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 PraCt￿e 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 un￿ue 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 nat￿nal 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-t￿aY 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 eng￿ed with 4.312 peop￿ through our projects with
an addIt￿nal 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 I￿pendentlY. 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 e￿ab￿d 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 deliVe￿d in partne￿hIP 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)dN*Jual 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 part￿Ipated in or presented at 12 oiiline confe￿nCeS 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..
ImmCw￿lVc Lcaming Journcy￿ and Do.
linalw An￿h010 (the prOduct￿n of the bus which will accompany Immersive
Learning Journeysl were paused with the support oflurtders Sch￿1$ 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 an1￿1pated 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 peric*J 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 pl￿e, 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 def￿11 was forecast
- the final deficit was £25,726. This has alhjwed the chaiity lo plan confmJent￿ into 2￿21122.
The Trustee5 have approved the use of reserves in 21122 to support this transrtl￿aI 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 poI￿Y 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 ￿n￿rtainty. 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 Tfusl*s to ensure ongoing viabilty infomis all decision
mking.
. Finance summary
Our income profile is rad￿alty 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 [preV￿u$fy 12°kn1
Other income from tradin9 activityl royalty Lunced shThs l Name L￿ence Royattyfrom pUr￿hdrUnk International..
£192,484118Qh lurnoverl {previousty 46%)
Other income- primarily Coronavirus Job Retention Scheme.. £189.358118% tumover) {p￿vIouslY 8%)
Unrestricted reseryes al the year*nd are £1.327,66912020.' £1.258.02n whKh is made up of £350.01)O general funds
and £977.669 of designated funds. The balan￿ of restricted funds at the year-end is £115,86512020." £159,702).
d. Designated funds
At the balance sheet dale, Ihe Charity hohjs a balance of £677.669 12020.. £908.0271 in des￿nated fund$ {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 cUr￿n1 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 aCh￿ve 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 cor1￿5 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,
financ￿1, 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 SU￿Committee 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 Wh￿Th 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 Managen￿nt
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 reVE￿d 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 invO￿e a range ol scenarios that seek to proleel
the charity in the I0￿j 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 PUr￿hdrUnk 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-rang￿9 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 aCt￿n
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 $0 that the intemal team is more
rde¢tive of audtences aNI part￿1panIS we engage.
Infomialion on fundraisin
r¥li¢es
The Charity does not seek to generate ffijnds from the public at large. apart from through its supporter programme called
'Keyholderf. The Charty does not use professional fvndraisers. We are regislered with the Fundraising Regulator and
folbw all ils Fundraising Code of Conduct. We have receNed no c¢ynplainls atoui our fundraising pradi¢e$.
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 p￿pare ffinancial slalements for each financial year wh￿h 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 poI￿leS 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 preVent￿n 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 inf0M￿tiOn.
In preparing this report the Tfustees, have taken athantage of the small companies. exemptions provNled by section
415A of the Compan*s Act 2￿6.
Approved by order of the members of the board of Trustees and signed on their behaw by..
James F￿edman
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 Ma￿h 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 accOrda￿e 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 responsibllrt￿S in accordance wrth these requ1￿mentS. We bel*ve 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$sura￿e conclusion thereon.
In Connect￿n with our audit of the financial slalements. our responsibilty is lo the other inforfflation and, in doing
so, consider whether the other inf0m￿tIOn 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 reqUI￿d 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 Re￿t 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 opIn￿n..
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 pa￿ftt 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 a￿ayS 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 regu￿tions. 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 pr￿edureS are cap￿Ie of detecting irreguLgrities. including fraud is detailed below..
Based on our understanding of the charitable company and the environment in whKh (( operates, we identif￿d 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 wh￿h 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.
DiscUss￿n5 with management including ¢￿s￿lerat￿n ofknLW4n or suspected inslanees of non-compliance with
laws and regulation and fraud".
Reviewing the controls and pr¢xedures of the charity le￿vant 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 Ir￿ated 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 Y￿h 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 Enr￿hmenl
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 oper*K)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 provisic￿5 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 Wa￿s. 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 R￿0MMended 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 transaCt￿n 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 Consolid*ed 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 TrUSt￿S 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 poSrt￿Jn. 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 wh￿h 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 I￿ntInued)
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 ￿$t5 of exh a¢liwty are m•Je up of the total of direct costs and
sha￿￿ costs, inclvding support costs involved in undertaking each ￿tI¥ty. Direct costs attributable lo a single
activity are allocated directly lo that activty. Shared costs which contribute lo more than one acliwty and
support costs which are not attributable to a single activty are apportioned be￿een those activf(ies on a basis
consislenl with the use of resources. Central staff costs are aHocale(l on the basis of time spent. and
depreciation charges allocated on the portion of the asset's use.
ExpendiÉure on Charitab￿ actiwlie5 is incurred on directty undertaking the activities which further the Group's
objectives, as well as any a550cialed support costs.
All expenditure is inclusive of irrecoverable VAT.
Operatlng lease expenditure
Rentals applicable to operating leases Whe￿ subsiantkglty all of the benefrts and rLsks of ownership remain
with the lessor are charged against the Slalemenl of Financial Activrt*s on a slraighl line basis over the year
of the lease.
Tangible fixed assets and depreciatioft
Tangible fixed assets are inrtially recognised at cost. After recognrtion, under the cost model, lan9ible ftxed
assets a￿ measured al cost less accumulated depreciation and any a¢¢umulaled impairment1osses. All costs
incurred to bring a tangible r￿ed asset into rts intended working condilion should be included in the
measurement of cost.
Depreciation 1$ charged so as to alkjcale the c051 of tangible fixed assets le5S their Te5idual value over their
eslimat8d useful lives. using the Stra￿hl-lIne methc*J.
Depreciation is ProV￿e<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 th￿e months or ￿$5 from the date of aCqUisrt￿n 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 obligat￿n 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 9￿d$ or serV￿e5 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
re￿ived.
The Charity operates a defined ¢onlribulion penS￿n 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 wh￿h 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 unrestr￿ted fundslhat have been sel aside bythe Trusteesfor path"cular purposes.
The aim and use of de￿gnated fund ts set out ￿ the notes to the financial statements.
Restricted funds are funds wh￿h 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 apPI￿at￿l￿ of the accounknng pOl￿4e$. the Trustees are requwed to make judgement, estsmales. and
assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.
The estim*es and undertying assumpt￿1n9 a￿ based on historical experien￿ and other factors that are
considered to be relevanl. Actual ￿$V￿$ may differ from these ests"mates.
The estimates and underfying assuMpt￿lnS are reV￿wed 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 estimat￿n 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 actNit*s 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 frc*n 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
Commun￿at￿)nS
Governance
offi￿ Oveiheads
Databases, Licences & subscripl￿n$
Team Overheads
Motor
Depreciation
Wages
515.729
535, 122
Governance costs consist of the foll￿1n9'.
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 B￿d 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 r￿uneral￿n 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#Jucti￿s
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 ta￿￿10n
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 S￿la1 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 lk8bilrt￿s
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
cu￿ent I￿￿11t￿S
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
cUT￿nI assets
Cuffent liabilit￿S
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 Ma￿h
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- subsidia￿5
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 relocat￿n
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 SacklerF0undal￿n
&r William Bofemans
Foundation
Backstage Trust
The Ellis Campbell Foundation
Lost Lending Library
Talent development
Codename.. Atlanlrs
Paul Hamlyn Foundat￿n
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 Enr￿hrne￿l 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 fO￿ard 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 legaC￿S
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 finan￿al ￿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