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2021-03-31-accounts

FUEL PRODUCTIONS LIMITED (A company limited by guarantee)

Trustees’ Report and Financial Statements

For the Year Ended 31 March 2021

Charity number 1149680 Company number 07935786 (England & Wales)

FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

CONTENTS

Page
Report of the Directors (Trustees) 2-10
Legal and Administrative information 8-9
Auditor’s Report 11-14
Statement of Financial Activities 15
Balance Sheet 16
Cashflow Statement 17
Notes forming part of the Financial Statements 18-26

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

Report of the Directors (Trustees)

The directors present their report and financial statements for the year ended 31 March 2021, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 (FRS102).

Objectives and activities

The charity’s objectives are “to promote, maintain, improve and advance education with particular reference to encouraging and stimulating public appreciation, artistic knowledge and understanding of all forms of the dramatic arts and by promoting the training of theatre professionals and those working in the arts. The charity also aims to advance the arts for the benefit of the general public by promoting and facilitating access to performances of dramatic art”.

The charity’s main goals for the year were to fundraise for, develop and present a programme of work by a wide range of live performance makers, and present this programme to as diverse a public audience as possible.

STRATEGIC REPORT

1. Relationships with Affiliated Organisations

We maintain close relationships with major funders for revenue activity, notably Arts Council England, the Esmée Fairbairn Foundation, Wellcome Trust and the Paul Hamlyn Foundation. During the year we also secured new major funders for revenue activity, namely the Garfield Weston Foundation, Foyle Foundation and Backstage Trust.

We brokered new exciting partnerships with organisations outside the arts, securing sponsorship towards new artist commissions from:

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

2. Achievements and Performance

In 2020/21 we produced 13 live and remote shows across 39 UK and international venues, engaging with 1,337 participants and 519,130 (3,203 live and 515,927 digital) audience members.

2020/21 Presentations

Production Artist/ Company Dates No. of
venues		 No. of
presentations		 Audience Nos
1 Barber Shop Chronicles at
Home		 Inua Ellams 14 - 21 May 2020 1 14 506,692
2 Love Letters at Home Uninvited Guests 14 May 2020 – 19
March 2021		 22 27 1,061
3 Deadclub at Home David Rosenburg and
Frauke Requart		 18 – 22 June 2020 1 5 1,162
4 Charlie Ward at Home Sound and Fury 22 June 2020 – 20
July2020		 N/a 5 1,405
5 Digital Farm 2020 Fuel 3 July – 21 August
2020		 1 1 289
6 An Evening with an
Immigrant		 Inua Ellams 18 – 22 September
2020		 1 5 1,227
7 Signal Fires (Dartington) Various 28 – 30 October
2020		 1 3 205
8 Signal Fires (Eden Court) Various 2 – 14 November
2020		 1 195 412
9 The Kids Are Alright Encounter 27 November – 2
December 2020		 1 8 852
10 Fly the Flag 2020 Various 10 – 22 December
2020		 1 Unlimited 3,500
11 Borders & Crossings Inua Ellams 7 January – 10
January		 1 4 772
12 THIRST TRAP Rachael Young 26 Feb – 2 March
2021		 144 144
13 The Litten Trees Various 25 – 27 March 2021 8 36 1,626
39 664 519,130

a) Public Benefit

The charity complies with section 17 of the Charities Act 2011 having due regard of the public benefit guidance published by the Commission.

In 2020/21 we delivered a mixed programme of live, performances and workshops, streamed performances and talks, and socially distanced performances, both indoors and outdoors. Highlights included:

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

b) Representation

Representation is one of our core values and in all our work we seek to increase inclusion and access to the arts for practitioners and audiences.

