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BCK Audit, Accounting & Tax Limited Certified Public Accountants and Statutory Audit Firm Suite 4 & 5 Bridgewater Business Centre Conyngham Road Islandbridge D08 T9NH

Company Number: 122753

Rough Magic Company Limited By Guarantee (A company limited by guarantee, without a share capital)

Directors' Report and Financial Statements

for the year ended 31 December 2018

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CONTENTS Page Directors and Other Information 3 Directors' Report 4 - 7 Directors' Responsibilities Statement 8 Independent Auditor's Report 9 - 11 Income and Expenditure Account 12 Statement of Financial Position 13 Statement of Cash Flows 14 Notes to the Financial Statements 15 - 20 Supplementary Information on Income and Expenditure Account 22


DIRECTORS AND OTHER INFORMATION

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Directors Gerard Smyth William Earley Tanya Dean Anne Fogarty Roy Foster Arthur Lappin Sheila O'Donnell Eileen Punch Gaby Smyth (Resigned 01 January 2019) Alison Cowzer (Appointed 18 December 2018) Victor Stanley (Appointed 30 October 2018) Company Secretary Gemma Reeves (Appointed 1 August 2018) Lynne Parker (Resigned 1 August 2018) Company Number 122753 Registered Office and Business Address 18 South Great Georges Street Dublin 2 Ireland Auditors BCK Audit, Accounting & Tax Limited Certified Public Accountants and Statutory Audit Firm Suite 4 & 5 Bridgewater Business Centre Conyngham Road Islandbridge D08 T9NH

Bankers Allied Irish Bank plc 40/41 Westmoreland Street Dublin 2

Solicitors Matheson 70 Sir John Rogersons Quay Dublin 2


DIRECTORS' REPORT for the year ended 31 December 2018

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The directors present their report and the audited financial statements for the year ended 31 December 2018. Principal Activity The principle activity of the company continued to be that of the production of theatre shows and all other ancillary services. The Company is limited by guarantee not having a share capital.

Financial Results The surplus for the year after providing for depreciation amounted to €6,776 (2017 - €11,060). At the end of the year, the company has assets of €21,091 (2017 - €69,980) and liabilities of €64,140 (2017 - €119,805). The net liabilities of the company have decreased by €6,776. 2018 was an artistically successful year for Rough Magic and one of maintaining core funding, strengthening partnerships and revitalising fundraising.

Directors and Secretary The directors who served throughout the year, except as noted, were as follows: Gerard Smyth William Earley Tanya Dean Anne Fogarty Roy Foster Arthur Lappin Sheila O'Donnell Eileen Punch Gaby Smyth (Resigned 01 January 2019) Alison Cowzer (Appointed 18 December 2018) Victor Stanley (Appointed 30 October 2018) The secretaries who served during the year were; Gemma Reeves (Appointed 1 August 2018) Lynne Parker (Resigned 1 August 2018) There were no changes in shareholdings between 31 December 2018 and the date of signing the financial statements.

In accordance with the Articles of Association, the directors retire by rotation and, being eligible, offer themselves for re-election.



