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2023-03-31-accounts

Company no. 02853493 Charity no. 1048591

Puppet Place Trust Ltd Report and Unaudited Financial Statements

31 March 2023

Puppet Place Trust Ltd

Reference and administrative details

For the year ended 31 March 2023
Company number 02853493
Charity number 1048591
Registered office and Unit 18 Albion Dockside Estate
operational address Hanover Place
Bristol
BS1 6UT
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Cat Rock
Cath Greig (resigned 01 April 2023)
Chris Pirie
Emma Windsor (resigned 31 October 2022)
Isabella Whately (appointed 01 April 2023)
Joanne Kelly
Noreen Masud (appointed 01 April 2023)
Rhys Williamson (appointed 01 April 2023)
Bankers Co-operative Bank plc
St Pauls House
10 Warwick Lane
London
EC4M 7BP
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2023

The trustees present their report along with the financial statements of the charity for the year ended 31 March 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

The charity is governed by the company incorporation documents dated 15 September 1993.

Appointment of trustees

The company endeavours to recruit trustees who will help to fulfil organisational needs in terms of board skills, knowledge and diversity. An assessment of need is carried out through a skills audit and guided by the organisation's strategy as agreed by the Board.

Potential trustees receive an induction pack and meet with a board member so that they are able to find out more about the responsibilities and to check their eligibility. They also need to attend at least two trustee and/or sub-group meetings before they are officially appointed. This is to ensure that the person is fully aware of the commitment placed upon them as trustees and for Puppet Place to feel confident that they are a good fit for the organisation.

Trustee resignations

Emma Windsor resigned on 31 October 2022 and Catherine Greig resigned from the Board on 01 April 2023.

New trustees

Isabella Whately, Dr Noreen Masud and Rhys Williamson joined the Board on 01 April 2023.

Major risks and management of those risks

Puppet Place's trustees are responsible for managing major risk across a range of key areas including:

▪Health and safety;

Organisational resilience and financial stability

Currently the biggest threat to the charities organisational resilience and financial stability is the ongoing new lease negotiations for its current home at Unit 18, Albion Dockside Estate, Hanover Place, Bristol BS1 6UT, with the current seven year lease ending on 18 September 2023. Landlord, Bristol City Council (BCC), was very slow to respond to Puppet Place’s expression of interest for a new lease that was submitted in March 2021. BCC eventually replied in October 2021 to say that an estate review was being carried out before a decision could be made.

Over a year later on 02 December 2022 Bristol City Council’s property team got in touch to say that they were ready to commence negotiations for a new lease and that they had instructed their agent, Stuart Powlesland at Avison Young to commence negotiations.

2

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2023

Chris Pirie, resident artist/trustee, met with Stuart Powlesland at Unit 18 on Friday 13 January 2023 to measure the building and to assess its current market value with a view to starting the negotiations. Following this meeting he informed us that the area currently leased measures 6754 ft² and that the current market rate in central Bristol for leasing buildings in a similar condition is £5 ft² (£7 ft² if the building was in a better state of repair and had heating, etc.) and that this is the rate that Bristol City Council is seeking from Puppet Place from 19 September 2023 if we agree to sign a new lease. This works out as: 6754 ft² x £5 = £33,700.

Puppet Place currently pays £10,000 a year which means that a substantial rent increase like this is unaffordable for Puppet Place and its resident artists.

Puppet Place held an Extraordinary Board Meeting to discuss its response and to agree a strategy for its negotiations on 24 January 2023 and co-opted Rachel McNally, who used to be Puppet Place CEO as she was involved in negotiating the current lease. It was agreed that a ‘hearts & minds’ campaign was the best way forward, which involved: raising Puppet Place’s profile on social media; getting featured in Bristol 24/7; inviting key council officers and councillors into the building to be given a tour and to discuss the creative and cultural worth of Puppet Place and its Resident Artists; getting testimonials from key industry figures in Bristol, the UK and internationally; revising and updating the existing Business Plan; updating the website and creating a short promotional film about the charity and its aims and ambitions for the future.

Puppet Place also appointed Andrew Hardwick and Olivia Nock at Carta Jonas to act on its behalf in the negotiations. Trustee, Jo Kelly, who is an architect, remeasured the building and made the case to Carta Jonas that some of the space in the building that has being designated as workspace is actually under low eaves or is being used as corridors and/or fire escape routes and that therefore the ft² of actual workspace was much less than stated by Avison Young and that this should be reflected in the lease negotiations.

These negotiations are ongoing and are a major concern for trustees and residents and are a serious risk to the future existence and financial stability of Puppet Place Trust Ltd.

