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2021-03-31-accounts

Company no. 02539087 Charity no. 1065012

Travelling Light Theatre Company Report and Unaudited Financial Statements 31 March 2021

Travelling Light Theatre Company

Reference and Administrative Details

For The Year Ended 31 March 2021

Company Number 02539087
Charity Number 1065012
Registered Office Barton Hill Settlement
43 Ducie Road
Lawrence Hill
Bristol
BS5 0AX
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:
Jennifer Blackwood (Appointed 13 July 2020)
Joanna Cross (Appointed 13 July 2020)
Polly Derbyshire
Marc Leverton (Appointed 20 October 2020)
Aimee-Louise Malcolm (Resigned 13 July 2020)
John Middleton (Chair)
Nick Murphy (Resigned 1 December 2020)
Tom Rowe
Ian Stickland (Appointed 20 October 2020)
Company Secretary Dienka Hines
Principal Staff Dienka Hines Executive Director
Heidi Vaughan Artistic Director
Bankers Co-operative Bank Charity Bank Triodos Bank
14 Broadmead Fosse House Deanery Road
Bristol 182 High Street Bristol
BS1 3HH Tonbridge BS1 5AS
TN9 1BE
Independent Examiners Godfrey Wilson Limited
Chartered Accountants & Statutory Auditors
5th Floor, Mariner House
62 Prince Street
Bristol
BS1 4QD

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Travelling Light Theatre Company

Chair’s report

For The Year Ended 31 March 2021

Chair’s Welcome

Hello and welcome to our latest trustees report.

In Travelling Light’s 36-year history, we have never known a year quite like 2020-21. I mean, what does a company that’s known for creating outstanding theatre for and with young people actually do in a year when it simply wasn’t possible to take our critically acclaimed productions into theatres and schools, or to run faceto-face sessions for the young people of our community?

The short answer rests in the fact that, at our heart, Travelling Light is a charity, a storytelling company with deep roots in our local area.

Community engagement - being relevant, connected and inclusive - has always been really important to us, this past year perhaps more than ever. It’s the side of our work that can sometimes go unnoticed, but I am immensely proud that Travelling Light found so many ways during lockdown to continue to positively impact young people’s lives.

To give just a few examples: we maintained a strong connection with our Youth Theatre, Louder than Words and ActionSpeak groups through the creative use of Zoom and video making; we made and distributed storypacked Activity Boxes within our community; and we converted our acclaimed production Igloo into a story book that became a Christmas gift for nearly 2,000 local children. For more detail, please have a good read of this report.

It’s a fact that we would not have been anything like as effective without the dedication, inventiveness and commitment of the Travelling Light team, which has sustained the organisation through this most challenging of times.

Travelling Light also remains grateful to our principal funder, Arts Council England, for the continuing support we receive as a National Portfolio Organisation (NPO) as well as the contribution from Bristol City Council’s Cultural Investment Programme. Additionally, we recognise and appreciate the ongoing generosity of all supporters, funders and donors, whose continuing belief in Travelling Light has supported us to reach children and young people during this difficult time.

As to the future, you’ll see in this report that there is plenty in the pipeline for 2021-22. For example, our digital story 17 and the Squeak Gobbler is being shared with schools before reaching a wider audience, and our brand new show Vixen will be reaching schools in live and digital versions.

When you have read this report, I hope you’ll agree that, with all that we have achieved over the last year, and seeing what is still to come, Travelling Light can reasonably expect to be a significant and relevant presence in our local community and in the wider theatre world for many years to come.

John Middleton, Chair of Trustees

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Travelling Light Theatre Company

Report of the trustees

For The Year Ended 31 March 2021

The trustees present their report and the financial statements for the year ended 31 March 2021.

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 (issued January 2019).

Objectives and activities

The objectives of the charity as set out in its governing document are to advance education for the public benefit by the promotion of the arts, in particular the art of drama.

Travelling Light’s mission is to create outstanding theatre for and with young people that inspires their thinking, engages their emotions and fires their imaginations. Our work is underpinned by the belief that all children and young people are entitled to creativity, imagination and the moments of shared joy brought about by experiencing great stories.

Our business plan is based around three strategic goals:

Goal One CREATE: To create excellent, ground-breaking and inspirational theatre.

Goal Two ENGAGE: To engage young people’s creativity and imagination and nurture the next generation of artists and leaders.

Goal Three DEVELOP: To develop a resilient and sustainable organisation to deliver our charitable aims.

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity’ (PB2). The company’s core activities have changed significantly in 2020-21 due to the COVID-19 pandemic, however the programme has continued to ensure public benefit and to achieve our mission and objectives.

Summary of activities and achievements 2020-21

2020-21 has been an extraordinary time for many arts organisations and charities, and for Travelling Light this has been no exception. The Coronavirus pandemic radically changed our programme of activity, and we have focussed on continuing to deliver our mission, remaining relevant, responsive and supporting those who were impacted most.