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Future Developments In 2019, Rough Magic will build on the successes and achievements of its 2018 programme and will present an artistically ambitious programme in venues across the country, supported by our major funder, The Arts Council, our venue and festival partners, and our private patrons. In August, we will again partner with the internationally-renowned Kilkenny Arts Festival to produce a spectacular outdoor production of a William Shakespeare play, with Much Ado About Nothing, directed by Ronan Phelan, the centre-piece of the festival’s 2019 programme. Following on from the tremendous success of Lynne Parker’s production of A Midsummer Night’s Dream as part of the 2018 festival, this will mark the midway point of Rough Magic’s planned three-year engagement with the Kilkenny Arts Festival. The second major production on the 2019 agenda is the Irish premiere of Marina Carr’s Hecuba as part of the Dublin Theatre Festival in October. This production will be directed by Artistic Director Lynne Parker, as Rough Magic partners for the first time with one of Ireland’s most important playwrights of the last 25 years. The company will also engage in a number of smaller projects throughout the year. In June, we will present the world premiere of Fergal McElherron’s Cleft at glór, Ennis, before bringing it to two major festivals – Galway International Arts Festival in July, and Kilkenny Arts Festival in August. This play, which will be directed by Lynne Parker, was first presented by Rough Magic as a public reading in the In-Development Strand of the 2016 Dublin Theatre Festival. 2019 will see the graduation of our latest group of SEEDS – writer Ciara Elizabeth Smyth, director Olivia Songer, designer Naomi Faughnan, production manager Líadan Ní Chearbhaill, and lighting and AV designer John Gunning. The group will travel to a renowned design festival in Prague before undertaking their individual placements in theatres and companies around the world. The company will continue to serve as a creative hub of Irish theatre, providing support to participants in SEEDS and ADVANCE and sharing resources with individual artists including SEEDS graduates Tom Creed and Sarah Jane Shiels, writer-in-residence Amy Conroy, leading theatre-makers Theatre Lovett, theatre designer Katie Davenport and independent producers Lucy Ryan, Aisling O’Brien and Killian Coyle. We are also delighted to welcome First Music Contact to 18 South Great George’s Street in 2019. This helps to strengthen Rough Magic’s place at the beating heart of Irish theatre and the arts more generally, underpinning its role in nurturing the next generation of talent while also forming alliances with like-minded theatre-makers, and promoting the company’s own continued vitality though exposure to ground-breaking artists and ideas. Like all in Irish theatre, Rough Magic continues to operate in a challenging and increasingly competitive funding environment. The board have implemented both a deficit reduction policy and a reserve holding policy. The company is committed to seeking new and innovative ways to engage with existing patrons and to attract additional supporters, both private and corporate. Rough Magic continues to enjoy the imprimatur of the Arts Council and has set ambitious fundraising targets for 2019 and subsequent years in order to expand its reach, and to provide scope for increased production and national and international touring in the future.

Post Statement of Financial Position Events There have been no significant events affecting the company since the year-end.

Political Contributions The company did not make any disclosable political donations in the current year.

Auditors The auditors, BCK Audit, Accounting & Tax Limited, (Certified Public Accountants) have indicated their willingness to continue in office in accordance with the provisions of section 383(2) of the Companies Act 2014.



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Artistic Achievements 2018 was a very busy year for Rough Magic. Eight actors were recruited – Martha Breen, Amy Conroy, Peter Corboy, Aoibhéann McCann, Karen McCartney, Paul Mescal, Conor O’Riordan, and Kieran Roche – and joined with designers Katie Davenport, Sarah Jane Shiels, and Denis Clohessy to create a dynamic new ensemble for the production of an outdoor Shakespearean extravaganza, followed by a Joycean world premiere. As their first venture, the ensemble took over the yard at Kilkenny Castle to present A Midsummer’s Night Dream as part of Kilkenny Arts Festival, in August. The show was directed by Artistic Director Lynne Parker, and played to capacity audiences and excellent critical response across a two-week run. Fresh from their Kilkenny success, the ensemble immediately began rehearsals for the world premiere of Arthur Riordan’s adaption of A Portrait of the Artist as a Young Man, by James Joyce. Under the direction of Associate Director Ronan Phelan, the actors performed first at the Pavilion Theatre in Dún Laoghaire, as part of the Dublin Theatre Festival, before embarking on a national tour to eight further venues – Portlaoise, Letterkenny, Longford, Waterford, Cork, Ennis, Galway, and Tralee. Throughout its national tour, the company went beyond the bounds of the theatre walls to engage with local audiences, schools, and communities generally through a series of workshops with members of the ensemble. In March 2019, the company’s exceptional work throughout the year was recognised with the award of Best Ensemble at the Irish Times Theatre Awards. Throughout 2018, Rough Magic continued its practice of promoting new writing. In October, the company presented a public reading of Cleft, by Fergal McElherron, in Ennis. The national tour of Portrait also saw writer-in-residence Amy Conroy (a member of the Creative Ensemble) engage with local choirs around the country as part of research for her work-in development entitled The Choir Project, supported by Rough Magic. The company also retained its commitment towards providing resource-sharing support to individual artists and emerging companies. This comprises the provision of office space, office materials, meeting space, telephone, internet, and photocopying facilities, as well as general mentoring support. In 2018, this support for theatre makers included: participants in SEEDS, Rough Magic writer-in-residence, Amy Conroy, and other independent artists from the sector. Rough Magic chaired the Gender Equality in Practice in Irish Theatre working group event to mark the official launch of new gender equality policies from ten of Ireland’s leading theatre companies and venues. The group was formed to follow on from the work started by the Waking the Feminists movement, and the launch was addressed by Minister of Culture, Heritage and the Gaeltacht Josepha Madigan in July.