Organisational development

In April 2022 Puppet Place started recruiting for a freelance, part-time Finance & Operations Manager to take over from Theatre Bristol. Sally Reay was appointed to this role and started work in July 2022.

Objectives and activities

Purpose of the charity

Puppet Place’s purpose, as set out in the objects contained in the company’s memorandum of association, is to advance the education of the public by promoting the art of Puppetry in all its forms.

We exist to support and develop the artform. We define puppetry as “bringing life to the inanimate” (Penny Francis). We do this because we believe that puppetry is a uniquely powerful artform: creating transformative experiences in people’s lives and with the potential to turn these personal experiences into social change.

The main activities that we engage in to deliver our purpose are:

3

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2023

This takes the form of:

Puppet Place met these aims by:

The trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives.

Achievements and performance Safety, health and wellbeing

Public engagement and networking

▪ Bristol 48-Hour Puppet Film Challenge

In the absence of the Bristol Festival of Puppetry, the Trust and Puppet Place residents supported the second Bristol 48-Hour Puppet Film Challenge which resulted in 28 films submitted from teams from the UK, USA, New Zealand and India, and with a record seven entries from teams made up of people under the age of 15 years old.

Some of the feedback includes these quotes:

"We loved taking part in this and do not really expect to get anywhere, we have never entered anything like this before but I was more using it as an exercise for my daughter to experience film making under pressure. Thank you for the experience" under 15s winner 2022

"I was very happy to be part of the challenge, I really enjoyed every minute! (From the making till the end of the streaming!) Thank You for the organization! Well done! Hope to join next year again!" Puppart

4

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2023

"Thanks so much for the festival, and all the kind words about our project! It was so lovely hearing all the wonderful things that the judges had to say about it, as well as seeing all the other incredible pieces that were submitted." 2022 winners

"GET, SET, CREATE AND GO! Our team of rockstars is all set to putting a new world, a new story together through puppetry but this time for the amazing Bristol Puppet Challenge! Thank you for the opportunity Puppet Place. This has both thrilled and challenged us to be better, more wholesome puppeteers " Swatantra Talim

Puppet Place provided project management support, online/social media promotion and financial support with the allocation of £2,000 of funding from its reserves. Puppet Place also supported fundraising through a Paypal Just Giving Campaign via the Puppet Place Facebook Community, which raised £139 which was kept by Puppet Place Trust.

Practical support for artists

Puppet Place continued to support the wider puppet making community, highlights included:

Whilst also supporting resident artists to deliver a wide range of projects and activities, highlights included:

Chris Pirie/Green Ginger:

Fundraised £45k to take RATLab on a Schools Tour in 2024.

▪ Puppetry Consultation & Directing SS Gt Britain's Victorian Christmas Weekends 2023 Birthmarked @Ed Fringe (Brook Tate/BOV/Mayfest) Storm in a TeaCup (Devon) Coppice Theatre (Cornwall)

Coldplay: puppetry on 'Music of the Spheres' World Tour (Audience: 340,000) Opera: WNO's production of Queen of Spades in Valencia (Audience: 9,000) Black Laboratory: puppetry for co-created short film for industry funding

Cat Rock/House of Funny Noises:

▪ Lakes - Puppet Film

Commissioned by the Little Angel Theatre for its digital shorts programme. Exploring the facts and fictions of space exploration.

5

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2023

▪ Mentoring Mentored Matt Gibbs through his Arts Council Funded Develop Your Creative Practice (DYCP) project at Puppet Place.

Vicky Andrews/Pickled Image:

Matt Gibbs:

Wrote and produced Beltane (2023), a 5-minute fantasy-horror, fairy tale stop motion film directed by Helena Houghton, with the support of Film Hub South West as part of BFI NETWORK, awarding funds from The National Lottery.

6

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2023

Dik Downey/Opposable Thumb :

Mentored a Puppeteer/clown and a burlesque performer as part of their DYPC projects;

At.tension Festival, Germany to over 1,000 people; and

Queering Puppet Festival, Amsterdam, Didcot Cornerstone Theatre and Tobacco Factory Theatre, Bristol.

Isny Puppet Festival, Germany.

Financial review

Puppet Place started the 2022-2023 financial year with £38,991 carry forward figure. However, it became clear that the effects of the COVID-19 pandemic and Brexit continued to have a severe impact on the company’s finances and the forecast reflected this.

The Public Engagement income stream continued to be hardest hit during the year as the Bristol Festival of Puppetry and other workshops and events were again put on hold whilst Puppet Place refocussed on supporting Resident and Associate Artists, restarting room hire and negotiating a new lease on Unit 18.

