Company registration number 01856580 (England and Wales)
Charity registration number 515903 (England and Wales)
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
Phoenix Way
Enterprise Park
Swansea
United Kingdom
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
- 1 -

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.

THEATR NA N'OG
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
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.

THEATR NA N'OG
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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.

THEATR NA N'OG
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
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.

THEATR NA N'OG
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

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.

THEATR NA N'OG
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
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 r eport was approved by the Board of Trustees.

Mrs D C Webster
Chair
14 July 2025
THEATR NA N'OG
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THEATR NA N'OG
- 7 -

I 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, I 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 I 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. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I 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).

I 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.

Mark Howells FCCA
CJH
Ty Caer Wyr, Charter Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FS
United Kingdom
14 July 2025
THEATR NA N'OG
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
313,579
-
313,579
324,437
-
324,437
Charitable activities
-
Productions and touring
4
215,635
146,300
361,935
52,444
217,493
269,937
Investments
5
15,372
-
15,372
16,180
-
16,180
Other income
6
29
-
29
2,025
-
2,025
Total income
544,615
146,300
690,915
395,086
217,493
612,579
Expenditure on:
Raising funds
7
66,586
14,725
81,311
58,455
-
58,455
Charitable activities
8
591,517
131,575
723,092
416,790
217,493
634,283
Taxation
13
(55,361)
-
(55,361)
(109,612)
-
(109,612)
Total expenditure
602,742
146,300
749,042
365,633
217,493
583,126
Net income/(expenditure) and movement in funds
(58,127)
-
(58,127)
29,453
-
29,453
Reconciliation of funds:
Fund balances at 1 April 2024
536,851
-
536,851
507,398
-
507,398
Fund balances at 31 March 2025
478,724
-
478,724
536,851
-
536,851
THEATR NA N'OG
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
93,135
98,218
Current assets
Debtors
15
82,573
257,950
Cash at bank and in hand
336,226
270,856
418,799
528,806
Creditors: amounts falling due within one year
16
(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 14 July 2025
Mr O Griffiths
Trustee
THEATR NA N'OG
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
50,885
(89,488)
Investing activities
Purchase of tangible fixed assets
(916)
(7,377)
Proceeds from disposal of tangible fixed assets
29
2,025
Investment income received
15,372
16,180
Net cash generated from investing activities
14,485
10,828
Net cash generated from financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
65,370
(78,660)
Cash and cash equivalents at beginning of year
270,856
349,516
Cash and cash equivalents at end of year
336,226
270,856
THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
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 a mounts 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'O g 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.

THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
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 o bligation can be measured reliably.
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost s 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.

THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
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 p aymen ts 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.

THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
804
74
Grants
312,775
324,363
313,579
324,437
Grants
Arts Council of Wales
312,775
320,795
Arts Council of Wales Cost of Living
-
3,568
312,775
324,363
4
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Productions and touring
Box office and performance income
178,374
79,051
257,425
49,650
15,513
65,163
Consultancy and other fees
1,320
-
1,320
1,248
-
1,248
Sundry sales
5,094
-
5,094
359
-
359
Grants
30,000
67,249
97,249
-
201,980
201,980
Sponsorship
800
-
800
1,000
-
1,000
Royalties received
47
-
47
187
-
187
215,635
146,300
361,935
52,444
217,493
269,937
THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Income from charitable activities
(Continued)
- 15 -
Grants analysis
Productions and touring
Productions 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
THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
7
Expenditure on raising funds
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Fundraising and publicity
Advertising
6,612
-
6,612
3,694
-
3,694
Other fundraising costs
4,038
14,725
18,763
3,471
-
3,471
Staff costs
55,936
-
55,936
51,290
-
51,290
66,586
14,725
81,311
58,455
-
58,455
8
Expenditure on charitable activities
Productions and touring
Productions 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
THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
9
Support costs allocated to activities
Productions and touring
Total
2025
2024
£
£
Staff costs
50,303
46,890
Operating lease charges
365
324
Water rates
152
128
Insurance
9,010
9,257
Light and heat
3,592
3,789
Telephone
2,393
1,977
Postage and stationery
2,018
1,853
Sundry expenses
2,673
4,889
Repairs and renewals
9,626
18,591
Cleaning
4,068
3,751
Governance
63,899
63,230
148,099
154,679
2025
2024
Governance costs comprise:
£
£
Staff costs
40,190
38,329
Depreciation
3,820
3,855
Operating lease charges
851
756
Independent examiners fees
12,165
11,950
Legal and professional
2,449
3,415
Bank charges
186
198
Staff training
3,980
4,727
Interest on late paid PAYE
258
-
63,899
63,230
10
Net movement in funds
2025
2024
£
£
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
5,375
- for other financial services
6,695
6,575
Depreciation of owned tangible fixed assets
5,999
6,050
Profit on disposal of tangible fixed assets
(29)
(2,025)
Operating lease charges
1,216
1,080
THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
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:

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

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

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.

THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
14
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2024
189,611
88,770
48,717
327,098
Additions
-
916
-
916
Disposals
-
(983)
-
(983)
At 31 March 2025
189,611
88,703
48,717
327,031
Depreciation and impairment
At 1 April 2024
98,744
82,026
48,110
228,880
Depreciation charged in the year
3,794
1,981
224
5,999
Eliminated in respect of disposals
-
(983)
-
(983)
At 31 March 2025
102,538
83,024
48,334
233,896
Carrying amount
At 31 March 2025
87,073
5,679
383
93,135
At 31 March 2024
90,867
6,744
607
98,218

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

15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
232
11,976
Corporation tax recoverable
54,281
109,612
Other debtors
1,248
23,800
Prepayments and accrued income
26,812
112,562
82,573
257,950
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other taxation and social security
3,811
4,960
Deferred income
17
17,023
-
Trade creditors
417
46,731
Other creditors
2,200
7,633
Accruals
9,759
30,849
33,210
90,173
THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
17
Deferred income
2025
2024
£
£
Arising from government grants
2,000
-
Other deferred income
15,023
-
17,023
-

Deferred income is included in the financial statements as follows:

2025
2024
£
£
Deferred income is included within:
Current liabilities
17,023
-
Movements in the year:
Deferred income at 1 April 2024
-
27,000
Released from previous periods
-
(27,000)
Resources deferred in the year
17,023
-
Deferred income at 31 March 2025
17,023
-

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
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.

THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
19
Restricted funds

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

At 1 April 2024
Incoming resources
Resources expended
At 31 March 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 2023
Incoming resources
Resources expended
At 31 March 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 compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
General funds
536,851
544,615
(602,742)
478,724
Previous year:
At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
507,398
395,086
(365,633)
536,851
THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
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:

2025
2024
£
£
Within one year
1,920
660
Between two and five years
5,870
1,595
7,790
2,255
23
Related party transactions
THEATR NA N'OG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
23
Related party transactions
(Continued)
- 23 -
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
2025
2024
£
£
(Deficit)/surplus for the year
(58,127)
29,453
Adjustments for:
Investment income recognised in statement of financial activities
(15,372)
(16,180)
Gain on disposal of tangible fixed assets
(29)
(2,025)
Depreciation and impairment of tangible fixed assets
5,999
6,049
Movements in working capital:
Decrease/(increase) in debtors
175,377
(114,206)
(Decrease)/increase in creditors
(73,986)
34,421
Increase/(decrease) in deferred income
17,023
(27,000)
Cash generated from/(absorbed by) operations
50,885
(89,488)
26
Analysis of changes in net funds

The charity had no material debt during the year.

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