Acknowledgements Rough Magic CLG would like to acknowledge the continuing support of the Arts Council, Dublin City Council, Culture Ireland, Creative Ireland and its patrons. Health and Safety The wellbeing of the company’s employees is safeguarded through strict adherence to health and safety standards as required by the Safety, Health and Welfare at Work Act, 1989. The company ratified a new Health and Safety Statement in 2004. This was updated and reviewed by the board in 2018.

Payment of Creditors The directors acknowledge their responsibility for ensuring compliance with the provisions of the European Communities (Late Payment in Commercial Transactions) regulations 2012. It is the company’s policy to agree payment terms with all suppliers and to adhere to those payment terms. Statement on Relevant Audit Information So far as the directors are aware, there is no relevant audit information of which the statutory auditors are unaware. The directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and they have established that the statutory auditors are aware of that information.



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Accounting Records To ensure that proper books and accounting records are kept in accordance with Section 202 Companies Act, 1990, the directors have established appropriate books to adequately record the transactions of the company. The directors also ensure that the company retains the source documentation for these transactions. The books of account are maintained at the company's office at 18 South Great Georges Street, Dublin 2. Signed on behalf of the board Gerard Smyth William Earley Director Director Date: 11/06/2019 Date: 11/06/2019


DIRECTORS' RESPONSIBILITIES STATEMENT for the year ended 31 December 2018

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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable Irish law and regulations. Irish company law requires the directors to prepare financial statements for each financial year. Under the law the directors have elected to prepare the financial statements in accordance with the Companies Act 2014 and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the surplus or deficit of the company for the financial year and otherwise comply with the Companies Act 2014. In preparing these financial statements, the directors are required to: - select suitable accounting policies for the company financial statements and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether the financial statements have been prepared in accordance with applicable accounting standards,

identify those standards, and note the effect and the reasons for any material departure from those standards; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for ensuring that the company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and surplus or deficit of the company to be determined with reasonable accuracy and enable them to ensure that the financial statements and Directors' Report comply with the Companies Act 2014 and enable the financial statements to be readily and properly audited. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the directors are aware: - there is no relevant audit information (information needed by the company's auditor in connection with preparing

the auditor's report) of which the company's auditor is unaware, and - the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant

audit information and to establish that the company's auditor is aware of that information.

Signed on behalf of the board Gerard Smyth William Earley Director Director Date: 11/06/2019 Date: 11/06/2019

INDEPENDENT AUDITOR'S REPORT to the Members of Rough Magic Company Limited By Guarantee (A company limited by guarantee, without a share capital)

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Report on the audit of the financial statements Opinion We have audited the financial statements of Rough Magic Company Limited By Guarantee ('the company') for the year ended 31 December 2018 which comprise the Income and Expenditure Account, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is Irish Law and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. In our opinion the financial statements: - give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2018

and of its surplus for the year then ended; - have been properly prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the

UK and Republic of Ireland"; and - have been properly prepared in accordance with the requirements of the Companies Act 2014. Emphasis of Matter - Going concern In forming our opinion, which is not qualified, we have considered the adequacy of the disclosures made in notes to the financial statements regarding the company’s ability to continue as a going concern. The company reported a surplus of €6,776 (2017: surplus €11,060) during the year ended 31 December 2018 and as of this date had net liabilities of €43,255 (2017: €49,825). This situation, along with other matters as described in the notes to the financial statements, indicate a material uncertainty which may cast doubt over the company’s ability to continue as a going concern. The financial statements do not include the adjustment that would result if the company was unable to continue as a going concern. Funding from the Arts Council for 2018 reduced by €105,000 compared to its 2017 level, a reduction of nearly 24%. The board of directors examined all areas of expenditure and achieved a reduced budgeted level of expenditure for 2018 in line with reduced funding. We reviewed the post year end bank statements and note that the company returned to a positive bank balance in January 2019. We also obtained confirmation of the Arts Council funding for 2019. Based on the above the directors have deemed it appropriate to prepare the financial statements on a going concern basis.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard for Auditors (Ireland) issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), and the Provisions Available for Audits of Small Entities, in the circumstances set out in note 4 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where: - the directors' use of the going concern basis of accounting in the preparation of the financial statements is not

appropriate; or - the directors have not disclosed in the financial statements any identified material uncertainties that may cast

significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.


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Other Information The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2014 Based solely on the work undertaken in the course of the audit, we report that: - in our opinion, the information given in the Directors' Report for the financial year for which the financial

statements are prepared is consistent with the financial statements; and - in our opinion, the Directors' Report has been prepared in accordance with the Companies Act 2014. We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited. The financial statements are in agreement with the accounting records.