48.1% of Fuel’s 2020/21 programme of work was led by Black, Asian and other ethnic minority artists (compared to 47% the previous year):

We are committed to maintaining a strong focus on producing work by artists from underrepresented demographics, working to increase representation on our board, staff team and in offstage freelance roles, and actively engaging audiences and participants from under-served demographics. Nonetheless we acknowledge our responsibility to do more with and for all minorities amongst theatre makers and audiences in the future, and increase representation across our staff and board. During the last financial year, we published and are acting on an anti-racist pledge and have reviewed our diversity and inclusion policy as well as supporting our freelancers to create the New Normal Manifesto and the anti-racism touring rider.

c) Touring

Despite the extended lockdown and restrictions on our ability to tour, Fuel was able to deliver an adapted programme of work including:

d) International Reach

Despite the pandemic, in 2020/21 we continued to find opportunities for international collaboration and presentation, including:

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

partnerships, entitled Belongingness by Portuguese artist Raquel André and Mexican scientist Sandra Romero Hidalgo explores the human desire to have a place in the world, by looking into the dramatic rise in the popularity of genetic ancestry tests, and how it demonstrates our need to feel connected to one another. The project has been developed remotely during lockdown and can be visited at https://www.belongingness.info/

3. Plans for future periods

The current Covid-19 pandemic has forced us to re-evaluate our activity for 2021/22 and beyond, and to reimagine what our role in society can be both during the various stages of lockdown and as we emerge from it. The situation presents real challenges but we are not tied to a physical building and are able to adapt to the current circumstances with agility.

Our top priority is to continue to reach and impact our beneficiaries, in particular the artists, communities and audiences we serve. We are adapting as quickly as we can, seeking funding, investment and new sources of income to ensure our staff’s jobs are protected, that we continue to provide opportunities for artists and freelancers, that we contribute positively to the arts sector as we rebuild, and that we reach and engage audiences across the UK and beyond in new ways. We are embracing sustainability as a new value with all its meanings, including environmental, human and financial.

This pandemic is changing how we live and interact, and how we produce and experience live performance. Fuel is well placed to model new creative ways of reaching audiences and participants, experiencing high quality new work of national significance that connects with the mood of the times, exploring our place in a changed world so that we might understand it and each other better.

In 2021/22 we have committed to:

  1. Continue looking after our team’s wellbeing

  2. Support freelancers: through Producer Farm (an online offer to replace Producer Farm), through commissions and creating opportunities for R&D where we can find resources, we will continue to support our collaborators and the wider freelance theatre community to weather the storm together.

  3. Produce live performance : Our future programme for 2021/22 and beyond, that includes work such as Burn Baby Burn by Tom Stuart, will have both live venue partners and digital venue partners. Touring won’t have the same tight rhythms as pre-pandemic, so we will carefully select venues where the work will physically tour to. In parallel, the work will be filmed for streaming and viewing on demand via Fuel’s new digital platform (to be launched in June 2021). We’ve always worked outside theatre spaces as well as within them, so we’re drawing on those skills and that experience, as well as the vivid and inspiring imaginations of the theatre makers we’re lucky enough to work with.

  4. Share work online: We will launch Fuel Digital in June 2021 – a platform showcasing streamed performances, podcasts and digital born work.

  5. Scratch ideas: We will continue developing some of our commissioned projects, through online and In Real Life R&D, for example, the team behind Issy, BOSSS and Fractal – Alan Lane, Keisha Thompson, and Börkur Jónsson, and the formidable Rachel Bagshaw forging ahead with plans for Trio (working title) using her lived experience as a disabled woman to create a piece built out of relationships between physical bodies, captioning and audio description.

  6. Support scientists and artists : We are continuing our work with our Associate Scientist Dr. Magda Osman, and colleagues in scientific research, on The Lab, supported by the Wellcome Trust and Queen Mary University London,.

  7. Transform our sustainability : We are making the most of this moment to step towards a new model of sustainability – with all its meanings, including environmental, human and financial – working together to balance our current contribution to the world with our long-term sustainability, our need to look after ourselves and our organisation with our duty and desire to

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

support those we serve, now and in the future. In practice, this will means lots of scenario planning, re-modelling, budgets, cashflows, a closer relationship with our board, and implementation of our new Environmental Policy.

