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2024-03-31-accounts

Company no. 02853493 Charity no. 1048591

Puppet Place Trust Ltd Report and Unaudited Financial Statements

31 March 2024

Puppet Place Trust Ltd

Reference and administrative details

For theyear ended 31 March 2024
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:
Catherine Rock
Chris Pirie
Isabella Whately (appointed 01 April 2023)
Joanne Kelly
Noreen Masud (appointed 01 April 2023)
Rhys Williamson (appointed 01 April 2023)
Cath Greig (resigned 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 2024

The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2024.

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 15/9/1993.

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.

Trustees: The Trustees remained the same this year, no resignations or new appointments.

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:

This takes the form of:

2

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2024

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.

Major risks and management of those risks

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

Organisational Resilience - Financial Stability - Health & Safety

Currently the biggest threat to the Charity's 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 as the previous seven-year lease ended on 18 September 2023.

Landlord, Bristol City Council (BCC) via its agent, Stuart Powlesland of Avison Young, stated that the annual rent should be increased from £10,000 to £33,700. Puppet Place responded that this wasn't affordable for the charity so a new lease hasn't been agreed whilst negotiations ensue.

BCC has been focussed on local elections and the transition from mayoral to full council systems and also with the general election so there hasn't been much movement from them with regards to the negotiations to date.

Puppet Place is currently occupying Unit 18 on a Tenancy At Will basis with the annual rent remaining at £10,000, but this is a precarious situation for the charity and its resident artists.

Another issue is that the Joinery Workshop, which makes up a large part of the building, has been empty since the lease expired when the rent paying sitting tenant (subletter) moved out. Puppet Place is unable to rent the workshop out on a new sublet agreement until the new lease has been signed. It is also unable to allow existing Residents or Associate Artists to hire the workshop in the meantime as it is not fit for purpose due to a lack of a Fire Exit and issues with the electrics. This means Puppet Place annual income is down by a minimum of £4,480 per annum, which was the rent paid by the previous sitting tenant (subletter).

While negotiations continue, Puppet Place has been expanding its networks and lobbying city council officers, influencers and stakeholders to highlight the importance of having Puppet Place and other creative organisations in the harbourside for the city’s cultural development.

This has involved hosting individuals and groups to tour the building to find out more about Puppet Place Trust Ltd and the work of the resident artists and companies based in the building, as follows:

3

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2024

Puppet Place has also fully participated in the regular Harbourside Forum Meetings; with resident and trustee Chris Pirie presenting Puppet Place's vision for being at the centre of a cultural/creative hub within the Albion Docks area.

This has resulted in securing Ian Wilkinson, partner and international sector leader for The Built Environment at Osborne Clarke, alongside holding the position of chair for Bristol Harbourside Forum as well as being a board member of charities the Underfall Yard Trust and St Stephens Ecclesiastical, as another valuable ally.

Puppet Place has also harnessed the support of other local cultural institutions including Underfall Yard, Spike Island, Bristol Old Vic, Tobacco Factory and Aardman Animations.

However, the new lease negotiations are still 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.

Financial stability

Trustees agreed to a small increase in Residents' Monthly Service Charges, Room Hire Rates and Associate Artist Annual Membership from 1 January 2024 to ensure that the charity was able to keep up with rising costs across the board from inflation.

Organisational development

Puppet Place joined the National Council for Voluntary Organisations (NCVO) in June 2023 and five of the Trustees attended NCVO's online Charity trustee induction and refresher training.

Puppet Place also renewed its annual membership of PuppeteersUK, the networking organisation for puppetry in the United Kingdom, which was formed in 1999 by the coming together of national membership organisations, national centres, regional groups, companies and individual performers with the objective of delivering a united voice and an effective lobby for the improved recognition of puppetry.

Achievements and performance

Safety, health and wellbeing

In-house Emergency First Aid At Work training was provided, and delivered by Acorn Health & Safety Ltd, to six resident artists in April 2023 with certifications valid until April 2026.

Bristol Fire attended twice during the year for regularly six monthly fire alarm tests and to check dates on fire extinguishers and blankets, etc.

Nautilus Electrics were appointed to carry out some essential works refitting and replacing old strip lights with newer more economic and practical LED lights, as well as fitting emergency lighting.

Emergency contact details for all Residents were updated.

4

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2024

Public engagement and networking

Puppet Place continued to maintain engagement with the wider community via its Associate Artist Annual Membership Subscription, with over 30 Associate Artists signed up and paying a small annual fee to benefit from discounted room hire, support and access to a private Peer-Support Facebook Group and opportunities to network with Residents and other Associate Artists.

Alongside which, Puppet Place also promotes local, regional and national puppetry events; distributes organisational and sector news; highlights professional development and employment opportunities and flags UK funding and financial aid information for artists in the sector via its Social Media Channels and regular emails to Associate and Resident Artists.