Travelling Light is a storytelling company, we tell stories through theatre which capture imaginations of children, young people and their families, and this has remained at the heart of our work during the year. We have worked throughout the COVID-19 pandemic to find new ways to make and share theatre and to provide opportunities for children and families to create, imagine and enjoy stories. Whether this is through moving our workshops online, translating the scenes of a show on to the pages of a book, or artists creating work with families through socially distanced walks. We have continued to adapt our programme; supporting community recovery and wellbeing and innovating artistically in order to reach audiences in new ways.

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Travelling Light Theatre Company

Report of the trustees

For The Year Ended 31 March 2021

Community engagement

Travelling Light is based in Barton Hill, an area with high levels of income deprivation where many families live in high-rise flats. The impact of lockdown and school closures was felt by children and families in our locality, with many living in households with few digital resources and little space to play.

High levels of fear impacted the community, with high COVID-19 rates due to a number of risk factors such as multi-generational households and an ethnically diverse population. Grassroots community organisations rapidly responded to need and we connected with 17 community partners to support the COVID-19 response in Barton Hill and more widely in Bristol. With digital deprivation creating issues with home learning for so many families, we knew that online activities were not enough. We therefore created resources to engage children and families in their own homes, reaching over 4,000 children and carers.

Creative Activity Boxes: During spring 2020, community partners fed back that families in flats with little space to play were calling for craft activities during lockdown. We responded to this call out, working with artist and set designer Edwina Bridgeman to create high quality story-based activity boxes, as a gift to local families, encouraging storytelling and imagination in their own homes. 480 families enjoyed activity boxes, which were delivered through our community partners, Wellspring Settlement Family Centre, Barton Hill Activity Club, St Nicholas of Tolentine School and St Luke’s Church.

“One parent who was really struggling with home schooling found the art boxes a great way for her child to engage in something he enjoys and find his creative side. It's a project of his own ideas doing his own design”.

"it is amazing to hear how much the families are enjoying the packs thank you” (Wellspring Settlement family support worker)

Igloo story book: Due to the second lockdown in autumn 2020, we became aware that we would be unable to produce a live Christmas production for children and families to enjoy. Our Artistic Director worked with Edwina Bridgman to create a picture book based on our early years production Igloo . 1,750 children across Bristol received the books as a Christmas gift, enabling us to still share a seasonal story for families to enjoy together. 17 community partners worked with us on distribution, including the Feeding Bristol foodbank network, community groups and early years settings.

“We really appreciate this kind gesture. It has come at the right time when we need it. Thanks for your continuous support.” Parent from St Luke’s Lunch, Barton Hill.

“Thanks so much everyone for pulling together this incredible gift. Bristol at its best.” North Network Lead Teacher, Filton Avenue Nursery School & Children's Centre

Our creative resources for the community were supported by National Lottery Awards for All and kind support from individual donors, local businesses, and Travelling Light Friends.

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Travelling Light Theatre Company

Report of the trustees

For The Year Ended 31 March 2021

During the year, Kitchen Circus a partnership project with Cirque Bijou and Knowle West Media Centre continued despite the COVID-19 restrictions. Three families from different areas of Bristol worked with artists to explore ideas of ‘home’, via Zoom and socially distanced walks. They came together for a small outdoor sharing where they were able to share their ideas and creations. Kitchen Circus was supported by an Arts Council England Project Grant.

“I loved working on this project. The family were incredibly open, enthusiastic and creative, so it was great fun to be a part of. It was great that we were able to meet up in person in the end and it’s amazing to visit another part of town and see it through the eyes of someone who lives there.” Artist Mike Akers

Digital engagement

In spring 2020 we developed a bespoke digital offer for our Louder than Words and ActionSpeak groups for young disabled people. Many of the group members were struggling with isolation, lack of routine and inability to connect with friends, and so we worked out effective ways to connect with the group online. We started with short videos for the group with activities to create at home, and then started running drama sessions on Zoom.

“It is amazing to have this group – having the consistency is really important to her. And having a place where she really means something, where everyone in the group is really important and seen.” (Parent, Louder than Words)

The Zoom sessions were very popular with the young people, providing a regular space to connect, be creative and spend time with friends, reducing isolation and improving wellbeing.

“As soon as they started the Zoom sessions – she was clearly loving it and I really hope that can continue. She was just so confident with the screen. She would send me out of the room saying ‘my time, my session, with my friends’. I really like that – to see that ownership and connection. She took to that instantly. She loves having everyone there, seeing everyone coming onto the screen” (Parent)

This work was made possible with kind support from Quartet Community Foundation, John James Bristol Foundation, The Players of the Postcode Lottery, National Lottery Coronavirus Community Support Fund, Joyce Fletcher Charitable Trust, and Burges Salmon Charitable Trust.

During the year, we also ran termly masterclasses for our youth theatre and enabled 35 young people to take part in theatre activities, working with artists to tell their stories. In addition, seven young people gained their Arts Award through mentoring from our Travelling Light team.

