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2021-03-31-accounts

Company number: 03995686 Charity Number: 1084300

Stagetext

Annual Report and financial statements For the year ended 31 March 2021

Stagetext

Contents

For the year ended 31 March 2021

Reference and administrative information ...................................................................................... 1 A note from our Chair .................................................................................................................... 3 Trustees’ annual report .................................................................................................................. 5 Independent examiner’s report .................................................................................................... 21 Statement of financial activities (incorporating an income and expenditure account) ................... 23 Balance sheet ............................................................................................................................... 24 Statement of cash flows ................................................................................................................ 25 Notes to the financial statements ................................................................................................. 26

Stagetext

Reference and administrative information

For the year ended 31 March 2021

Company number 03995686 Country of incorporation United Kingdom Charity number 1084300 Country of registration England & Wales Registered office and 81 County Street, London SE1 4AD operational address

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:

Robin Saphra Chair Tim Hardy Vice Chair Sarah Bradley Treasurer Jackie Elliman James Baggaley Resigned 3 November 2020 Rachel Jele Charlotte Bayley Nina Thomas Matthew Johnston Rebecca Morris Christopher Reid Appointed 3 November 2020 Jessica Ryan-Ndegwa Appointed 17 May 2021 Key management Melanie Sharpe Chief Executive personnel Liz Hilder Secretary Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Harold Benjamin Hill House 67-71 Lowlands Road Harrow Middlesex HA1 3EQ

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Reference and administrative information

For the year ended 31 March 2021

Independent Fleur Holden FCA examiner Sayer Vincent LLP Chartered Accountants Invicta House 108-114 Golden Lane LONDON EC1Y 0TL Insurance Gordon & Co. brokers 2 Sekforde Court 217 St John Street LONDON EC1V 4LY

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Stagetext

Trustees’ annual report

For the year ended 31 March 2021

A note from our chair

What a year – but we adapted!

With cancellations of most live events across the cultural sector, the demand for theatre captioning, which usually generates a third of our income, reduced to almost nil. However, demand for online access increased exponentially and we rapidly adapted to offer subtitling for digital content and online events to the cultural sector.

We supported more than four times as many live subtitled events and subtitled six times as many minutes of content than in the previous year. Even as life returns to some form of normal, we are aiming to maintain and grow our online support and offering.

Whilst turnover for 2020/21 is broadly the same as it was 2019/20, this masks a significant shift in the balance between our earned and unearned income, which we expect to rebalance in the current year. To tide us over during 2020/21, we successfully applied for funds to support our lost income and to undertake a deep dive into our operational and strategic vision for the future.

Notably, we secured funding for a number of time-limited projects to respond to the pandemic, including £90,828 from the Culture Recovery Fund, enabling us to work with selected partners to explore research options into the future of captioning and into Stagetext’s future role in driving more ubiquitous access. This helped us to refresh our strategy, sense of purpose and ambition.

Our small team have remained loyal to the organisation and adapted admirably to the challenge of working remotely and the changing demand for our services. Our team have been flexible and positive in their approach to ensuring our services remained available to those who depend on them. Our CEO Melanie Sharpe has been a beacon of light during this storm and deserves a particular mention.

We are also delighted to have recruited a new board member and continue to strengthen our Board.

Stagetext is heading for exciting times over the next five years. The pandemic has given us the time to reflect on how we can, and should, reach more people and ensure that good quality equal access is delivered not only by Stagetext but by the whole of the Cultural Sector. We are now investing in research designed to further improve standards of accessible captioning and ensure these standards are widely shared. We also hope to make the captioning process even quicker, more affordable to venues and more ubiquitously available.

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Stagetext

Trustees’ annual report

For the year ended 31 March 2021

Thank you to our major funders who are Arts Council England, the Foyle Foundation and the National Lottery Heritage Fund as well as to the many organisations and individuals who have continued to support and encourage Stagetext through the challenges of the year.

Robin Saphra Chair of the Board of Trustees Dated: 1 November 2021

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Stagetext

Trustees’ annual report

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, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The charity’s objects are to relieve the needs of people by promoting access to arts and entertainment and, in particular but not exclusively, to relieve the needs of people who are d/Deaf, deafened or hard of hearing by the provision of text generation systems. Our vision is of a society where arts and entertainment venues present no barriers to d/Deaf, deafened and hard of hearing people.

In order to achieve this vision, Stagetext promotes and facilitates the use of captioning systems in any venue where the sung or spoken word is performed. Captioning enables audience members with any degree of hearing loss to understand what’s being said at the same time as everyone else.

In live events, where it is not possible to prepare a script beforehand, Stagetext promotes and facilitates the use of verbatim speech-to-text systems to enable audience members to understand the proceedings.

In the digital space, Stagetext advocates for, provides and trains organisations to produce subtitles, which incorporate d/Deaf access elements for pre-recorded video footage, whether that be a video in an exhibition space, a trailer on social media, or a full-length production being made available online. Subtitling enables d/Deaf audiences to access video content and partake in the experience of the video, in its intended context and alongside everyone else.

Our activities and achievements during 2020/21

2020/21 was the third year of a four-year business planning cycle, whereby we grouped our activities under four priorities:

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Trustees’ annual report

For the year ended 31 March 2021

UNDER OUR FIRST PRIORITY – DEVELOPING OUR AUDIENCES

In 2020/21 we made 1,562 performances, talks, tours and films accessible and worked directly with 317 cultural organisations. Whilst venue theatre performances were cancelled due to the ongoing Covid pandemic throughout 2020/21, we were able to deliver 75 captioned performances through live streaming.

Audience Figures and impact of Covid-19 on reporting in 2020/21

Our audience figures are captured after year end, through collecting information from venues we have worked with during the year. During 20/21, most events took place online, so where data was available, we were able to get accurate information on the number of subtitled views of digital content. This has led to us reporting a fourfold increase in audience figures year on year.

In spite of this, theatre audiences were 90% lower than in 19/20, due to theatres being closed and the number of livestreamed performances delivered being relatively small. Digital audiences were almost six times higher than in 19/20, reflecting the cultural sector’s move towards releasing prerecorded content during the pandemic. The known audience overall was over 25 times higher than in 19/20.

