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← Puppet Place Trust Ltd

2025-03-31-accounts

Company no. 02853493 Charity no. 1048591

Puppet Place Trust Ltd Report and Unaudited Financial Statements

31 March 2025

Puppet Place Trust Ltd

Reference and administrative details

For theyear ended 31 March 2025
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:
Andrew Webb (appointed 11 August 2025)
Caraid Ann Astles (appointed 11 August 2025)
Catherine Rock
Chris Pirie
Ian Royce Wilkinson (appointed 27 March 2025)
Isabella Whately
Joanne Kelly
Laura Burr (appointed 18 November 2025)
Noreen Masud
Rhys Williamson
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 2025

The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2025.

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).

Puppet Place Trust Limited will be referred to as either Puppet Place or PPTL in this report.

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.

Trustees: The Trustees made one new appointment this year, Ian Royce Wilkinson, appointed on 27 March 2025.

Objectives and activities

Purpose of the charity

PPTL’s (Puppet Place Trust Ltd) 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:

2

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2025

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.

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. PPTL responded that this wasn't affordable for the charity so a new lease hasn't been agreed whilst negotiations ensue.

PPTL 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.

Negotiations with the landlord are ongoing.

In December 2024 PPTL was awarded a grant of £8k for development funding from the Arts Council England.

Since this funding was awarded PPTL has created a Project Steering Group - so far comprising David Sproxton (Aardman co-founder), George Ferguson CBE, Kate Ward (Director, Spike Island), Edson Burton (writer & historian), Jamie Beddard (Co-Artistic Director of Diverse City and is also part of the Creative Team behind Extraordinary Bodies), along with Resident Artists Matt Gibbs and Izzy Bristow and chaired by Resident Artist and Trustee, Chris Pirie.

3

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2025

This group will continue to be developed with additional stakeholders and partners joining in the future, and it sits alongside our PP Futures Group, which is made up of Resident Artists, Associate Artists, and Puppet Place Trustees.

The Arts Council England Development Funded Project is ongoing, with the £8k of funding awarded being used to:

Develop an Initial Spatial Use/Proximity Study (bubble map) , which was created by PPTL Trustees with specialist knowledge and experience of the building, and Puppet Place’s future requirements of it: Jo Kelly, architect with specialist knowledge of refurbishment and refitting of old buildings and Chris Pirie, long term Resident Artist and Trustee.

This ‘bubble map’ was used as the basis of the brief for a team at Alec French Architects to produce a RIBA 1 Feasibility Study , which includes a site analysis and modelling.

Alongside this solicitors, Fulkers Bailey Russell, who specialise in property and construction compliance, worked up Initial Project Costings , and PPTL’s Trustees who are working on the project put together the Feasibility Study, Project Proposal and an Outline Business Case .

This means that PPTL now has architectural plans for how the building it currently inhabits and the building that it adjoins could be developed to meet its aims, with outline costs.

These documents are being presented to key officers at Bristol City Council and other stakeholders and partners. In the meantime PPTL are also working with the Property Team at Bristol City Council on a Memorandum of Understanding/Heads of Terms which will take the place of a new lease whilst negotiations continue.

Whilst lease negotiations continue, PPTL has continued 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 included Trustee & Resident Artist, Chris Pirie, meeting with:

PPTL also fully participated in the regular Harbourside Forum Meetings; with Resident Artist 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 resulted in securing Ian Wilkinson, who is partner and international sector leader for the built environment at Osborne Clarke, as well as the chair for Bristol Harbourside Forum and a board member of Underfall Yard Trust, as a new PPTL Trustee in March 2025.

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.

4

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2025

Another issue has been the continued reduction of income from the loss of the sitting tenant in the Joinery Shop, which makes up a large part of the building, and has been empty since the lease expired when the rent paying sitting tenant (subletter) moved out in September 2023.

