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2023-03-31-accounts

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Company Registered number: 04547069 Charity Registered number: 1113741

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2023

CONTENTS

Pages
Company information 2
Trustees’ report 3
Auditor’s report 10
Group statement of financial activities 13
Group balance sheet 14
Company balance sheet 15
Group statement of cash flow 16
Notes to the financial statements 17

1

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee) COMPANY INFORMATION For the year ended 31 March 2023

Reference and administrative details

Trustees

J Gisby - Chair E Booth B Connah P Davies (resigned on 16 June 2022) A Gambrell P Garside N Newman S Nicholls K Greenwood (appointed 21 June 2023)

Company Registered number: 004547069

Charity Registered number: 1113741

Registered Office:

Unit 22 Watkin Road, Wembley, London HA9 0NL

Company Secretary: Rebecca Dawson

Auditors: Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Bankers: Santander Business Banking Centre Clarence House Clarence Place Newport Gwent NP19 7UP Barclays Bank PLC 1[st] Floor 27 Soho Square London W1D 3QR

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2023

The Trustees present their Annual Report together with the audited financial statements of the Group and the Charity for the period 1 April 2022 to 31 March 2023. The Trustees confirm that the Annual Report and financial statements of the group and company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second edition - effective 1 January 2019).

Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and Activities

a. Policies and objectives

The Charity's objects are to advance education for the public benefit by the promotion of the arts, and in particular, but not exclusively, the art of drama. Punchdrunk Enrichment Limited’s mission is to create unique experiences that take participants to another world. For children, families, adults and communities, the work can transform, have a powerful impact and take people on an unforgettable journey. It seeks to transform the passive consumption of the arts into lifechanging experiences for everyone. Punchdrunk Enrichment Limited does this through the performing and design arts and by creating a platform for multiple forms of engagement and experimentation between artists, audiences, participants and volunteers. We particularly encourage participation from non-traditional theatre audiences and those that might not have or wish to access established theatrical institutions such as schools and those from areas of high deprivation. We have a global outlook and profile assisting in the cultural exchange of ideas and artists and sharing best practice as widely as possible.

The Trustees have had due regard to the Charity Commission's guidance on public benefit when reviewing the aims and objectives of the Charity and planning future activities.

b. Review of activities

2022/23 saw the ongoing development of our organisational rebrand, a successful 3-year reapplication as a National Portfolio Organisation with Arts Council England and planning for an exciting move to a new long-term home in Brent. Further change across the permanent and freelance teams as observed throughout the cultural sector continued to impact on resource and capacity. This included a significant shift at a senior level with our Executive Director/Joint CEO going on long term sick leave from November 2022, supported by external executive consultants who worked closely with the Artistic Director/Joint CEO. Artistic achievements saw The Lost Lending Library travel to the Bernie Grant Arts Centre in Tottenham, schools work delivered nationally and internationally and the development of our new touring bus project for primary schools, Route 158 (Ermis Travel) . Overall, we engaged with 10,210 people through our projects with an additional 47,636 interactions online meeting new apprentices, audiences and partners.

New initiatives and partnerships

A new home in Brent: through an exciting and significant partnership with British based property developers, Quintain , whose HQ is in Wembley Park, we are creating a community-led immersive arts centre. We moved our HQ, including offices, prop storage, workshop and building facilities and a performance space into three adjoining warehouses in Wembley Park. We are co-developing a wide-ranging community-led programme of activity that will embed Punchdrunk Enrichment as a vital part of a cultural, social and employment infrastructure within Brent.

Route 158 (Ermis Travel) , our newest production for primary schools launched following creative development and production periods at Rose Bruford College (in partnership with their Theatre for Social Change course) and with a team of 27 freelance creatives. This included hosting a student placement who worked alongside us for seven months.

The Lost Lending Library - reimagined for family audiences saw a sold out run in partnership with the Bernie Grant Arts Centre in Tottenham in December 2022. We presented 52 performances to 822 people, including local school visits, with over 50% of audiences from the immediate vicinity of N15 and N17. The show was well received with visitors commenting ‘We loved it and are still talking about it. How special to have something so beautiful for little

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2023

people’ and ‘This was a brilliant event, my 7 year old. daughter absolutely loved it. It was creative, engaging and well produced throughout’. We also added new story books to the Library in partnership with This is Book Lov e, an antiracist bookshop with the mission to ‘make multicultural matter’ and developed a new story inspired by one of the stories imagined by the children during the show, written by author and playwright Bisola Alabi. It was also excellent R&D for the company in further exploring how to adapt the show for family audiences and increase capacity.

Ongoing projects:

Immersive Learning Journeys (ILJ) – our 3 year programme to embed immersive approaches in Greenwich schools, giving teachers the skills and knowledge to be creative-led in their teaching, saw all 7 schools deliver our box projects - A Small Tale and The Vanishing Land , with 5 of them also beginning to deliver the Route 158 (Ermis Travel) project.

A Small Tale was delivered in 36 schools, including four ILJ schools (see above) in Greenwich and 19 through partnerships with Ealing Council and Imaginate national children’s organisation in Edinburgh. 13 schools globally bought the project ‘off the shelf’ via our website (including from Hackney, Wanstead, India, USA, Norway, Galway, Wakefield, Tottenham and Amersham).

“My daughter absolutely loved it. Usually getting information about what's happened at school out of her is a challenge, but she could not talk about this story enough. Every day we got a comprehensive update. She was so excited that even her little brother (who didn't take part) is still talking about the small people. Her classmate made a wee raft out of pencils, with a sail and said Abe and Alba had visited her home in the night - they were all living every beat of the story and it was glorious! My kids loved it so much I'm thinking of creating a new adventure at home during the summer holidays and have Abe and Alba visit us!”