“Thanks so much for the opportunity to do my Bronze award with you! I really enjoyed the process and have been so inspired by the things I have learnt doing the award. I can't wait to begin doing performing arts and circus again as soon as Covid restrictions have been lifted!” Bronze Arts Award Participant 2021

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Travelling Light Theatre Company

Report of the trustees

For The Year Ended 31 March 2021

At Christmas 2020, a recording of our production Boing! was shared with 8 nurseries and schools and viewed by 1,637 children.

“It was lovely for the children to experience a theatre show without having to take a trip there in the current climate.” Oldfield Park Infant School

“We really enjoyed it - I know reception watched it twice!” Frome Vale Academy

Research and Development/Artist Support

Alongside our work to reach children and young people affected by the pandemic, our Artistic Director continued research and development for new shows, experimenting with new forms and ideas to reach our audiences.

A particular focus was creating work for a digital audience, and a new story 17 & the Squeak Gobbler was created specifically for the digital medium to be shared with schools and wider audiences in summer-autumn 2021. This brought together many of Travelling Light’s experienced artistic team to experiment with this new medium.

Our Artistic Director has also worked with artists Vince Virr, Toby Thompson, and DL Williams on research and development for new work. She also mentored an emerging artist through Spark Arts’ Vital Spark programme, which supports artists from underrepresented groups in to careers in theatre for young audiences.

Support for artists was very important during this time, and we provided work for 37 freelance artists and facilitators, as well as using the Coronavirus Job Retention scheme to support our regular casual workforce during the early lockdown.

Conversations with schools and venues have been ongoing, which have helped to understand the needs of pupils and to establish a blended approach for our Vixen schools tour in autumn 2021, as well as assessing future market demand for touring productions.

Future Plans

In 2021-22 as restrictions lift, we hope to begin to return to face to face activity, welcoming our youth theatre groups back to our studio and taking our work to audiences. We will develop a blended approach to our activity, with both digital and face to face content to support the transition back to community life for our young people and to reach the widest possible audience. During the year, a large focus of our work will be on engagement with schools. We know that school age children have been particularly impacted by disruption to their learning and lack of creative activities during the pandemic.

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Travelling Light Theatre Company

Report of the trustees

For The Year Ended 31 March 2021

Our plans include:

Finance and fundraising:

COVID-19 had a significant impact on earned income due to a lack of ticket sales, and fees for productions; reduced income from workshops, projects, youth theatre fees and reduced traded services such as room hire. Total earned income for the year is £3,837 compared with £89,695 in the previous year. Due to reduced activity, as well as reduced staffing overheads and use of the Coronavirus Job Retention scheme, the company was also able to make corresponding savings in expenditure.

During the year, the focus of our production programme was on free artistic resources for the community and schools, and research and development for future shows. This meant that production expenditure did not generate return on investment in this year in terms of ticket sales or fees. However, we believe that this research and development will generate returns in future years through new productions which can be taken to market when the time is right.

Income targets were exceeded for both grant fundraising and donations. Due to our low overheads and strong reserves position the company has been relatively stable in the short term. This meant that rather than seeking emergency funds for our own survival, we focussed our fundraising efforts on supporting young people impacted by the pandemic. This approach proved to be successful, with funds gained from lottery sources and local trusts and foundations to support our work. Since the year end, we have also gained a major grant of £108,500 from Paul Hamlyn foundation to support our Light Up School Learning programme in 2021-23.

We ran a successful fundraising campaign to support the creation of our Igloo Storybook as well as gaining several one-off donations and new regular donors during the year. Individual giving was supported by marketing and communications which demonstrated the impact of our work.

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Travelling Light Theatre Company

Report of the trustees

For The Year Ended 31 March 2021

Successful fundraising, a reduced programme of activity and careful budget management has meant that we have been able to finish the year with a small surplus of £24,263. This will be carried forward into the next year to support the increased expenditure of returning to face-to-face activity, and to offset the projected budget deficit in 2021-22.

Regular funding from Arts Council England’s National Portfolio and Bristol City Council's Cultural Investment Programme continued in 2019-20 and into 2021-22, providing unrestricted funds to support our core programme of work. We expect both funds to be extended for another year in to 2022-23 to support the transition out of the coronavirus pandemic.

Working to secure the financial sustainability of the organisation will be an ongoing challenge. The main focus of 2021-22 will be to secure ongoing National Portfolio Organisation funding from Arts Council England for 2023-2027. Additionally, we will continue to develop and articulate our case for support, to bring in donations from individuals and trusts and foundations. With the wider sector recovery from COVID-19 only just beginning, we know that our ability to generate income from deals with venues and co-producers will be affected in the short to medium term. Our focus will be on creating flexible, high quality artistic assets which will engage audiences in the short term, and in the long term to bring in income to recover our investment once the market recovers.

Reserves and Designated Funds

The trustees have put a reserves policy in place to ensure that the company has sufficient funds to continue its core activity through unpredictable circumstances such as the withdrawal of funding or unexpected expenditure. This policy continues to be reviewed in light of the financial risks presented by the COVID-19 pandemic.