Total reach: Based on the available data, in 2020/21, there were 8,029,976 known subtitled views of cultural content, and an estimated reach of 1,060,672, giving a total reach of 9,090,648. This is broken down as follows:

Theatre: There were 3,821 known subtitled views of theatre performances, and an estimated further 17,465 subtitled views, giving total reach of 21,286.

Live Subtitling: There were 37,038 known subtitled views of live subtitled online events, with an estimated further 75,750 subtitled views, giving total reach of 112,788.

Digital: There were 7,989,117 known subtitled views of pre-recorded content, with an estimated further 967,457 subtitled views, giving a record total reach of 8,956,574.

Outreach:

This year we worked with our User Panel and Ambassadors online. Our Project Manager was furloughed at the start of the year, but we still presented at a handful of online events, speaking directly to over 130 d/Deaf, deafened and hard of hearing people in community groups.

Captions Speak Louder: Stagetext’s Archive

In 2019/20 we were delighted to secure £95,900 from National Lottery Heritage Fund for “Captions Speak Louder”, a 2-year archive project to mark Stagetext’s 20th anniversary, culminating in an engaging touring exhibition. However due to the pandemic, this project was put back a year and we are now going to be celebrating Stagetext’s 21st birthday in November 2021 at the Barbican Centre, before the exhibition goes on tour throughout 2022.

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Stagetext

Trustees’ annual report

For the year ended 31 March 2021

The project highlights Stagetext’s unique and pivotal role for d/Deaf audiences in UK theatre, and will work with users to showcase our heritage as a d/Deaf led organisation. The physical and digital archive will be deposited in the University of Bristol Theatre Collection in 2022 and preserved indefinitely.

During 2020/21, the Project Archivist completed the digital archive, and online interviews with key people from Stagetext’s history were captured.

Audience Feedback

Our audience sampling helps us to understand the range of our beneficiaries and the quality of their experience.

2020/21 feedback:

Debbie - Caption User - March 2021

UNDER OUR SECOND PRIORITY – BROADENING OUR CLIENTS

Stagetext continues to support companies through an all-inclusive package of support and equipment, subsidised hires, training captioners and developing new ways of delivery (especially in non-traditional theatre settings).

Theatre:

Despite the pandemic and the lockdown of theatres we still managed to caption 75 shows which was significantly down on the previous year but given the circumstances was also a major success of moving work online. We secured new software that enabled us to caption livestreamed theatre. We worked with 18 performing arts organisations across the UK in this way, with only 1 new organisation to us.

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Trustees’ annual report

For the year ended 31 March 2021

Shows livestreamed and captioned online included:

Digital:

We actively encourage cultural organisations to make their digital work accessible to d/Deaf, deafened and hard of hearing people.

We offer support and advice including producing “top-tip” guides and venue accessibility audits. Digital work ensures that neither cost nor location present a barrier and can greatly increase reach.

Our Digital Programme worked with 78 organisations in 20/21, up from 35 in 19/20, to ensure their digital content was accessible to d/Deaf, deafened and hard of hearing viewers. 66 of these organisations were new. We made a total 836 digital works accessible – a 16% increase on last year – however the length of videos were much longer which led Stagetext to subtitle 25,403 minutes, up from 4,387 minutes of footage in 19/20, an increase of 479%.

As part of our active response to the pandemic we released 6 training videos which enabled individuals and organisations to learn how to do digital subtitling themselves leading to wider UK access within the sector. These were received incredibly well and were viewed a total of 4,448 times altogether. Due to the pandemic no live training was undertaken.

Live subtitling:

Our Live Subtitling department worked with 127 organisations, a 44% increase on 19/20. This included 29 museums, and 60 organisations we hadn’t worked with before. We made 632 talks and tours accessible, including 131 museum-related events for museums and galleries, including the British Museum, National Galley, National Museums Scotland, V&A Dundee and Museum Development. We also worked on a wide range of literary events such as providing live subtitles for the Edinburgh Book Festival, Wigtown Book Festival, the Hay Festival, British Library and Glasgow Women’s Library. We worked with a lot of theatres to provide live subtitles for workshops, courses and events throughout the year including The Old Vic, Derby Theatre, The Yard and the Barbican. We also worked with a number of film-related venues/organisations to provide live subtitles for screenings and live Q&As, such as Birds Eye View, Film Hub Wales, BBC Film and Glasgow Film.

In 2020/21 we made 142 cultural conferences and industry events accessible through live speech to text reporting, of which 74 were for museum related events. Events included training sessions for staff with Museum Development, Manchester Museum and Arts Council England, conferences with Collections Trust, British Academy, CENL, Museums Association and AMA and industry events with the Association of British Theatre Technicians, National Museums Directors Council, The Literary Consultancy and Art UK.

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Trustees’ annual report

For the year ended 31 March 2021

We continue to work with and develop our live speech-to-text services with MyClearText to deliver live subtitles across the arts and cultural sector. This allows Stagetext to focus on securing new clients, raising awareness of our services and advocating for better access in more venues.

Museum and Heritage Access Report 2020

In 2018 we, along with Vocaleyes and Autism in Museums ran an audit of the online access information provided by 1,700 accredited UK museums, with the intention of repeating the survey two years later. In January 2020, we decided to shift our focus and instead seek the opinions of those people who use access services, facilities and events at UK museums, and their personal assistants and companions.

Two weeks before the survey was due to go live online, the UK went into lockdown due to the Covid pandemic. Aware that this would have a serious impact on visitor experiences and patterns of visiting as they reopen, we decided to go ahead with the survey as it was. Because it asked people to reflect on visits to venues they had made in the previous 12 months, we felt it would provide useful and important benchmarking in the future.

110 people completed the survey, the average age was 46 and the respondents were based throughout the country giving a wide regional perspective.

Overall

The report is available to download at

http://www.stagetext.org/uploads/Museum_and_Heritage_Access_Survey_2020_Report_FINAL.pdf

Children and Young People:

We are committed to the provision of captioning and live subtitling, to enable d/Deaf, deafened and hard of hearing children and young people to access arts and culture, alongside their families and peers. Captioning has particular benefits for people for whom English is not their first language and there is evidence of a link between the use of captioning and literacy.

