude on the appropriateness of the trustee5' use of the going concem basis of accounling and. based
on the audit evidence oblained, whether a material uncertainty exisls related io events or conditions Ihai
may cast significani doubt on the charity's ability 10 continue as a going concern. I fwe conclude that a
material uncertainly exists. we are required io draw attention in our auditor s report to the related
disclosures in the financial slalements or. if such disclosures are inadequate. to Tnodify our opinion. Our
conclusions are based on Ihe audil evidence obiained up to the dale of our auditor's report. However.
futu￿ events or conditions may cause the charily lo cease lo continue as a going concem.
Evaluate the overall presentation. structure and conieni of the financial statements, including Ihe
disclosures. and wheiher the financial 51alem¢nts represent the underlying iransaclions and events in a
manner thal achieves fair presenlation.
We communicate with those charged ￿,]lh governance regarding. among oiher matters. the planned scope
and timing of the audit and significant audit findings. including anj. significani deficiencies in intemal conirol
thai we ideniify during our audil.
Use of our report
This report is made solely lo the charity's members. &s a b(Kly. in accordance wilh Chapter 3 of Part 16 of the
Companies Aci 2006. Our audil work has been undertaken so Ihal ￿'e mighi stale lo ihe charity's members
those matters we are required io siaie lo ihem in an audiio¢s report and for no oiher purpose. To Ihe fullesl
extenl permilled by law. we do nol accept or assume responsibilily io anyone other ihan the charil), and ihe
charity'5 members as a body, for our audit work. for this report. or for ihe opinions we have formed.
John Beacom FCA (Senior Stsiutory Audiior)
For and on behalf of
Muir & Addy
Chartered accountants & slatutory audilor
427 Holywood Road
Belfast
BT4 2LT
24 (ktober 2025
12

Cahoots Nl Limited
Company Limited by Guarantee
ststement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2025
2025
Restricted
funds Total funds
2024
Unrestricted
funds
Total funds
Note
Income and endowments
Granls and sponsorship
Charitable activities
Invesimenl income
Other income
6,850
158.135
2,310
150,940
241.475
248J25
158,135
2?10
150,940
220.973
329.767
2,446
83.293
Total income
318.235
241.475
559,710
636.479
Expenditure
Expenditure on charitable activilies
Total expenditure
9,10
419.332
230.210
649,542
584,844
419.332
230.210
649,542
584.844
Net (expenditure)lincome and nel
movement Rn funds
{101.097)
11.265
(89,832)
51,635
Reconciliation of funds
Total funds brought forward
Total funds carried forward
495.337
13.795
509,132
457.497
394.240
25.060
419JIMI
509,132
Th¢ statement of financial activilies includes all gains and losses recognised in the year.
All income and expenditure derive from continuing aclivilies.
The notes on pages 16 to 26 fomi part of these financial statements.
13

Cahoots Nl Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2025
2025
2024
Note
Fixed assets
Tangible fixed assets
17
152
Current assets
Debtors
Cash at bank and in hand
18
9.185
413,014
73.659
438.321
422,199
511.980
Credltors: amounts falling due within one year
Net current assets
19
3,000
3.000
419.199
508.980
Totsl assets less current liabilities
Net assets
419JOO
509.132
419JOO
509.132
Funds of the charity
Restricted funds
Unrestricted funds
25,060
394240
13.795
495,337
Tolal cbarity funds
21
419JOO
509.132
For the year ending 31 March 2025 ihe charity was eniitled to exemption from audit under section 477 of the
Companies Act 2006 relaling to small companies.
Directors, responsibilities:
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-
The directors acknowledge their responsibilities for complying wtih the requirements of the Act with
respect to accounting records and the prepardtion of financial statements.
These fuwicial statements have been prepared in accordance with the provisions applicable to companies
subject to the small companies, regime.
These financial statements were approved by the board of trustees and auihorised for issue on 24 October
2025, and are signed on behalf of ihe board by:
Lynne Fleming
Trusiee
owan
Trus
The notes on pages 16 to 26 fomi part of these financial statements.
14