Puppet Place ended the financial year with a deficit of £9,980, with total funds and reserves carried forward to 2023-24 of £29,011.

Reserves policy

The last three financial years have demonstrated what a vulnerable position the organisation was in and without external funding, we would not have been able to fulfil our commitments.

As of year-end 2021 it was agreed by the trustees that of its unrestricted funds carried forward of £39,319, £15,000 would be designated to help cushion the organisation against future risks. We intend to continue to build the reserves with the aim of eventually covering 6 months of running costs (taken to be approximately £24,550, being 50% of total costs in the current year).

Puppet Place Reserves currently stand at £20,000. The remaining surplus will be used for projects that deliver the charitable objectives e.g. the Bristol 48 hour Puppet Film Festival.

7

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2023

Assessment of financial status

Considering the continued impact of Covid, Brexit and the cost of living crisis, Puppet Place has come out at the end of the financial year in a reasonably strong position. However, it is imperative that the organisation raises service charges, room hire rates and associate artist annual membership subscriptions to ensure that annual operating costs are covered by annual income generated by these fees.

Trustees continue to build the resilience of the organisation as a priority, and renegotiating the building lease is a matter of utmost importance.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

8

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2023

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 9 November 2023 and signed on their behalf by

Chris Pirie, Trustee

9

Independent examiner's report

To the trustees of

Puppet Place Trust Ltd

I report to the trustees on my examination of the accounts of Puppet Place Trust Ltd (the charitable company) for the year ended 31 March 2023, which are set out on pages 11 to 22.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 accounts to be reached.

William Guy Blake

Date:9 November 2023 William Guy Blake ACA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

10

Puppet Place Trust Ltd

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2023

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Total income
Expenditure on:
Charitable activities
Total expenditure
6
Net expenditure and net movement in funds
7
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2023
Total
£
339
33,719
5,061
39,119
49,099
49,099
(9,980)
38,991
29,011		 2022
Total
£
303
34,335
4,480
39,118
43,111
43,111
(3,993)
42,984
38,991

All of the above results are derived from continuing activities. There were no recognised gains or losses. Movements in funds are disclosed in note 16 to the accounts. All income and expenditure in the current and prior year was unrestricted.

11

Puppet Place Trust Ltd

Balance sheet

As at 31 March 2023

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
13
Net current assets
Net assets
15
Funds
16
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
246
31,055
31,301
(2,440)		 2023
£
150
28,861
29,011
20,000
9,011
29,011		 2022
£
300
1,481
40,730
42,211
(3,520)
38,691
38,991
17,500
21,491
38,991

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 9 November 2023 and signed on their behalf by

Chris Pirie, Trustee

12

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Puppet Place Trust Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There is an operational risk to the charity regarding security of leased premises, however the trustees do not consider that this affects the going concern status of the charity.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of provision of a rental period is deferred until criteria for income recognition are met.

d) Donated services and facilities

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 the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

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.

e) Interest receivable

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 or payable by the bank.

13

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

f) Funds accounting

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to expenditure on charitable activities.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Plant and machinery

4 years

Items of equipment are capitalised where the purchase price exceeds £500.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

14

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

m) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note i) above.

2. Income from donations and legacies

Income from donations and legacies
Membership subscriptions as donations
Donation income
Total income from donations and legacies		 2023
Total
£
80
259
339		 2022
Total
£
160
143
303

All income from donations and legacies was unrestricted in the current year and the prior year.

15

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

3. Income from charitable activities

Resident service charge
Room/bay hire
Public engagement income
Total income from other charitable activities		 2023
2022
Total
Total
£
£
28,047
28,172
5,208
6,163
464
-
33,719
34,335

All income from charitable activities was unrestricted in the current year and the prior year.

4. Income from other trading activities

Other rental income
Other income
Total income from other trading activities		 2023
Total
£
4,480
581
5,061		 2022
Total
£
4,480
-
4,480

All income from other trading activities was unrestricted in the current year and the prior year.

5. Government grants

The charity did not receive any governent grants in the current year (2022: nil).

