PUNCHDRUNK ENRICHMENT IA company limited by guarantee) TRUSTEES. REPORT AND CONSOLIOATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Company Registered number: 04547069 Charity Registered nurnber: 1113741 AAJZ)ZIH 24V1212021 COMPANIES HOVSE AAiFYISXK 1W12r2021 COMPANIES HOUSE A31 *242 A11
PUNCHDRUNK ENRICHMENT IA company limited by guarantee) TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2021 CONTENTS Page5 Company infom)ation Trustees, report Audrtor's report 10 Group st*emenl of financial &tNilies Grtyjp balance sheet 14 Company baknce sheet 15 Group statement of cash Ikmt 16 Notes to the financial statements 17
PUNCHDRUNK ENRICHMENT IA company limited by guarantee) COMPANY INFOMATION For the year ended 31 March 2021 Reference and adrninistrative details Trustees (serving during the yearl E Booth 8 Connah P Davies J Freedrnan A Gambrell O'oined April 20201 P Garside A Good Irelired March 20211 M Malhieu Irelired Decembef 2020) N Newman S Ntholls Company Registered number: 004547069 Charity Registered number. 1113741 Registered Office: Uni13W03 Richmix Cultural Centre 3547 8elhnal Green Road London EI 6LA Company Secretary: Rebecca Dawson Auditors.. Haysmaeintyre LLP 10 Queen Street Place London EC4R 1AG Bankers: Sanlander Business Banking Centre Clarence House Clarence Place Newport Gwenl NP19 7UP Barclays Bank PLC 1* Floor 27 Soho Square London W1D3QR
PUNCHDRUNK ENRICHMENT (A company limtted by guarantee) TRUSTEES. REPORT For the year ended 31 MaKh 2021 The Trustees Present their Annual Report together wrth the audited financial statements of the GroLP and the Charity for the period 1 April 2020 10 31 March 2021. The Trustees confim that the Annual Report and financial statements of the group and company comply with the current statutory reqLtirements, the reqLtirements of the company's goveming document and the provisions ol the Stalemenl of Re¢ommended PraCte ISORPI, applicable to charities preparing their accounts in accordance wrth the Financol Reporting Standard applicable in the UK aThJ Republic of Ireland IFRS 1021 (Second Edition- effective 1 January 20191. Since the Charity qualrfies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2( Islrategt Report and Directors Report) Regulations 2013 is not required. A tivities a. Polici8s and objectives The Charty's objects e lo advance education lor the public benefft by the promotion ol the arts, and in particular. bul n¢X exclusively. the art ofdrama. Punchdrunk Enrichment's mission is lo create unue experiences thal lake parti¢ipanls lo another world. For children, lamilies. aduhs and ¢ommunrties. the work ¢an transform. have a powerful impact and take people on an unforgettable joucney. 11 seeks lo Iransfom the passwe consumption of the arts into life-changing experiences for everyone. Punchdrunk Enrichment does this Ihrough the perfoming and design arts and by ¢aling a platform for multiple fofms of engagement and experiment betsween artists. aud*nces, participants and volunteers. We particularty encourage participation from non-lradrtional theatre audiences and those that might not have or wish lo access established theatrical Institutions such as schools and those from area5 of hwJh deprivation. We have a global outlook and profile assisting in the cuttural exchange of ide8s and artlsts and sharing best practice as widety as Possible. The Trustees have had due regard lo the Charrty CommissKJn's gu•Jance on publ benefrt when reviewing the aims and objectives of the Charty and planning future actNItw. b. Review of aclivrties The year 2020r21 was an exceplK)rbal one due lo the imp&1 of the COV-19 pandemic. The natnal lockdown was announced in March 2020 and by the start ofthe 2020121 finan¢ial year Pun¢hdrunk Enrichment had moved lo a virtual office and the majority of ihe team were on furtough. A skeleton stsff of 5 remained in the office - Executive Director, Director of Enrichment, Head of Finance and Operations, Head of Communications, Finance Manager to oversee the day-taY operations. The team remained on ludough for 6 months to October 2020. The programme and levels of activity are therefore significantly reduced in comparison to previous years. Desprte the limits on live activity and considerable disruptKJn caused by the pandemic - the charity still enged with 4.312 peop through our projects with an addItnal 20,000 interactions with our online projects. New Inilolives and partnerships.. Our Home Story and The Wild Visitor. inaugural online projects for familRs to deliver IpendentlY. Accessed via our website- they creaied magi¢al worlds that encouraged young people and their rerS lo create stories and Installations. Together these prqects received in excess of 20,OC#J unique page views that resulted in over 3,000 downloads offurther resources. They were excellently received by those Ihal interacted. We using the feedback generated lo build a fvrther programme of independent actNty for families. Online training and masterclasses. due tothe restfKtions on live meeting we moved our successful training programmes online. As a resutt, the maslerclass prc¥Jramme has grown in numbers and reach. The access provided by being delivered online ha5 rneanl that the international community has been able to parti¢ipate In significant numbers. The programme has consistenlly sold out and again feedback has been valuable in designing an expanded range of workshops that cater to entry level as well as developmental demand.
PiINCHDRUNK ENRICHMENT IA company limited by guarantee) TRUSTEES. REPORT For the year ended 31 March 2021 Ongoing projects.. A Small Tale was delwered in 14 schools folkjwing remole teacher training sessions that eabd the schools to delNer independently once the pupils returned. 7 schools were in Edinburgh via our partnership with Imaginate.. 3 schools were in Thurrock via our partnership wi(h ROH Trailblazers", 4 schools were independenlly delivered via direct contact with our website. A Small Talewas also deliVed in partnehIP wrth Eggtooth in Massachusetts. USA. A bespoke series of online teacher training sessions were delwered in March 2021 to 25 teachers They will then delNer the project directly to their schools. Immersive Leaming Collective.. 5 online sessions were held lo support teache(s arnj w)dNJual schwls. We adapted the programme to respond to Ihe live needs of the schools in this disTUPted year while also m8inlainiNJ momentum on the ovefall aims of the collective. Cijdename Atlantis." delivered 2 training sessions for partners Coventry Cty of Cullure and Royal Opera House {ROHI Trailblazers ahead of live delNery reluming in the summer 2021 lemi. Conferences and talks. company members partIpated in or presented at 12 oiiline confenCeS or talks lo a combined audiences of over 800 people. The content ranged from creative and technical lalenl development lo the creation of immersive narrative wilh new technobgy. Paused projects.. ImmCwlVc Lcaming Journcy and Do. linalw Anh010 (the prOductn of the bus which will accompany Immersive Learning Journeysl were paused with the support oflurtders Sch1$ lo enablethe projectto be delivered as planned (with reasonabl8 adaplatsons) as of Autumn 2021. The Lost LendAn9 LAbrary- delivery was nol possible while live perfomiance was halted. The project will commence in Spring 2022. We ale working wrth schrxjls that missed OLrt to reschedule the project. Sleep No MO New York City INYCI dosed in March 2021 - il is an11pated it will recpen in February 2022. This has a significant impact on our financral posilion (see Financial review." Going Conceml. Financial revEw a. Going concem The impaet of Covid-19 has been profound with the closure of Sleep No More NYC being the most significant. In 19r20 the royalty income from the show accounted for 39Qh of our lurnoverl a monthty income of £46.000. In 20121 there has been no income from Sleep No More NYC. Additional royamy inccxne from Sleep No More Shanghai1£3,800 pcm) was also halleé forthe pericJ January 2020 to June 2020. In addition, we reduced ourfundraising and eamed income tsrgels to fIe¢t a reduced programme and the challenges of delivering any work live for the foreseeable future. As outlined, in order lo miligale this impacl, the company moved swftty to furkjugh the majorty of the team to make full use of the Government's Job Retention Scheme. Alongside this we paused the programme while the team was on lurlough and developed online work from Autumn 2021 while reslrielh?nSwe still in ple, Ihereby reducing expendi(ure on charitable projects. We were successfijl in an applicalKJn to the Cutture Recovery Fund which supported us for the period October 2020 - June 2021 to devebp and implemenl a covid-19 appropriate programme. We have also maintained reserves in order lo off-set the sudden loss of income. which we are now utilising. The overall Impact of these measures saw a notable reduction in the planned deficrf( on the year. In May 2020 £500,000 def11 was forecast - the final deficit was £25,726. This has alhjwed the chaiity lo plan confmJent into 221122. The Trustee5 have approved the use of reserves in 21122 to support this transrtlaI period when govemmenl support will stop but the longer-tem) impact of the pandemic is yel to be fvlty underslolxl, mst notably while we wail for the return of royalties from Sleep No More NYC (currently planned for February 20221.
