Charfty regi$tration number SC029613 Company registration number SC2008S4 IScotl#ndl BADAC THEATRE COMPANY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 BADAC THEATRE COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Dir•ctQfS M Hosking S Lambert ANaim M Robb T Cooper Seeretsry M Hosking Charty numbèr SC029613 Company nurnber SC200854 Prfnclpol address 6 Hombeam Housè Hombeam Road Buckhurst Hill Essex IG9 6JU Rgybtsred office McFadden As$ociale5 Limited 19 Ruuand Square Edinburgh EH1 2BB Indep•nd&nt èxaminer McFadden Associates Limited 19 Rull8nd Square Edinburgh EH12BB BADAC THEATRE COMPANY LIMITED CONTENTS Page Directors. report Indepandert examine¢s report Statement of financAal adivities Balance sheet Note$ to the financial slalements 6-11 BADAC THEATRE COMPANY LIMITED DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their annual report and financial statemènts for the year ended 31 October 2025. The financial statements have bè8n prepared in accordance with the accounting poliaes set out in note 1 to the financial stat8tnents and comply with the CharEty's memorandum and artidès, the Companies Act 2006 and 'Accounting and Reporting by Charrties. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finanaal Reporting Stsndard applicabl& in the UK and Republic of Iraland IFRS 1021 leffe¢tive 1 January 20191". Objectlv&s an(1 activitses The main objecthies Set out by the ctsrnpany al the beginning ofthe year were as follows,. 1. Plan, wrrte and submit a reseaich and davelopment lunding applicatton lo Arts CounrAI En9land for '￿￿1 Do Wa Dream At Ninety Two. 8 project that explora$ the lives and experi9n￿5 of adult carers 2. Develop a first draft script for a short filmlphotography human rights proj8et 'Pestilence' that wll explore isolation. depression and mental health resoure8s 3. continuth.on of the companys Hol¢)c3ust awareness work via perfom)ances of oui play 'Ashes to Ashes, and the education workshopsltalks that accompany the piece The company achieved the set objectives for the year as follows.. The completion of an arts council research and development fvndlng application for 'What Do We Dream At Ninety Two,. The application induded venue and financial partnerships with Colchest@r and Norwich Arts Centres along with making initial connections with individual careis and care support organisations in Edinburgh, Essex and Norfolk. The structure of the application included interviews and workshops with individual caieis lin parinership with experts in thè field) to gather personal carer experiences th81 could be used in tha creation of the theatre ple￿. This would bè followed by a short preview showing of scenes from the play (lor both live and online audien￿s1. The resear¢h wa5 also to be used lo gather carer rèsources (both local and nationall thal could be distributed in any futUTe tour of the pwe. The application was due to be submitted in June bul due to the atts council portal erashing and the subsequent suspension of all applications it was finalty submitted in September with a de¢ision due in January 2026. The creation of a first draft script for a new short filmlphotography project ,PeStilen￿'. The company workshopped ideas for the film with company members and developed a series of scenes that were then used as a basis and framawork for the initial slyipl. This project will be further developed 2026 with the aim of filming towards the end of the year. The company did one performance of its Holocaust piece Ashes to Ashes anLI will look to arrange more 5th001 and theatre visits during the up¢otning year. Achievements and perfomiancè Our previous short film project 'A Sea of Trees, continues lo be seen by selected audiences lin¢luding currenv pa51 artistic partners and other filmmakers) wlh the aim of foming future artistic partnerships. The feedback for the film continues lo be extremely po$ilive Ashes lo Ashes, the company's Holoraust piece. was perfom)Èd during thè yèar, this included a performance. post show discussion and three workshops for three hundred school students {aged fifteen). Financial review The income for the organizalion this year came from the perfom)ance of'Ashes to Ashes, linduding post show discussion and student workshops) and loans lo the cA)mpany from Steve Lambert. These were arnounts to covei. along with existing company funds, the general day to day running of the company. It is the policy of the Charity that unrestricted funds which have not been designated for a speafi¢ use should be rnaintainèd at a level equlv8lerf to be￿een three and six month's expenditure. The directors considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will bè able to continue the Charty's current 8cliwties whilè consideration is given to ways in which addition81 funds rnay be raised. BADAC THEATRE COMPANY LIMITED DIRECTORS. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 OCTOBER 2025 The diTectors have assessed the rnajor risks to which the Charity is exposed, and are satisfied that systems are in pla￿ tr) M.