Parent’s feedback of a pupil who experienced A Small Tale in partnership with Imaginate

In addition A Small Tale was delivered internationally in partnership with Barboró International Arts Festival for Children in Galway, Ireland. Teachers received bespoke training and the project was then delivered in 22 schools across Galway, reaching 546 pupils. Our creative team attended the festival to deliver a brand new masterclass Origin Stories specifically for artists.

The Wishing Cupboard, our project for Early Years Foundation Stage was developed in response to Immersive Learning Collective teacher feedback and will be delivered to 40 schools in the 2023/24 academic year.

The Vanishing Land, through a continued partnership with Royal Opera House Trailblazers , is our bespoke training session and took place at 12 schools in Thurrock for 745 pupils. 3 schools delivered the programme through the ILJ programme.

Whole school teacherled project, A Curious Quest, was delivered in 5 schools in Greenwich, Walthamstow and Haringey.

The Lost Lending Library (schools version) was delivered to 3 schools, with support from Greenwich school Improvement Services, reaching around 1,000 pupils, engaging in two workshops focusing on a love of reading and storytelling as well as an immersive performance experience.

As part of our ongoing Talent Development strategy we delivered a wide programme of skills development maintaining our online masterclass programme which has proved hugely popular and accessible to a range of creatives, alongside a series of targeted initiatives that took place in person. Overall, we delivered 27 masterclasses to 409 people, 21 school workshops to 339 pupils (online and in person) and 5 skills development workshops with The National Centre for Immersive Storytelling, Story Future,s and Baboro International Children's Festival . With our move to Brent we have begun to develop relationships and connections with various education and training partners exploring future opportunities and participant groups.

Conferences and talks: company members participated in or presented at 10 in-person & online conferences or talks to a combined audience of over 250 people, which included the National Film and Television Screenwriters course, the Royal College of Art, the Speakers for Schools circuit and delivery of a practitioner’s workshop at the Baboró

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2023

International Arts Festival for Children. The content ranged from creative and technical talent development to cocreation and the effectiveness of immersive techniques in teaching.

Sleep No More New York City (NYC) continued to attract good audiences and engagement, having reopened in February 2022.

We appointed a new Associate Director, focussing targeted recruitment on applicants from the global majority and a further Brent-based Senior Producer role increasing expertise, knowledge and capacity at a senior level.

Financial review

a. Going concern

The audited accounts for 2022/23 continue to reflect a healthy reserve position for the company, in line with our reserves policy and demonstrating the company’s resilience throughout uncertain and extraordinary years.

The year-end closed in surplus, largely due to a return in steady income, which has risen to a level experienced by the company pre Covid. Expenditure across the programme and core costs remained similar to 21/22 demonstrating our continued commitment to investing in our audiences by delivering high end immersive work and our team.

In November 2023 the company was notified that Sleep No More New York is scheduled to close on 28 January 2024. This will have a significant impact on the company’s operation moving forward as Sleep No More royalty income is c.30% of the company turnover. The trustees are working with the executive to plan future scenarios for the company alongside taking immediate action to reduce in year (2023/24) expenditure and consider immediate income avenues. The healthy reserve will be employed to support the company in this process and as such there is visibility for the next 12 months of activity. A new plan will be in place for the start of the new financial year 2024/25 and future accounts will reflect the actions taken.

The Trustees have reached this conclusion on the basis of the current cash position, sound financial forecasting and regular contact between the executive and the finance committee. Following this assessment and after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the next 12 months and are satisfied that no material uncertainties exist in relation to going concern. For this reason, they continue to adopt the going concern basis in preparing these financial statements.

b. Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-months recurring expenditure. As at 31 March 2023 the General Fund is retained at the agreed £350,000 minimum alongside designated funds which will be used to support current priority activities and the planning process already underway. As outlined above, as the company plans for the loss of the SNM NYC income, the trustees consider that reserves at this level will ensure that they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised and the company’s operating model can be scaled.

The use of Designated Funds and, if needed, the General Fund to support the future of the charity will be carefully monitored by the Trustees to ensure ongoing viability informs all decision making.

c. Finance summary

The year-end position saw good management of funds by the budget holders and a broad source of income. Sleep No More NYC and the subsequent royalty return remained steady throughout the year.

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2023

The breakdown is as follows:

Arts Council England core grant: 230,468 (12%) (21/22: 230,468, 31%) Fundraised from Trusts and Foundations and Individuals: 162,997 (9%) (21/22: 95,292, 13%) Earned income from core activity: 319,755 (17%) (21/22: 173,146, 23%)

Other income from trading/royalties: 1,172,893 (62%) (21/22: 150,991 20% due to part closure of SNM NYC) Total: £1,886,113 (previously £837,297)

Reserves at the year-end are £1,070,018 (2022: £1,009,710) which is made up of £350,000 general funds, £706,519 of designated funds and £13,500 restricted funds.

d. Designated Funds

At the balance sheet date, the Charity holds a balance of £706,519 (2022: £643,853) in Designated Funds (within unrestricted funds). The designated funds are separated into supporting the resilience of the organisation and investing in future and talent development and growth (£627,218 Enrichment Fund). We have also retained a modest fund of £19,240 designated to help us establish a new home base for Punchdrunk Enrichment (Company Relocation). The Fixed Asset fund of £55,538 is also contained within the Designated Funds.