PUNCHDRUNK ENRICHMENT IA company limited by guarantee TRUSTEES. REPORT For the year ended 31 March 2021 On this basis the Charity is confident that il can continue lo delwer impact for the next 18 months al a minimum during which time achieving and increased ifKome streams and new partnerships 1] be the PTIOTity to build visibilTty beyond 2022123. The Trustees have reached this conclusion on the basis of the cu¥renl cash position, sound financial forecastin9 and regular contact between the executive arKI the finance corrwnillee. Following thi5 a5se5smenl and after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity ha5 adequate re50uice5 to continue in operational existence for the foieseeable future. For this reason, they continue lo adopt the going concem basis in preparing th8 finanoal statements. b. Reserves policy It is the poIY of the Charty that unrestrtied fvnds which have not been designated for a specrfic use should be maintained al a level equivalent lo between three- and six-mnlhs recurring expenditure. The Trustees consider that reserves al this level will ensure that, In the event ol a signrfieant drcp in funding. they will be able to continue the Charrty's current activities while eonsiderathjll is gwen to ways In which addrtional funds may be raised Despite the exceplional circumstances of the past year- this General Fund Is retained at £350.000 minimum and is forecast to be maintained through 21122 and 22r23 despte ongoing nrtainty. This bo15ters the Trustees, assessment of going concern for the charity. The additional reserve funds are designated lo support the fesilence of the organisation and to ensu we are able lo invest in the future programrne following this prolonged perth of poslponemenl and fluctualion. The use ol designaled funds to Supporl the charity will be carefvlly monrtored by the Tfusls to ensure ongoing viabilty infomis all decision mking. . Finance summary Our income profile is radalty dTfferenl from previou5 Yea due lo the ckn5ure of Skfp No More NYC and the other impae15 of the covid-19 pandern. Thi5 year show5 a greater reliance on public subsidy dye to the redu¢tion in income streams from Iwe work. The breakdown is as follows". Arts Council England core grant". £230,468122% tumoverl (pre¥US 16%} Cutture Recovery Grant (wa Arts Council Engkndl". £216,904121°A tumover) Fundraised from Trusts and Foundations and Individuals." £89,699190h lumoverl (previously 18%) Earned income from core athvily.. £144.054114% tumoverl [preVu$fy 12°kn1 Other income from tradin9 activityl royalty Lunced shThs l Name Lence Royattyfrom pUrhdrUnk International.. £192,484118Qh lurnoverl {previousty 46%) Other income- primarily Coronavirus Job Retention Scheme.. £189.358118% tumover) {pvIouslY 8%) Unrestricted reseryes al the yearnd are £1.327,66912020.' £1.258.02n whKh is made up of £350.01)O general funds and £977.669 of designated funds. The balan of restricted funds at the year-end is £115,86512020." £159,702). d. Designated funds At the balance sheet dale, Ihe Charity hohjs a balance of £677.669 12020.. £908.0271 in desnated fund$ {within unrestricted funds) The designated funds are separated Into supporting the Resilience of the organIsal)n and investing in future development and growth (Ennchmenl." Talent Development). We have also retained a fund designated to help us establish a new home base for Punchdrunk Enrichment (Company Relocalionl. The financially responsible management otthese fvnds is a crrtical aspect of our risk management strategy. ènd allows the organisatson to ensure that both artistic ambf(ion and public benefrt objectives ao met in the medium and long-tem. On cUrn1 financial projections there will be an inveslment of c.£317,000 of the designated funds across 2021122. The trustees percewe these designated fijnds as the necessary and realistic scale of investment required to aChve our future aclivrties and plans.
PVNCHDRUNK ENRICHMENT IA company limited by guarantee) TRUSTEES. REPORT For the year ended 31 March 2021 Structure overnance and mana emenl a. ConstilulMJn The Charity is registe as a charitable company Iffnrted by guaranlee and is govemed by rts Memorandum and ArtKles of Association. 11 registered as a charty with the Charity Commission on 10 April 20C6 wrth the number 1113741. b. Method of appointment or ekntion of Trustees The management of the Charity is the resFonsiblty of the Trustees who are elected and co-opted under the terms of the Articles of As50ciation_ c. Board changes. and the induction and training of Trustees James Freedman continued as Chair during 2020121. Andrew Gambrell joined the Board in April 2020 and assumed the Chair ofthe Finance Committee. Marc Mathieu retired as a Trustee in December 2020 following Ihe end of his lenm and Amanda Good in March 2021 due to changes in personal circumstances. James Ffeedman's 2-year inlerim appointment cor15 to an end in December 2021. 2021 will see an extensive search for a new Chair. The trustees will seek an individual who complements the current skills. who can further the Charity's purposes for public benefit. as well as continue to help us reach new audiences and supporters. The Chair particulars have been developed in response to a governance re¥W that was cariied oul in summer 2021. This sought lo strengthen the ways of working and the mechanisms for ¢olkdive goal setting in the wake of Ihe Challenges emerging through the pandemic. A series of recommendations were made which the trustees will address IhroughcNJl 2021 and 2022. Overall Trustees are recruited wth the aim of securing a broad range of skills and experience in the service and development of the Chaity's objects. The Charty aclivety seeks new Trvslees for interview and appointment. Trustees will receive induction lo the work of the Charity and a encouraged lo undertake training both where gaps In knowledge and experience are idenlrfied and in older lo maintain colle¢live expertise in good governance. None of the Trustees has any beneficial inleiesl in the charrtable company. All ol the Trustees are members of the charrtable company and guarantee lo contribute £1 in the event of winding up. d. Pay policy for senior staff Annual remuneratM)n for all fvll and part lime staff Is approved al Board level. Management salaries are appropriate lor the level and nalure of the Chartty. tske into account the emptyee's level of experience, and a set in line with industry custom and practice. . Organisational stnjcture and decision making Oay-lo-day management and decision making in Ihe Charty's work are delegated to an executive team of two office holders.. Executive Director {Rebe¢ca Dawson l appointed Septernber 2016," Sarah G¢x)dlellow maternity cover from June 2019- June 20201 and Dire¢lor of Enrichment {now Art151ic Director) (Pete Higgin l appointed April 20161. Policy, financ1, and strategic planning are recommended lo the Board by the executive team and are subject lo the Trustees, approval 8nd review al quarterty Board and Finance SUCommittee meetings lo which officers report. The Trustees and exeeulive team work closely together to preserve and devebp CO values emWied in the objects of the Charrty. f. Related party relationships The Charity has a wholly owned trading subsidiary - Punchdrunk Enrichment Productions Ltd IPEPLI Ifom)erly Punchdrunk Theatrical Experience5 Ltd) - through WhTh tradin9 actwrties are delivered. PEPL continues lo deliver corpofale workshops, speaking engagements. merchandise and bod(s. as well as housing income and expenditure from Iicenced works.
