Company registration number 05087027 (England and Wales)
Charity registration number 1113312 (England and Wales)
MAKEBELIEVE ARTS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
MAKEBELIEVE ARTS
LEGAL AND ADMINISTRATIVE INFORMATION
Patrons
Mr M Rosen
Trustees
G S Ingham
D Thacker
K S Scott
K M Hadfield
B D Mendoza
Secretary
Mr B Moody
Charity number
1113312
Company number
05087027
Registered office
The Cartoon House
1a Bradford Road
Corsham
Wiltshire
SN13 0QR
Independent examiner
ART Accountants Limited
Ground Floor
11 Manvers Street
Bath
BA1 1JQ
MAKEBELIEVE ARTS
CONTENTS
Page
Trustees' report
1 - 6
Independent examiner's report
7
Statement of financial activities
8
Balance sheet
9
Notes to the financial statements
10 - 17
MAKEBELIEVE ARTS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2026.

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 company'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)".

Objectives and activities

The company's objects are to advance education for the public benefit by the promotion of the arts, in particular but not exclusively the arts of drama and storytelling.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake.

Local Authorities, Multi Academy Trusts, Schools and Settings

Throughout the year, we continued to work closely with Local Authorities, Multi-Academy Trusts (MATs), schools and early years settings across England to support the development of story-rich practice for young children. Through these partnerships, practitioners and children accessed Helicopter Stories On Demand, Story Steps, The Poetry Basket and Listening Tales (previously Story Basket) programmes in a wide range of educational contexts.

Alongside our direct work with schools and settings, many Local Authorities and MATs chose to supplement online training with twilight sessions and ongoing support, helping practitioners embed the approaches more confidently within their own settings. Isla Hill maintained regular contact with partner schools and organisations throughout the year, responding to questions, offering guidance, and supporting implementation in ways that reflected the individual needs of each cohort.

As these partnerships have developed, increasing numbers of schools and settings have embedded one or more of our programmes into their everyday early years practice. We continue to build new relationships with Local Authorities and MATs, while also strengthening existing partnerships and supporting settings already using our approaches.

Many of the schools and settings we work with are based in communities where children face additional barriers to language development, communication, and creative expression. In keeping with our charitable aims, we continue to offer discounted access and flexible support to settings serving children with the greatest levels of need. During 2026–27, we aim to deepen this work further through both existing partnerships and new collaborations, enabling more children to access the language-rich, story-based experiences our programmes provide.

Alongside our training and partnership work, we continue to support a large and engaged community of educators through our twice-weekly mailing list, which shares stories, reflections and practical inspiration for classroom practice. We also connect with practitioners through a range of online platforms, including the Helicopter Stories Facebook group, Instagram, LinkedIn, and our new YouTube channel, The Listening Classroom. These channels help us share ideas, celebrate practice, and remain connected to educators working with our approaches across the UK and internationally.

MAKEBELIEVE ARTS
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

SEND Work:

Supported by Ironmongers Foundation funding

In 2025–26, we were delighted to once again receive funding from the Ironmongers Foundation to deepen our work with children with SEND. This support enabled another important year of development, reflection and innovation across our programmes. We worked with SEND Resource Bases, Special Schools, and mainstream schools with high numbers of pupils with SEND, many of them serving communities where children face significant barriers to communication, language and learning. Through this work, children were able to access story-rich, inclusive experiences designed to support both communication and belonging. During the year, elements of this work were also supported through the Story Access Fund, helping us extend our reach to additional practitioners and settings.

A strong commitment to children who face barriers to learning remains central to our mission, particularly those who are nonverbal, have emerging communication needs, or struggle with engagement. During the year, we worked closely with SEND practitioners to explore how Helicopter Stories, Story Steps and The Poetry Basket could be adapted for children with complex needs. We were also able to add Widgit symbols to elements of our online Poetry Basket provision, helping to increase accessibility for children with communication differences and additional needs.