The financially responsible management of these funds is a critical aspect of our risk management strategy, and allows the organisation to ensure that both artistic ambition and public benefit objectives are met in the medium and long-term. There will be further investment in 2023-25 to support embedding in our new home and major new schools and family projects (outlined in Plans for Future Periods).

Structure, governance and management

a. Constitution

The Charity is registered as a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association. It registered as a charity with the Charity Commission on 10 April 2006 with the number 1113741.

b. Method of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

c. Board changes, and the induction and training of Trustees

Jon Gisby, appointed as Chair in March 2022 continued to lead the trustees in governance of the charity. Andrew Gambrell remains Chair of the Finance Committee who meet quarterly to review and recommend matters of finance and operations to the trustees. In June 2023, Kyron Greenwood joined the board as a trustee based in Brent (resident and Kiln Theatre) and the Development Committee was reinstated to maintain strong oversight on profile building and income generation, chaired by trustee Nicole Newman.

Overall Trustees are recruited with the aim of securing a broad range of skills and experience in the service and development of the Charity's objects, including a focus on ensuring our board is representative of the communities we serve. The Charity actively seeks new Trustees for interview and appointment. Trustees receive induction to the work of the Charity and are encouraged to undertake training both where gaps in knowledge and experience are identified and in order to maintain collective expertise in good governance. None of the Trustees has any beneficial interest in the charitable company. All of the Trustees are members of the charitable company and guarantee to contribute £1 in the event of winding up.

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT For the year ended 31 March 2023

d. Pay policy for senior staff

Overall annual remuneration for all full and part time staff is approved at Board level as part of the budget setting. Management salaries are appropriate for the level and nature of the Charity, take into account the employee's level of experience, and are set in line with industry custom and practice.

e. Organisational structure and decision making

Day-to-day management and decision making in the Charity's work are delegated to an executive team of two office holders: Executive Director (Rebecca Dawson / appointed September 2016) and Artistic Director (Pete Higgin / appointed April 2016). Policy, financial, and strategic planning are recommended to the Board by the executive team and are subject to the Trustees' approval and review at quarterly Board and Finance Sub-Committee meetings to which officers report. The Trustees and executive team work closely together to preserve and develop core values embodied in the objects of the Charity.

In June 2021 Punchdrunk (the charity) rebranded as Punchdrunk Enrichment. The Board signed a special resolution to change the company name on 9 June 2021 and the name change was registered with Companies House on 15 June and accepted by the Charity Commission on 7 July 2021.

f. Related party relationships

The Charity has a wholly owned trading subsidiary – Punchdrunk Enrichment Productions Limited (PEPL) (formerly Punchdrunk Theatrical Experiences Ltd) - through which trading activities are delivered. PEPL continues to deliver corporate workshops, speaking engagements, merchandise and books, as well as housing income and expenditure from licenced works.

g. Risk management

The Trustees assess the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Our strategy to manage principal risks includes a Risk Register that is reviewed quarterly by the Board of Trustees, and updated by the executive team more regularly as an active tool.

The closure of Sleep No More NYC has been a key risk on our risk register since 2016 – with the announcement of its closure – key actions are now being taken to ensure the future sustainability of the organisation. These include:

Both the executive team and Trustees have a keen awareness of the principal risks and are continuing to monitor these and other more minor risks facing the organisation on a minimum quarterly basis. Our primary objective is to protect and deliver future activity as planned and to shore up the expected levels of employment to artists and creative collaborators.

Plans for future periods

The plans for future years will be agreed following this period of scenario planning and remodelling. The plans will follow 2 key priorities: defining our Brent programme and considering the legacy of our wide reaching and pioneering immersive school’s work.

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT For the year ended 31 March 2023

Anti-racism action plan

The Allyship Working Group continues to meet quarterly and centres our Anti Racism plans and delivering change across the culture, operations and human resources of the company. Particular progress has been made in our recruitment processes and reflection on how work is created and who helps build the worlds and stories we create. However other areas are taking longer and we continue to learn and recalibrate in response to challenges we encounter. We thank all team members that have contributed to this work especially those with lived experience of racism.

We continue to commit to share the data from the team (acknowledging that the language remains imperfect and is led by Arts Council England’s data capture)

At 31 March 2023:

Board: 86% White British 14% Black Caribbean

Leadership: 100% White British

Permanent Workforce 74% White British

5% Black Caribbean 5% Any other White background

5% White and Black Caribbean

5% Any other Asian background 5% Prefer Not to Say

16% of our permanent workforce identify as Neurodivergent

This remains largely unchanged from the previous two years primarily due to Covid and requiring a smaller team, however with an increase in our work, our recent move to Brent and a strong recruitment strategy we have already appointed new roles that will impact these statistics in the coming year. We continue to actively develop our pool of freelancers from marketing to production and creative roles and have set targets that align with Brent Council censorship data. A key tenet of becoming an actively anti-racist organisation is to work with a team that is more reflective of the audiences and participants we engage.

Developing our active anti-racist strategy alongside our planned move to Brent has impacted how we are recruiting to better reflect our audiences and participants, new and existing. This includes redacting CVs & Covering Letters; being aware at shortlisting stage which candidates provide positive action; making a scoring criteria 'a passion and knowledge of Brent'; utilising the Community Ambassador to disseminate future recruitment opportunities; training new Brent based freelancers to widen our pool and posting all job opportunities on Brent Works .

We have organisational wide (team, freelancers and Board) Anti Racism training, review and advisory planned in Autumn 2023 with educator and artist, Malakaï Sargent.

Information on fundraising practices

The Charity does not seek to generate funds from the public at large, apart from through its supporter programme called 'Keyholder'. The Charity does not use professional fundraisers.