PUNCHDRUNK ENRICHMENT {A company limited by guarantee TRUSTEES. REPORT For the year ended 31 March 2021 g. Risk Managennt The Trustees assess Ihe major risks to which the Charity ss exposed and are satisf*d that systems are in place to miligate exposu to the maior risks. Our strategy to manage principal risks includes a Risk Registerthat is reVEd quartw1y by the Boartl ofTruslees, and updated by execulwe team nw)re gulaty as an a¢tNe lTrJ. As previously identrfied the principal risk to the Charty is the sudden closure of SNM NYC. due to lorces outside our control. As this has occurre<l as a result of the Covid-19 pandemic the charty has SU$$fU1ty m(tKJated the loss of income by taking steps outlined above. The current planning cycle will invOe a range ol scenarios that seek to proleel the charity in the I0j term by building new income potential through our pfogramme and partnerships. The trustees have also assessed safeguarding as a key risk to the programme. GNen the company's refocus on charrtable activty for schtx)Is, families and communities. this risk has potenlolty high impact. To mitigate this risk, there is a safeguarding working group in place consisting of executlve and Iruslees that monitors and reports on the aclKJn plan. The aGlion plan builds on the company's eslabli%hed PTactice of ensuring OUT projects are risk assessed, appropriate measures implemented and clear reporting mechanisms understood. The enrichmenl programme ha5 an excellent track record in this area and we wll continue to adapt and grow with changing cireumslances. Both the executive team and Trustees have a keen awareness of the principal risks and are continuing lo monitor these and other more minor risks facing the organisation. Our primary obje¢tNe is to protect and deliver future activity as planned and lo shore up the expected levels of employment to arti51s and creative collaborators. Plans f r future eriods 2020121 saw a major reTriw of the lat}nShiP with Punchdrunk Global. This resulted in a re51ructuring of the LKencing Agreements finalised in June 2021. This 2020121 audit report 15 the final year of the previou5 relationship sel up in 2016 where Punchdrunk Global licen¢e<l the narne Punchdrunk for 2% of ils tumover and key historical works were Iicenced on a case-by<ase basis for commercial exploilalion. These previous arrangements are reftected in these accounts as Name Licence Fee and the Royaf(ies from Sleep No MO Shanghai and The Third Day are refle¢led in the PEPL accounts. From June 2021 Punchdrunk Ithe charity) rebranded as Punchdrunk Enrichment. The Board sKJned a special resolulron to change the name ol the company on 9 June 2021 and the name change was iegislered wrth Companies House on 15 June and accepted by the Charty Commiss on 7 Juty 2021. Following a review of fair value. the name Punchdrunk was assigned to Punchdrunk Global and a reverse Licence was granted to the charty to use the name as part of Punchdrunk Enrichment. An assignment fee of £75,0 per annum in perpetuity was agreed. payable by Punchdrunk Global lo Punchdrunk Enrichment. The charity will continue lo Ltsnce the Sleep No MO NYC productiM and to benefit directty frcffl the original royally agreement once the show reopens. This name change and new financial arrangemenls will be refiected in the 21r22 Audrt report. Punchdrunk Enrichment Productsons Limited Iformerty PUrhdrUnk TheatrKal Projects Limited) will continue lo operate as our trading subsidiary. The medium-lem priority for the Charty in 2021r22 is to find a ne4V h¢)me. We are actively searching for a new home where we will be able to house all the operations oflhe company". office. workshop and public'shcyfront.. We are looking for partners keen lo support the charity lo deliver a Wide-rang9 ecrnunty programme that will embed Punchdrunk Enrichment as a vital part of a cultural and social inlra51ructure.
PUNCHDRUNK ENRICHMENT {A company limited by guarantee) TRUSTEES. REPORT For the year ended 31 March 2021 Anti-racism statement and aCtn lan We have established an anti-racism task force lo generate and monrtor our anti-raeisrn action plan. We are working lo embed the work acioss all areas of the programrne to ensure it is effective and pemianent. The group is currently focused on workpkce culiure and values lo ensure change from the heart of the organisalion. We have begun a training programme for the team. This work is tsking longer than hoped lo ensure rt is meaningful and aulhentic with space for further listening and learning rf needed. We thank all team members that have contributed lo thi5 work especially those wf(h lived experien of facism. We continue lo commit to share the data from the team lackTr)wledging that the language remains imperfect and is led by Arts Council England's data caplurel At 31 March 2020.. Board. 75Qh White British 12.50h Any olher Elhnic background 12.50A Any olher Black background Leadership.. 1 OOOA Whrte British Pemianent Workforce.. 66f*/o White British 11Qh Black Caribbean 8Y• Any olhef While background 5% While Irish 5% Mixed Race 5% Any other Asian backgr(nd A key lenel of becomin9 an actively anti-raust organisation will be to ehange this profile $0 that the intemal team is more rde¢tive of audtences aNI part1panIS we engage. Infomialion on fundraisin r¥li¢es The Charity does not seek to generate ffijnds from the public at large. apart from through its supporter programme called 'Keyholderf. The Charty does not use professional fvndraisers. We are regislered with the Fundraising Regulator and folbw all ils Fundraising Code of Conduct. We have receNed no c¢ynplainls atoui our fundraising pradi¢e$. Disclosure of Infofmalion to audrtors Eaeh of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that.. so far as that Trustee is aware, there is no levant audit infom)ation of which the chaittable Group's audrtors are unaware, and that Trustee has taken all the steps that ought lo have been laken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charitable GroLJP'S auditors are aware of that infomiation.