Practitioners continued to share their insights throughout the year through online sessions and a dedicated Notion space, where they documented research, tested ideas, and supported one another in developing inclusive practice. The outcomes observed across settings were striking. We saw preverbal children begin to recite lines from poems, while others used communication mats, objects of reference, or AAC devices to find new ways to tell their stories. In one memorable example, a girl who had recently been introduced to an AAC device used it to share her Helicopter Story, giving her a meaningful reason to engage with language and communication.

Most powerfully, the programmes helped children develop a sense of connection and community. One group of children from a SEND resource base, who had initially struggled to interact with one another, went on to perform a poem to the whole school by Easter. In many settings, these programmes have helped transform isolated individuals into expressive, confident members of a storytelling community.

This work continues to represent an important area of growth for MakeBelieve Arts, and we remain deeply grateful to the Ironmongers Foundation for making it possible.

MAKEBELIEVE ARTS
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

Ironmongers Foundation:

Alongside our SEND work, 2025–26 saw the Ironmongers Foundation continue to support two further strands of our activity: our Local Hubs and the Ironmongers Schools Programme. This ongoing partnership has enabled us to sustain and deepen work in settings where story-based approaches are embedded over time, rather than delivered as one-off interventions.

1. Local Hubs:

Our Local Hubs in Wiltshire and East Sussex continued throughout the academic year 2025/26, working with children in Nursery and Reception in areas of significant deprivation. Rather than short-term delivery, these hubs are designed as sustained, place-based programmes where practice can grow and evolve over time within the same communities and settings.

Within each hub, we delivered Helicopter Stories, The Poetry Basket, Story Steps and The Story Basket, alongside ongoing observation and reflection on children’s communication, engagement and development. This continuity allows us to build a clearer picture of how story-based approaches influence practice over time, rather than in isolated moments.

2. Ironmongers Schools Programme:

During 2025–26, we worked with a small number of Ironmongers schools to support teachers in Nursery, Reception and Year 1 to begin embedding Helicopter Stories in their classroom practice. Alongside this, schools were given access to supporting resources including The Poetry Basket and Story Steps, helping to build consistent, story-rich environments for young children.

A significant development this year was the launch of a new strand of work based from one of the Ironmongers’ Sheffield schools. This project brings together a group of local schools and settings identified in collaboration with the Local Authority, ensuring we worked with settings facing the highest levels of need.

Each school and setting received on-demand training in the Helicopter Stories approach, alongside access to The Poetry Basket and Story Steps, supporting practitioners to develop confident and sustainable practice rooted in storytelling, language and play.

The programme began with a group launch event, bringing all participating schools and settings together to mark the start of the project and to establish a shared sense of purpose across the cohort.

MAKEBELIEVE ARTS
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

Story Access Fund:

The Story Access Fund formally began its rollout during 2025–26 following its establishment in the previous year. It was created to widen access to our programmes by supporting schools and settings that would otherwise be unable to afford participation, particularly those working in areas of higher need or with limited training budgets.

This first year has been a period of development and learning as the fund has taken shape in practice. We have begun to refine how it operates, balancing direct requests from individual schools and settings with a stronger emphasis on working through Local Authority partnerships, where the fund can have the greatest collective impact and help stretch limited budgets further across multiple settings.

Support has been provided through both targeted programme contributions and subsidised access to Helicopter Stories, Poetry Basket, Story Steps and related training offers. In some cases, this has enabled full cohorts of settings within a Local Authority area to access training and resources that would otherwise have been out of reach. Across the year, the Story Access Fund helped support more than 200 schools and settings through partnerships with five Local Authorities, alongside a smaller number of individual settings accessing support directly. Through this work, we estimate that over 7,000 children were able to access story-based learning experiences supported by the fund.

Alongside this structured Local Authority work, we have also responded to individual requests from schools and settings seeking support. While this element of the fund is still developing and not yet widely publicised, it has allowed us to begin testing how best to ensure fair and equitable access at a smaller scale, alongside our broader strategic partnerships.