Disclosure of information to auditors

Each 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 relevant audit information of which the charitable Group's auditors are unaware,

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee) TRUSTEES’ REPORT For the year ended 31 March 2023

and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable Group's auditors are aware of that information.

………………………… Andrew Gambrell Trustee

Date: 26[th] January 2024

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PUNCHDRUNK ENRICHMENT

Opinion

We have audited the financial statements of Punchdrunk Enrichment for the year ended 31 March 2023 which comprise the Statements of Financial Activities, the Balance Sheet, the Cash flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group 's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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PUNCHDRUNK ENRICHMENT LIMITED

(A company limited by guarantee)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 10 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity and company law applicable in England and Wales and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition, in particular in relation to recording income from donations, charitable activities and trading activities in the correct accounting period and management override of controls. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted 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 audit work, for this report, or for the opinions we have formed.

Jane Askew (Senior Statutory Auditor) 10 Queen Street Place for and on behalf of Haysmacintyre LLP, Statutory Auditor London EC4R 1AG

29 January 2024 Date: ………………………………………….

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

GROUP STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Group Income and Expenditure Account and Statement of Total Recognised Gains and Losses) for the year ended 31 March 2023

Notes
Unrestricted		 Restricted Total Total
funds funds 2023 2022
£ £ £ £
Income from:
Donations and grants 3 301,367 92,098 393,465 349,860
Charitable activities 4 292,491 27,250 319,741 257,754
Investments 5 14 - 14 1
Coronavirus Job Retention Scheme - - - 57,072
Trading income 6 1,172,893 - 1,172,893 172,610
─────── ─────── ─────── ───────
Total income 1,766,765 119,348 1,886,113 837,297
─────── ─────── ─────── ───────
Expenditure on:
Raising funds
- fundraising 7,465 - 7,465 5,055
- trading – Punchdrunk Enrichment
Productions Limited 637,118 - 637,118 96,619
Charitable activities 7
- Research & Development 61,445 - 61,445 54,187
- Talent Development 176,818 176,818 175,425
- Schools Programme 555,323 121,705 677,028 700,566
- Family Programme 265,930 - 265,930 239,269
─────── ─────── ─────── ───────
Total expenditure 1,704,099 121,705 1,825,804 1,271,121
─────── ─────── ─────── ───────
Transfers - - - -
Net movement in funds 9 62,667 (2,357) 60,309 (433,824)
─────── ─────── ─────── ───────
62,667 (2,357) 60,309 (433,824)
─────── ─────── ─────── ───────
TOTAL FUNDS AT 1 APRIL 2022 16 993,853 15,857 1,009,710 1,443,534
─────── ─────── ─────── ───────
─────── ─────── ─────── ───────
TOTAL FUNDS AT 31 MARCH 2023 16 1,056,520 13,500 1,070,019 1,009,710
═══════ ═══════ ═══════ ═══════

The group statement of financial activities has been prepared on the basis that all operations are continuing operations.

The notes on pages 17 to 33 form part of these financial statements.

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

Company Registered Number 004547069 Charity Registered Number 1113741

GROUP BALANCE SHEET at 31 March 2023

2023 2022
Note £ £
FIXED ASSETS
Tangible assets
12		 55,538 44,471
CURRENT ASSETS
Debtors
13		 180,738 52,162
Cash at bank and in hand 1,214,793 1,218,565
1,395,531 1,270,727
CREDITORS: Amounts falling due within one year
14		 (381,050) (305,488)
NET CURRENT ASSETS 1,014,481 965,239
NET ASSETS
16		 1,070,019 1,009,710
ACCUMULATED FUNDS
Restricted funds
16		 13,500 15,857
Unrestricted funds
General reserve
16		 350,000 350,000
Designated
16		 706,520 643,853
TOTAL FUNDS 1,070,019 1,009,710

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved by the board of Trustees on 26[th] January 2024 and signed on its behalf by:

Andrew Gambrell Trustee

The notes on pages 17 to 33 form part of these financial statements.

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PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

Company Registered Number 004547069 Charity Registered Number 1113741

CHARITY BALANCE SHEET at 31 March 2023

2023 2022
Note £ £
FIXED ASSETS
Tangible assets
12		 55,538 44,471
CURRENT ASSETS
Debtors
13		 697,001 51,920
Cash at bank and in hand 640,545 1,091,111
1,337,546 1,143,031
CREDITORS: Amounts falling due within one year
14		 (323,065) (253,784)
NET CURRENT ASSETS 1,014,481 889,247
NET ASSETS
16		 1,070,019 933,718
ACCUMULATED FUNDS
Restricted funds
16		 13,500 15,857
Unrestricted funds
General funds
16		 350,000 501,379
Designated funds
16		 706,519 416,482
TOTAL FUNDS 1,070,018 933,718

The financial statements were approved by the board of Trustees on 26[th] January 2024 and signed on its behalf by:

Andrew Gambrell Trustee

The notes on pages 17 to 33 form part of these financial statements.

The charity’s net movement in funds in the year ended 31 March 2023 was £131,777 (2022: £476,226).