In 2020/21 we provided 25 online shows for children and young people, these included captioning every performance of A Christmas Carol at the Old Vic and Theatre 503’s pantomime ‘The Fairytale Revolution’.

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We live subtitled talks and events aimed at children and young people, including author talks on children’s books at the Edinburgh International Book Festival, Wigtown Book Festival and the Hay Festival as well as children’s afterschool art ‘clubs’ with the National Gallery, museum talks aimed at children at the British Museum, National Museums Scotland and Manchester Museum. We also worked with WOW Foundation, Manchester International Festival, Derby Theatre and the Royal Society. We subtitled 40 CYP focused videos for the Old Vic, Sage Gateshead and Guildhall School of Music and Drama.

UNDER OUR THIRD PRIORITY – UNDERPINNING OUR SERVICES:

Marketing & Communications:

We had to postpone our planned 20th birthday celebrations due to the pandemic, and we were unable to proceed with the NHLF funded archive project and public exhibition that was due to launch alongside the celebrations. Instead, we will launch the exhibition in November 2021 to mark Stagetext’s 21st anniversary.

Captioning Awareness Week 2020

This year’s campaign focused on digital access, how people have been accessing the arts at home during the pandemic, and how arts venues have turned to their digital channels to keep working.

We used the campaign to highlight Stagetext’s digital work and the different types of access available for online theatre. This gave us an opportunity to highlight each department’s work, through the lens of online provision, as well as championing the works of arts venues.

We asked both venues and audiences to get involved via social media, running events throughout the week.

What captioned culture have you enjoyed from your armchair?

We asked users about the best shows they’ve seen and highlight the venues they’re engaging with.

“…many organisations have opened their archives, sorted out their subtitles and now my armchair has become my new theatre seat. I can honestly say that I have accessed more performances in these last few months than I have in a lifetime! In many ways the pandemic has provided me with more access to the arts, as I no longer needed to rely solely on my local theatre.” Michelle Hedley, caption user

How are you reaching your d/Deaf audience at home?

We gave venues an opportunity to highlight their work and promote any upcoming shows and events they had scheduled, while talking about how they’ve been working during the pandemic.

We ran a series of free webinars, helping venues and artists to make their online talks, webinars, and productions fully accessible for deaf, deafened, and hard of hearing audiences. A total of 252 industry professionals signed up.

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Trustees’ annual report

For the year ended 31 March 2021

The PR campaign was run by Campaign Collective, who took the lead regarding working with external agencies to bring CAW20 to the attention of the general public, the highlight being a piece of coverage on BBC London News. Campaign Collective also worked with various venues to develop social media engagement.

Visits to the Stagetext website during Captioning Awareness week went up from 1,621 in 2019 to 1,763 in 2020. Page views went up from 3,669 in 2019 to 5,508 in 2020.

Social media highlight: Users created sing-a-long videos to celebrate Stagetext’s 20th birthday https://twitter.com/Stagetext/status/1327974772114927616.

Technology – The future:

Stagetext continues to advocate the use of open captioning as the preferred method of access for d/Deaf, deafened and hard of hearing people within a theatre environment. The pandemic led to a shift towards working online, and the need for online captioning of pre-formatted text became apparent. Stagetext invested some of the DCMS Culture Recovery Fund round one (CRF1) funding on purchasing software that enabled pre-formatted captioning to be delivered online. This meant that some captioning was able to take place during the pandemic, and secured Stagetext’s role as an access leader to the sector.

As part of CRF1, Stagetext consulted Achates Philanthropy and the Global Disability Innovation Hub (part of University College London) on the future of captioning technologies, and Stagetext’s future role. The Achates Philanthropy report looked at how Stagetext could operate in the future – what our strategic role over the next five years could be, and the GDI Hub report was a review of the current state of captioning technology. These reports informed Stagetext’s refreshed strategy for 2021/22 – 2025/26.

UNDER OUR FOURTH PRIORITY – GROWING OUR RESOURCES:

Due to the pandemic and the need to work from home, Stagetext underwent significant investment in its working from home resources – this included laptops, desks and office chairs to ensure all staff had an adequate and safe environment working from home.

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The office broadband was upgraded to allow additional support to the new server and to staff accessing remote desktops.

We continue to develop our bespoke in-house database and have applied for additional funding to use it as a way of supporting automated service requests via round 2 of the Culture Recovery Fund in 2021/22.

In 2019 we commissioned a new website in order to support better learning and advocacy of both our users and the cultural sector. Unfortunately, this has been significantly delayed due to the pandemic. The website is planned to go live October 2021

We are committed to supporting professional development by ensuring each member of staff has access to both internal and external training. Staff members have individual training plans, which are collated and monitored to ensure equal engagement. Development tools have included mentorship, external training courses and internal progression routes. All staff are encouraged to attend events that Stagetext supports, in order that staff members can advocate for Stagetext, across the spectrum of arts delivery.

Our aims for next year 2021/22

Under our first priority – Developing our Audiences – we will:

Under our second priority – Broadening our Clients – we will:

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Under our third priority – Underpinning our Services – we will:

Under our fourth priority – Growing our Resources – we will:

Public benefit statement

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

The sections of this report above entitled ‘Objectives and activities’ and ‘Our activities and achievements during 2020/21’ set out Stagetext’s objectives and reports on the activity and successes in the year up to 31 March 2021; page 11 explains the plans for the next financial year.

Stagetext’s work benefits people who are d/Deaf, deafened and hard of hearing.

The trustees have considered this matter and concluded:

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Financial review

Stagetext reports overall income of £819,055 in 2020/21 compared to £751,429 in 2019/20. The overall result for the year reports net incoming resources of £83,993 (2019/20 net outgoing resources of £8,600) as shown in the charity’s Statement of Financial Activities (SoFA). The overall financial performance reflects the following key aspects:

Fee income in respect of our services of £358,766 decreased in 2020/21 compared to £434,601 in 2019/20. However, because of increased activity in Speech-to-Text and Digital Subtitling, fee income for these services increased significantly compared to 2019/20.