The trustees have calculated that a figure of £116,585 would be required if the company needed to be wound down. This includes six months running costs and redundancy costs for core staff. This has been increased from 3 months running costs in the previous year due to the COVID-19 pandemic.

At 31 March 2021, we have a General Fund of £236,674, which leaves a figure of £120,089 once wind down costs are removed.

The trustees have allocated to mitigate against the following financial risks:

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Travelling Light Theatre Company

Report of the trustees

For The Year Ended 31 March 2021

Designated Funds

The trustees have established a Designated Fund for Organisational Development, to enable the company to invest in additional resourcing to support the company’s ongoing financial resilience within the current financial climate and to support our business development aims, £40,324 is allocated to this fund.

Other Designated Funds are £30,285 to cover the cost of the replacing the company van, a fund for training and development (£5,000), website development and equipment (£25,000) and a fixed asset fund (£2,368).

Structure, Governance and Management

The organisation is a charitable company limited by guarantee, incorporated on 12 September 1990 and registered as a charity on 24 October 1997.

The company was established under a Memorandum of Association which sets out the objectives and powers of the company and is governed by the Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding one pound.

The directors of the company are also charity trustees and for the purpose of charity law and throughout this report they are collectively referred to as the trustees. As set out in the articles of association, the number of trustees should not be less than 3 or more than 12. All trustees who have served for three years from the date of their election must retire. A retiring board member shall be eligible for re-election provided he or she has served for a period of less than six years. A trustee who has served six years must retire at the AGM which takes place at the end of their sixth year in office and will be eligible to stand for re-election to the Board of Trustees after one year.

New trustees are recruited through a mix of open advertising and through professional recommendation. The company endeavours to recruit people who have the necessary skills as well as a keen interest in Travelling Light’s work, knowledge and understanding of our community and a shared belief in our charitable mission and values. New trustees undergo an induction process that begins before they are co-opted and are offered mentoring and/or training until they have settled on to the board.

The Board of Trustees meets quarterly and a Finance Subcommittee also meets as needed in order to examine the company finances in detail and make recommendations to the Board. This includes management of financial risk through reviewing progress against fundraising targets and developing new income streams. An Artistic Subcommittee meets to ensure board oversight of our artistic programme.

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Travelling Light Theatre Company

Report of the trustees

For The Year Ended 31 March 2021

The company’s programme of work is set out in the business plan which is developed by the senior management in consultation with the Board. This plan ensures that the programme fulfils the company’s strategic aims and guides its direction of travel. Decisions about any significant changes to the plan, particularly finances, must be taken to the trustees for approval. The company operates a two headed leadership model, with the Artistic Director and Executive Director acting as joint CEOs and reporting directly to the Board.

The company operates a risk register that identifies significant risks which have the potential to seriously impact on its sustainability and future. The trustees monitor the risk register on a quarterly basis and agree on any mitigating actions needed. The risk register is costed to ensure any financial risks are taken into account when reviewing the company’s reserves policy. The Finance Committee is integral to the management of financial risk by scrutinising the financial accounts of the company before they are presented to the full Board.

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.

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Travelling Light Theatre Company

Report of the trustees

For The Year Ended 31 March 2021

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 total number of such guarantees at 31 March 2021 was 24. 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 the charitable company's independent examiners during the year and have expressed their willing to continue in that capacity.

Approved by the trustees on 20 July 2021 and signed on their behalf by

John Middleton

John Middleton - Chair

11

Independent examiners' report

To the trustees of

Travelling Light Theatre Company

I report to the trustees on my examination of the accounts of Travelling Light Theatre Company (the charitable company) for the year ended 31 March 2021, which are set out on pages 14 to 34.

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

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

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:

12

Independent examiners' report

To the trustees of

Travelling Light Theatre Company

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: 22 July 2021

William Guy Blake ACA

Member of the ICAEW

For and on behalf of:

GODFREY WILSON LIMITED

Chartered Accountants & Statutory Auditors 5th Floor, Mariner House 62 Prince Street Bristol BS1 4QD

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Travelling Light Theatre Company

Statement of Financial Activities (Incorporating an Income and Expenditure Account)

For The Year Ended 31 March 2021

Restricted
Unrestricted
Note
£
£
Income from:
Donations and Legacies
3
248
243,843
Charitable Activities:
4
Productions & R&D
-
600
Participation & Community
44,831
2,867
Other Trading Activities
5
-
370
Investment Income
-
580
Other
6
-
-
Total Income
45,079
248,260
Expenditure on:
Raising Funds
-
52,503
Charitable Activities:
Productions & R&D
-
67,251
Participation & Community
36,141
113,181
Total Expenditure
8
36,141
232,935
Net Income / (Expenditure)
8,938
15,325
Transfers between funds
-
-
Net Movement in Funds
9
8,938
15,325
Reconciliation of Funds
Total Funds Brought Forward
2,509
324,326
Total Funds Carried Forward
11,447
339,651		 2021
Total
£
244,091
600
47,698
370
580
-
293,339
52,503
67,251
149,322
269,076
24,263
-
24,263
326,835
351,098		 2020
Total
£
296,247
61,444
93,052
6,384
767
9,818
467,712
52,980
183,579
168,990
405,549
62,163
-
62,163
264,672
326,835

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the accounts.