15

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

GROUP STATEMENT OF CASH FLOWS for the year ended 31 March 2023

2023 2022
Note
£		 £
Net cash provided by operating activities A
20,803		 (42,023)
Cash flows from investing activities:
Interest from investments
Purchase of tangible fixed assets
14 1
(24,589) (25,583)
Net cash used in investing activities (24,575) (25,582)
Change in cash and cash equivalents in the reporting
period		 (3,772) (67,605)
Cash and cash equivalents at the beginning of the
year		 1,218,565 1,286,170
Cash and cash equivalents 1,214,793 1,218,565
A: Reconciliation of net movement in funds to net
Net income
Depreciation charges
Loss on disposals
Interest from investments
Decrease/ (increase) in debtors
Increase/ (decrease) in creditors
Net cash used provided by operating activities
B. ANALYSIS OF CHANGES IN NET DEBT		 cash flow from operating activities
2023
£
60,309
13,522
-
(14)
(128,577)
75,563
20,803
At 1 April
Cash flows
2022		 2022
£
(433,824)
8,511
-
(1)
180,041
203,250
(42,023)
At 31 March
2023
£
£		 £
Cash 1,218,565
-3,772		 1,214,793
═══════
═══════		 ═══════

16

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

1. General information

Punchdrunk Enrichment Limited is a charitable company limited by guarantee registered in England and Wales. The registered office is Unit 22 Watkin Road, Wembley, London, HA90NL.

2. Accounting policies

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Punchdrunk meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterling, which is the functional currency of the Charity.

Monetary amounts in these financial statements are rounded to the nearest £.

Basis of consolidation

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking, Punchdrunk Enrichment Productions Limited (PEPL). The results of PEPL are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

Company status

The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

Preparation of accounts on a going concern basis

The Trustees have considered the budgets, cash flow forecasts and reserves of the charity for the foreseeable future.

The Charity is confident that it can continue to deliver its excellent impact [CB2] for the next 18 months at a minimum during which time achieving new and increased income streams and new partnerships will be the priority to build visibility beyond 2022/23. The Trustees have reached this conclusion on the basis of the current cash position, sound financial forecasting and regular contact between the executive and the finance committee.

Following this assessment and after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason there are no material uncertainties in relation to going concern and they continue to adopt the going concern basis in preparing the financial statements.

Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

17

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

2. ACCOUNTING POLICIES (continued)

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Operating lease expenditure

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against the Statement of Financial Activities on a straight line basis over the year of the lease.

Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Motor vehicles - 5 years straight line
Computer equipment - 3 years straight line

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

18

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

2. ACCOUNTING POLICIES (continued)

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Employee benefits and pension costs

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Critical accounting judgements and estimation uncertainty

In the application of the accounting policies, the Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

19

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

3. Income from grants and donations

Unrestricted Restricted Total Unrestricted Restricted Total
2023 2023 2023
2022		 2022 2022
£ £ £
£		 £ £
Donations 60,899 - 60,899 71,921 - 71,921
Trusts and
Foundations 10,000 92,098 102,098 - 23,371 23,371
Coronavirus Job
Retention Scheme - - - 57,072 - 57,072
Arts Council Culture
Recovery Fund - - - 24,100 - 24,100
ACE CORE NPO 230,468 - 230,468 230,468 - 230,468
────── ────── ────── ────── ────── ──────
301,367 92,098 393,465 383,561 23,371 406,932
══════ ══════ ══════ ══════ ══════ ══════
4. Income from charitable activities
2023
2022
£
£
Research & Development - 1,000
Talent Development 39,339 61,485
Schools Programme 154,771 80,034
Family Programme 21,161 29,626
Other income: name licence, costs shared
with Punchdrunk Global 104,470 85,609
──────
──────
319,741 257,754
══════
══════

Of the total income from charitable activities of the Group, £246,303 (2022: £181,534) relates to income from the UK and £34,855 (2022: £99,591) relates to income from the rest of the world.

5.
Investment income
Interest receivable		 2023
2022
£
£
14
1
──────
──────
14
1
══════
══════

20

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

6.
Trading income
Royalties
Other income		 2023
2022
£
£
1,127,937
154,983
44,956
17,627
──────
──────
1,172,893
172,610
══════
══════

Of the total trading income of the Group, £860 (2022: £17,627) relates to income from the UK and £1,172,033 (2022: £154,983) relates to income from the rest of the world.

Analysis of expenditure on charitable
7. activities
Direct costs Support costs 2023
2022
£ £ £
£
Research & development 33,134 28,311 61,445 54,187
Talent development 91,884 84,934 176,818 175,425
Schools programme 247,627 311,426 599,053 700,566
Family programme 242,349 141,558 383,909 239,269
────── ────── ──────
──────
614,993 566,229 1,181,221 1,169,447
══════ ══════ ══════
══════
8. Analysis of support costs
2023 2022
Support costs consist of the following: £ £
Legal 2,639 28,584
Rent & Rates 61,794 54,438
Store 35,719 46,625
Development 1,435 5,054
Communications 42,453 11,870
Governance 31,320 36,315
Office Overheads 35,868 1,664
Databases, Licences &
Subscriptions 13,321 19,909
Team Overheads 14,033 12,248
Motor 19,016 2,596
Depreciation 13,521 2,077
Wages 277,366 258,410
Freelancers & Consultants 17,744 39,503
────── ──────
566,229 519,293
══════ ══════

21

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

Governance costs consist of the following: Governance costs consist of the following:
Auditor's remuneration for audit 21,720 17,220
Other auditor costs 9,600 10,449
Other costs (statutory filling and
board development) - 8,646
────── ──────
31,320 36,315
══════ ══════
9. Net movement in funds
2023 2022
This is stated after charging: £ £
Auditors' remuneration: audit 20,592 17,220
Auditors' remuneration: non-audit fees 7,500 2,998
Depreciation of owned fixed assets 13,521 8,511
Operating lease rentals - land and buildings 60,600 30,037
══════ ══════
10. Staff costs
2023 2022
£ £
Wages and salaries 587,907 529,495
Social security costs 57,363 48,125
Pension costs 25,347 23,023
Freelance / Consultancy fees 17,744 39,503
────── ──────
688,361 640,146
══════ ══════
The average monthly number of employees during the period was as follows:
2023 2022
Number
Number
Administration 22 18
Management 2 2
──────
──────
24 20
══════
══════

22

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

No remuneration was paid during the period to any member of the Board of Trustees (2022: £Nil).