The financial performance from Theatre captioning and speech-to-text (STTR) services was significantly impacted by the Covid with theatres being closed for many months during the year, income generated of £23,227 compared to £262,507 in 2019/20.

The financial performance from non-theatre captioning and STTR services generated income of £231,885 compared to £127,320 in 2019/20. Covid restrictions meant many events/performances went online or were held with a hybrid delivery of some in-person attendance and an online audience.

The financial performance from Digital subtitling services generated income of £103,354 compared to £39,458 in 2019/20. This increase was driven by venues making archived video content available online to view.

During the year Stagetext secured a total of £142,198 specific project income grants from trusts and foundations which contributed towards specific projects to improve access by developing audience engagement for older people and supporting loss of income from the cultural sector being closed.

Stagetext received £9,417 from donations and gifts including individual donors compared to £7,402 in 2019/20. We continue to develop this area of fundraising to support our general programme.

Total expenditure attributed to generating new voluntary and charitable funds was £10,047 compared to £25,026 in 2019/20.

Total expenditure attributed to governance costs associated with meeting the charity’s strategic administration and statutory requirements was £11,500 compared to £8,149 in 2019/20.

Overall funds stand at £267,796 at 31 March 2021 which is an increase from £183,803 at 31 March 2020. Unrestricted reserves stand at £266,740 (£183,803 at 31 March 2020).

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Trustees’ annual report

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Overall financial performance comprises separate funds, and further details on the financial position can be gained by reference to the balance and movements on each fund which are described in the reserves policy.

Principal Funding sources

During the year Stagetext continued to be funded by Arts Council England (ACE) with 2020/21 being the third year of the NPO Business Plan for the period 2018-22. This grant has been extended for one year due to the pandemic and will cover 22/23 as well. As well as ACE funding, we continue to receive year 2 grant instalment from the National Lottery Heritage Fund. Other successes included DCMS Culture Recovery Fund and the Coronavirus Community Support Fund.

Stagetext will apply for new ACE NPO funding in 2021/22 for the following three years based on its revised vision to maintain its National Portfolio status.

Stagetext’s income continues to come from a range of sources including earned income from its captioning, STTR and digital services, statutory, charitable trusts and foundations, individual and corporate supporters.

Investment policy

The trustees have decided that the current policy of holding funds in UK deposit accounts should continue. The charity has moved its investments into a deposit account to improve the rate of interest it receives on some of its reserves whilst also making it easier to be flexible if necessary. Apart from retaining a prudent amount in reserves each year, most of the charity’s funds are required in the short term so there are few funds available for long term investment. As and when funds become available the Board of Trustees will seek professional advice on the most appropriate and financially beneficial policy.

Fundraising

Most of Stagetext’s income comes from statutory and major grants with small amounts coming from Trusts and donations. We undertake very little public fundraising and do not use professional fundraisers, other than as support to management on specific applications, or commercial participators. Stagetext observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance with these regulations and codes and Stagetext has received no complaints relating to its fundraising practices.

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Trustees’ annual report

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Reserves policy and going concern

The reserves policy and position are reviewed by the Board on a regular basis. Strategic reviews are developed, and the financial and funding position is monitored to ensure that sufficient reserves are held and sustained on an on-going basis.

The Board of Trustees have reviewed the general reserves policy and agreed that the current general reserves policy of three months of key operating costs, £120,000, is sufficient.

The trustees have reviewed financial budgets over the next 12 months and are confident that Stagetext is a going concern and financially viable up to that date and beyond. Stagetext prepared a “Covid” budget for 2021/22 early in the pandemic and is updating the forecast on a regular basis. The Government’s furlough scheme was used flexibly to allow us to retain staff while demand for services was low. The office has been closed and overheads have been cut as far as possible. The office will continue to be closed since March 2020 whilst there is a pandemic situation. Applications were made to a number of funders who are providing support to charities during the current crisis including Arts Council England, the Coronavirus Community Support Fund and Foyle Foundation. Stagetext was successful in securing grants of £176,522. Given all the actions that we have taken we are comfortable that Stagetext continues to be a going concern.

Restricted funds: these funds represent grants provided to fund specific expenditure in agreed areas of delivery. Restricted funds at 31 March 2021 were £1,056.

Unrestricted funds : it is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Designated funds : these are funds which the Board of Trustees has designated to meet future risks and commitments as part of their strategic vision and risk assessment for sustainability. The funds include a strategic business development fund for development activities to ensure our long-term viability and sustainability. Tangible fixed assets (£10,538), strategic business development (£30,000), access adaptions (£15,000), delivery support for our talks programme (£20,000) and advocacy strategy & implementation (£55,000). The balance of these funds at the end of the year was £130,538 (2019/20 £51,633)

General funds: these funds represent the free reserves available to the charity which can be used for any purpose within its charitable objects. These costs can include programme delivery, income generation, management and administration costs as well as any shortfalls in restricted fund activity if required. The balance of these funds at the end of the year was £136,202 (2019/20 £132,170)

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For the year ended 31 March 2021

Trustees’ annual report

Risk management

The Board is required to assess the major risks to which the charity is exposed and establish systems to mitigate these risks. The Board is also required to ensure the charity complies fully with the law and eliminates all risk of breaching the law. Stagetext has a risk management and legal compliance strategy that comprises identification of risks, evaluation of their potential impact, design of risk management and legal compliance programmes followed by implementation and review points. The Senior Management team reviews progress regularly and a comprehensive risk register is maintained which is reviewed at each meeting of the Board of Trustees. The register includes both strategic and operational risks. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

The main risk currently facing the charity arises from the impact of the Covid-19 pandemic: surprisingly the demand for online services has led Stagetext to undergo a significant review of how we operate internally due to demand outstripping capacity. We secured funding in the DCMS Cultural Recovery Fund (round 2) which is leading to an integrated booking system compatible with our in-house database and soon to be launched new website. We are continuing to utilise technological developments to create value for our clients and beneficiaries and we continue to advocate for the growth of captioning and speech-to-text systems in arts and entertainment venues.