PUNCHDRUNK ENRICHMENT IA company limited by guarantee) TRUSTEES. REPORT For the year ended 31 March 2021 Slalemenl of Iruslees, res nsibilrtie5 in relation lo the financial slalemen15 The Directors are responsible forpreparing Trustees, Report and thefinancial slalemenls 8¢cordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom GeneralFy Accepted Accounting Practscel. Company law requires the Diieclors lo ppare ffinancial slalements for each financial year whh gwe a true and fair view of the s181e ol affairs of the charitable company and of the incom5ng resources and application of resources. including the income and expendf¢u, of the charitable group for that year. In preparing these ffinancial statements. the Directors are required lo.. select surtabk accounting poIleS and then app them nsIStent.. observe the methods and Principles in the Chathies SORP.. make judgments and eslimales that are reasonable and pNdenl- stale whether applicable UK Accounting Stsndards have been fdlowed, subject to any rnalerial departures disclosed and explained in the anCial slalements-, and prepare the financial statements on the going concern basis unless rt ts inappropriate lo presume that the charitable group will continue in business. The Directors are responsibk for keeping proper accounting records that disclose with reasonable accuracy al any time the financial posrtKJn of the charrtable group and enable them to ensure that the financial statements comp with the Companies Act 2006. They are also responsible for safeguarding the assets of the charrtable company, and the group, and hence for taking reasonable sleps for the preVentn and detecl•)n of fraud and other irregularities. In so far as the Directors are aware.. there is no relevant audrt infomialion of which the charitable group's aud((or is unaware.. and the Directors have tsken all slep$ that Ihey ought lo have taken to make themselves awa of any relevant audit infom)ation ané lo establish thal the audrtor is awaie of that inf0MtiOn. In preparing this report the Tfustees, have taken athantage of the small companies. exemptions provNled by section 415A of the Compan*s Act 26. Approved by order of the members of the board of Trustees and signed on their behaw by.. James Fedman Chair of Trustees Andrew Gambrell Trustee Date.. Dec 1. 2021 Dec 1, 2021
PUNCHDRUNK ENRICHMENT IA Company limited by guarantee) INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF PUNCHDRUNK ENRICHMENT Opinion We have audited the financial statements of Punchdrunk EnrKhment forthe year ended 31 Mah 2021 which Comprise the Slalements of Financial Activit$. the Balance sheet, the Cash flow Statement and notes to the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and Uni(ed Kingdom A¢¢ounting Slandards, including Financial Reporting Standard 102 The Financial Reporting Standard appluble in the UK and Republt of Ireland (United Kingdom Generalty Accepted Accounting Praclicel. In our opinion. the financial slalements-. give a true and fair wew of the slate of the charitable company's affairs as al 31 March 2021 and of charilable company's nel movement in lunds. including the income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdcvn Generably Accepted Accounling Practice., and have been prepared in accOrdae wf(h the requirements of Ihe Companies Act 2006. Basbs for opinion We conducted our audit in accordance with Inlemational Standards on Audrting (UK) (ISAS IUKI} and applicable law. Our wponsibilrties under those standards are further de5cribe(l in the Auditor's responsibilitses for the audrt of the financial slalemenls section of our report. We are independenl of the charrtable company in accordance wf(h the ethical requirements that are relevanl to our audrt of the financral statements in the UK, including the FRC'S Ethical Standard. and we have fuffilled our other ethical responsibllrtS in accordance wrth these requ1mentS. We belve Ihal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinKIn. Concluslons relating to going concem In auditing the financial stalemenls. we have concluded that the trustees. use of the going corKem basis of accounting in the preparation of Ihe financial slalements is appropriate_ Based on the work we have performed, we have not identified any rnalerial uncertainties relating to events or conditions that, Individual or colleclivety. may cast signrficant doubt on the charrtable company's ability lo continue as a going oncern fof a period of al least tsyelve rrKJnths from when the financial ststements are aulhortsed for i$su8. Our responsibilrties and the responsibilrties of the trustees wrth respect to going concem are described in the relevant sections of Ihis report. Other infomiation The Iruslees are responsible for the other infom)alion. The other informalron comprises the information included in the Truslee5' Annual Report. Our opinion on Ihe financial statements tl(s not Cover the other infomiation and. except lo the extent otherwL%e explicitly slaled in our report. we do not expres5 any foTm of a$surae conclusion thereon. In Connectn with our audit of the financial slalements. our responsibilty is lo the other inforfflation and, in doing so, consider whether the other inf0mtIOn is materially inconsistent with the financial slalemenls or our knt)wledge obtained in the audit or olherwse appears lo be materially misstated. If we idenlfy such material inconsistencies or apparent material misstslements. we are required to detemine whether there 15 a material misstatement in the financial slalements or a material misstatement of the other Infomation. 11. based on the work we have performed, we conclude that there is a material misslalement of this olher information. we are reqUId to report that fact. We have nothing lo report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audil." the Information given in the Trustees. Annual Report (which includes the the directors. report prepared for the purposes of company Lgwl for Ihe financial year for which the finarbcpl stslemenls are prepared is consislenl with the financial statements.. and the directors. report included within the Trustees, Annbjal Ret have been prepared in accordance wrth applicab iegal requirements. 10
PUNCHORUNK ENRICHMENT IA cornpany limited by guarantee) TRUSTEES. REPORT For the year ended 31 March 2021 Mattets on which we are required to report by exception In the light of the knowledge and understanding of the charrtable company and its environmenl cl)tained in the couise of the audit, we have not idenlrfied material misslalements in the Truslees. Annual Report (which incorporates the directors, reporti. We have nothing lo report in respect of the lofiowing matters in rekition to which the Companies Act 20C6 iequires u5 lo report lo you if, in our opInn.. adequate accounting records have not been kept by the Charitable company- or the charitable company financial statements are not in agreement wrth the accounting records and relums,. or certain disclosures of tru5tee5' remuneration specthed by law are not made", or we have not received all the information and expL3nations we require for our audit,. or the trustees were not entrtled lo prepare the financial statements in aecordanee wrth the small eompanies, regime and take advantage of the small companies, exemptions in preparing Ihe trustees, report and from the requirement to prepa a strategic report. Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilities slalement sel out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being 5atisfEd that Ihey give a true and fair vy, and for such internal Control as Ihe trustees determine is necessary lo enable the preparation of financial ststernents that are free from material misstslemenl. whether due lo fraud or error. In preparing the financial statements. the tfustees are responsible for assessing the charrtab1e company's abilrty to continue as a going concern. disclosing, as applicab, matters related to going concem and using the going concern basis of accounting unless the trustees either intend lo liquKlate Ihe paftt chariiable company or to cease operations, or have no realistic allemative but to do so. Auditor's responsibilities for the audit ol thè financial statements Our objectives are to obtain reasonable assurance aboul whether the financial statements as a whole are free frorn material misslalemenl. whether due lo fraud OT error. and to issue an audi(or's report that Includes Ouf opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in 8ccordance with ISAS IUKI will aayS delecl a maleiral misstatemenl when rt exists. Misstatements can arise from fraud or error and are wnsidered material rf, individually or In the aggregate, they could reasonab be expected to Influence the economic decisions of u$eis tsken on the basis of these hnancial stalemenls. Irregularities. including fraud, are instances of non-compliance wrth laws and regutions. We design procedures in line wf(h our iesponsibilitEs. outlined above. to detect material misstatements in respect of Irre9ularrties, including fraud. The extent to which our predureS are capIe of detecting irreguLgrities. including fraud is detailed below.. Based on our understanding of the charitable company and the environment in whKh (( operates, we identifd that the principal risks of non<ompliance with laws and wulations related to charity and company law applicable in England and Wales, and we conside the extent lo whh non-c(xnpliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparalion of the financial slalemenls such as the Companies Act 2006. 11
PUNCHDRUNK ENRICHMENT IA Company limited by guarantee) TRUSTEES. REPORT For the year ended 31 March 2021 We evaluated management's incentives and opportunrties for fraudulent manipulatton of the financial statements (including the risk of override of controls), and determined thal the principal risks were related to revenue recognition, in particular in relation lo wording income from donalions and charitable actmlies in the correct accounting pericKI and management override of controls. Audit procedures performed by the engagement team Included." Inspecting Corresponden with regulators. DiscUssn5 with management including ¢sleratn ofknLW4n or suspected inslanees of non-compliance with laws and regulation and fraud". Reviewing the controls and pr¢xedures of the charity levant to the prepaialion of the financial slalements. Evaluating management's controls desKJned lo prevent and detect irregularities., Identifying and testsng journals. in particularjournal entr posted with unusual account combinations, postings by unusual users or with unusual descriptions. and Challenging assumptions and judgements made by management in their cntical accounb.ng eslimales including those made in connection wrth the recovefabilty of debtors. A further description of our responsibilities for the audit of the financk41 statements is Irated on the Financial Reporting Council's website at.. v4ww.frc.or .ukl uditoisres nsibililies_ This descrption fomis part of our audilor's report. Use of OUT report This report is made solety to the charitable MpanY'S members. as a tKMty. In a¢coTdance Yh Chapter 3 of Part 16 of the Companies Act 2(. Our audrt work has been undertaken so that we might state lo the charitable company's members those mattefs we are required to stale lo them in an Auditorfs report and for no other purpose To the fullest exlent permiited by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body. for our audrt work. for this report. or for the opinions we have formed. Jane Askew (Senior Statutory Audrtorl for and on behalf of Haysmacintyre LLP. Statutory Audttor 10 Queen Street Place London EC4R 1AG 8/12/2021 12
PUNCHDRUNK ENRICHMENT IA company lirnrted by guarantee) GROUP STATEMENT OF FINANCIAL ACTIWTIES Iln¢orporating the Group Income and Expenditure Account and ststement of Totsl Recognised Gains and Losses) for the year ended 31 March 2021 Notes Unrestricted funds Restricted fund5 Total 2021 Total 2020 Income from: Donations, grants and legacies Charitable activrties Investments Coronavirus Jcb Retention Scheme Trading income- from Punchdrunk Enrichment Productions Limf(ed 515,785 286.021 21.286 537.071 286.021 329,755 S74,640 65 189,356 189.356 40.517 40,517 1.259,882 Total income 1.031.68'1 21.286 1.052,967 2.164,342 Expenditure on: Raising luThJs fundraising trading- Punchdrunk Enrhmenl Productions Limited Charrtable activrtie5 - ReseaT¢h & Developmenl - Talent Development - Schools Programme Family Prog¥amme 86.043 86.043 119,968 6.927 6,927 639.620 105.885 261,041 339.811 162,411 105,885 268,977 396.998 162,411 190,338 311,055 386,139 258.614 7.936 57.187 Total expgnditure 2.118 65,123 1.027.241 1.5.734 Net movement In funds 69.563 {43.8371 25,726 258.608 TOTAL FUNOS AT 1 APRIL 2020 15 1.258.106 159.702 1,417.808 1,159.200 TOTAL FUNDS AT 31 MARCH 2021 15 1.327.669 115.865 1,443,534 1.417,808 The group statement of financial aetivth.es ha5 been prepared on the basis that all operK)ns are continuing operations. The notes on pages 17 10 31 form part of these financial sL*ements. 13
PVNCHDRUNK ENRICHMENT {A company limited by guarantee) Company ReglsteredNumber t104547069 Charity RegisteredNumber 1113741 GROUP BALANCE SHEET at 31 March 2021 2021 2020 Note FIXED ASSETS Tangible assets 27,399 33,278 CURRENT ASSETS Debtors Cash al bank and in hand 12 232.203 1,286.170 337,826 1,166.583 1.518,373 1,504,409 CREDITORS: Amounts fa115ng due within one year 13 {102.2381 (119.879 NET CURRENT ASSETSIIUABILITIES) 1.416.135 1,384.530 NET ASSETS 15 1.443.534 1,417.808 ACCUMULATED FUNDS Restricted funds 115,865 159,702 Unrestricted funds General reseNe Designated 15 15 350,OC(I 977,669 182,817 1,075,289 TOTAL FUNDS 1,443,534 1,417,808 The financial 51alements have been prepwed in accordance with the provisic5 applicable to entities subject to the small companies regime. The financial slalements wwe approved by the board of Trustees on and signed on rts behaw by- 2021 The notes on pages 17 10 31 form part of these financial statements. 14
PUNCHDRUNK ENRICHMENT (A company limited by guarantee) Company Registered Number 004547069 Chaiity Registered Number 1113741 CHARITY BALANCE SHEET at 31 March 2021 2021 2020 Note FIXED ASSETS Tangible asset5 11 27.399 33,278 CURRENT ASSETS Debtors Cash at bank and in hand 12 228,239 1.250,632 334.352 539.241 1,478.871 873,593 CREDITORS: Amounts falling due within one year 1*,3261 1109,3521 NET CURRENT ASSETSIILIABIUTIES) 1.382.545 764.241 NET ASSETS 15 1,409.944 797,519 ACCUMULATED FUNOS Restrlcted funds 15 11 5,865 159.702 Unrestricted funds General funds Designated funds 15 15 350.000 944.079 182.817 455.000 TOTAL FUNDS 1,409.944 797.519 The financkal statements were 8pproved by the board of Trustees on . signed on rts behalf by.. Dec 1. 2021 2021 an Jame5 Freedman Chair of Trustees Andrew Gambrell "Trustee The notes on pages 17 10 31 fom wt ofthese financial slaiements. The charity'5 nel movement in funds in Ihe year ended 31 March 2021 was £537.98212020.. £343,050). GROUP STATEMENT OF CASH FLOWS for the year ended 31 MaTch 2021 15
PUNCHDRUNK ENRICHMENT IA company limited by guarantee) 2021 2020 Note Net cash provlded by operaling activities 121,833 71,709 Cash flows from Investing activities: Interest from inve5tmen15 Purchase of tangible fixed assets 65 35,166) 2,248 Net cash used in investing activities (2.2461 (35.101) Change in ¢ash and eash equNaSenls in the rep)n9 per 119,587 36,608 Cash and cash equivalents at the beginning of the year 1.166,583 1.129.975 Cash and cash equivalents 1.286,170 1.166.583 A: Reconciliatlon of net movement in fvnds lo net cash Ilow from operating activities 2021 2020 Net income Depreciation charges Loss on disp0581s Interest from Investments Decreasellincreasel in tlebtors Decrease in creditors 25,726 7.729 398 (21 105.623 {17,6411 253,257 1,888 (651 1154,3651 129,0061 Net cash used provided by operating activities 121.833 71,709 ANALYSIS OF CHANGES IN NET DEBT At 1 April 2020 At 31 March 2021 Cash floy Cash 1.166.583 119,587 1,286,170 16