No trustees expenses have been incurred (2022: none).

No employee received remuneration amounting to more than £60,000 in either year.

£ £
Total remuneration of key management
personnel 110,455 113,805
══════ ══════
11.
NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARY
Subsidiary name
Punchdrunk Enrichment Productions
Limited
Company registration number
7397742
Basis of control
Ordinary shares
Equity shareholding %
100%
2023
2022
£
£		 11.
NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARY
Subsidiary name
Punchdrunk Enrichment Productions
Limited
Company registration number
7397742
Basis of control
Ordinary shares
Equity shareholding %
100%
2023
2022
£
£		 11.
NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARY
Subsidiary name
Punchdrunk Enrichment Productions
Limited
Company registration number
7397742
Basis of control
Ordinary shares
Equity shareholding %
100%
2023
2022
£
£
2023
2022
£
£
Turnover 1,172,893
172,610
(637,119)
(96,619)
──────
──────
535,774
75,991
══════
══════
(535,774)
(75,991)
══════
══════
610,406
127,696
(610,406)
(51,705)
-
75,991
Administrative expenditure
Profit on ordinary activities after taxation
Payment under gift aid
Total assets as at 31 March 2023
Total liabilities as at 31 March 2023
Capital and reserves of Punchdrunk Enrichment Productions Limited
══════
══════
The directors of the subsidiary company consider that it is entitled to exemption from audit under section 477 of
the Companies Act 2006, and its members have not required the Company to obtain an audit for the year in
question in accordance with section 476 of the Companies Act 2006

23

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

12. Tangible fixed assets
Group and Company
Fixtures
and Motor
fittings vehicles
Total
£ £
£
Cost:
At 1 April 2022 5,633 56,575
62,208
Additions 24,589 -
24,589
────── ──────
──────
At 31 March 2023 30,222 56,575
86,797
══════ ══════
══════
Depreciation:
At 1 April 2022 3,445 14,292
17,737
Provided during the year 2,207 11,315
13,522
────── ──────
──────
At 31 March 2023 5,652 25,607
31,259
══════ ══════
══════
Net book value:
At 31 March 2023 24,570 30,968
55,538
══════ ══════
══════
At 1 April 2022 2,188 42,283
44,471
══════ ══════
══════
13. Debtors
Group Company
2023 2022 2023 2022
£ £ £ £
Amounts owed by group undertakings - - 535,552 -
Trade debtors 6,100 17,923 5,909 17,700
Other debtors 2,828 2,828 2,828 2,828
Other taxes and social security 5,342 - - -
VAT recoverable - - - -
Prepayments and accrued income 166,469 31,411 152,712 31,392
────── ────── ────── ──────
180,739 52,162 697,001 51,920
══════ ══════ ══════ ══════

24

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

14. Creditors: amounts falling due within one year

Group
Company
2023
2022
2023
2022
£
£
£
£
52,077
58,265
50,705
54,295
-
11,690
16,868
11,218
1,100
2,418
1,100
2,372
327,873
233,115
254,392
185,899
──────
──────
──────
──────
381,050
305,488
323,065
253,784
══════
══════
══════
══════		 Group
Company
2023
2022
2023
2022
£
£
£
£
52,077
58,265
50,705
54,295
-
11,690
16,868
11,218
1,100
2,418
1,100
2,372
327,873
233,115
254,392
185,899
──────
──────
──────
──────
381,050
305,488
323,065
253,784
══════
══════
══════
══════
Trade creditors
Other taxes and social security
Other creditors
Accruals and deferred income
══════
══════
Group
Company
2023
2022
2023
2022
£
£
£
£
151,379
22,798
151,379
22,798
(17,357)
(22,798)
(17,357)
(22,798)
75,609
151,379
75,609
151,379
──────
──────
──────
──────
209,631
151,379
209,631
151,379
══════
══════
══════
══════
Analysis of deferred income:
Deferred income at 1 April
Amounts released to income
Amounts deferred
Deferred income at 31 March
══════
══════

Deferred income is comprised of advance bookings and deferred grants.

25

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

15. Analysis of net assets between funds
Unrestricted
Unrestricted Designated Restricted
funds funds fund
Total
2023 2023 2023
2023
£ £ £
£
Group
Fixed assets - 55,538 -
55,538
Current assets 350,000 1,032,032 13,500
1,395,531
Current liabilities - (381,050) -
(381,050)
────── ────── ──────
──────
350,000 706,520 13,500
1,070,019
Company ══════ ══════ ══════
══════
Fixed assets - 55,538 -
55,538
Current assets 350,000 974,047 13,500
1,337,546
Current liabilities - (323,065) -
(323,065)
────── ────── ──────
──────
350,000 706,520 13,500
1,070,019
══════ ══════ ══════
══════
15.
Analysis of net assets between funds		 15.
Analysis of net assets between funds		 15.
Analysis of net assets between funds
Group
Fixed assets
Current assets
Current liabilities
Company
Fixed assets
Current assets
Current liabilities		 Unrestricted
Unrestricted
Designated		 Restricted
funds
funds		 fund Total
2023
2023		 2023 2023
£
£		 £ £
-
55,538
350,000
1,032,032		 - 55,538
13,500 1,395,531
-
(381,050)		 - (381,050)
──────
──────		 ────── ──────
350,000
706,520		 13,500 1,070,019
══════
══════		 ══════ ══════
-
55,538		 - 55,538
350,000
974,047		 13,500 1,337,546
-
(323,065)		 - (323,065)
──────
──────		 ────── ──────
350,000
706,520		 13,500 1,070,019
══════
══════		 ══════ ══════
Comparative analysis
Group
Fixed assets
Current assets
Current liabilities
Company
Fixed assets
Current assets
Current liabilities		 Total
2022
£
44,471
1,270,727
(305,488)
──────
1,009,710
══════
44,471
1,143,031
(253,784)
──────
933,718
══════
Unrestricted
Unrestricted
Designated		 Restricted
funds
funds		 fund
2022
2022		 2022
£
£		 £
-
44,471		 -
350,000
904,870		 15,857
-
(305,488)		 -
──────
──────		 ──────
350,000
643,853		 15,857
══════
══════		 ══════
-
44,471		 -
350,000
777,174		 15,857
-
(253,784)		 -
──────
──────		 ──────
350,000
567,861		 15,857
══════
══════		 ══════