At the time of writing, Stagetext are looking to new ways of working and fundraising for the new five year strategy where advocacy and research are central to our aims and activities.

Employees

The people employed by Stagetext are the most valuable assets of the organisation and the successful organisation is the one able to secure the maximum potential of its employees. Underpinning the aims which are designed to achieve the vision of Stagetext, there are a number of values we seek to promote.

We want to ensure there is an overriding ethos by which everyone is influenced. This means we want to ensure there are the same standards and expectations of trustees, staff and volunteers.

The ethos of Stagetext is derived from the following characteristics of the organisation:-

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Trustees’ annual report

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Both office staff and freelance personnel must demonstrate their commitment to the ethos of Stagetext by being qualified, or by undertaking training in d/Deaf awareness, communication tactics, British Sign Language, Sign-Supported English, lip-speaking and similar skills as required. Office staff and freelance personnel will similarly be expected to show their commitment to a relationship of mutual respect between hearing and d/Deaf, deafened and hard of hearing people. Stagetext is committed to thinking laterally and imaginatively as to how it may recruit trustees, staff, freelance personnel and volunteers who demonstrate its ethos.

Stagetext is committed to equal opportunities and making it happen in practice. As an example, we advertise posts widely and ask applicants to complete an anonymous equal opportunities form so that we can ensure that our job opportunities are reaching all sectors of our community.

Stagetext believes in continuing professional development for all staff. We endeavour to ensure that all employees receive appropriate training both at the start of their job and during their continuing employment with us. We regularly review the performance of all our employees. They receive supervision from their line manager on a quarterly basis and a formal appraisal once a year. We undertake this exercise to maximise the potential of all employees and to highlight areas for development and training.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Trustees are recruited through an open application process, with recruitment drives targeted for a specific skill requirement or sector knowledge where needed. Candidates are supplied with a recruitment pack which includes full details on the organisation, what the role of Trustee entails, and the commitment required. Shortlisted candidates are initially interviewed by a small group of Trustees and the CEO, and then recommended to the Board for appointment. All Trustees receive d/Deaf awareness training following appointment.

The CEO is supported by the Head of Operations (Deputy CEO) and part-time Finance Manager, who is shared with our sister charity VocalEyes. The CEO manages the Marketing and Communications Manager, the part-time Projects Manager, and the project-specific Project Archivist. The Head of Operations manages the three Programme Managers (Theatre Programme Manager, Live Subtitling Manager, Programme Systems Manager), who each in turn manage a pool of highly experienced and specialist freelancers to deliver our programme of work.

The trustees' report was approved by the Board of Trustees.

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Structure, governance and management

Stagetext is a registered charity and company limited by guarantee, governed by its Memorandum and Articles of Association, incorporated on 17 May 2000 and amended by special resolution on 30 November 2000, 31 July 2006 and 29 April 2009.

Stagetext was founded to increase access to the arts for people who are d/Deaf, deafened or hard of hearing. The founding trustees were Peter Pullan, Merfyn Williams and Geoff Brown and despite none of its founding Trustees still serving on its board, Stagetext remains a deaf-led organisation with six of its eleven trustees having a hearing loss.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Robin Saphra (Chair) Tim Hardy (Vice Chair) Sarah Bradley (Treasurer) Jackie Elliman James Baggaley (Resigned 3 November 2020) Rachel Jele Charlotte Bayley Nina Thomas Matthew Johnston Rebecca Morris Christopher Reid (Appointed 3 November 2020)

Stagetext aims to comply with the Charity Governance Code as endorsed by the National Hub of Expertise in Governance. We aim to ensure that Stagetext policy, practice and procedures satisfy the principles that underpin the Code. The trustees regularly review the make-up of the Board to identify skills that are needed. New trustees undergo an induction and training programme which includes experience of Stagetext service delivery in action and written information designed to prepare them for effective participation on the Board.

The Finance & General Purposes Committee is a formal committee of the Board of Trustees of Stagetext set up to advise the Chief Executive and the Board of Trustees on financial, personnel and legal matters and to ensure that Stagetext is run on a sound and business-like basis. The committee meets quarterly.

The Chief Executive is responsible for the day-to-day management of Stagetext’s operations and for the implementation of policies agreed by the Board. A working group of trustees is responsible for the evaluation of the Chief Executive’s performance.

All staff are paid above the London living wage. The Chief Executive’s salary is set by the Board and reviewed on an annual basis.

19

Stagetext

Trustees’ annual report

For the year ended 31 March 2021

Statement of responsibilities of the trustees

The trustees (who are also directors of Stagetext 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 (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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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.

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

The trustees’ annual report has been approved by the trustees on 1 November 2021 and signed on their behalf by:

Robin Saphra Chair of the Board of Trustees

20

Independent examiner’s report

To the trustees of

Stagetext

I report to the trustees on my examination of the accounts of Stagetext for the year ended 31 March 2021.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Company 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 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 Company’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’).

Independent examiner’s statement

Since the 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 Accounts in England and Wales, 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:

21

Independent examiner’s report

To the trustees of

Stagetext

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.

Fleur Holden

The Institute of Chartered Accountants in England and Wales Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: Nov 16, 2021