PUNCHDRUNK ENRICHMENT IA company limited by guarantee) NOTES TO TrIE FINANCIAL STATEMENTS For the year ended 31 March 2021 Genefal inforniation Punchdrunk is a ¢harilable company limited by guarantee registered in England and Was. The registered office is Unrt 3.W.03, Richmix Cuttural Centre. 3547 Bethnal Green Ro&J. London E1 6LA. Accounting policies Basis of preparation of financial statements The financial Stalemenls have been prepared in accordance wrth the Charities SORP IFRS 1021- Accounting and Reporting by Charitw.. Statement of R0MMended practi applicab to ¢harilies preparing their accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Isecond edition - effective 1 Janvary 20191. Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Comp&ies Act 20C6. Punchdrunk meets the definrtion of a public benefit enlty under FRS 102. Assets and liabilit$ are inrtially recognised al historical cost or transaCtn value unless otherwise stated in the relevanl a¢¢ounting policy. The financial statemenis are prepared in steding, which is the functional currency of the Charity. Monetary amounts in these financial statements a rounded to the nearest £. Basls of consolidatlon The Consolidated slalement of financial activilies ISOFAI and Consolided balan sheet consolidate the financial slalemenls ollhe Chanty and ts Subsidiary undertaking. Punchdrunk Enrichrnenl Productions Limited IPTELI. The results of PTEL are consolKJaled on a line by line basis. The Charrty has taken advantage of the exemption allowed undef section 408 of the Companies Act 2006 and has not presented 115 own Staternenl of financial activities in these financial statements. Company status The Charity is a company limited by guarantee. The members of the company are the TrUStS named on page 1. In the evenl of the Charty being wound up. the liabilrty in respect of the guarantee is limrted lo £1 per member of the Charty. Preparation of accounts on a going concem basis The Trustees have considered the budgets. ¢a$h flow forecasts and reseThes olthe charity for the foreseeable future. As sel out in the Tfustees, port on page 4, the Trustees have approved Ihe use of reserves in 21122 to support thi5 transitional perirxl when government support will slop bul the k)nger-temi impact of the pandernic is yel lo be fully understood. most notably while we wail for the retum of royalties from SNM NYC (currently planned for February 20221. On this basis the Charity is confident thal rt can conts.nue to deliver rts excellent impact for the next 18 months al a minimum during which lime achieving ne and increased income streams and new partnerships will be the priority to buikl visibilrty beyond 2022r23. The Trustees have reached this conclusion on the basis of the current cash poSrtJn. sound financkal forecasting and regular conla¢l between the executwe and the finance mittee. Following this assessment and after making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resoLJrces to continue in operational existence for the foreseeable future. For thi5 re850n they continue lo adopt the going concem basis in preparing the financial statements. Income l income is recognised once the ChaTIty has enlillemenl to the income, rt is probable that the itKome will be received and the amount of inccffie receivable can be measured relkqbty. Income from the Coronavirus Job Retention &heme has been recognised in the Statement of Financial Activitie5 in the period io whh the underlying fvrloughed staff costs relate lo. 17
PUNCHORUNK ENRICHMENT IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 ACCOUNTING POLICIES IntInued) Expenditure Expenditure is recognised On there is a legal or constructNe oblwation to transfer economic benefit to a third paty. il is probable that a transfer of econom benefrts will be required in settlement and the amount of the obligation can be measured reliably. Expendiiure is classified by xlivty. The $t5 of exh a¢liwty are m•Je up of the total of direct costs and sha costs, inclvding support costs involved in undertaking each tI¥ty. Direct costs attributable lo a single activity are allocated directly lo that activty. Shared costs which contribute lo more than one acliwty and support costs which are not attributable to a single activty are apportioned beeen those activf(ies on a basis consislenl with the use of resources. Central staff costs are aHocale(l on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. ExpendiÉure on Charitab actiwlie5 is incurred on directty undertaking the activities which further the Group's objectives, as well as any a550cialed support costs. All expenditure is inclusive of irrecoverable VAT. Operatlng lease expenditure Rentals applicable to operating leases Whe subsiantkglty all of the benefrts and rLsks of ownership remain with the lessor are charged against the Slalemenl of Financial Activrts on a slraighl line basis over the year of the lease. Tangible fixed assets and depreciatioft Tangible fixed assets are inrtially recognised at cost. After recognrtion, under the cost model, lan9ible ftxed assets a measured al cost less accumulated depreciation and any a¢¢umulaled impairment1osses. All costs incurred to bring a tangible red asset into rts intended working condilion should be included in the measurement of cost. Depreciation 1$ charged so as to alkjcale the c051 of tangible fixed assets le5S their Te5idual value over their eslimat8d useful lives. using the Strahl-lIne methcJ. Depreciation is ProVe<l on the loliowing bases." Motor vehicles Computer equipment 5 years straight line 3 years straight line Debtors Trade and other debtors are recoJnised at the settknient amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any Ifade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and shcfft tem highly liquid investments a short maturity of the months or $5 from the date of aCqUisrtn or ty)ening of the deposrt or similar account. 18
PUNCHORUNK ENRICHMENT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the yoar ended 31 March 2021 ACCOUNTING POLICIES {conlinuedl Liabilities and provisions Liabilrties are recognised when there is an obligatn al the Balance sheet dale as a re5uII of a past event, il is probable that a transfer of economic benefrt will be required in settlement, and the arrKJunl of the settlemenl can be estimated 1rd. Liabilities are Tecognised al the amount that the Charrty anticipate5 il will pay to selile the debt or the amounl has recewed as advanced payments for the 9d$ or serVe5 rt must Pfovide. Provisions are measured at the best e51imate ofthe amounts required to Sett the obligation. Where the effed of the tirne value of money is material. the provision is based on the present value of those amounts, discounted al the pre+lax discount rate that reflects the risks specrfic lo the liability. The unwinding of the discount is recognised in the Consolidated statement of financial actNilies as a Iinance cost. Financial instrumènts The Group only has financBI assets and financial liabililies of a kind that qualify as basic financial inslwments. Basic financial instruments are initialty recognised at transactK>n value and subsequently measured al their settlemenl value with the exception of bank loans which are subsequenlty measured at 8nK)rtised cost using the effective interest method. Employee benefits and pension costs Short term benefits including holiday pay are reeognised as an expense in the period in which the service is reived. The Charity operates a defined ¢onlribulion penSn scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. Fund accounting General funds a unrestncled furKls whh are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Desmjnated funds comprise unrestrted fundslhat have been sel aside bythe Trusteesfor path"cular purposes. The aim and use of degnated fund ts set out the notes to the financial statements. Restricted funds are funds whh are to be used in accordance wrth specrfic restrictions imposed by donors or which have been raiseij by the Group for particular purposes. The costs of faising and administering 5ueh funds are charged againsl.the specific fund. The aim and use of each restricted lund 15 sel out in the notes lo the financial slalements. Investment income, gains and losses a allocated to the appropriate fund. Critical accounting judgements and estimation uncertainty In Ihe apPIatl of the accounknng pOl4e$. the Trustees are requwed to make judgement, estsmales. and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estim*es and undertying assumpt1n9 a based on historical experien and other factors that are considered to be relevanl. Actual $V$ may differ from these ests"mates. The estimates and underfying assuMptlnS are reVwed on an ongoiThJ basis. Revisions lo accounting eslimales are rectsanised in the period in which the estimate is revised rf the revision affects only that period, or in the period of the revision and luture periods rf the revisv)n affected current and future periods. In Ihe view of the Trustees. no assumptions eoneeming the future or estimatn uncertainty affecting assets OT liabilities al the balance sheet dale are likety lo resutt in a erial adjuslmenl to their carrying amounts in the next financial year. 19