Cahoots Nl Limited
Company Limited by Guarantee
Statsment of Cash Flows
Year ended 31 March 2025
2025
2024
Cash flows from operating activities
Net (expenditure)/income
(89.832)
51,635
Adjusimep2isfor.'
Depreciation of iangible fixed assets
Oiher interest receivable and similar income
Interest payable and similar charges
Chap7ge5 in."
Trade and other debtors
Trade and other creditors
C&sh generated from operations
51
(2,310)
376
75
(2.446)
333
64,474
5.475
(2,693)
52.379
(27241)
Interest paid
Interest received
Net cash (used inyfrom operating aciivities
(376)
2JlO
(333)
2,446
(25J07)
54,492
Net {de¢rease)IiDcrease in casb and Casb equivalents
Cash and cash equivalents at beginniDg of year
Cash and casb equivalents at end of year
(25J07)
438J21
54.492
383.829
413,014
438,321
The notes on pages 16 to 26 form part of these financial statements.
15

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2025
General inforniatlQD
The charity is a public benefii eniity and a private cornpany limited by guarantee. registered in Northern
Ireland and a registered chartty in Northern Ireland. The addre55 of the regislered offic¢ is Unil 3
Otyices. I st Floor. Cityside Retail Park. l (K)-150 York Street. Belf2St. B TI 5 1 WA.
Statement of compliaDce
These financlal statements have been prepared in compliance with FRS 102, 'The Financial Reporting
Standard applicable in the UK and ihe Republic of Ireland,. the Ststement 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) (Charities SORP (FRS 102)) and the
Companies Act 2006.
Accounting policies
Taxation
The company is regisiered as a charity and is therefore exempt from certain taxation.
Basis of preparatlOD
The financial statements have been prepared on the historical cost basis. as modified by the revaluation
of certain fInancial assets and liabilities and investhient properties measured at fair value through
income or expenditure.
The financial statements are prepared in sterling. which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to conlinue.
Judgements and kry sources of estimation uncertainty
The preparation of the fInancial statements requires management to make judgements. estimates and
assumptions that affect the amounts r¢ported. These estimates and judgements are conlinually reviewed
and are ba5¢d on ex￿rience and other factors. including ¢xpwtations of future events that are believed
to b¢ r¢&sonabl¢ under the circumstances.
Fund accounting
The company is responsible for various of funds which require separate d1￿105Ure as follows:
Restricted funds
Funds earmarked by the donor for a specifIc purpose.
UDre5tricted funds
Funds which are expendable at the discretion of the directors in the furtherance of the objectives
of the charity.
16

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements (contlnu•d)
Year ended 31 March 2025
Accounting policies fe0At1￿•￿j
Incoming resources
All incoming resources are included in the sLqlemenl of financial activities when entitlement h&s p&ssed
to the charity. it is probable that the economic benefits associated with the transaclion will flow io ihe
charity and the amount can be reliably measured. The following specific policies are applied to
particular calegories of income:
income from donations or grnnts is recognised when there is evidence of entitlement to the gift,
receipt is probable and its amounl can ￿ measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to
me&sure reliably, in which case the value is derived from the cost to the donor or ihe eslimated
resale value. Donated facilities and services are recognised in the accounts when received if the
value can be reliably me&sured. No amounls are included for the contribution of general
volunteers.
income from contracts for the Supply of services is recognised wlth the delivery of the contracted
service. This is classified as unrestricted funds unless there is a conlractual requirement for it to
be spent on a particular purpose and returned if unspenL in which case it may be regarded as
restricted.
Resources expended
Resources expended are recognised in the period in which costs or the expense is incurred. The costs
of generating voluntary income include direct costs involved in fundraising. The cost of charitable
activilies includes all direct Costs relating to charitable projects and also all overheads with the
exception of governance costs which comprise audit and legal advice for trustees and costs associated
with constitutional and Stsiutory requirements.
Tangible assets
Tangible assets are initially recorded al cosL and subsequently ststed at cost less any accumulated
depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the
fatr value at the dale of revalualion less any subsequent accumulated depreciation and subsequent
accumulated impaimient losses. Expenditure of a capilal nature relating to specific productions is
expensed in the period relating lo that produclion.
An increase in the carrying amount of an &sset &$ a result of a revaluation. is recognised in other
recognised gains and losses. unless it reverses a charge for impairment thai has previously been
recognised as expenditure within the slalement of financial activities. A decre&8e in the carrying
amount of an asset as a result of revaluation. is recognised in other recognised gains and losses. excepi
to which it offsets any previous revaluation gain. in which case the loss is shown withln other recognised
gains and losses on the stalemenl of financial aclivilies.
17