22

Stagetext

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

For the year ended 31 March 2021

Note
Income from:
2
3
4
4
4
4
4
5
Reconciliation of funds:
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward
Net income for the year
Training & consultancy
Theatre captioning & STT services
Non-theatre captioning & STT
services
Raising funds
Total expenditure
Charitable activities
Training & consultancy
Digital subtitling
Digital subtitling
Theatre captioning & STT services
Non-theatre captioning & STT
services
Grants, donations & gifts
Charitable activities
Investments
Other
Total income
Expenditure on:		 Unrestricted
£
317,459
23,227
231,885
103,354
300
632
-		 Designated
(unrestricted)
£
-
-
-
-
-
-
-		 Restricted
£
142,198
-
-
-
-
-
-		 2021
Total
£
459,657
23,227
231,885
103,354
300
632
-
819,055
10,047
68,118
403,530
196,330
57,037
735,062
83,993
-
83,993
183,803
267,796		 Unrestricted
£
281,175
262,507
127,320
39,458
5,316
663
198		 Designated
(unrestricted)
£
-
-
-
-
-
-
-		 2020
Restricted
Total
£
£
34,792
315,967
-
262,507
-
127,320
-
39,458
-
5,316
-
663
-
198
34,792
751,429
-
25,026
6,000
374,551
29,104
229,027
-
108,988
350
18,740
35,454
760,029
(662)
(8,600)
-
-
(662)
(8,600)
662
192,403
-
183,803
676,857 - 142,198 716,637 -
10,047
58,453
353,736
166,632
5,052		 -
-
-
-
-		 -
9,665
49,794
29,698
51,985		 25,026
368,551
199,923
108,988
18,390		 -
-
-
-
-
593,920 - 141,142 724,575 -
82,937
(78,905)		 -
78,905		 1,056
-		 (7,938)
17,484		 -
(17,484)
4,032
132,170		 78,905
51,633		 1,056
-		 9,546
122,624		 (17,484)
69,117
136,202 130,538 1,056 132,170 51,633

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 27a to the financial statements.

23

Stagetext

Company no. 03995686

Balance sheet

As at 31 March 2021

As at 31 March 2021
Balance sheet		 As at 31 March 2021
Balance sheet		 Company no. 03995686
Note
£
Fixed assets:
10
Current assets:
11
126,479
249,620
376,099
Liabilities:
12
(118,841)
15
130,538
136,202
Total unrestricted funds
Total assets less current liabilities
Debtors
Restricted income funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Cash at bank and in hand
Tangible assets
General funds
Total charity funds		 2021
£
£
10,538
10,538
127,541
168,314
295,855
(126,784)
257,258
267,796
267,796
1,056
51,633
132,170
266,740
267,796		 2020
£
14,732
14,732
169,071
376,099
(118,841)
130,538
136,202
183,803
183,803
-
183,803
183,803

The opinion of the directors is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge the following responsibilities:

Approved by the trustees on 1 November 2021 and signed on their behalf by

Robin Saphra Chair

Sarah Bradley Treasurer

24

Stagetext

Statement of cash flows

For the year ended 31 March 2021

Cash flows from operating activities
Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Total cash and cash equivalents
Cash and cash equivalents at the end of the year
Net cash provided by / (used in) financing
activities
Change in cash and cash equivalents in the year
Cash flows from financing activities:
Cash and cash equivalents at the beginning of the
Net cash used in investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets		 £
£
83,993
6,773
(632)
1,062
(7,943)
83,253
632
(2,579)
(1,947)
-
81,306
168,314
249,620
At 1 April
2020
Cash flows
£
£
168,314
81,306
168,314
81,306
2021		 £
£
83,993
6,773
(632)
1,062
(7,943)
83,253
632
(2,579)
(1,947)
-
81,306
168,314
249,620
At 1 April
2020
Cash flows
£
£
168,314
81,306
168,314
81,306
2021		 £
£
(8,600)
5,660
(663)
(36,145)
39,477
(271)
663
(6,531)
(5,868)
-
(6,139)
174,453
168,314
Other non-
cash
changes
At 31
March
2021
£
£
249,620
249,620
2020		 £
£
(8,600)
5,660
(663)
(36,145)
39,477
(271)
663
(6,531)
(5,868)
-
(6,139)
174,453
168,314
Other non-
cash
changes
At 31
March
2021
£
£
249,620
249,620
2020
83,253
(1,947)
-		 (271)
(5,868)
-
At 1 April
2020
£
168,314		 Other non-
cash
changes
£
81,306
168,314		 (6,139)
174,453
249,620 168,314
Cash flows
£
81,306		 At 31
March
2021
£
249,620
168,314 81,306 249,620

25

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies

a) Statutory information

Stagetext is a private company limited by guarantee and is incorporated in England and Wales.

The registered office address is 81 County Street, London, SE1 4AD, England. The liability of each member in the event of a winding up is limited to £1.

b) Basis of preparation

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

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

e) Income

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

Income from 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 the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, 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.

g) 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.

26

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

h) Fund accounting

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

i) 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. Expenditure is classified under the following activity headings:

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Theatre captioning 7%
Non-theatre captioning 35%
Digital subtitling 18%
Training & consultancy 8%
Equipment sales, hires & maintenance 0%
Raising funds 1%
Support costs 30%
Governance costs 2%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

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:

27

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies (continued)

m) 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.

n) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

o) 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.

p) Creditors and provisions

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.

q) Financial instruments

The charity 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 measured at amortised cost using the effective interest method.

r) Pensions

The charity makes payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the charitable company in independently administered funds. The pension cost charge represents contributions payable to the funds during the year. The charity has no liability under the schemes other than the payment of those contributions.

2 Income from grants, donations & gifts

Arts Council England
The Foyle Foundation
Coronavirus Job Retention Scheme
The Zochonis Charitable Trust
Awards for All (Engaging Older People)
National Lottery Heritage Fund
Coronavirus Community Support Fund
ACE Cultural Recovery Fund
N Smith Charitable Settlement
Donations and gifts
Donated services		 Unrestricted
£
273,718
15,000
19,324
-
-
-
-
-
-
9,417
-		 £
-
-
-
-
10,000
33,554
9,836
88,808
-
-
-
Restricted		 2021
Total
£
273,718
15,000
19,324
-
10,000
33,554
9,836
88,808
-
9,417
-		 Unrestricted
£
268,773
-
-
5,000
-
-
-
-
-
7,402
-		 2020
Total
£
£
-
268,773
-
-
-
-
-
5,000
10,000
10,000
20,792
20,792
-
-
-
-
1,000
1,000
-
7,402
3,000
3,000
34,792
315,967
Restricted
317,459 142,198 459,657 281,175

3 Income from investments

Interest receivable Unrestricted
£
632		 £
-
Restricted		 2021
Total
£
632		 Unrestricted
£
663		 2020
Total
£
£
-
663
-
663
Restricted
632 - 632 663

All income from investments is unrestricted.