PPTL Trustees felt unable to rent the Joinery Shop out on a new sublet agreement until a new lease had been signed and until various issues with fire safety and electrics were rectified. This meant a £5k a year hole in the charity’s finances through loss of income from this space.

However, progress has now been made with several Resident Artists organising two Scratch Cabaret Fundraisers, in April and November 2024, that raised over £4,600 for the charity. Whilst another Resident Artist organised two Art & Craft Markets, one in August and another in November 2024, that raised another £1,500.

This money helped fill the financial gap created by the reduction of income from the Joinery Shop and also allowed PPTL to invest in a new Fire Door and general upgrading of the electrics in the Joinery Shop, consequently it is now available to hire out to Resident and Associate Artists generating much needed additional income from this once unusable space.

Financial stability

Trustees agreed to a small increase in Residents' Monthly Service Charges, Room Hire Rates and Associate Artist Annual Membership from 1 January 2025 to ensure that the charity was able to keep apace with rising costs across the board from inflation.

Organisational development

Puppet Place 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.

It is also now a member of the British Puppet Guild, which promotes all aspects of the art of Puppetry & Model Theatre, supporting the Puppet and Model Theatre community and retaining important heritage.

Achievements and performance

Safety, health and wellbeing

More established Resident Artists organised and delivered Building & Fire Safety Induction Refreshers for both newer residents and for old hands to ensure everyone is up-to-date.

PPTL’s Health & Safety Policy and Fire Safety Guidelines were updated. PAT Testing was organised and everything with a plug in the building was tested and repaired or thrown out as necessary.

All Resident Artists were required to provide proof of their Public Liability Insurance, produce their own Risk Assessments for their personal workspaces and read and sign off on the new H&S Policy and Fire Safety Guidelines.

Bristol Fire attended twice during the year for regularly six monthly fire alarm tests and to check dates on fire extinguishers and blankets, etc. Resident Artists also carry out and log weekly Fire Alarm tests.

5

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2025

Nautilus Electrics continued to carry out essential works refitting and replacing old strip lights with newer more economic and practical LED lights and updating the old consumer unit.

Resident Artists also self-organised two clear-up and deep-clean sessions to ensure that all communal areas were safe and tidy. New Health & Safety stickers were purchased and put on COSHH Cabinets, Fire Lanes were refreshed and marked out and Room Hire documentation and Residents' Handbook were updated to ensure that all building-users were aware of keeping Fire Lanes clear and where to assemble in an emergency.

Emergency contact details for all Resident Artists were updated and stored securely on the Google Workplace Drive with all relevant permissions given.

Public engagement and networking

Puppet Place continued to maintain engagement with the wider community via its Associate Artist Annual Membership Subscription, with over 50 Associate Artists signed up and paying a small annual fee of £25 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 promoted local, regional and national puppetry events; distributed organisational and sector news; highlighted professional development and employment opportunities and flagged 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, with Resident Artists giving individual and group tours of the building to find out more about the charity and the work of the artists and companies based in the building, as follows:

Bristol 48-Hour Puppet Film Challenge 2024

The Bristol 48-Hour Puppet Film Challenge has become an annual Puppet Place Production, which increases the charity's exposure and reach and helps to promote new talent.

In 2024 the Film Challenge took place over the weekend of 13-16 September, and there were a total of 65 film submissions from 147 participants, from nine countries, including UK, USA, India, Canada, New Zealand, Mexico, Iran and Australia. Along with:

6

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2025

The challenge was sponsored by the British Puppet Guild and Osborne Clark, and was supported by We the Curious, Puppet Things, Wardrobe Theatre and Broken Puppet Theatre Company.

Other highlights included the development of the inclusive Puppetry Alliance category (TIPA) in partnership with the Broken Puppet Theatre Company to improve outreach and access for people with disabilities and sponsorship.

60 Second Film Challenge - January 2025

31 60-second films were submitted, with 4,045 people viewing the overall winner’s film on Instagram. Alongside 87,000 views of all the films that were entered.