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements (continuedj
Year ended 31 March 2025
Accounting policies (e•ArfnMcdJ
Depreciation
Depreciation is calculated so as to write off the cost or valualion of an &%set. less its residual value. over
the useful economic life of that asset &s follows:
Fixtures & fittings
330/0 reducing balance
Impairment of fixed assets
A review for indicators of impairment is caTried out at each reporting date. with the recoverable amount
being estimaied where such indicatOT5 exisl. Where the carrying value exceeds the recoverable amount.
the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal at each
Teporting date.
For the purposes of impainnenl testing. when it is not possible to estimate ihe recoverable amount of
an individual asseL an esiimate is made of the recoverable amount of the cash-generattng unil to which
the &sset belongs. The c&sh-generaling unil is the STnallest identifiable group of assets that includes the
assel and generates cash inflows that largely independent of the cash inflows from other assets or groups
of assets.
For impairmenl lesting of goodwill. the goodwill acquired in a business combination is. from the
acquisition dale. allocated to each of the cash-generating units thal are expecled to benefit from the
synergies of the combinalion. irrespective of whether other assets or liabilities of the charity are
assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the
contractual provisions of the instnunent.
B&sic financial instrumenls are initially recognised at the amount receivable or payable including any
related transaction costs. unless the arrangement constitutes a financing transaction, where it is
recognised at the present value of the future paymenls discounted at a market raie of interest for a
similar debt instrumenl.
Current assets and cu￿ent liabilities are subsequently measured at the cash or other consideration
expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined conlribution plan5 ar¢ recognised as an expense in the period in which the
related service is provided. Prepaid contributions are recognised as an &ssel to the extent that the
prepayment will lead to a reduclion in fulure paymenls or a cash refund.
18

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements (contlnued)
Year ended 31 March 2025
Accounting policies (conrinued)
Defined Contribution plans C¢4ntintsed)
Ivhen contribulions are not expecled lo be settled wholly within 12 month5 of the end of the reporting
dale in which ihe employees render the relaied service, the liability Is me&sured on a discouTtted present
value basis. The unwinding of the discount is recognised as an expense in the period in which it ar15es.
Limited by guarantee
The company is an incorporaied company limited by guarantee. In the event of the company being
wound up, liability is limited io £1 per member.
Grants and Sponsorship
Unrestricled
Funds
Reslricted Total Funds
Funds
2025
Grants
Grants receivable
241,475
241,475
Sponsorship
Sponsorship
6.850
6,850
6.850
241.475
248J25
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Grants
Grants receivable
220.373
220.373
Sponsorsbip
Sponsorship
600
600
600
220,373
220,973
19