Puppet Place also hosted a number of successful events during the year, including:

Bristol 48-Hour Puppet Film Challenge 2023

The Bristol 48-Hour Puppet Film Challenge became a regular Puppet Place production in 2023. A new website was created that is now linked directly from the Puppet Place website to emphasise the connection.

In 2023 the Film Challenge took place over the weekend of the 15-17 September, and there were a total of 76 submissions made by the 147 participants, with 7 films in the 16-21 category, 7 in the under 15s and 19 for Best of Bristol.

There were 1,477 Audience Choice votes, 751 people viewed the Online Finale Screening, whilst 95 people attended the Live Screening at the Cube Microplex. Plus there have been a total of 2,059 online festival screening views.

Other highlights include a feature on BBC Radio Bristol and the launch of a new inclusive Puppetry Alliance category (TIPA) in partnership with the Broken Puppet Theatre Company to improve outreach and access.

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 of which include Residents:

5

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2024

Residents' highlights

Chris Pirie/Green Ginger:

Cat Rock/House of Funny Noises:

Matt Gibbs:

Dik Downey/Opposable Thumb :

Saskia Tomlinson:

Helena Houghton:

Izzy Bristow:

Vicky Andrews/Pickled Image:

Ben Mars/The Black Laboratory:

6

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2024

Florence Scott:

Katy Hoste:

Financial review

Puppet Place started the 2023-24 financial year with a £29,011 carry forward figure. However, it became obvious during the year that the lease negotiations were not going to progress quickly and that the charity's expenditure was likely to be more than its income partly due to inflation, but also due to the £4,480 missing annual rental income from the now empty Joinery Workshop.

It was unanimously agreed during the 27 November 2023 Board Meeting that the charity would increase Residents' Monthly Service Charges, Associate Artists' Annual Subscription Fees and Rehearsal Studio and Fabrication Bay Hire Fees by around 15% as from 1 January 2024 to help cover the shortfall.

Puppet Place ended the financial year with an overspend of £14,924, with total funds including reserves carried forward to 2024-25 of £14,087.

Reserves policy

£14,087 is currently held within general funds. Previous hopes to ring fence this and to continue to build the reserves with the aim of eventually covering 6 months of running costs has proven to be impossible largely due to the ongoing lease negotiations and the hole in Puppet Place's income as detailed above. Trustees have agreed to ring fence a new more realistic reserves level of £8,000 moving forward into 2024-25, in order for the charity to wind-down in an orderly fashion should that be required in the future.

Assessment of financial status

Puppet Place's annual operating costs continue to be more than its annual income. However, the financial benefits gained from the increases in Monthly Service Charges, Room Hire Rates and Associate Artist Annual Membership Subscriptions in January 2024 has yet to fully impact a full financial year so it is hoped that these, together with Residents fundraising events in 2024-25 will help to see the annual deficit be reduced or even eliminated.

Additional income generated in 2024-25 from:

Other actions taken to reduce expenditure/save costs in 2024-25 include:

7

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2024

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' Annual 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.

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 5 November 2024 and signed on their behalf by

Chris Pirie - Trustee

8

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 2024, which are set out on pages 10 to 19.

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: 6 November 2024 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

9

Puppet Place Trust Ltd

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

For the year ended 31 March 2024

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		 2024
Total
£
1,132
37,752
2,867
41,751
56,675
56,675
(14,924)
29,011
14,087		 2023
Total
£
339
33,719
5,061
39,119
49,099
49,099
(9,980)
38,991
29,011

All of the above results are derived from continuing activities. There were no recognised gains or losses. Movements in funds are disclosed in note 15 to the accounts. All income and expenditure in the current and prior year was unrestricted.

10

Puppet Place Trust Ltd

Balance sheet

As at 31 March 2024

2024 2023
Note £ £ £
Fixed assets
Tangible assets 10 - 150
Current assets
Debtors 11 1,240 246
Cash at bank and in hand 14,347 31,055
15,587 31,301
Liabilities
Creditors: amounts falling due within 1 year 12 (1,500) (2,440)
Net current assets 14,087 28,861
Net assets 14 14,087 29,011
Funds 15
Unrestricted funds
Designated funds - 20,000
General funds 14,087 9,011
Total charity funds 14,087 29,011

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, 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 5 November 2024 and signed on their behalf by

Chris Pirie - Trustee

11

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies

a) Basis of preparation

Puppet Place Trust Ltd is a charitable company registered in England and Wales. The registered office address is Unit 18 Albion Dockside Estate, Hanover Place, Bristol, BS1 6UT.

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.

12

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2024

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.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. There were no restricted funds in the current year.