14

Travelling Light Theatre Company

Balance Sheet

As at 31 March 2021

Note
Fixed Assets
Tangible Fixed Assets
12
Current Assets
Debtors
13
Cash at Bank and in Hand
Creditors: Amounts Due Within 1 Year
14
Net Current Assets
Net Assets
16
Funds
Restricted Funds
Unrestricted Funds:
Designated Funds
General Funds
Total Funds
17		 £
7,353
354,429
361,782
(13,052)		 2021
£
2,368
348,730
351,098
11,447
102,977
236,674
351,098		 2020
£
4,314
24,163
319,232
343,395
(20,874)
322,521
326,835
2,509
87,093
237,233
326,835

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

For the year ended 31 March 2021, the charitable company was entitled to the exemption under section 477(2) of the Companies Act 2006.

No notice has been deposited under section 476 in relation to its accounts for the year ended 31 March 2021 and no members have requested an audit.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records complying with section 386; and preparing accounts which give a true and fair view of the state of affairs of the company as at 31 March 2021, and of its profit or loss for the financial year in accordance with sections 394 and 395, and which otherwise comply with the requirements of the Companies Act 2006.

Approved by the trustees on 20 July 2021 and signed on their behalf by

John Middleton

John Middleton - Chair

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Travelling Light Theatre Company

Notes to The Financial Statements

For The Year Ended 31 March 2021

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.

Travelling Light Theatre Company 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 notes.

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. The trustees acknowledge that the COVID-19 pandemic has had a profound impact on the global economy, and have considered the impact of this issue on the charity's current and future financial position. The charity holds unrestricted, general reserves of £236,674, designated reserves that can be drawn down if necessary of £102,977, and a cash balance of £354,429. The trustees have made use of support provided by the government through the Coronavirus Job Retention Scheme, and has confirmed core funding for the next 12 months. In light of this, the trustees consider that the charity has sufficient unrestricted reserves and cash flow to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. For this reason, the accounts have been prepared on the going concern basis.

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 performances or services to be delivered is deferred until criteria for income recognition are met.

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Travelling Light Theatre Company

Notes to The Financial Statements

For The Year Ended 31 March 2021

1. Accounting Policies (continued)

d) Donated services and facilities

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.

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.

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.

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Travelling Light Theatre Company

Notes to The Financial Statements

For The Year Ended 31 March 2021

1. Accounting Policies (continued)

h) Allocation of support and governance costs (continued)

Expenditure is allocated to the particular activity where the cost relates directly to that activity. Support and governance costs are apportioned on the basis of staff time as follows:

2021 2020
Raising Funds 23.5% 19.1%
Productions & R&D 23.6% 40.7%
Participation & Community 52.9% 40.2%

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:

Motor Vehicles 7 years straight line
Office Equipment 4 years straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

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 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 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.

18

Travelling Light Theatre Company

Notes to The Financial Statements

For The Year Ended 31 March 2021

1. Accounting Policies (continued)

n) Pension costs

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. Pension costs charged in the financial statements represent the contribution payable by the charity during the year.

o) 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 described below.

Depreciation

As described in note 1i to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Depreciation rates in operation during the current and prior period were as follows:

Motor Vehicles 7 years straight line Office Equipment 4 years straight line

19

Travelling Light Theatre Company

Notes to The Financial Statements

For The Year Ended 31 March 2021

2. Statement of Financial Activities: prior period comparative

Income from:
Donations and Legacies
Charitable Activities
Productions & R&D
Participation & Community
Other Trading Activities
Investment Income
Other
Total Income
Expenditure on:
Raising Funds
Charitable Activities
Productions & R&D
Participation & Community
Total Expenditure
Net Income / (Expenditure)
Transfers between funds
Net Movement in Funds		 Restricted
£
-
-
70,829
-
-
-
70,829
10,751
-
78,083
88,834
(18,005)
(13,905)
(31,910)		 £
296,247
61,444
22,223
6,384
767
9,818
396,883
42,229
183,579
90,907
316,715
80,168
13,905
94,073
Unrestricted		 2020
Total
£
296,247
61,444
93,052
6,384
767
9,818
467,712
52,980
183,579
168,990
405,549
62,163
-
62,163

20

Travelling Light Theatre Company

Notes to The Financial Statements

For The Year Ended 31 March 2021

3. Income from Donations and Legacies

Income from Donations and Legacies
Arts Council NPO Funding
Bristol City Council
Coronavirus Job Retention Scheme
General Donations*
Total donations and legacies		 Restricted
£
-
-
-
248
248		 £
205,717
13,600
16,496
8,030
243,843
Unrestricted		 2021
Total
£
205,717
13,600
16,496
8,278
244,091

*Included within general donations are gifts in kind of £734 for discounted books.