26

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

15.
Reconciliation of funds		 and movement on reserves
At 1 April Income Expenditure Transfers At 31 March
Group 2022 2023 2023 2023 2023
£ £ £ £ £
Restricted funds
Talent Development - - - - -
Lost Lending Library - 30,129 (24,629) - 5,500
Destination Anywhere - 5,000 (5,000) - -
Immersive Learning Journeys 15,857 79,469 (87,326) - 8,000
The Miniature Museum - 3,000 (3,000) - -
A Curious Quest - - - - -
Immersive Learning
Collective - 550 (550) - -
A Small Tale - - - - -
The Vanishing Land - 1,200 (1,200) - -
────── ────── ────── ────── ──────
Total restricted funds 15,857 119,348 (121,705) - 13,500
────── ────── ────── ────── ──────
Designated funds
Company relocation 50,000 - (30,760) - 19,240
Talent development 20,000 - (20,000) - -
Fixed asset fund 44,471 - - 11,607 55,538
Enrichment - charity's funds 529,382 63,776 - 38,584 631,742
Resilience fund - - - - -
────── ────── ────── ────── ──────
Total designated funds 643,853 63,776 (50,760) 49,651 706,520
────── ────── ────── ────── ──────
General funds 350,000 1,702,989 (1,653,339) (49,651) 350,000
────── ────── ────── ────── ──────
Total group funds 1,009,710 1,886,113 (1,825,804) - 1,070,019
══════ ══════ ══════ ══════
══════

27

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

15. Reconciliation of funds and movement on reserves (cont.)

At 1
April Income Expenditure Transfers At 31 March
Charity 2022 2023 2023 2023 2023
£ £ £ £ £
Restricted funds
Talent development - - - - -
Lost Lending Library - 30,129 (24,629) - 5,500
Destination Anywhere - 5,000 (5,000) - -
Immersive Learning Journeys 15,857 79,469 (87,326) - 8,000
The Miniature Museum - 3,000 (3,000) - -
A Curious Quest - - - - -
Immersive Learning Collective - 550 (550) - -
A Small Tale - - - - -
The Vanishing Land -
1,200		 (1,200) -
-
──────
──────		 ────── ────── ──────
Total restricted funds 15,857 119,348 (121,705) 13,500
──────
──────		 ────── ────── ──────
Designated funds
Company relocation 50,000 - (30,760) - 19,240
Talent Development 20,000 - (20,000) - -
FA fund 44,471 - - 11,067 55,538
Enrichment fund 302,011 63,776 - 265,954 631,741
Resilience Fund - - - - -
──────
──────		 ────── ────── ──────
Total designated funds 416,482 63,776 (50,760) 277,021 706,519
──────
──────		 ────── ────── ──────
General funds 501,379 1,141,862 (1,016,221) (277,021) 350,000
──────
──────		 ────── ────── ──────
Total charity funds 933,718 1,324,986 (1,188,686) - 1,070,018
══════
══════
══════		 ══════
══════

28

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

15. Reconciliation of funds and movement on reserves – prior year 15. Reconciliation of funds and movement on reserves – prior year 15. Reconciliation of funds and movement on reserves – prior year 15. Reconciliation of funds and movement on reserves – prior year
At 1 April Income Expenditure Transfers At 31 March
Group 2021 2022 2022 2022 2022
£ £ £ £ £
Restricted funds
Talent Development 18,365
-
(18,365)		 - -
Lost Lending Library - 22,371
(29,871)		 7,500 -
Destination Anywhere 2,500
-
(6,000)		 3,500 -
Immersive Learning Journeys 95,000
-
(79,143)		 - 15,857
The Miniature Museum - -
-		 - -
A Curious Quest - -
-		 - -
Immersive Learning
Collective - -
-		 - -
A Small Tale - 1,000
(1,000)		 - -
The Vanishing Land - -
-		 - -
──────
──────
──────		 ────── ──────
Total restricted funds 115,865
23,371
(134,379)		 11,000 15,857
──────
──────
──────		 ────── ──────
Designated funds
Company relocation 100,000
-
-		 (50,000) 50,000
Talent development 55,000
-
(35,000)		 - 20,000
Fixed asset fund 27,399
-
(8,511)		 25,583 44,471
Enrichment - charity's funds 545,270
-
(65,888)		 50,000 529,382
Resilience fund 250,000
-
(250,000)		 - -
──────
──────
──────		 ────── ──────
Total designated funds 977,669
-
(359,399)		 25,583 643,853
──────
──────
──────		 ────── ──────
General funds 350,000
813,926
(777,343)		 (36,583) 350,000
──────
──────
──────		 ────── ──────
Total group funds 1,443,534
837,297
(1,271,121)		 - 1,009,710
══════
══════
══════		 ══════
══════