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.

13

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2024

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		 2024
Total
£
815
317
1,132		 2023
Total
£
80
259
339

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

14

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2024

3. Income from charitable activities

Income from charitable activities
Resident service charge
Room/bay hire
Public engagement income
Total income from other charitable activities		 2024
Total
£
29,379
6,777
1,596
37,752		 2023
Total
£
28,047
5,208
464
33,719

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		 2024
Total
£
2,616
251
2,867		 2023
Total
£
4,480
581
5,061

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 government grants in the current year (2023: nil).

15

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2024

6. Total expenditure

£
Premises expenses
21,906
Professional fees
-
Admin overheads
7,371
1,126
Freelancers
3,615
IE fees
-
Dep'n
-
Bank charges
-
Sub-total
34,018
Allocation of support and governance costs
22,657
Total expenditure
56,675
Total governance costs were £1,513 (2023: £1,320).
Prior period comparative
£
Premises expenses
20,066
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
Marketing and advertising of charitable
services
Charitable
activities
Charitable
activities
Marketing and advertising of
charitable services		 £
-
20,957
-
-
-
1,513
150
37
22,657
(22,657)
-
£
-
17,953
-
-
-
1,320
150
36
19,459
(19,459)
-
Support and
governance
costs
Support and
governance
costs		 2024 Total
£
21,906
20,957
7,371
1,126
3,615
1,513
150
37
56,675
-
56,675
2023 Total
£
20,066
17,953
7,186
1,937
451
1,320
150
36
49,099
-
49,099

16

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2024

7. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration (see note 17)
Trustees' reimbursed expenses
Independent examiner's remuneration:
Independent examination (including VAT)		 2024
£
150
5,000
1,800
-
1,500		 2023
£
150
10,000
150
674
1,320

Trustees' reimbursed expenses represents the reimbursement of repairs and maintenance costs. In the current period, the number of trustees who received reimbursed expenses was nil (2023: one).

8. Staff costs and numbers

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

9. Taxation

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

10. Tangible fixed assets

Cost
At 1 April 2023 & 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
Debtors
Trade debtors		 £
1,239
1,089
150
1,239
-
150
2024
£
1,240
Plant and
machinery		 Total
£
1,239
1,089
150
1,239
-
150
2023
£
246

11. Debtors

17

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2024

12. Creditors : amounts due within 1 year

Accruals
Deferred income
13. Deferred income
At 1 April 2023
Deferred during the year
Released during the year
At 31 March 2024
Deferred income relates to rental income received in advance.
14. Analysis of net assets between funds
£
Tangible fixed assets
-
Current assets
-
Current liabilities
-
Net assets at 31 March 2024
-
Prior period comparative
£
Tangible fixed assets
-
Current assets
20,000
Current liabilities
-
Net assets at 31 March 2023
20,000
Designated
funds
Designated
funds		 2024
£
1,500
-
1,500
2024
£
1,120
-
(1,120)
-
£
-
15,587
(1,500)
14,087
£
150
11,301
(2,440)
9,011
General
funds
General
funds		 2023
£
1,320
1,120
2,440
2023
£
1,120
1,120
(1,120)
1,120
£
-
15,587
(1,500)
Total
funds
14,087
£
150
31,301
(2,440)
Total
funds
29,011

18

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2024

15. Movements in funds

Income
£
£
Designated contingency fund
20,000
-
General funds
9,011
41,751
Total funds
29,011
41,751
Purposes of designated funds
Contingency fund
At 1 April
2023
Unrestricted funds
To help cushion the organis		 £
£
£
-
(20,000)
-
(56,675)
20,000
14,087
(56,675)
-
14,087
Transfers
between
funds
At 31 March
2024
Expenditure
ation against future risks. This has been		 £
-
14,087
At 31 March
2024
14,087

To help cushion the organisation against future risks. This has been transferred to general funds this year.

Prior period comparative
Designated contingency fund
General funds
Total funds
Unrestricted funds		 £
17,500
21,491
38,991
At 1 April
2022		 Income
£
-
39,119
39,119		 £
-
(49,099)
(49,099)
Expenditure		 £
2,500
(2,500)
-
Transfers
between
funds		 £
20,000
9,011
At 31 March
2023
29,011

16. 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		 2024
£
-
-
-		 2023
£
5,000
-
5,000

17. Related party transactions

The charity paid Cat Rock, a trustee, a total of £1,800 this financial year (2023: 150) in return for social media services during the year. The charity also paid Cat Rock a donation of £985 (2023: £2,000) for her organisation of a 48hr Puppet Challenge charitable event. Cat Rock also paid the charity a total of £2,453 (2023: £2,493) for an artist residency and ad hoc room rentals during the year. All transactions were carried out at arms length.

19