3. Income from Donations and Legacies: Prior period comparative

Arts Council NPO Funding
Arts Council Catalyst: Evolve Match Funding
Bristol City Council
General Donations
Total donations and legacies		 Restricted
£
-
-
-
-
-		 £
202,000
45,731
17,000
31,516
296,247
Unrestricted		 2020
Total
£
202,000
45,731
17,000
31,516
296,247

21

Travelling Light Theatre Company

Notes to The Financial Statements

For The Year Ended 31 March 2021

4. Income from Charitable Activities

Productions & R&D:
Performance Fees & Sales
Co-production Fees
Total Productions & R&D Income
Participation & Community:
National Lottery - Awards for All
Postcode Community Trust
John James Foundation
School and Participant workshop fees
Quartet Coronavirus Emergency grant
Arts Council England Project grant
Joyce Fletcher Charitable Foundation
Burges Salmon Charitable Foundation
Total Participation & Community Income		 Restricted
£
-
-
-
Restricted
£
19,948
14,241
2,934
-
2,853
2,705
2,000
150
44,831		 £
600
-
600
£
-
-
-
2,867
-
-
-
-
2,867
Unrestricted
Unrestricted		 2021
Total
£
600
-
600
2021
Total
£
19,948
14,241
2,934
2,867
2,853
2,705
2,000
150
47,698

22

Travelling Light Theatre Company

Notes to The Financial Statements

For The Year Ended 31 March 2021

4. Income from Charitable Activities: prior period comparative

Productions & R&D:
Performance Fees & Sales
Co-production Fees
Total Productions & R&D Income
Participation & Community:
Youth Investment Fund
Workshop and Performance Fees
Nisbet Trust
Lalonde Trust
Theatre Trip Reimbursements
Total Participation & Community Income
Income from Other Trading Activities
Royalties
Fees for Staff Time
Room Hire
Van Hire
Management fee
Other Income
Total Other Trading Income		 Restricted
£
-
-
-
-
-
-
-		 Restricted
£
-
-
-
Restricted
£
66,130
-
4,399
300
-
70,829
£
25
300
45
-
-
-
370
Unrestricted		 £
13,887
47,557
61,444
£
-
21,867
-
-
356
22,223
2021
Total
£
25
300
45
-
-
-
370
Unrestricted
Unrestricted		 2020
Total
£
13,887
47,557
61,444
2020
Total
£
66,130
21,867
4,399
300
356
93,052
2020
Total
£
1,344
700
1,235
1,734
899
472
6,384

5. Income from Other Trading Activities

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

23

Travelling Light Theatre Company

Notes to The Financial Statements

For The Year Ended 31 March 2021

6. Income from Other Sources

Income from Other Sources
2021 2020
Restricted Unrestricted Total Total
£ £ £ £
Theatre Tax Credit - - - 9,818
Total Income from Other Sources - - - 9,818

All income from other sources in the prior year was unrestricted.

7. Government grants

The charitable company receives government grants comprising Key Arts Provider funding made by the local authority and National Portfolio Funding from Arts Council England. They receive Lottery Funding from National Lottery Awards for All for their family and community programme and Coronavirus Community Support Fund for their Louder than Words programme. They also receive funding through the Coronavirus Job Retention Scheme. The total value of these grants is shown below. There were no unfulfilled conditions or contingencies attaching to these grants in the current or prior year.

Bristol City Council Key Arts Provider
Arts Council NPO Funding
Arts Council England Project grant
Coronavirus Job Retention Scheme
Arts Council Catalyst: Evolve Match Funding
Youth Investment Fund
Awards for All: Covid 19 Response grant
Awards for All: Family & Community grant
Total Government Grants		 Restricted
£
-
-
2,705
-
-
-
9,986
9,962
22,653		 £
13,600
205,717
-
16,496
-
-
-
-
235,813
Unrestricted		 2021
Total
£
13,600
205,717
2,705
16,496
-
-
9,986
9,962
258,466		 2020
Total
£
17,000
202,000
-
-
45,731
66,130
-
-
330,861

24

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

8.
Total Expenditure
Staff Costs (Note 10)
Touring & Production Costs
Rent, Rates, Heat & Light
Telephone, Postage & Stationery
Repairs & Maintenance
Bank Charges
Accountancy
Professional Fees
Training & Recruitment
Affiliations & Subscriptions
Marketing
Insurance
Hospitality
Computer Software & Support
Travel & Subsistence
Depreciation
Irrecoverable VAT
Subtotal
Reallocation of support and governance costs
Total Expenditure		 Raising Funds
£
33,343
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
33,343
19,160
52,503		 £
45,904
1,564
-
132
-
-
-
-
-
-
-
-
62
-
325
-
-
47,987
19,264
67,251
Productions &
R&D		 £
96,650
7,509
140
74
-
-
-
-
340
-
700
-
500
72
91
-
-
106,076
43,246
149,322
Participation &
Community		 £
21,158
(8)
28,468
4,962
5,033
10
2,355
1,788
1,208
1,859
1,383
2,321
379
2,883
3,298
1,946
2,627
81,670
(81,670)
-
Support &
Governance		 2021 Total
£
197,055
9,065
28,608
5,168
5,033
10
2,355
1,788
1,548
1,859
2,083
2,321
941
2,955
3,714
1,946
2,627
269,076
-
269,076

Total governance costs in the year were £1,950.