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 below:

Saskia Tomlinson:

Saskia worked with over 1,000 young people as part of the Haringey Schools Music Festival, running puppet making workshops, which culminated in a performance that took place in the Royal Albert Hall on 18 March 2025.

Helena Houghton:

Izzy Bristow:

Izzy provided puppetry for the following:

7

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2025

Pickled Image (Vicky Andrews):

Cat Rock:

Commissioned to make two Magpie puppets for Nottingham City Arts. They were performed at Nottingham Puppetry Festival - audience numbers - 16,000.

Plus Magpie Workshops:

Jonathan Eve:

"Stunned by Silence” short film about the curlew:

8

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2025

Florence Scott & Alastair Flemming:

Green Ginger:

Ongoing teaching at:

RATLab hit the road for a second successful tour, reaching 4,000 primary schoolchildren (Key Stage 2) in areas of socio-economic deprivation across Swindon and Bristol. The show was also recognised in University of Bath's VC Impact in Public Engagement Awards.

Created a three minute bespoke performance with six performers, featuring string marionettes for a private event, produced by Cirque Bijou and Starlight Design.

UpFront Survivors: Puppetry Workshop for survivors of Child Sex Abuse.

Chris Pirie for Puppet Place Trust Ltd:

Financial review

Puppet Place started the 2024-25 financial year with a carry forward figure of £14,087 (reserves).

Reserves policy

The Board of Trustees has agreed an overall Reserves policy encompassing restricted funds and unrestricted funds.

Unrestricted funds are further divided into designated funds, reserves and general funds.

Restricted funds represent those monies given to the charity for a particular purpose and were not available for the general purpose of the charity.

Designated funds represent those funds set aside for major projects which do not form part of the day-to-day activities of the charity.

9

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2025

The Board of Trustees has agreed a Reserves policy whereby free reserves of £14,000, representing 3 months of anticipated operating costs must be held. Free reserves are those net assets held in the form of cash or investments after taking account of any restricted or designated funds. The Board believes that in the unlikely event of a winding up of the charity the equivalent of 3 months of operating costs would be sufficient to allow the charity to meet its obligations to its members, freelance staff and other creditors.

The level of reserves required is reviewed annually by the Board of Trustees and informs the fee setting process and preparation of the annual budget. The required and forecast levels of reserves are submitted to the Board for approval by the Finance & Operations Manager with the advice of Trustees with finance and accounts experience.

The total charity reserves at 31 March 2025 were £20,584, made up of unrestricted funds of £15,272 and restricted funds of £5,312. The total free reserves at 31 March 2025 were £15,272 related to unrestricted funds and were available for the general purpose of the charity.

Assessment of financial status

Puppet Place Trust Ltd has much improved its financial situation from a £14,924 loss in 2023-2024 to a small surplus of £6,497 in 31 March 2025 year end. It is hoped that future profits will be maintained or see a slight increase in 2025-26 through careful financial management and additional income generating activity as detailed below:

Additional Income Generation 2024-25, and beyond:

Turning part of the Joinery Shop into the Marker’s Workshop will generate an additional income of £7.2k in a full year. For 2025-26 it will be £5.4k. This monthly additional income commenced on 1 July 2025 so 2025-26 will be the first year that this additional income will have an impact on PPTL’s income. Plus additional income is now also being generated by hiring the other part of the Joinery Shop to Resident & Associate Artists for rehearsals and fabrication, and also fundraisers and other events.

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:

10

Puppet Place Trust Ltd

Report of the trustees

For the year ended 31 March 2025

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 17 December 2025 and signed on their behalf by

Chris Pirie - Trustee

11

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 2025, which are set out on pages 13 to 24.

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.