Matters on which we are required to report by exception Based on the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report. The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of directors' remuneration and transactions required by sections 305 to 312 of the Act are not made. We have nothing to report in this regard.

Respective responsibilities Responsibilities of directors for the financial statements As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to the going concern and using the going concern basis of accounting unless management either intends to liquidate the company or to cease operation, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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Further information regarding the scope of our responsibilities as auditor As part of an audit in accordance with ISAs (Ireland), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,

design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The purpose of our audit work and to whom we owe our responsibilities Our report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Alison Gray for and on behalf of BCK AUDIT, ACCOUNTING & TAX LIMITED Certified Public Accountants and Statutory Audit Firm Suite 4 & 5 Bridgewater Business Centre Conyngham Road Islandbridge D08 T9NH Date: 11/06/2019


INCOME AND EXPENDITURE ACCOUNT for the year ended 31 December 2018 2018 2017 Notes € €

The notes on pages 15 to 20 form part of the financial statements 12

Income 528,326 682,292 Expenditure (520,959) (670,929) ─────── ─────── Surplus before interest 7,367 11,363 Finance costs 8 (591) (303) ─────── ─────── Surplus before tax 6,776 11,060 Tax on surplus 12 - - ─────── ─────── Surplus for the year 6,776 11,060 ─────── ─────── Total comprehensive income 6,776 11,060 ═══════ ═══════


STATEMENT OF FINANCIAL POSITION as at 31 December 2018

The notes on pages 15 to 20 form part of the financial statements 13

2018 2017

Notes € € Non-Current Assets Property, plant and equipment 13 3,402 7,283 ─────── ─────── Current Assets Receivables 14 17,678 24,897 Cash and cash equivalents 11 37,800 ─────── ─────── 17,689 62,697 ─────── ─────── Payables: Amounts falling due within one year 15 (64,140) (119,805) ─────── ─────── Net Current Liabilities (46,451) (57,108) ─────── ─────── Total Assets less Current Liabilities (43,049) (49,825) ═══════ ═══════ Reserves Income and Expenditure Account (43,049) (49,825) ─────── ─────── Equity attributable to owners of the company (43,049) (49,825) ═══════ ═══════

The financial statements have been prepared in accordance with the small companies' regime. Approved by the board on 11/06/2019 and signed on its behalf by: Gerard Smyth William Earley Director Director


STATEMENT OF CASH FLOWS for the year ended 31 December 2018 2018 2017 Notes € €

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Cash flows from operating activities Surplus for the year 6,776 11,060 Adjustments for: Finance costs 591 303 Depreciation 3,881 13,079 ─────── ─────── 11,248 24,442 Movements in working capital: Movement in receivables 7,219 10,520 Movement in payables (96,992) (56,261) ─────── ─────── Cash (used in)/generated from operating activities (78,525) (21,299) Interest paid (591) (303) ─────── ─────── Net cash (used in)/generated from operating activities (79,116) (21,602) ─────── ───────

Net (decrease)/increase in cash and cash equivalents (79,116) (21,602) Cash and cash equivalents at beginning of financial year 37,800 59,402 ─────── ─────── Cash and cash equivalents at end of financial year 19 (41,316) 37,800 ═══════ ═══════


NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2018

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1. GENERAL INFORMATION Rough Magic Company Limited By Guarantee is a company incorporated in the Republic of Ireland. 18 South

Great Georges Street, Dublin 2, Ireland is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Euro (€) which is also the functional currency of the company.

2. ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered

material in relation to the company’s financial statements. Statement of compliance The financial statements of the company for the year ended 31 December 2018 have been prepared on the

going concern basis and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS 102).

Basis of preparation The financial statements have been prepared on the going concern basis and in accordance with the

historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The financial reporting framework that has been applied in their preparation is the Companies Act 2014 and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” issued by the Financial Reporting Council.

Income Income is recognised to the extent that the company obtains the right to consideration in exchange for its

performance. Income comprises the fair value of consideration received and receivable exclusive of value added tax and after discounts and rebates.

Property, plant and equipment and depreciation Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge

to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Production sets - 33.33% Straight line Fixtures, fittings and equipment - 15% Reducing balance Computer equipment - 20% Reducing balance The carrying values of property, plant and equipment are reviewed annually for impairment in periods if

events or changes in circumstances indicate the carrying value may not be recoverable.