25

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

8.
Total Expenditure: prior period comparative
Staff Costs (Note 10)
Touring & Production Costs
Rent, Rates, Heat & Light
Telephone, Postage & Stationery
Repairs & Maintenance
Bank Charges
Accountancy
Professional Fees
Training & Recruitment
Affiliations & Subscriptions
Marketing
Insurance
Hospitality
Computer Software & Support
Travel & Subsistence
Depreciation
Irrecoverable VAT
Subtotal
Reallocation of support and governance costs
Total Expenditure		 Raising Funds
£
33,425
30
42
110
-
-
-
-
2,038
-
747
-
26
200
40
-
-
36,658
16,322
52,980		 £
109,990
24,851
-
1
-
20
-
-
40
-
7,099
-
366
-
6,398
-
-
148,765
34,814
183,579
Productions &
R&D		 £
107,752
9,041
2,811
411
-
-
-
-
1,094
-
10,505
-
385
-
2,664
-
-
134,663
34,327
168,990
Participation &
Community		 £
26,617
231
27,953
6,352
2,378
29
2,463
1,788
2,933
1,345
2,836
2,598
626
1,817
2,802
2,304
391
85,463
(85,463)
-
Support &
Governance		 2020 Total
£
277,784
34,153
30,806
6,874
2,378
49
2,463
1,788
6,105
1,345
21,187
2,598
1,403
2,017
11,904
2,304
391
405,549
-
405,549

Total governance costs in the year were £2,675.

26

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

9. Net Movement in Funds

This is stated after charging:

Net Movement in Funds
This is stated after charging:
2021 2020
£ £
Depreciation 1,946 2,304
Operating Lease Payments 900 900
Trustees' Reimbursed Expenses Nil Nil
Trustees' Remuneration Nil Nil
Independent Examiners' Remuneration:
Independent Examination 1,950 1,900
Accountancy Services 205 363

10. Staff Costs and Numbers

Salaries and Wages
Social Security Costs
Pension Costs
Freelance Fees		 2021
£
153,980
7,515
7,033
28,527
197,055		 2020
£
208,943
10,145
8,068
50,628
277,784

No employee earned more than £60,000 during the year (2020: Nil).

The key management personnel of the charity are considered to be the trustees and the Executive Director and Artistic Director. The total employee benefits for the key management personnel during the year was £69,476 (2020: £75,952).

The average head count for the year was 11.9 (2020: 19.3).

2021 2020
No. No.
Average number of employees (full-time equivalent) 4.9 7.3

11. Taxation

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

27

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

12. Tangible Fixed Assets

Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net Book Value
At 31 March 2021
At 31 March 2020
Debtors
Trade Debtors
Prepayments
Other Debtors
VAT		 £
20,798
-
20,798
16,484
1,946
18,430
2,368
4,314
Equipment		 Motor
Vehicles
£
30,285
-
30,285
30,285
-
30,285
-
-
2021
£
133
4,669
1,221
1,330
7,353		 Total
£
51,083
-
51,083
46,769
1,946
48,715
2,368
4,314
2020
£
8,144
5,521
10,498
-
24,163

13. Debtors

28

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

14. Creditors : Amounts Due Within 1 Year

Trade Creditors
Other Creditors
Accruals
Other Taxation & Social Security
VAT
Deferred Income (Note 15)
15. Deferred Income
At 1 April 2020
Deferred income during the year
Released during the year
At 31 March 2021		 2021
£
2,345
785
7,092
2,830
-
-
13,052
2021
£
285
-
(285)
-		 2020
£
1,784
867
5,684
3,792
8,462
285
20,874
2020
£
4,670
285
(4,670)
285

Deferred income relates to performances or services invoiced before the year end, but to be delivered in a later period.