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements (conlinuedj
Year ended 31 March 2025
Grants and sponsorship (tyynlimiedj
The grant income for the year ended 31 March 2025 wa5 received from -
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Arts Council of Northem Ireland
Belfast City Council
Arts & Business Nl
Culture Ireland
Dom]ant Accounts Fund Nl
High Peak theatre Trust
Belfast Inlernational Arts Festival
132.981
15,000
6,520
37.087
16,000
25.000
8,887
132,981
Is,￿0
6,520
37,087
16,000
25,000
8,887
241.475
241.475
The grant income for the year ended 31 March 2024 w&s received from -
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Arts Council of Northern Ireland
Garfield Weston Foundation
Culture Ireland
Esme Mitchell Trust
Dorniant Accounts Fund Nl
117,872
20.000
61.501
5,000
16.000
117.872
20,000
61,501
5,000
16,000
220,373
220J73
Charitable activities
Unreslricted Total Funds Unrestricted Tolal Funds
Funds
2025
Funds
2024
Perfonnance fees
Merchandise
157.521
614
157,521
614
329.767
329,767
158.135
158,135
329,767
329.767
Investment income
Unrestricied Total Funds Unrestricted Totsl Funds
Funds
2025
Funds
2024
Bank interest receivable
2,310
2JlO
2.446
2.446
20

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Ststements (condnued)
Year ended 31 March 2025
Otber fftncome
Unreslricied Total Funds Unrestricted Tolal Funds
Funds
2025
Fund5
2024
Creative Industries Tax Credits
Other income
150.940
150,940
83.275
83.275
18
150.940
150,940
83.293
83.293
Expenditure on ¢haritable activities by fund type
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Administraiion expenses
Performances
Support costs
159,030
256.692
3.610
30
230.180
159.060
486,872
3,610
419.332
230.210
649,542
Unreslricted
Funds
Restricted Total Funds
Funds
2024
Administration expenses
Perforniances
Support costs
151.190
223.386
3.556
44
206,668
151.234
430,054
3.556
378.132
206,712
584.844
10. Expenditure on charitable activities by activity type
Aclivities
undertaken
direcily Support costs
Total funds
2025
Total fund
2024
Administralion expenses
Performances
Governance costs
159.060
486,872
159,060
486,872
3,610
151,234
430.054
3,556
3,610
645.932
3.610
649,542
584,844
11. Analysis of support costs
Trustee
meetings Total 2025
Audit
Total 2024
Finance costs
3.000
610
3,610
3.556
21

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
12. Net (expenditure)fincome
Net (expenditureyincome is staled after chargin￿(CreditIng).
2025
2024
Depreciation of tangible fixed assets
51
75
13. Auditors remuneration
2025
2024
Fees payable for the audit of the financial slatemenls
3,000
3,000
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed follows:
2025
2024
Wages and salaries
Social security costs
Employer contributions to pension plans
119,716
4.733
6260
119,711
2.665
5.044
130,709
127,420
The average head count of employees during the year was 3 (2024: 3). The average number of full-time
equivalent employees during the year is analysed as follows".
2025
2024
Number of administrative staff
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
Key MaDagemenl Personnel
Key management personnel include all persons that have authority and responsibility for planning.
directing and controlling the activities of ihe charity. The iotal compensation paid io key management
personnel for services provided to the chariiy was £41.628 (2024'.£39.318).
1 S. Trustee remuneration and expenses
No remuneration or oiher benefits from employmenl wilh the charity or a related entity were received
by the Irustees.
22

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements (Continued)
Year ended 31 March 2025
16. Transfers between funds
As detailed in note 21, during the year transfers tolalling £180.171 were made from the general fund
into several designated funds to support ihe art151ic programme and ongoing charity development in the
2024125 financial year. The forthcoming productions are The Sorcerer's Apprentice, Secret5 of Space
in BelfasL Sherlocl Musicians on BreTnen in Belfast and Th¢ Secret Bookshop. By designating funds
to support these projects the Trustees aim lo ensure that they are appropriately funded. and that the
resources of the charity can be managed effectively.
17. Tangible fixed assets
Fixtures and
fittings
Total
Cost
At l April 2024 and 31 March 2025
Depreciation
At l April 2024
Charge for the year
At 31 March 2025
58,509
58509
58,357
51
58J57
51
58.408
58,408
Carrying amount
At 31 March 2025
Ai 31 March 2024
152
152
18. Debtors
2025
2024
Prepayments and accrued income
Other debtors
479
73,180
9.185
9.185
73.659
19. Creditors: amounts falling due within ODe year
2025
2024
Accruals and deferred income
3,OIMI
3,000
20. Pensions and other posl retirement benefits
DefiDed Contribution plans
The amount recognised in income or expenditure &s an expense in relalion to defined conlribulion plans
w&$ £6,260 (2024: £5,044).
23