Trade and other receivables Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using

the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other

short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Statement of Financial Position bank overdrafts are shown within Payables.

Borrowing costs Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to

the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.


NOTES TO THE FINANCIAL STATEMENTS continued


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Trade and other payables Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using

the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits The company provides a range of benefits to employees, including paid holiday arrangements. Short term

benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Taxation and deferred taxation Current tax represents the amount expected to be paid or recovered in respect of taxable income for the year

and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable income and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange

ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of these financial statements requires management to make judgements, estimates and

assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Establishing useful economic lives for depreciation purposes of property, plant and equipment Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.

4. PROVISIONS AVAILABLE FOR AUDITS OF SMALL ENTITIES In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax

returns to the Revenue and to assist with the preparation of the financial statements.




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5. DEPARTURE FROM COMPANIES ACT 2014 PRESENTATION The directors have elected to present an Income and Expenditure Account instead of a Profit and Loss

Account in these financial statements as this company is a not-for-profit entity. 6. GOING CONCERN The company reported a surplus of €6,776 (2017: €11,060) during the year ended 31 December 2018 and as

of this date had net liabilities of €43,049 (2017: €49,825). This situation along with other matters as described in the notes to the financial statements, indicate a material uncertainty which may cast doubt over the company’s ability to continue as a going concern. The financial statements do not include the adjustment that would result if the company was unable to continue as a going concern. Funding from the Arts Council for 2018 reduced by €105,000 compared to its 2017 level, a reduction of nearly 24%. The board of directors examined all areas of expenditure and achieved a reduced budgeted level of expenditure for 2018 in line with reduced funding. We reviewed the post year end bank statements and note that the company returned to a positive bank balance in January 2019. We also obtained confirmation of the Arts Council funding for 2019. Based on the above the directors have deemed it appropriate to prepare the financial statements on a going concern basis.

7. OPERATING SURPLUS 2018 2017 € € Operating surplus is stated after charging: Depreciation of property, plant and equipment 3,881 13,079 ═══════ ═══════ 8. FINANCE COSTS 2018 2017 € € Interest 591 303 ═══════ ═══════ 9. KEY MANAGEMENT COMPENSATION Key management includes the Board of Directors (executive and non-executive), all members of the

Company Management and the Company Secretary. The compensation paid or payable to key management for employee services is shown below:

2018 2017 € € Key management compensation, salaries and other short-term employee

benefits 36,153 47,684

═══════ ═══════ No directors are remunerated for their role as Board Members.




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10. ANALYSIS OF STAFF COSTS Staff costs are analysed as follows: 2018 2017 € € Administration 95,153 122,934 Artistic 93,600 76,084 Technical 22,750 30,234 Social welfare costs 22,949 24,343 ─────── ─────── 234,452 253,595 ═══════ ═══════ Average number of employee's are disclosed in note 11.

11. EMPLOYEES The average monthly number of employees, including directors, during the year was 6, (2017 - 8). 2018 2017 Number Number Administration 5 5 Production, artistic and technical 1 3 ─────── ─────── 6 8 ═══════ ═══════

12. TAX ON SURPLUS 2018 2017 € € (a) Analysis of charge in the year Current tax: Corporation tax at 12.5% (2017 - 12.5%) (Note 11 (b)) - - ═══════ ═══════ (b) Factors affecting tax charge for the year The tax assessed for the year differs from the standard rate of corporation tax in the Republic of Ireland. The

differences are explained below: 2018 2017 € € Surplus before tax 6,776 11,060 ═══════ ═══════ Surplus before tax multiplied by the standard rate of corporation tax in the Republic of Ireland at 12.5% (2017 - 12.5%) 847 1,383 Effects of: Depreciation in excess of capital allowances for period (847) (319) Utilisation of tax losses - (1,064) ─────── ─────── Total tax charge for the year (Note 11 (a)) - - ═══════ ═══════ No charge to tax arises due to tax losses incurred in prior periods.