29

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

16. Analysis of Net Assets Between Funds

Restricted Designated General Total
Funds Funds Funds Funds
£ £ £ £
Tangible Fixed Assets - 2,368 - 2,368
Current Assets 11,447 100,609 249,726 361,782
Current Liabilities - - (13,052) (13,052)
Net Assets at 31 March 2021 11,447 102,977 236,674 351,098

16. Analysis of Net Assets Between Funds: Prior period comparative

Tangible Fixed Assets
Current Assets
Current Liabilities
Net Assets at 31 March 2021		 £
-
2,509
-
2,509
Restricted
Funds		 £
-
87,093
-
87,093
Designated
Funds		 £
4,314
253,793
(20,874)
237,233
General
Funds		 Total
Funds
£
4,314
343,395
(20,874)
326,835

30

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

17. Movements in Funds

Movements in Funds
Restricted Funds
Big Lottery Youth Investment Fund
John James Foundation
Burges Salmon Charitable Foundation
Joyce Fletcher Charitable Foundation
Awards for All: Covid 19 Response grant
General Donations: Louder than Words
Quartet Coronavirus Emergency Grant
Postcode Lottery Fund
Awards for All: Family & Community grant
Arts Council England Project grant
Designated Funds:
Fixed Assets Fund
Van Replacement Fund
Organisational Development Fund
Training Fund
Website / Equipment Fund
Total Designated Funds
General Funds
Total Funds
Total Restricted Funds
Unrestricted Funds
Total Unrestricted Funds		 At 1 April
2020
£
2,509
-
-
-
-
-
-
-
-
-
2,509
16,484
30,285
40,324
-
-
87,093
237,233
324,326
326,835		 £
£
-
(2,509)
2,934
-
150
-
2,000
-
9,986
(9,986)
248
-
2,853
(2,853)
14,241
(10,162)
9,962
(7,926)
2,705
(2,705)
45,079
(36,141)
-
-
-
-
-
-
-
-
-
-
-
-
248,260
(232,935)
248,260
(232,935)
293,339
(269,076)
Expenditure
Income		 £
-
-
-
-
-
-
-
-
-
-
-
(14,116)
-
-
5,000
25,000
15,884
(15,884)
-
-
Transfers
Between
Funds		 At 31
March
2021
£
-
2,934
150
2,000
-
248
-
4,079
2,036
-
11,447
2,368
30,285
40,324
5,000
25,000
102,977
236,674
339,651
351,098

31

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

17. Movements in Funds: prior period comparative

Restricted Funds
Ann Rylands Small Donations
Arts Council Catalyst: Evolve
Arts Council Catalyst: Evolve Match Funding
Youth Investment Fund
Nisbet Trust
Lalonde Trust
Total Restricted Funds
Unrestricted Funds
Designated Funds:
Fixed Assets Fund
Van Replacement Fund
Organisational Development Fund
Total Designated Funds
General Funds
Total Unrestricted Funds
Total Funds		 At 1 April
2019
£
750
10,751
12,174
10,744
-
-
34,419
14,180
30,285
40,324
84,789
145,464
230,253
264,672		 £
£
-
(750)
-
(10,751)
-
-
66,130
(72,634)
4,399
(4,399)
300
(300)
70,829
(88,834)
-
-
-
-
-
-
-
-
396,883
(316,715)
396,883
(316,715)
467,712
(405,549)
Expenditure
Income		 £
-
-
(12,174)
(1,731)
-
-
(13,905)
2,304
-
-
2,304
11,601
13,905
-
Transfers
Between
Funds		 At 31
March
2020
£
-
-
-
2,509
-
-
2,509
16,484
30,285
40,324
87,093
237,233
324,326
326,835

32

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

17. Movements in Funds: purposes of restricted funds

Big Lottery Youth Investment Fund A grant to support the Young People’s Programme. John James Foundation, Burges Salmon Grants to support Louder Than Words programme for disabled Charitable Foundation, Joyce Fletcher children. Charitable Foundation and Awards for All: Covid 19 Response grant General Donations: Louder than Words Donations towards the Louder than Words programme. Quartet Coronavirus Emergency Grant A grant to support digital participation activities during 2020 coronavirus pandemic. Postcode Lottery Fund A grant to support ActionSpeak programme for young disabled people. Awards for All: Family & Community grant A grant to support Family & Community programme in 2020-21. Arts Council England Project grant Share of project grant for the Kitchen Circus partnership project. Ann Rylands Small Donations A grant for holiday activity for Barton Hill children. Arts Council Catalyst: Evolve A grant to assist with expanding fundraising and capacity building. Arts Council Catalyst: Evolve Match Match funding from Arts Council England for income received from Funding philanthropic giving. It was determined this year that the matched funding associated with the Arts Council Catalyst: Evolve fund was unrestricted. This funding has been transferred to general funds. Nisbet Trust A grant for the Inside Story summer holiday project for Barton Hill Children. Lalonde Trust A grant towards free community performances of Igloo in Spring 2020.

Purposes of Designated Funds Fixed Asset Fund This fund represents the net book value of fixed assets. Van Replacement Fund This fund represents the expected funds required to replace the charity's van if sold at its net book value. Organisational Development Fund A fund set up by the trustees for investment in marketing and fundraising to support organisational resilience. Training Fund A fund for investment in staff/board training and development as needed. Website / Equipment Fund A fund for the development of a new website and replacement of IT equipment as needed.

33

Travelling Light Theatre Company

Notes to the Financial Statements

For The Year Ended 31 March 2021

18. Operating Lease Rentals

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		 2021
£
900
225
1,125		 2020
£
900
1,125
2,025

19. Related Party Transactions

The trustees are not aware of any related party transactions during the year.

34