PUNCHDRVNK ENRICHMENT {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Marth 2021 Income from donations and legacies Unrestricted Restricted 2021 2021 Totsl Unrestricted Restncted 2021 2020 2020 Total 2020 Donations Arts Council England NPO core fundir¥J Art5 Council England - Culture Recovery Fund grant 73.413 16.286 89,699 91,951 71.5 103,451 225,468 230.468 99,304 127,C 226,304 216,9 216,gM 515.785 21.286 S37.071 191,255 138,Xkl 329,755 Incoffl• frorn charitable activities 2021 2020 Resear¢h & Oevelopment Talent Oevebpmenl Schools Program Family Programme Other income." name licence. costs shared with Punchdrunk Global 47,094 34,747 49,473 2.740 31,831 53,568 178,6&1 47,299 151,967 263.292 286,021 574.640 All income from ¢harilable actNits in 2021 and 2020 was unrestrKled. Of the total inc¢yne from Charitab activities of the Group. £212,89912020." £574,640) relates to income from the UK and £73,122 (2020". £nil) relates to income frcn the rest of the worfd. Tradlng income 2021 2020 Corporale workshop fees Royalties Other income 13,133 1,244,639 2,110 39,194 1,323 40.517 1,259.882 Of the total trading income of the Group, £1.32312020'. £15.2431 reLates to income from the UK and £39,19412020'. £1,244,639) relates lo ineome from the rest of the world_ 20
PUNCHDRUNK ENRICHMENT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Analysis ol expendlture on charltable activities Direct costs Support costs 2021 2020 Research & deveknpment Talent development Schoo15 programme Fwnily prDJrwnme 49,155 114,258 185,549 69,580 56,730 154,719 211,449 92.831 105,885 268,977 396,998 162,411 190,338 311,055 386, 139 258,614 418,542 515,729 934,271 1. 146, 146 Analysis of support Costs 2021 2020 Support costs consist of the following". Legal Rent & Rates Store 25.369 87.962 24.482 29.321 16.20) 45.345 22.669 13.565 1,533 7.730 241.553 4,830 89,229 37,076 24, 724 16,200 52.947 17.175 28.618 10.737 1,888 251.698 Communat)nS Governance offi Oveiheads Databases, Licences & subscripln$ Team Overheads Motor Depreciation Wages 515.729 535, 122 Governance costs consist of the foll1n9'. Auditorfs remuneration lor audit Other auditor costs 13.800 2.41x1 15.(Y)O 16.200 16,200 21
PUNCHDRUNK ENRICHMENT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Net movemenl in funds 2021 2020 This is stated after charging.. Audilors. remunerat*Jn'. audrt Auditors. remuneralKJn." non-audit fees Deprecial¢on ol owned fixed assets Operating lease rentals- land and buildings 13,800 2.400 7,730 87,962 15,000 7.200 7, 888 89,229 Staff costs 2021 2020 Wages and salarEs Social security costs Pension costs 596,041 570,038 54,203 29,679 29,695 680,702 653,920 The average monthly number of empknyees during the peri¢xl was as folhjws: 2021 Number 2020 Numb8r A¢Jministration Management 19 17 21 19 No remuneration was paid during the period to any member of the Bd of Trustees {2020'. £Nill. No Iruslees expenses have been incurred12020.' none). No employee recewed remuneration amounlir¥J to nyxe than £60.000 in elher year Total runeraln of key management personnel 125,602 122.474 22
PUNCHORUNK ENRICHMENT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 10. NET INCOME FROM TRADING ACTIMTIES OF SUBSIDIARY Punchdrunk Enrichment Prc#Juctis Subsidiary name Experiences Limited Company gistratIon number 7397742 8a515 of conlToI Ordinary share Equty shareholding % 100% 2021 2020 Tumover Administrative expendrture 40.517 16.927 1,259,882 (639,620) Profil on ordinary activities after ta10n 33.590 620,262 Paymenl under gift a {620,2891 (710,083) Total assets as al 31 March 39,502 631.900 Total liabilrties as at 31 March 15.9121 (11.611) Capital and reserves of Punchdrunk Theatrical Enterprises Limited 33.590 620,289 The directors of the subsidiary ccxi)pany consider Ihal it is enlitled lo exemption from audit under section 477 of the Companies Act 20ffi. and lis members have n¢X required the Company lo obtain an audit for the year in question in accordan with section 476 of the Companie5 Act 2006 Tangible fixed assets Group and Company Fixtures and fittings Or vehicles Total Cost- At l April 2020 Additions Oisposals 2.999 2.248 17891 32.167 35,166 2,248 17891 Al 31 Mafch 2021 4.458 32,167 36,625 Depreciation: Al 1 April 2020 Provided during Ihe year Disposals 837 1.296 13911 1.051 6.433 1,888 7,729 13911 Al 31 March 2021 1,742 7,484 9.226 Net book value: At 31 March 2021 2,716 24.683 27.399 At 1 April 2020 2.162 31.116 33.278 23
PUNCHORUNK ENRICHMENT IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 12. Debtors Group 2021 Company 2021 2020 2020 Amounts owed by group undertakings Trade debtors Other debtors VAT cOVerable Prepayments and accrued income 1.084 90,962 8.278 51,466 8.278 91.325 12,473 51,308 8,278 172,459 234,028 168,653 234,028 232.203 33T,826 228,239 334,352 13. Creditors: amounts falling due within one year Group 2021 Company 2021 2020 2020 Trade creditcrfs Other taxes and Sla1 secur Other creditors Accruals and deferred income 28.235 17.786 2,822 53.395 28,7 14,671 5, 733 70, 775 28.2 14.676 2.822 50.622 28,895 14.671 5, 733 60,053 102,238 119.879 96,326 109,352 Analysis of deferred income.. Group 2021 Company 2021 2020 2020 Deferred income al 1 April Amounts released lo inccrtne Amounts deferred 38.963 139.928 135.31 (139.928) 19,798 38,963 38,963 (35.9631 19.798 139,928 (139,928) 38,963 Deferred income al 31 March 22,798 38,963 22.798 38,963 Deferred income is comprised ( advarKe bookings and defevred granls. 24
PUNCHDRUNK ENRICHMENT IA company limtted by guaranteg) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 14. Analysis of net assets between funds Unreslriclad Unrestricted Designated fund$ fund5 2021 2021 Restricted fund 2021 Total 2021 Group Fixed assets Current assets Current liabili(ies 27,399 886,336 27.399 1,518.373 {102,2381 S16.172 (102.238) 115,865 413.934 913.735 115.665 1.443,534 Company Fixed asset$ Current assets Current lk8bilrts 27.399 886.336 27,399 1,478.871 {96.3261 476.670 (96.326) 115,865 380.344 913.735 11S,865 1,409,944 Comparative analysis Unrestricted Unrestricted Designated Restricted funds funds fund 2020 2020 Total 2020 2020 Gmup Fixed assets Current assets cuent I11tS 33,278 436.601 (119.8T9J 33,278 1,&)4,409 (119,8T9J 908, 106 159, 702 3.0(kI 908, 106 159, 702 1,417,808 Company Fixed assets cUTnI assets Cuffent liabilitS 33,278 426,074 (109.352) 33.278 873.593 (109,352) 287,817 159, 702 287,817 159, 702 797,579 25
PUNCHDRUNK ENRICHMENT IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Ma"r¢h 2021 15. Reconciliation ol funds and movement on reseThes At l April 2020 Income 2021 Expenditure 2021 Tran$fers 2021 At 31 Mah 2021 Group Restricted funds The Sackler Foundation Backstage Trust The Elli5 Campbell Foundation Talent development Destination Anywhere Paul Hamlyn Foundation 31,767 20.000 5.000 7.935 {31.767} {20.0001 (5.0001 (7.9361 {4201 18.366 2,920 18.365 2.500 95,000 95,0(Kl Total restricted funds 159,702 21.286 {65,1231 115,865 Designated funds Cornpany relocation Talent development Fixed asset fund Enrichment- subsidia5 funds Ennchment- eharty's funds Resilience fund 100,000 55,000 100,000 55,000 27,399 8.127) 35,526 453.1( 1453,106 545.270 545,270 250,0 300.000 {50.0001 Totsl designated funds 908.11 {$8.127) 127,690 977,669 General funds 350,000 1.031.681 1903,991) 1127,6901 350,000 Total group funds 1.417.808 1.052.%7 (1.027.241) 1.443,534 At 1 Apr61 2020 Income 2021 Expenditure 2021 Transfers 2021 At 31 March 2021 Charity Restricted lunds The Sackler Foundation Backstage Trust The Ellis Campbell Foundat Talent devebpmenl Destination Anywhere Paul Hamtyn Foundation 31.767 20,000 5,000 7.935 131.767) 120,000) 15,000) (7.936) 1420} 18,366 2.920 18.365 2.SOO gS,000 95,000 Total restricted lunds 159.702 21,286 165,123) 115,865 Designated funds Company relocal Talent Development Fixed asset fund Enriehmenl Resilience Fund 100.CQO 55.000 100,000 55.000 27.399 511.680 250.000 18,12n 35.526 511,680 3(K),O 150,000) Total designatsd funds 455,lYXI 158,127) 547,2C 944.079 General funds 182.817 1.611,453 {897,(64} 1547.2C61 350.000 Total charity fljnds 797.519 1.632.739 11,020,314) 1,409,944