28

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

4a Analysis of expenditure (current year)

Charitable activities

Theatre
captioning &
STT services
£
Staff costs (Note 6)
30,313
Captioner fees & expenses
13,826
Technical fees & expenses
1,193
Speech-to-text fees & expenses
4,895
Digital subtitling
-
Marketing, advocacy & promotions
-
Training & consultancy
-
Equipment
-
Development costs
2,478
Premises & office running costs
-
Other staff related costs
-
IT support
-
Legal & professional fees
-
Accountancy services
-
Insurance
-
Independent examiner fees
-
Board expenses, access & recruitmen
-
Fundraising costs
-
Depreciation
-
Miscellaneous
-
52,705
Support costs
14,723
Governance costs
690
Total expenditure 2021
68,118
Total expenditure 2020
374,551		 Non-theatre
captioning &
STT Services
£
74,217
-
211
175,086
-
-
-
-
-
-
5,680
-
-
-
-
-
-
-
-
-
255,194
140,861
7,475
403,530
229,027		 Digital
subtitling
£
46,436
-
-
-
82,353
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
128,789
64,206
3,335
196,330
18,740		 Training &
consultancy
£
5,052
-
-
-
-
-
51,985
-
-
-
-
-
-
-
-
-
-
-
-
-
57,037
-
-
57,037
3,697		 Equipment
sales, hires &
maintenance
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
108,988		 Raising
funds
£
10,103
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(56)
10,047
-
-
10,047
25,026		 Governance
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,642
6,858
-
-
-
11,500
-
(11,500)
-
-		 Support
costs
£
136,413
-
-
-
-
24,741
-
1,411
-
34,731
3,060
3,270
7,064
-
2,307
-
-
-
6,513
280
219,790
(219,790)
-
-
-		 2021
Total
2020
Total
£
£
302,534
288,166
13,826
153,272
1,404
131,674
179,981
44,016
82,353
24,848
24,741
24,260
51,985
5,605
1,411
820
2,478
289
34,731
37,198
8,740
9,650
3,270
5,878
7,064
6,196
-
5,547
2,307
2,694
4,642
4,800
6,858
3,349
-
4,868
6,513
5,660
224
1,239
735,062
760,029
-
-
-
-
735,062
760,029
760,029

29

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

Theatre
captioning &
STT services
£
Staff costs (Note 6)
28,939
Captioner fees & expenses
153,272
Technical fees & expenses
61,139
Speech-to-text fees & expenses
6,498
Digital subtitling
-
Marketing, advocacy & promotions
-
Training & consultancy
-
Equipment
-
Development costs
289
Premises & office running costs
-
Other staff related costs
-
IT support
-
Legal & professional fees
-
Accountancy services
-
Insurance
-
Independent examiner fees
-
Board expenses, access & recruitme
-
Fundraising costs
-
Depreciation
-
Miscellaneous
-
250,137
Support costs
119,028
Governance costs
5,386
Total expenditure 2020
374,551		 Charitable activities Charitable activities Charitable activities Digital
subtitling
£
28,939
-
-
-
24,848
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
53,787
54,470
731
108,988		 Raising
funds
£
4,521
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,868
-
-
9,389
15,637
-
25,026		 Governance
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,800
3,349
-
-
-
8,149
-
(8,149)
-		 Support
costs
2020
Total
£
£
172,534
288,166
-
153,272
-
131,674
-
44,016
-
24,848
20,853
24,260
-
5,605
-
820
-
289
37,198
37,198
7,177
9,650
5,878
5,878
6,196
6,196
5,547
5,547
2,694
2,694
-
4,800
-
3,349
-
4,868
5,660
5,660
1,239
1,239
264,976
760,029
(264,976)
-
-
-
-
760,029
Non-theatre
captioning &
STT Services
£
53,233
-
70,535
37,518
-
3,407
-
-
-
-
2,473
-
-
-
-
-
-
-
-
-
167,166
59,943
1,918
229,027		 Training &
consultancy
£
-
-
-
-
-
-
5,605
-
-
-
-
-
-
-
-
-
-
-
-
-
5,605
13,031
104
18,740		 Equipment
sales, hires
&
maintenance
£
-
-
-
-
-
-
-
820
-
-
-
-
-
-
-
-
-
-
-
-
820
2,867
10
3,697

30

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

This is stated after charging:

This is stated after charging:
2021 2020
£ £
Depreciation 6,773 5,660
Operating lease rentals payable:
Property 24,960 24,892
Independent Examiner's Fee (excluding VAT):
Independent Examination 3,600 4,800

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2021
2020
£
£
271,473
257,246
22,842
22,656
8,219
8,264
302,534
288,166

No employee earned more than £60,000 during the year 2021 or during the prior year 2020.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £55,870 (2020: £60,726).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2020: £187) incurred by no (2020: 3) members relating to attendance at meetings of the trustees.

7 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 11 (2020: 12).

8 Related party transactions

There are no related party transactions to disclose for this financial year (2020: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

9 Taxation

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

31

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

10 Tangible fixed assets

Tangible fixed assets
At the end of the year
Cost
At the start of the year
At the start of the year
Additions in year
Disposals in year
Depreciation
Eliminated on disposal
At the end of the year
Net book value
At the end of the year
At the start of the year
Charge for the year		 Leasehold
improvements
£
9,713
-
-		 Fixtures and
fittings
£
-
-
-		 Offfice &
computer
equipment
£
158,666
2,579
(136,631)		 Motor
vehicles
£
-
-
-		 Total
£
168,379
2,579
(136,631)
9,713 - 24,614 - 34,327
2,428
1,943
-		 -
-
-		 151,219
4,830
(136,631)		 -
-
-		 153,647
6,773
(136,631)
4,371 - 19,418 - 23,789
5,342 - 5,196 - 10,538
7,285 - 7,447 - 14,732

All of the above assets are used for charitable purposes.