Jennifer Dickinson

17 December 2025 Jennifer Dickinson ACA Member of the ICAEW Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

12

Puppet Place Trust Ltd

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

For the year ended 31 March 2025

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Total income
Expenditure on:
Raising Funds
Charitable activities
Total expenditure
7
8
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income/ (expenditure)
and net movement in funds		 Restricted Unrestricted
£
£
-
1,967
7,200
53,105
-
-
7,200
55,072
-
2,296
1,888
51,591
1,888
53,887
5,312
1,185
-
14,087
5,312
15,272		 2025
Total
£
1,967
60,305
-
62,272
2,296
53,479
55,775
6,497
14,087
20,584		 2024
Total
£
1,132
37,752
2,867
41,751
-
56,675
56,675
(14,924)
29,011
14,087

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 prior year was unrestricted.

13

Puppet Place Trust Ltd

Balance sheet

As at 31 March 2025

As at 31 March 2025
2025 2024
Note £ £ £
Fixed assets
Tangible assets 11 - -
Current assets
Debtors 12 444 1,240
Cash at bank and in hand 21,790 14,347
22,234 15,587
Liabilities
Creditors: amounts falling due within 1 year 13 (1,650) (1,500)
Net current assets 20,584 14,087
Net assets 15 20,584 14,087
Funds 16
Restricted funds 5,312 -
Unrestricted funds
General funds 15,272 14,087
Total charity funds 20,584 14,087

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 17 December 2025 and signed on their behalf by

Chris Pirie - Trustee

14

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies

a) Basis of preparation and general information

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.

15

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

e) Interest receivable

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 between cost of raising funds and expenditure on charitable activities based on the proportion of time and cost occupied by each activity as follows:

2025 2024
Raising funds 4% 0%
Charitable activities 96% 100%

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.

16

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued) 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.

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.

17

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Charitable activities
Other trading activities
Total income
Expenditure on:
Charitable activities
Total expenditure
Net expenditure and movement in funds		 2024
Total
£
1,132
37,752
2,867
41,751
56,675
56,675
(14,924)

All income and expenditure in the prior period was unrestricted.

3. Income from donations and legacies

Membership subscriptions as donations
Donation income
Total income from donations and legacies		 2025
Total
£
1,350
617
1,967		 2024
Total
£
815
317
1,132

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

4. Income from charitable activities

Resident service charge
Room/bay hire
Public engagement income
Grant Income
Total income from charitable activities		 Restricted
£
£
-
35,008
-
9,717
-
8,380
7,200
-
7,200
53,105
Unrestricted		 2025
Total
£
35,008
9,717
8,380
7,200
60,305		 2024
Total
£
29,379
6,777
1,596
-
37,752

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

18

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

5. Income from other trading activities

Income from other trading activities
Other rental income
Other income
Total income from other trading activities		 2025
Total
£
-
-
-		 2024
Total
£
2,616
251
2,867

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

6. Government grants

The charitable company receives government grants, defined as funding from Arts Council England to fund charitable activities. The total value of such grants in the period ending 2025 was £7,200 (2024: nil). There are no unfulfilled conditions or contingencies attaching to these grants in 2024/25.

19

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

7. Total expenditure

£
Premises expenses
-
Professional fees
-
Admin overheads
-
-
Freelancers
-
Accountancy
-
Bank charges
-
Bad Debt Expense
-
Fundraising Events
1,158
Sub-total
1,158
Allocation of support and governance costs
1,138
Total expenditure
2,296
Total governance costs were £1,684 (2024: £1,513).
Prior period comparative
£
Premises expenses
-
Professional fees
-
Admin overheads
-
-
Freelancers
-
Accountancy
-
Depreciation
-
Bank charges
-
Sub-total
-
Allocation of support and governance costs
-
Total expenditure
-
Marketing and advertising of charitable
services
Marketing and advertising of charitable
services
Raising
Funds
Raising
Funds		 £
22,873
-
-
92
4,009
-
-
-
-
26,974
26,505
53,479
£
21,906
-
7,371
1,126
3,615
-
-
-
34,018
22,657
56,675
Charitable
activities
Charitable
activities		 £
-
19,077
6,703
-
-
1,684
20
159
-
27,643
(27,643)
-
£
-
20,957
-
-
-
1,513
150
37
22,657
(22,657)
-
Support and
governance
costs
Support and
governance
costs		 £
22,873
19,077
6,703
92
4,009
1,684
20
159
1,158
2025
Total
55,775
-
55,775
2024
£
21,906
20,957
7,371
1,126
3,615
1,513
150
37
56,675
-
56,675