We have also been grateful for additional contributions from a small number of charitable trusts and donors, which have helped to strengthen the fund during this early stage. These contributions have supported our ability to extend access to settings in different parts of the country, including areas where need is high and resources are limited.

One example of this support includes provision in Wirral, enabled through an anonymous local donation, which allowed additional settings to engage with our programmes at subsidised levels.

Overall, this first year has established the foundations of the Story Access Fund as a practical mechanism for widening participation. As the fund develops, our intention is to continue strengthening its role within Local Authority partnerships while also refining how we respond to individual school and setting requests, ensuring that access to story-based learning is extended to children who will benefit most.

The Poetry Baskets, Story Steps, Listening Tales (previously the Story Basket) and The Christmas Basket:

Alongside Story Steps, our Poetry Baskets and Listening Tales programmes continue to be well used by practitioners and to receive consistently positive feedback.

A significant number of the settings using Poetry Baskets, Listening Tales and Story Steps are based in communities facing higher levels of need, and feedback from practitioners continues to highlight the value of these simple, high-quality tools in supporting children’s language development, rhythm, confidence and enjoyment of story and language.

Resources:

Our published resources remain an important strand of our work, helping to extend and embed the Helicopter Stories approach with both new and experienced practitioners across a wide range of settings.

In 2026, a second edition of Princesses, Dragons and Helicopter Stories by Trisha Lee was published by Routledge, building on the original 2015 publication. Alongside this, The Woman Who Cooked Everything, published in-house, has continued to sell steadily throughout the year. Both titles are also regularly purchased in bulk by Local Authorities as part of our online training packages, supporting the wider embedding of story-based practice in schools and early years settings.

MAKEBELIEVE ARTS
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -
Achievements and performance

Online and Geographical Spread:

Throughout 2025–26, MakeBelieve Arts continued to deliver its programmes across the UK, with an increasing number of settings engaging through both online and On Demand training. This blended model has enabled us to extend our reach significantly while maintaining meaningful connections with local practice and communities.

Alongside our established partnerships across the Southeast and Southwest of England, particularly in Wiltshire and Kent, we now work with Local Authority hubs in ten areas of the UK. At the same time, our digital presence continues to expand, allowing us to reach educators and schools internationally and extend the influence of our work beyond national boundaries.

Our growing online platforms play an important role in this reach. In particular, our YouTube channel, The Listening Classroom, is becoming an increasingly significant space for sharing practice and extending access to our approaches. Alongside this, our wider digital community includes Instagram, LinkedIn, and the Helicopter Stories Facebook group, where practitioners continue to share ideas, reflect on practice and engage with story-based learning.

Across the 2025–26 period, we estimate that over 50,000 children engaged with our programmes. Over the past five years, this brings the total reach to approximately 190,000 children through our story-based approaches.

Looking Ahead

As we move into 2026–27, we remain focused on deepening the reach and impact of our work, strengthening relationships with schools, settings and Local Authorities, and ensuring our programmes continue to reach the children who benefit most. Through the development of the Story Access Fund, our ongoing SEND partnerships, and our work in areas of higher need, we remain committed to supporting every child to find their voice through story.

Financial review

As described in the Report of the Trustees, some areas of activity have developed and others have evolved significantly over the course of the year.

September 2025 saw the launch of the Story Access Fund, which enabled us to begin extending our reach to a greater number of schools and settings through our established relationships with Local Authorities. The Story Access Fund is designed to widen access to our programmes by supporting schools and settings that would otherwise be unable to afford them.

The deficit for the year amounted to £20,866 (20 25 - £45,777). At the year end, total unrestricted reserves amounted to £118,079 with an additional £36,410 designated reserves going to the Story Access Fund to support schools and settings in underserved areas to access our programmes..

It is the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have considered the risks to which the charity is exposed and believe that these will be mitigated by:

- A body of trustees with the necessary experience and competence to supervise all the aspects of the Trusts works; and

- An effective system of internal control to ensure the correct operational procedures are observed and all items and key issues are raised in the quarterly trustees meetings.