11 Debtors

11
Debtors
12
Trade debtors
Other debtors
Prepayments
Accrued income
Other creditors
Taxation and social security
Creditors: amounts falling due within one year
Accruals
Deferred income (note 21)
Trade creditors		 2021
£
64,316
10,329
7,296
44,538		 2020
£
76,509
32,475
10,846
7,711
126,479 127,541
2021
£
67,386
10,008
-
7,463
33,984		 2020
£
38,094
6,543
1,340
53,649
27,158
118,841 126,784

32

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

13 Deferred income

Deferred income comprises grant income received in advance and is recognised as income in the period to which it relates.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2021
2020
£
£
27,158
10,000
(27,158)
(10,000)
33,984
27,158
33,984
27,158

14 Pension scheme

Aviva is a Group Personal Pension (GPP) Scheme and is a qualifying scheme for auto enrolment, this is the workplace pension scheme with six active members and no amounts owed at year end (2020: £nil). Aviva Friends Life is a Group Stakeholder Pension Scheme with two active members and £602.61 owed at year end (2020: £1,340.39).

15a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Net assets at 31 March 2021
Analysis of net assets between funds (prior year)
Net assets at 31 March 2020
Net current assets
Tangible fixed assets
Tangible fixed assets
Net current assets		 General
unrestricted
£
-
136,202		 Designated
£
10,538
120,000		 Restricted
£
-
1,056		 Total funds
£
10,538
257,258
136,202 130,538 1,056 267,796
General
unrestricted
£
-
132,170		 Designated
£
14,732
36,901		 Restricted
£
-
-		 Total funds
£
14,732
169,071
132,170 51,633 - 183,803

15b Analysis of net assets between funds (prior year)

33

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

16a Movements in funds (current year)

Total restricted funds
Total designated funds
General funds
Unrestricted funds:
Designated funds:
Access adaptations
Tangible fixed assets
Strategic business development
Talks programme
Pension reserve
Advocacy Strategy & Implementation
Restricted funds:
Awards for All (Engaging Older People)
National Lottery Heritage Fund
Coronavirus Community Support Fund
ACE Cultural Recovery Fund
Total unrestricted funds
Total funds [including pension fund]		 At 1 April
2020
£
-
-
-
-		 Income &
gains
£
10,000
33,554
9,836
88,808		 Expenditure
& losses
£
(8,944)
(33,554)
(9,836)
(88,808)		 Transfers
£
-
-
-
-		 At 31 March
2021
£
1,056
-
-
-
- 142,198 (141,142) - 1,056
14,732
20,000
6,901
10,000
-		 -
-
-
-
-		 -
-
-
-
-		 (4,194)
10,000
13,099
5,000
55,000		 10,538
30,000
20,000
15,000
55,000
51,633 - - 78,905 130,538
132,170 676,857 (593,920) (78,905) 136,202
183,803 676,857 (593,920) - 266,740
- - - - -
183,803 819,055 (735,062) - 267,796

The narrative to explain the purpose of each fund is given at the foot of the note below.

34

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

16b Movements in funds (prior year)

Total restricted funds
Total designated funds
General funds
Restricted funds:
Awards for All (Engaging Older People)
Donated Services
National Lottery Heritage Fund
N Smith Charitable Settlement
Long-term staff costs
Pension reserve
Total funds [including pension fund]
Unrestricted funds:
Designated funds:
Tangible fixed assets
Strategic business development
Equipment renewals
Talks programme
Access adaptations
Total unrestricted funds		 At 1 April
2019
£
662
-
-
-		 Income &
gains
£
10,000
20,792
1,000
3,000		 Expenditure
& losses
£
(10,662)
(20,792)
(1,000)
(3,000)		 Transfers
£
-
-
-
-		 At 31 March
2020
£
-
-
-
-
662 34,792 (35,454) - -
13,861
20,000
10,855
6,901
10,000
7,500		 -
-
-
-
-
-		 -
-
-
-
-
-		 871
-
(10,855)
-
-
(7,500)		 14,732
20,000
-
6,901
10,000
-
69,117 - - (17,484) 51,633
122,624 716,637 (724,575) 17,484 132,170
191,741 716,637 (724,575) - 183,803
- - - - -
192,403 751,429 (760,029) - 183,803

Purposes of restricted funds

Awards for All: Activity to engage older d/Deaf people was updated in light of the pandemic and being unable to meet in person. The funding supported targeted marketing to older d/Deaf people on accessible online culture, and online outreach engagement with existing and potential user groups to share cultural experiences

National Lottery Heritage Fund: this fund supports the “Captions Speak Louder” project , a two year archive project which has been extended by one year due to the pandemic. It will preserve Stagetext’s history, culminating in an engaging touring exhibition to mark Stagetext’s 21st anniversary.

Coronavirus Community Support Fund: this Government fund, distributed by the National Lottery Community Fund, supported subsidy of subtitling pre-recorded content for small, community-led and new organisations we hadn’t worked with before. It also supported the training of new digital subtitlers to meet demand.

ACE Culture Recovery Fund (Round 1): this Government fund, distributed by Arts Council England, supported Stagetext to return staffing to full capacity and cover some core costs during the pandemic, as well as reflating reserves that allowed us to invest in research and consultancy, leading to our refreshed strategy.

N Smith Charitable Settlement: funds for Cultural Connections.

Donated Services: We thank Nico Beedle of Merali Beedle for his legal support.

35

Stagetext

Notes to the financial statements

For the year ended 31 March 2021

Purposes of designated funds

These are funds which the Board of Trustees has designated to meet future commitments and liabilities as part of their strategic vision and risk assessment for sustainability.

Tangible fixed assets: funds to support the net book value of fixed assets.

Strategic business development: funds of £30,000 have been designated to explore new ventures and activities to improve Stagetext's resilience and ensure its long-term viability; transfers were made during the year to support the restructuring of services and staff.

Talks programme: funds of £20,000 have been designated to support this area as required.

Access adaptations: funds of £15,000 have been designated to cover access adaptations to premises (County Street).

Advocacy Strategy & Implementation: funds of £55,000 have been designated to support the development of an advocacy strategy and its implementation together with additional consultancy or staff requirments as necessary.

17 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


each of the following periods
Less than one year
One to five years
Over five years		 2021
2020
£
£
24,960
24,892
42,945
67,905
-
-
67,905
92,797
Property		 2021
2020
£
£
-
-
-
-
-
-
-
-
Equipment
67,905 92,797

18 Post balance sheet events

There are no post balance sheet events to report.

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

36