20

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

8. 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)		 2025
£
-
-
4,010
17
1,650		 2024
£
150
5,000
1,800
-
1,500

Trustees' reimbursed expenses represents the reimbursement of travel. In the current period, the number of trustees who received reimbursed expenses was one (2024: nil).

In common with other charities of our size and nature we use our examiners to assist with the preparation of the financial statements.

9. Staff costs and numbers

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

10. Taxation

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

11. Tangible fixed assets

Cost
At 1 April 2024 & 31 March 2025
Depreciation
At 1 April 2024 & 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
Debtors
Trade debtors		 £
1,239
1,239
-
-
2025
£
444
Plant and
machinery		 Total
£
1,239
1,239
-
-
2024
£
1,240

12. Debtors

21

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

13. Creditors : amounts due within 1 year

Accruals
14. Deferred income
At 1 April 2024
Deferred during the year
Released during the year
At 31 March 2025
Deferred income relates to rental income received in advance.		 2025
£
1,650
1,650
2025
£
-
-
-
-		 2024
£
1,500
1,500
2024
£
1,120
-
(1,120)
-

15. Analysis of net assets between funds

Current assets
Current liabilities
Net assets at 31 March 2025
Prior period comparative
Current assets
Current liabilities
Net assets at 31 March 2024		 £
5,312
-
5,312
£
-
-
-
Restricted
Restricted		 £
16,922
(1,650)
15,272
£
15,587
(1,500)
14,087
General
funds
General
funds		 £
22,234
(1,650)
Total
funds
20,584
£
15,587
(1,500)
Total
funds
14,087

22

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

16. Movements in funds

Movements in funds
Transfers
At 1 April between At 31 March
2024 Income Expenditure funds 2025
£ £ £ £ £
Restricted Funds
Arts Council England - 7,200 (1,888) - 5,312
Total restricted funds - 7,200 (1,888) - 5,312
Unrestricted funds
General funds 14,087 55,072 (53,887) - 15,272
Total funds 14,087 62,272 (55,775) - 20,584
Purposes of restricted fund
Arts Council England This money was awarded to PPTL for the Development of Plans &
Feasibility Study into the Development PPTL HQ at Unit 18 Albion
Dockside Estate.
Prior period comparative Transfers
At 1 April between At 31 March
2023 Income Expenditure funds 2024
£ £ £ £ £
Unrestricted funds
Designated contingency
fund 20,000 - - (20,000) -
General funds 9,011 41,751 (56,675) 20,000 14,087
Total funds 29,011 41,751 (56,675) - 14,087
Purposes of designated fund
Contingency fund To help cushion the organisation against future risks. This was
transferred to general funds in the prior year.

17. Related party transactions

The charity paid Cat Rock, a trustee, a total of £1,800 this financial year (2024: £1,800) in return for social media services during the year. The charity also paid Cat Rock a donation of £600 (2024: £985) for her organisation of a 48hr Puppet Challenge charitable event. Cat Rock also paid the charity a total of £3,038.25 (2024: £2,453) for an artist residency and ad hoc room rentals during the year. All transactions were carried out at arms length.

The charity paid Joanne Kelley, a trustee, a total of £690 this financial year (2024: £nil) for tasks carried out as part of the Arts Council England Development Funding Project (Architectural Bubble Mapping).

23

Puppet Place Trust Ltd

Notes to the financial statements

For the year ended 31 March 2025

17. Related party transactions (continued)

Rhys Williamson, a trustee paid the charity £20 (2024: £nil) for Rehearsal Studio Hire.

24