Structure, governance and management

The company is a company limited by guarantee and was set up by a Memorandum of Association on 17 March 2004, as amended by a special resolution dated 4 January 2006.

MAKEBELIEVE ARTS
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -

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:

G S Ingham
D Thacker
K S Scott
K M Hadfield
B D Mendoza

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

MakeBelieve Arts is a theatre and education company that works creatively with children, young people and their families, in schools and other educational and community settings. We operate from a base in Corsham, Wiltshire, where we have a small office.

MakeBelieve Arts has a core staff of three. The admin hub is based out of an office in Wiltshire and our Education Director works from her base in Kent. Throughout the course of 20 25-202 6 we have continued developing our relationships within Wiltshire, Kent and the surrounding counties.

Trisha Lee leads the company as Artistic Director, Isla Hill is the Education Director based in Lamberhurst, Kent and Bill Moody is the Administrator working from our office in Corsham, Wiltshire.

The trustees meet quarterly to review and direct the operation of the charity.

The trustees have considered the Charity Commission’s general guidance on public benefit in relation to the objectives of the charity. This report sets out those objectives and describes how they have been met in the current year.

The trustees' r eport was approved by the Board of Trustees.

G S Ingham
Trustee
Dated: 8 July 2026
MAKEBELIEVE ARTS
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MAKEBELIEVE ARTS
- 7 -

I report on the financial statements of the company for the year ended 31 March 2026, which are set out on pages 8 to 17.

Respective responsibilities of trustees and examiner

The company’s trustees, who are also the directors of MakeBelieve Arts for the purposes of company law, are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

(i)

examine the financial statements under section 145 of the 2011 Act;

(ii)
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
(iii)
to state whether particular matters have come to my attention.
Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 386 of the Companies Act 2006; and

(ii)

to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

..................................................
Mr P J Barton FCCA
ART Accountants Limited
Chartered Certified Accountants
Ground Floor
11 Manvers Street
Bath
BA1 1JQ
Dated: 8 July 2026
MAKEBELIEVE ARTS
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
Unrestricted
Unrestricted
funds
funds
2026
2025
Notes
£
£
Income from:
Charitable activities
3
202,825
190,737
Investments
4
3,976
6,794
Total income
206,801
197,531
Expenditure on:
Charitable activities
5
227,667
243,308
Total expenditure
227,667
243,308
Net expenditure and movement in funds
(20,866)
(45,777)
Reconciliation of funds:
Fund balances at 1 April 2025
175,355
221,132
Fund balances at 31 March 2026
154,489
175,355

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MAKEBELIEVE ARTS
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 9 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,081
2,160
Current assets
Debtors
11
938
2,462
Cash at bank and in hand
169,749
208,546
170,687
211,008
Creditors: amounts falling due within one year
12
(17,279)
(37,813)
Net current assets
153,408
173,195
Total assets less current liabilities
154,489
175,355
The funds of the company
Unrestricted funds
154,489
175,355
154,489
175,355

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 2026.

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 8 July 2026
G S Ingham
D Thacker
Trustee
Trustee
Company registration number 05087027 (England and Wales)
MAKEBELIEVE ARTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
1
Accounting policies
Charity information

MakeBelieve Arts is a private company limited by guarantee incorporated in England and Wales. The registered office is The Cartoon House, 1a Bradford Road, Corsham, Wiltshire, SN13 0QR.

1.1
Basis of preparation

The financial statements have been prepared in accordance with the company's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). The company is a Public Benefit Entity as defined by FRS 102.

The company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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

The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

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 company.
1.4
Income
Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
MAKEBELIEVE ARTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 11 -

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), any general volunteer time is not recognised and will be referred to in the trustees' annual report to recognised their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income received in advance of a theatrical performance or provision of other specified services is deferred until the criteria for income recognition are met.

1.5
Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated to general expenditure.

Costs of generating funds comprise the costs associated with attracting voluntary income and costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

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:

Fixtures and fittings
25% Straight line
Computers
25% Straight line

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 company 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.