￿ale exposure to the major Tisks. stru¢ture. governance and management The Charity is a company limitèd by guarantee. The directors who served during the year and up to the date of signature of the financial stslements were= M Hosking S Lambert AN8im M Robb T Cooper Thè board of the org8nisation consists of five direGtors. The recruitment & appointment of these directors is based upon the skills and knowledge they can bring to the organisation from both a businèss and management perspectiv8 and also from an artistic perspèctive. Three of the directors are appointed on the basis of their experience in all aspects of business m8nagement. This in(Judes experience in the njnning of their own companies. working for other companies. acts)unting experion and the managing of specifi¢ projects. The remaining directors will be appointed on an artistSc basis for their knowledge, training and experience in mainly the theatre but also other artistic discjplines. The boafd will a￿ayS work on the basis 013 to 2 in tdvour of managament members ovèr artistic members. None ol th8 boaTd of directors has any benèficial interest in the company. All of the directors are members of the company and gu8ranle& to contribute £1 in the event of a winding up. Decisions on which art151ic and educational projects to undertake are taken by the trustees on a majority basis. al least 3 lo 2 in favouT, and are put to the trustees by Steve Lambert. They will decid8 on the fjnancial wability of a project, which ftrstivals and venues to aim the Wofk at and which other organisations and Char￿e$ to approach for support in the development of the projects. Day lo day management of the organisation indudes payment of st8ndard bills. gèneral correspondence, planning of future projects. the dèsign and sending of show packs for touring purposes, design of publicty materials, contscting and Speaking with other organisab.ons induding theatres. arts counul departments and other charities regarding future WOTk and funding. The chief officerwho manages day to day running of the charity Is Steve Lambert. The directors, Teport was approved by the Board of Diredors. SLaMbert lJun 14, 2026 19'.59".49 GMT+11 S Lambèrt Director Dated.. 5 June 2026 BADAC THEATRE COMPANY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF BADAC THEATRE COMPANY LIMITED I report on tha financial statements ofthe Charty lor the year ended 31 October 2025, which ara sel out on pages4to 11. Rgsp¢¢tive responslbilitse¥ of directors and examinèr The charity's Iruslees (who are also directors of the company for the purposes of company law} are responsible for the proparation of the accounts in accordan(2 with the tems of the Charities and Trustee Investmént Iscotlandl Act 2005 and the Charities Accounts Iscottand) Regulations 2006, and they consider that the audit requirètnenlof Regulation 1011lla) to {cl of the Accounts Regulations does not apply. 11 is my responsibilty lo examine the accounts as required under section4411)Icl of the Act and to state whether particular matters have eA)me lo our attention. Basis of independènt examinerfs rèport My examinabon was carrièd out in accordance with the Statement of Standards for Reporting Accountants and Regulation 11 of the Charrties Accounts ISeottand} Regulations 2006. An examination includes a revièw of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also indudes consideration of any unusual items or disdosurè$ in the accounts, and seeks explanations from the Iwslees con￿MIng any suth matters. The pro￿du￿S undertaken do not provide all the evidence that would be quired in an audit and consequenlty I do not express an audit opinion on the view given by the a¢¢ounts. Inde￿ndent examin•rfs ststement In connection with my examinadon, no rnatter has come to rny attention-. lal which gives me reasonable cause lo believe that in any rnaterial respect the requirements.. lil lo keep accounting records in acco[dan￿ with section 44 {11{al of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations," and lill lo prepare acwunts which accord wlh the accounting rewrds and comply with the accounbng requirements of Regulation 8 of the 2006 Accounts Regulations and with the methods and prinuples of the Statement of Rec4)mmended Practice.. Accounting and Reporting by charit￿5,. have not been mgt tsi {bl lo which. in my opinion, attention should be drawn in order lo enabl8 a propel understanding of the financAal stat8menls lo be reachèd. David Stewart CA 19 Ruttand Squarè Edinburgh EH1 28B Dated.. 5 June 2026 BADAC THEATRE COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2025 Unrèstricted funds 2025 Unrestrictsd funds 2024 Notes Incom• from: Charitable activitie¥ 1,300 1,300 Charitable actiMtie5 2,306 2,6( Net Èxpendlture and movèment in funds 11.006} 11,3051 Roconciliation of funds: Fund balances * 1 November 2024 18.3391 17,0341 Fund balan¢&s at 31 October 2026 19,3451 18.339} The statement of financial activities incaudes all gains and10sses recognised in the year. Ail income and expènditurè derive from continuing activthes. BADAC THEATRE COMPANY LIMITED BALANCE SHEET ASAT31 OCTOBER 2025 2025 2024 Notss Current assats Cash al bank and in hand Creditors: amounts falling du8 within one y￿r 10 6,579 Net current li8bilities 16,574) 15,5611 Creditors: amounts falling dug aftèr more than one yèar 11 (2,7711 12,778) Net liabilities 19,3451 {8,339} The funds ofthè Charity Unieslricted funds (9,3451 18,3391 19,3451 {8,3391 The cornpany is èntitled to the exemption from the audit requirement contained in se¢tion 477 of the Companies Act 2006. for the year ended 31 October 2025. The directors acknowledge their rasponsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statèmènts. The members have not required the company lo obtain an audit of its financlal statements for the year in question tn accordance with sèction 476. These financial statements have been prapared in accordanca with the provisions applic3ble to companies subject lo the sma51 c4)mpanies regime. The finanaal ststements were approved by the dirèctors on 5 June 2C126 Szszwbekt SL8rnOert iJun 14. 