PUNCHDRUNK ENRICHMENT (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 MaKh 2021 15. Reconciliation of funds and movement on reserves- prior year At l April Income Expenditure 2019 2020 2020 Transfers 2020 At 31 March 2020 Group Restricted funds The SacklerFoundalion Sir WIllNam 8oremans Foundation Backstage Twsl The Ellis Campbell Foundation Lost Lgnding LNbTrry Talent developmenl Codename.. Allantis Poul Hamtyn Found8t 34,387 (2.620) 31, 767 (5,CLKI) (20,000) (5,(Xk)J {5,C£k)) (65) 20,0 20,000 20,000 5,000 7. 935 95,000 95,000 Total restricted funds 59.387 138.5 {38. 185) 159, 702 Designated funds Company relocatn Talent Developm8nl Enrichment- subsidiary funds Resilience Fund 26t).Ll 55.C S. 160 300,tlKI (100.0) It)O.000 55,000 453, 106 300.000 (47,054) 300.000 Total designated funds 755, 160 152,946 908. 106 General fund5 3&),004 2,025.842 (1,872.9cXI) (152,946) 350.000 Total group funds 1, 164.551 2, 164.342 (1.911,085J 1.417.808 At 1 April 2019 Income 2020 ExpendiTturn 2020 Transfers 2020 At 31 March 2020 Charlty Restricted funds The SacklerF0undaln &r William Bofemans Foundation Backstage Trust The Ellis Campbell Foundation Lost Lending Library Talent development Codename.. Atlanlrs Paul Hamlyn Foundatn 34,387 (2,620J 31.76T (S.{) f20,(X)OJ (S,() f5,CW) (65) () 20.OLXI 20.OLXI 20,000 5,000 7.935 95.0 95,000 Total restricted funds 59.387 138.5Lkl (38. 185J 159, 702 Deslgnated lunds Company relocation Talent Development Resilien Fund 200.LXXI 55,CW (IL.0? 100.L 55,000 300,000 3CQ.000 Total deslgnated funds 255.C 200,0 455,OLX) General funds 740,082 t.363,212 (7. 120.477J (2LXI.O) 182,817 Total chaity funds 454.469 1.501, T12 (1. 158,662) 797, 519 27
PUNCHDRUNK ENRICHMENT (A cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 15. Reconciliation ol funds and movement on reserves (continued) The designatèd funds are held for the following purposes: Company Relocation - lo support the workspace fft-out and embedding into a new home. Enrichm8nt- to support the developmenl. creation and presentslion of new projects. Talent Development - lo supwrt our commitment lo devekping and svslaining talent acfOSS our areas of work and in our future home. Resilience fund - to support the company in the curTent year to inve51 in the team while rt relums from furlough lo imagine the programme and explore new opportunities for impact and partnership. The restrlcted funds are held for the follovling purposes: The Sackler Foundation A donalion lo support the deveknpment arKI implementation of the Punchdwnk Leaming Col*tive - a three year pr4ect exploring Ihe application of Punchdrunk Enrhrnel practice In schc(Jl settings. This was received in 2017118 financial year, wrth a small amount of expendrture for 2019120 and the remainder ol the grant carried forward against Ihe assigned aclivrty in 2020121. Backstage Trust A grant to support the continuation of The Lost Lending Library in 2020. This was received in 2019120 financial year but is carried fOard against the assigned aclNily in 2020121. The Lost Lending Library is a lrteracy project for primary schoois. A project thal aims to raise standards in lrteracy. speaking and listening through engagement with an unforgettable narralive that unfolds within the school. The Ellis Campbell Foundation A grant lo support the production of Small Wonders in 2020. Small Wonders is magical. interxtive experEnce for children aged 5-11 years and their families. Individual Donation in support ol Talent Development The Talenl Development Programme is a large-scale programme of ¢Jpportunrties for local residents and students (aged 18 year5 and overl in our future home, Royal Bocough of Greenwich. Individual Donation in support of The Lost Lending Library Individual donation to support the delivery of The Lost Lending Library in 2019. Paul Hamlyn Foundation A grant to support the Immersive Leaming Joumeys project. This income has been weNed in the 2019120 year, however deferred until the 2020121 due to the pro)ect starting later than planned as a result of the pandemic. Immersive Learning Jouineys is a brand new Enrichment programme. in whKh an intensive 4-year partnership is built wrth 8 Greenwich schools. consulting closely wrth teachers to develop and deliver hwJh-impacl learning projects that are tailored to address specif educational challenges in the Royal Borough of Greenwch. Individual Donation in support of Codename.. Atlantis Codename.. Allanlis is a new leacher-led adventure- a projecl for primary schc¥)Is. led and instigated by the leacher in the classroom. Slr William Boremans Foundation A grant to support the continualv)n of The Lost Letmling Library in 2019. Thistlo Trust A grant to support the Talent Devdcpment Programme. 28
PUNCHDRUNK ENRICHMENT IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS For Ihe year ended 31 March 2021 16. Pension MmItMents The trust operates a defined eonlribulion pension scheme for rts ernployees. The assets of the scheme are held separately from those of the trust in an independentty administered fund. The charge in the accounts was £109,712 (2020". £104.595) and an amount of £012020.. £2.0601 was included in eredrtors at the year end. 17. Financial commitments Ai 31 March the group and the Chartty had commbtments lo make fthure minimum lease payments under non-cancellable operating leases as follows.. Land & buSldlngs 2021 2020 Not later than one year 19,641 19,641 18. Related party transactions The Group has taken advantage of the exemption available under Paragraph 33.1A ol FRS102. Related Party Transactions, not to disclose transactions Wrth wholly-owned group companies. In the year, donations lo the charty by Tnjstees totalled £3.20012020". £1,080). There were no other lated party transactions In the year 29
PUNCHDRUNK ENRICHMENT (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 19. COPITPARATIVE STATEMENT OF FINANCIAL ACTIVITY Unrestricted fvnds Restricted funds Total 2020 Income from: DonatM)ns. grants and legaCS Charitable activities Investments Trading income 191,255 574.640 65 1.259.882 138.500 329,755 574,640 65 1.259,882 Total income 2,025.842 138,500 2.184,342 Expenditure on: Raising funds fundraising trading Charitable activities Reseafch & Development - Talent Development Schools Programme Family Programme 119.9S8 639.620 119,968 639,620 19J.338 311.055 347,954 258.614 190,338 311,055 386.139 258,614 38.185 Total expenditure 1,867.549 38.185 1.905.734 Net movernent in funds 158.293 100.315 258,608 TOTAL FUNDS AT 1 APRIL 2019 1,099.813 59.387 1.159.200 TOTAL FUNDS AT 31 MARCH 2020 1.258.106 159,702 1,417,808
PUNCHDRUNK ENRICHMENT (A company limited by guarantee) COMPANY STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating the Income and Expenditure Account and Statement of Total Recognised Gains and Losses) for the year ended 31 March 2021 Unrestricted funds Restricted funds Total 2021 Total 2020 Income from Donations, grants and legacies Charilable aclNr(ies Investments Coronavirus Job Retention sCh)e Grfta 515.785 292.059 21.286 537.071 292.059 329.755 574,640 65 189,356 620.289 189.3S8 620,289 710.083 Total incoming resources 1,617,491 21,286 1,638,777 1,614,543 Expenditure on Raising funds fvndraising trading Charitable activities Research & Development Talent Development - Schools Programme Fami Programme 86.043 86,043 119.968 105.885 268.977 415.354 162,411 105,885 268,977 477.479 162,411 190,338 311,055 386.139 258,614 62.125 Total expenditure 1.038.670 62.125 1,100,795 1,266,114 Net movement In fvnds 578,821 (40.8391 537,982 348.429 TOTAL FUNDS AT 1 APRIL 2020 637.817 159,702 797.519 449,090 TOTAL FUNDS AT 31 MARCH 2021 1,216.638 118.863 1.335.501 797,519 The company statement of finanal tIvitIeS has been prepared on the basis that all operations are continuing operations. This page does not form part of the statutory financial statements 31