16

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

6. Total expenditure

£
Premises expenses
20,066
Legal and professional fees
-
Admin overheads
7,186
Donations
1,937
451
Accountancy
-
Depreciation
-
Bank charges
-
Sub-total
29,640
Allocation of support and governance costs
19,459
Total expenditure
49,099
Total governance costs were £1,320 (2022: £1,200).
Prior period comparative
£
Premises expenses
16,564
Professional fees
-
Admin overheads
6,578
Donations
3,080
1,584
Accountancy
-
Depreciation
-
Bank charges
-
Sub-total
27,806
Allocation of support and governance costs
15,305
Total expenditure
43,111
Marketing and advertising of charitable
services
Marketing and advertising of charitable
services
Charitable
activities
Charitable
activities		 £
-
17,953
-
-
-
1,320
150
36
19,459
(19,459)
-
£
-
13,948
-
-
-
1,200
150
7
15,305
(15,305)
-
Support and
governance
costs
Support and
governance
costs		 2023 Total
£
20,066
17,953
7,186
1,937
451
1,320
150
36
49,099
-
49,099
2022 Total
£
16,564
13,948
6,578
3,080
-
1,584
1,200
150
7
43,111
-
43,111

17

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

7. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration (see note 18)
Trustees' reimbursed expenses
Independent examiner's remuneration:
Independent examination (including VAT)		 2023
£
150
10,000
150
674
1,320		 2022
£
150
9,250
1,500
Nil
1,200

Trustees' reimbursed expenses represents the reimbursement of repairs and mainentance costs. In the current period, the number of trustees who received reimbursed expenses was one (2022: nil).

8. Staff costs and numbers

No staff were employed by the charity in the current or prior year.

9. Conduit funding

Balance at start of year
Funding received during year
Funding distributed during year
Balance at end of year		 2023
£
-
63
(63)
-		 2022
£
-
1,137
(1,137)
-

Conduit funds are monies received for third parties and do not belong to the charity. The charity passes them through the accounts under a unique project code as a service to other charities to help their charitable purposes, but does not claim gift aid nor has control over their use. The receipts and payments referred to above have been excluded from the Statement of Financial Activities. No amounts were held at the end of the year. Conduit funding in the year related to the Bristol 48-Hour Puppet Film Challenge as referenced in the trustees' report.

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

18

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

11. Tangible fixed assets

Cost
At 1 April 2022 & 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
12. Debtors
Trade debtors
13. Creditors : amounts due within 1 year
Trade creditors
Accruals
Deferred income		 £
1,239
939
150
1,089
150
300
2023
£
246
2023
£
-
1,320
1,120
2,440
Plant and
machinery		 Total
£
1,239
939
150
1,089
150
300
2022
£
1,481
2022
£
1,200
1,200
1,120
3,520

19

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

14. Deferred income

Deferred income
At 1 April 2022
Deferred during the year
Released during the year
At 31 March 2023
Deferred income relates to rental income received in advance.		 2023
£
1,120
1,120
(1,120)
1,120		 2022
£
1,120
1,120
(1,120)
1,120

15. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2023
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2022		 £
-
20,000
-
20,000
£
-
17,500
-
17,500
Designated
funds
Designated
funds		 £
150
11,301
(2,440)
9,011
£
300
24,711
(3,520)
21,491
General
funds
General
funds		 £
150
31,301
(2,440)
Total
funds
29,011
£
300
42,211
(3,520)
Total
funds
38,991

20

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

16. Movements in funds

Income
£
£
£
£
Designated contingency fund
17,500
-
-
2,500
General funds
21,491
39,119
(49,099)
(2,500)
Total funds
38,991
39,119
(49,099)
-
Purposes of designated funds
Contingency fund
To help cushion the organisation against future risks.
Prior period comparative
Income
£
£
£
£
Restricted funds
Festival fund
3,665
-
-
(3,665)
Total restricted funds
3,665
-
-
(3,665)
Designated contingency fund
15,000
-
-
2,500
General funds
24,319
39,118
(43,111)
1,165
Total unrestricted funds
39,319
39,118
(43,111)
3,665
Total funds
42,984
39,118
(43,111)
-
At 1 April
2022
Transfers
between
funds
Expenditure
Expenditure
Unrestricted funds
Unrestricted funds
At 1 April
2021
Transfers
between
funds		 £
20,000
9,011
At 31 March
2023
29,011
£
-
At 31 March
2022
-
17,500
21,491
38,991
38,991

17. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2023
2022
£
£
5,000
10,000
-
5,000
5,000
15,000

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Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2023

18. Related party transactions

The charity paid C Rock, a trustee, £150 (2022: nil) in return for social media services during the year (2022: Trustee E Windsor was paid £1,500 for these services). The charity also paid C Rock a donation of £2,000 (2022: £3,080) towards a 48hr Puppet Challenge charitable event run by resident artists. C Rock also paid the charity a total of £2,493 (2022: £2,210) for an artist residency and ad hoc room rentals during the year. All transactions were carried out at arms length.

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