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
21. Analysis of charitable funds
Unrestricted funds
At l April
2024
At 31 March
2025
Income
Expenditure
Transfers
General fund
The Vanishing Elephant
Administraiion & o￿lCe
Provision for redundancy
The Musicians
When We Were Wild
The Naturals
New Theatre Space
The Sorcerevs
Apprentic¢
Secrets of Space Belfast
Sherlock
Musicians of Bremen
Belfast
The Secret Bookshop
157.501
94.836
20,437
85,000
318235
(166.496)
(94.836)
(20.437)
(180.171)
129,069
85,000
30,0(K)
35,000
(30,(KX))
(35,000)
72.563
(72,563)
35.000
27,242
15.975
35,000
27,242
15,975
26.954
75.000
26,954
75,000
495.337
318,235
<419,332)
394,240
At l April
2023
At 31 March
2024
Income Expenditure
Transfers
General fund
The Vanishing Elephant
Administration & office
Provision for redundancy
The Musicians
When We Were Wild
The Naturals
New Theatre Space
The Sorcerevs
Apprentice
Secrets of Space Belfasl
Sherlock
Musicians of Bremen
Belfast
The Secret Bookshop
215,285
113,473
416,IC
(221.054)
(113,473)
(252.836)
94,836
20.437
157,501
94.836
20.437
85,000
85.CKK)
18,605
25.0(K)
(18.605)
{25.0(X))
30,000
35.000
30.000
35,000
72.563
72.563
457.363
416.106
(378.132)
495,337
24

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements (conlinued)
Year ended 31 March 2025
21. Analysis of charitsble funds fcontsnmedj
Restritted funds
At l April
2024
At 31 March
2025
Income
Expenditure
Trnnsfers
Arts Council of Northern
Ireland
Belfast City Council
Culture Ireland
Garfield Weston
Foundation
Esme Milchell Trust
Lottery Fund Domiant
Accounts
High Peak theatre Trust
2,490
148.388
15.000
37,087
(150,818)
(15,000)
(37.087)
60
11,305
16.000
25.000
{27,305)
25,000
13.795
241,475
(230,210)
25,060
At l April
2023
At 31 March
2024
Income Expenditure
Transfers
Arts Council olNorthern
Ireland
Belf&%i City Council
Culture Ireland
Garfield Weston
Foundation
Esme Mitchell Trust
Lottery Fund Dormant
Accounts
High Peak theatre Trust
134
117.872
{115.516)
2,490
61,501
(61.501)
20,000
(20.000)
(5,000)
16.(KK)
(4.695)
11.305
134
220.373
(206.712)
13.795
25

Cahoots Nl Limited
Company Limited by Guarantee
Notes to the Financial Statements (conllnu
Year ended 31 March 2025
22. Analysis of net assels between funds
Unrestricted
Funds
Restricled Total Funds
Funds
2025
Tangible fixed &ssets
Curreni asseis
Creditors less than l year
Net assets
41
397,199
{3,000)
ioi
422,199
(3,000)
25.000
394,240
25,060
419,300
Unrestricted
Funds
Restrtcted Total Funds
Funds
2024
Tangible fixed assets
Current assets
Creditors less than l year
Net assets
62
498,275
(3.000)
90
13.705
152
511,980
(3.000)
509,132
495.337
13.795
23. Analysis of changes in nel debt
At
At l Apr 2024 C&sh flows 31 Mar 2025
Cash at bank and in hand
438,321
(25.307)
413,014
24. Ethical standards
In common with many other businesses of our siz¢ and nature our audilors assisl the charity io prepare
and submit returns to the authorities and &ssist wilh the preparation of the financial statements.
26