2026 19'.59.49 GMT*ii S Lambert Trustee Company registpalion number SC200854 IScoUand) BADAC THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 A¢counting poli¢i•s Company Infomiation 8ada¢ Theatie Company Limiied 15 a private company limited by guarantee incorporated in So)Iland. The regISte￿d offte is McFadden Associates Limited. 19 R(￿and Square, Edinburgh. EH1 2BB. 1.1 Accounting ¢onventlon The financial statements have bèen prèpared in accordance wtth the Charrty's Igoveming ￿0￿mentI, the Companies Act 2006, FRS 102 -The Financial Reporting Standard applicable in the UK and Republic of Ireland. I"FRS 102.1 and the Charities SORP "Acts)unting and Reporting by Gharities.. Statemtsnt 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 1021" {effe¢lrve 1 January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The Chanty has taken advantsge of tha provisions in the SORP for ¢harittes not to Prepa￿ a Statement of Cash Flows. The financial statements have departed from thè Charities (Accounts 8ThJ Reportsl Regulations 2008 only lo the extent required to prowde a true and fair view. This departure has involved follow￿ng the Statement of Recommended Fra¢t1￿ for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred lo in the Regulations bul whic* has since been withdrawn. The financial staternents are prepared in sterfing, which is the fun¢Aional Curren￿ ol the Charity. Monetary amounts in these finan¢ial statements are rounded to the ngarest £. The financial stslèments have been prapared under the historical cost convention, Imodified lo indude the revaluation of freehold propertie5 and lo include investment propeTb"es and certain financial instrumants al fair valuel. The piincipal accounting polieAes adopted are set out below. 1.2 Going ¢ancem At the time of approving the financial ststements, the directors have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable futu￿. Thus the directors continue to adopt the going con￿rn basis of accounting in preparing the finan￿31 statements. 1.3 Charitable fund$ Unrestrictod funds are available foT use ￿ the discretion of the directors in fvrtherance of their chaTtsble objectives. Restricted funds are subject to specific conditsons by donors or grantOTS as to how they may bé used. The purpose5 and usès of the restricted fvnds arè set out in the notes to the finanoal ststements. Endowment fvnds are subj'ect to speafic Conditions by donors that the (xpital must be maintained by the Charity. 1.4 Incoming resour¢es Income is recognised when the Charty is legally enlilled to it after any perf0rnan￿ ¢onditions have been met. the amounts can be measured reliably, and il is probable that income will be rec8ived. Cash don*ions are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, ijnless perfomance conditions require deferral of the amount. Income tax recover8ble in relab.on lo donations re¢eNed under Gift Aid or deeds of (x)venant is re¢tsgnised at the time of the donation. Legacies are recognised on receipt or otherwis8 if the Charity has béen notified of an impending distribution, the amount is known, and re¢8ipt is expected. If the amount 1$ not known, the legacy is treated as a conlingenl asset. BADAC THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 Aeeounting poll¢le$ Icontinuedl 1.5 Resourc￿ •xpend•d Expenditure 1$ recognised whgn a liabilty is incurred. Charitable activities include expenditure associated with the stsging of productions and Inijude both dirèct and support costs relating tr) these activitses. Govaman￿ costs include those inoJrred in the governance of the charty and its assèts and are primarily associ*ed with constitutional and statutory requirements. Support costs include central functions and have been allocated to the chartt8ble activity on a basis consistent with their use. 1.6 Tangible fixgd assèts Tangible fixed assets ar? initially rneasureil at o)st and subsequentty rneasurèd 81 wsl or valuation, net of depreciation and any impairment losses. Depreciation is recognised so 8s lo write off the CO￿ or valuation of assets less their residual values over thair sefvl lives on the following bases.. Plant and machinèry 25% stralgm line 1.7 Ca$h and cash equlvalents Cash and cash equivalents include cash in hand, d£posi1s held at call with banks, other short-lerm liquid inveslrnents with original matUr￿eS of three months tsr less, and bank overdrafts. Bank overdiafts are shown within borrowings in current liabilities. 