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13. PROPERTY, PLANT AND EQUIPMENT Production Fixtures, Computer Total sets fittings and equipment equipment € € € € Cost At 31 December 2018 84,286 6,104 14,217 104,607 ─────── ─────── ─────── ─────── Depreciation At 1 January 2018 81,155 4,513 11,656 97,324 Charge for the year 3,131 238 512 3,881 ─────── ─────── ─────── ─────── At 31 December 2018 84,286 4,751 12,168 101,205 ─────── ─────── ─────── ─────── Carrying amount At 31 December 2018 - 1,353 2,049 3,402 ═══════ ═══════ ═══════ ═══════ At 31 December 2017 3,131 1,591 2,561 7,283 ═══════ ═══════ ═══════ ═══════

14. RECEIVABLES 2018 2017 € € Trade receivables 2,168 1,462 Other receivables - 6,350 Prepayments 12,398 17,085 Accrued income 3,112 - ─────── ─────── 17,678 24,897 ═══════ ═══════

15. PAYABLES 2018 2017 Amounts falling due within one year € € Amounts owed to credit institutions 41,327 - Trade payables 4,245 7,441 Taxation 11,651 3,122 Other payables 1,641 1,641 Accruals 5,276 7,601 Deferred Income - 100,000 ─────── ─────── 64,140 119,805 ═══════ ═══════

16. CAPITAL COMMITMENTS The company had no material capital commitments at the year-ended 31 December 2018.

17. CONTINGENT LIABILITIES A contingent liability in the amount of €1,000 exists with Allied Irish Banks p.l.c.

18. EVENTS AFTER END OF REPORTING PERIOD There have been no significant events affecting the company since the year-end.




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19. CASH AND CASH EQUIVALENTS 2018 2017 € € Cash and bank balances 11 37,751 Bank overdrafts (41,327) - Cash equivalents - 49 ─────── ─────── (41,316) 37,800 ═══════ ═══════

20. GRANT INCOME The following is information in relation to grant information per the Department of Public Expenditure and

Reform circular 13/2014; Name of Grantor Name of Grant Purpose of Grant Amount € The Arts Council Annual Funding 2018 Theatre 325,000 Dublin City Council Arts Grant 2018 Theatre 7,000 Key Funding Sources Income Deferred as at 01/01/2018 100,000 Cash Received 232,000 Income Deferred as at 31/12/2018 - ─────── Income Recognised 332,000 ═══════ The Board can confirm that the funding was used in accordance with the conditions outlined in the letter of

offer and can also confirm that there are adequate financial controls in place to manage grant income. All of the above grant income is used solely in the promotion and provision of theatre in Ireland and abroad, as appropriate, by Rough Magic Company Limited By Guarantee. The Board confirms that there is no duplication of funding for the same activity or budget. Total funding from Exchequer sources exceeded 60% of all income in the year ended 31 December 2018. No employees were remunerated over €60,000 in the year ended 31 December 2018.

21. STATUS The liability of the members is limited.

Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up while they are members or within one year thereafter for the payment of the debts and liabilities of the company contracted before they ceased to be members and the costs, charges and expenses of winding up and for the adjustment of the rights of the contributors among themselves such amount as may be required, not exceeding € 1.27.

22. APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved and authorised for issue by the board of directors on 11/06/2019.

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DRAFT FINANCIAL STATEMENTS 21 May 2019

ROUGH MAGIC COMPANY LIMITED BY GUARANTEE (A company limited by guarantee, without a share capital)

SUPPLEMENTARY INFORMATION

RELATING TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

NOT COVERED BY THE REPORT OF THE AUDITORS

THE FOLLOWING PAGES DO NOT FORM PART OF THE AUDITED FINANCIAL STATEMENTS


SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS DETAILED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 December 2018 2018 2017 € €

The supplementary information does not form part of the audited financial statements 22

Income 528,326 682,292 ─────── ───────

Expenditure Wages and salaries 211,503 229,252 Social welfare costs 22,949 24,343 Rent payable 25,500 23,000 Rates 5,810 5,521 Insurance 5,720 5,351 Light and heat 4,465 3,912 Cleaning 320 1,850 Repairs and maintenance 3,996 863 Printing, postage and stationery 3,704 3,433 Promotion 32,794 35,551 Telephone 2,669 2,591 Computer costs 291 1,420 Hire of equipment 49,837 67,322 Production Costs ADM 4,431 22,985 Tour / Travel expenses 40,518 47,001 Technical Fees ADM 32,195 34,538 Travelling and entertainment 550 625 Artistic fees 53,491 122,094 Legal and professional 6,126 13,730 Bank charges 1,794 1,851 General expenses 2,557 4,598 Subscriptions 815 1,079

Auditor's remuneration 5,043 4,940 Depreciation 3,881 13,079 ─────── ─────── 520,959 670,929 ─────── ───────

Finance Bank interest paid 591 303 ─────── ───────

Net surplus 6,776 11,060 ═══════ ═══════

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