MAKEBELIEVE ARTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 12 -
1.9
Financial instruments

The company 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 company's balance sheet when the company 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.

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 company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The company is exempt from income and corporation taxes to the extent that income and gains are applied to the charitable objective of the company.

1.11
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

MAKEBELIEVE ARTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
2
Critical accounting estimates and judgements

In the application of the company’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.

3
Charitable activities

More and Better

Helicopter

Curiosity

Total
2026
Total
2025
2026
2026
2026
£
£
£
£
£

Sales within charitable activities

26,183
176,642
-
202,825
190,737
Unrestricted funds - general
26,183
176,642
-
202,825
190,737
For the year ended 31 March 2025
Unrestricted funds - general
32,318
158,419
-
190,737
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Interest receivable
3,976
6,794
MAKEBELIEVE ARTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
5
Charitable activities

More and Better

Helicopter

Total
2026
Total
2025
£
£
£
£

Project delivery

-
11,947
11,947
14,320

Workshop costs

-
3,173
3,173
8,218

Motor and travel costs

-
1,195
1,195
355
-
16,315
16,315
22,893
Share of support costs (see note 6)
26,183
183,969
210,152
219,215
Share of governance costs (see note 6)
-
1,200
1,200
1,200
26,183
201,484
227,667
243,308
Analysis by fund
Unrestricted funds - general
26,183
201,484
227,667
26,183
201,484
227,667
For the year ended 31 March 2025
Unrestricted funds - general
32,318
210,990
243,308
32,318
210,990
243,308
6
Support costs allocated to activities
2026
2025
£
£
Staff costs
135,002
138,404
Depreciation
1,079
1,079
Advertising and marketing
41,359
55,761
Establishment costs
683
830
Communications and IT
18,663
14,772
Insurance
1,037
1,023
Othr office costs
4,968
5,030
Staff training
5,759
775
Accountancy
1,602
1,541
Governance costs
1,200
1,200
211,352
220,415
Analysed between:
More and Better
26,183
31,697
Helicopter
185,169
188,718
211,352
220,415
MAKEBELIEVE ARTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
7
Net movement in funds
2026
2025
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
1,079
1,079
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the company during the year.
9
Employees
Number of employees

The average monthly number of employees during the year was:

2026
2025
Number
Number
Number of Employees
3
3
Employment costs
2026
2025
£
£
Wages and salaries
125,338
126,148
Social security costs
6,049
8,641
Other pension costs
3,615
3,615
135,002
138,404
There were no employees whose annual remuneration was £60,000 or more.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
10
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2025
4,750
21,311
26,061
At 31 March 2026
4,750
21,311
26,061
Depreciation and impairment
At 1 April 2025
4,750
19,151
23,901
Depreciation charged in the year
-
1,079
1,079
At 31 March 2026
4,750
20,230
24,980
Carrying amount
At 31 March 2026
-
1,081
1,081
At 31 March 2025
-
2,160
2,160
11
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
938
2,462
12
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Deferred income
15,900
36,434
Accruals
1,379
1,379
17,279
37,813
MAKEBELIEVE ARTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
13
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 2025
Incoming resources
Resources expended
Transfers
At 31 March 2026
£
£
£
£
£
Story access fund
50,000
4,500
(18,090)
-
36,410
General funds
125,355
202,301
(209,577)
-
118,079
175,355
206,801
(227,667)
-
154,489
Previous year:
At 1 April 2024
Incoming resources
Resources expended
Transfers
At 31 March 2025
£
£
£
£
£
Story access fund
-
-
-
50,000
50,000
General funds
221,132
197,531
(243,308)
(50,000)
125,355
221,132
197,531
(243,308)
-
175,355

During 2024–25, the trustees designated a portion of unrestricted income to support the launch of the Story Access Fund. This fund has been created to widen access to our programmes for schools, settings, and childminders who may otherwise be unable to afford them. The amount allocated is shown within the designated unrestricted funds, alongside general unrestricted reserves, which continue to work towards maintaining the charity’s target reserve level.

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