8asic finan¢lalassets Basi¢ financial assets. which indude debtors and cash and bank balan¢es, are iniii'ally measured at transaction price including transaction costs and are subsequently carried at amortised (x)sl using the 8ffective interest method unless the arrangement conslilules a financing transaction, where the transaction is easured al the present value of the future receipts discounted at a market rate of intèrè$L Ftnancial assets dassified as receivable within one year are not amortised. Basie financiallAablllti•s Basic finan¢ial liabilities, induding cyeditors and bank loans are In￿allY recognised at transaction pri￿ unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the p￿sent value of the fvture payments discounted at a market Tata of interest. Financial liabil￿e5 classnled as payable within one year are not amortised. Debt instruments are subsequently carried at arnortised cost, using the effective interest rate method. Trade credf(ors are obligations to pay for goods or servi(*s that have been aequired in the ordinary course of operations from suppliers. Amounts payable are dassthed as current liabilities if payment is due within one year or less. 11 not, they are presented as nOn-￿rrent liabilities. Trade credff(ors are rècognised initially al transaction prfce and subsequenlly measursd al amortised cost using the effective intorest method. Derecognitlon of financlalllabllities Financial liabili1Ses are dere¢ryJni5ed when the Chaity's conlraciual obligations axpire oi are discharged or cancèlled. BADAC THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 Accounting policie$ {Continued} 1.8 Employee ben8ffts The cost of any unused holiday enlitlem&nt Is recognised in the period in whtch the employee's seN¢es are received. TeTrnination benefits are recognised immedialety as an expense when the Charity is demonstrabty ts)mmrtted to temiinate the employment of an Èmployee or to prowde teminalion benefiis. Critical a¢¢ounting ￿tiMat&S and judgemènts In the application of the Charity's aceounling policies, the directors arè required lo make judgements, estimates and 8ssumpb.ons about the carrying amount of assets and liabilthes Ih8t are not readily apparent from othér sources. The èstimates and associated assurnptions aTe based on historical experien￿ and other factors that afe considered to be relèvant. Actual iesults may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to at￿luntIng èstimatès are recognised in the period in which the estimate is re￿iS6d where the revision affects only that period, or in the period tsf the ￿vIsion and future periods wherè the Tevision affects both curient and future peritsds. Charitable actlvities Thoat Produdions 2024 ricket income and workshops 1,300 1,300 Analysis by fijnd Unrestricted funds 1,300 Forthe year endèd 31 October 2024 Unrestricted funds 1,300 1,300 BADAC THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 Expènditure on charilable activltlès Th•atrt Theatre Productlons Productions 2025 2024 Direct costs Motor expenses Travelling and acc4)mmodab"on Artl8ts' fees Food, production and tour ￿sts 190 369 351 700 597 19 1.258 Share of support and govomance costs Is•e nots 51 Support Govemance 808 240 717 240 2,306 2,605 Analysis by fund Unrestricted funds 2,3C 2,605 Support costs allocated to a¢tivities 2025 2024 Postage and stslionery Sundry expenses Bank charges Governance costs 17 192 508 240 110 692 240 1.048 957 Analysed belween: Theatre Pr¢)du¢tions 1,048 957 Directors None of the directors (or any persons connec*ed with them) recewed any remuneration or beneffts from the Charity during the year. Employèes The average monthty number of employees during the year w8S'. 2025 Number 2024 Number Total BADAC THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 Employees (Continued) There were no employees whose annual remuneTalion was more than £60,000. Remuneration of kèy management personnel The remuneration of key management personnel is as follows. Taxation The charty is exempt from taxation on it5 actlwtses because al its income is applied for charitable purpose5. Loan$ and ovordrafts 202S 2024 Bank loans Directors. loans 2,771 5.037 2,778 4,558 7,808 7,336 Payable within one year Payable after one year 5,037 2.771 4,558 2,778 10 Credltorn: amounts falling due within one year 2025 2024 Borrowings Other Credilois Accruals and deferred income 5,037 1,302 240 4,558 767 240 6,579 5,565 11 Credltors: amounts falling due aft•r mor• than onè year 2025 2024 Notes Bank loans 2.771 2.778 10- BADAC THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2025 12 Unrestrictsd lunds The un￿stricted funds ofthe charity comprise the un8xpended balances of donations and gr8rts which are not subjè¢t to specific condition5 by donors and grantor$ 8S to how they May be used. These include designated fijnds which have b88n set aside out of unr&slri(*ed funds by the tnjstees for spe(ific Purposes. Atl November 2024 Incoming rgsourcès R&sour¢e$ At 31 October ¢xpended 2026 General funds 18,339) 1.300 12.3061 {9,3451 Previous ygar. At1 Novembor 2023 Incoming r•sourc¢s Resources At 31 Octo￿r expended 2024 General funds 17,034) 1,300 12,6051 18,3391 13 Related party transactions There were no disdosable related party transa(*ions during the year P024- none).