29

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022

15. Reconciliation of funds and movement on reserves – prior year (cont.)

At 1 April Income Expenditure Transfers At 31 March
Charity 2021 2022 2022 2022 2022
£ £ £ £ £
Restricted funds
Talent development 18,365
-		 (18,365) - -
Lost Lending Library - 22,371
(29,871)		 7,500 -
Destination Anywhere 2,500
-		 (6,000) 3,500 -
Immersive Learning Journeys 95,000
-		 (79,143) - 15,857
The Miniature Museum - - - - -
A Curious Quest - - - - -
Immersive Learning
Collective - - - - -
A Small Tale - 1,000
(1,000)		 - -
The Vanishing Land -
-
-
-
-
──────
──────		 ────── ────── ──────
Total restricted funds 115,865
23,371
(134,379)		 11,000 15,857
──────
──────		 ────── ────── ──────
Designated funds
Company relocation 100,000
-		 - (50,000) 50,000
Talent Development 55,000
-		 (35,000) - 20,000
FA fund 27,399
-		 (8,511) 25,583 44,471
Enrichment fund 511,680
-		 (259,669) 50,000 302,011
Resilience Fund 250,000
-		 (250,000) - -
──────
──────		 ────── ────── ──────
Total designated funds 944,079
-		 (553,180) 25,583 416,482
──────
──────		 ────── ────── ──────
General funds 350,000
675,905
(487,943)		 (36,583) 501,379
──────
──────		 ────── ────── ──────
Total charity funds 1,409,944
699,276
(1,175,502)		 - 933,718
══════
══════
══════		 ══════
══════

30

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

15. Reconciliation of funds and movement on reserves (continued)

The designated funds are held for the following purposes:

Company Relocation - to support the relocation to our new home in Brent, set to include a public-facing space, workshop, store and office facilities.

Enrichment - to support the development, creation and presentation of new projects.

Talent Development - to support our commitment to developing and sustaining new talent across our areas of work and in our future home.

Resilience fund - to support the company in the transitionary period to imagine the programme and explore new opportunities for impact and partnership.

The restricted funds are held for the following purposes:

Wates Foundation

A grant to support Talent Development.

Maria Bjornson Memorial Fund

A grant to support the Lost Lending Library, Edinburgh in 2023/24.

Edinburgh International Festival

Fees received for delivery of Lost Lending Library, Edinburgh in 2023/24.

Royal Borough of Greenwich

A grant towards school projects in the borough.

Peabody Trust

A grant to support school projects in Thamesmead within the Royal Borough of Greenwich

Paul Hamlyn Foundation

A grant to support the Immersive Learning Journeys project.

Royal Borough of Greenwich

A grant towards school projects in the borough.

John Lyon’s Foundation

A grant to support A Small Tale project.

Schools Fees

Fees received for delivery of A Curious Quest. Project delivery rescheduled to 2023/24

31

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

16. Pension commitments

The trust operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.

The charge in the accounts was £25,347 (2022: £23,023) and an amount of £Nil (2022: £Nil) was included in creditors at the year end.

17. Financial commitments

At 31 March the group and the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Land & buildings
2023
2022
£
£
Not later than one year 60,600
30,037
──────
──────
60,600
30,037
══════
══════

18. Related party transactions

The Group has taken advantage of the exemption available under Paragraph 33.1A of FRS102, Related Party Transactions, not to disclose transactions with wholly-owned group companies.

In the year, donations to the charity by Trustees totalled £1,154 (2022: £1,626). There were no other related party transactions in the year.

32

PUNCHDRUNK ENRICHMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

19.
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY		 19.
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY		 19.
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY
Notes
Unrestricted		 Restricted Total Total
funds funds 2022 2021
£ £ £ £
Income from:
Donations and grants 3 326,489 23,371 349,860 539,571
Charitable activities 4 257,754 - 257,754 283,521
Investments 1 - 1 2
Coronavirus Job Retention Scheme 3 57,072 - 57,072 189,356
Trading income – from Punchdrunk
Enrichment Productions Limited 5 172,610 - 172,610 40,517
─────── ─────── ─────── ───────
Total income 813,926 23,371 837,297 1,052,967
─────── ─────── ─────── ───────
Expenditure on:
Raising funds
- fundraising 5,055 - 5,055 86,043
- trading – Punchdrunk Enrichment
Productions Limited 96,619 - 96,619 6,927
Charitable activities 6
- Research & Development 54,187 - 54,187 105,885
- Talent Development 157,060 18,365 175,425 268,977
- Schools Programme 584,552 116,014 700,566 396,998
- Family Programme 239,269 - 239,269 162,411
─────── ─────── ─────── ───────
Total expenditure 1,136,742 134,379 1,271,121 1,027,241
─────── ─────── ─────── ───────
Net income / (expenditure) 8 (322,816) (111,008) (433,824) 25,726
Transfer between funds (11,000) 11,000 - -
—----------- —----------- —----------- —-----------
Net movement in funds (333,816) (100,008) (433,824) 25,726
TOTAL FUNDS AT 1 APRIL 2021 15 1,327,669 115,865 1,443,534 1,417,808
—----------- —----------- —------------ —-------------
TOTAL FUNDS AT 31 MARCH 2022 15 993,853 15,857 1,009,710 1,443,534
═══════ ═══════ ═══════ ═══════

33