  1. Seek to inspire : We will try to inspire each other and those we engage with by living our values – creativity, collaboration, representation, learning, trust, curiosity, and sustainability – and in the process have as much fun as we can together.

4. Financial Review

The financial statements show the current state of the charity’s finances for the year ended 31 March 2021.

As a result of reduced live productions due to government COVID-19 restrictions total expenditure fell by £740,876 (39%) to £1,181,421 (2020: £1,922,297). With the generous support of regular private funders and the UK government’s Culture Recovery Fund incoming total incoming resources fell by a lesser amount of £492,516 (26%) to £1,434,534 (2020: £1,927,050). The unrestricted General Fund surplus of £157,705 enabled the charity to achieve its reserves target (see Reserves policy below) and the financial resilience to support the artistic and creative freelance community for the reintroduction of live theatre-making.

Fuel’s principal sources of income are:

The support of our partners is essential to our ability to continue supporting inspiring artists to develop and present adventurous, playful and significant work for people all over the UK and beyond. Not all artistic projects are self-supporting and the performing arts relies on a mixed economy of funding to survive.

Reserves policy

The trustees have examined the charity’s requirements for reserves considering the main risks to the organisation. In light of the ongoing uncertainties arising from the COVID-19 crisis, both in the wider economy and specific to the performing arts sector, the trustees believe that the level of unrestricted funds not committed or invested in tangible fixed assets (the free reserve) held by the charity should be around £300,000, being a 3 year average of 8 weeks’ turnover.

As at 31 March 2021 unrestricted General Funds were £312,857 (2020: £194,793) and total free reserves were £297,718 (2020: £177,472). There was also designated unrestricted funds of £188,293 (2020: £214,879) carried forward to 2021/22 to be used in direct project expenditure during the year. At 31 March 2021 Restricted funds were £187,422 (2020: £25,787). The undesignated unrestricted funds comprise free organisational reserves available across all of FPL’s operations. All restricted funds are allocated to specific projects and once these projects are complete no surplus is expected to remain from these restricted funds.

Going Concern

We have set out above a review of Fuel’s financial performance and the general reserves position. Our planning processes, including financial projections, have taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. In forming this opinion, they have considered the likely impact of the

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

COVID-19 pandemic on both its income and expenditure for at least a period of twelve months from the date of approval of these financial statements.

Investment policy

Any available funds are held on the charity’s bank account to enable it to meet its operational obligations as they fall due. The trustees will consider the investment of surplus funds when such arise.

Risk Management

The trustees and senior management review the charity’s major risks on an ongoing basis. The main areas of risk to the continuing and orderly provision of services and mitigating factors are:

a) Combined risk of economic and social factors

Fuel has a number of diverse and strong income streams which provide a sound mixed economy operating model. The economic and social impact of Covid-19 and its consequences will affect our activity and therefore our ability to earn and raise income.

Risk management and mitigation:

b) Risk of loss or inability to retain key members of senior management staff.

Like many organisations of our size there is a reliance on a small executive team. Over the last two years we have increased the size of the team and spread the responsibilities more broadly. This, linked with succession planning and development of the wider Senior Management Team, has helped offset this risk.

Risk management and mitigation:

Structure, Governance and Management

Governing Document

Fuel Productions Limited (the charity) (FPL) was formed in February 2012 and is registered with the Charity Commissioners of England and Wales under registration number 1149680. It is a company limited by guarantee (company registration number 07935786 – England & Wales) and is governed by its Memorandum and Articles of Association. Its operational address is currently at Somerset House, South Wing, Strand, London WC2R 1LA.

The charity is managed by its trustees who constitute the board of directors and have been appointed in accordance with the charity’s Articles of Association.

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

The directors in office during the year ended 31 March 2021 were as follows:-

The day to day management was carried out by Kate McGrath (Director) and Ines Tercio (Executive Director) during the year ended 31 March 2021. The registered office is disclosed on the information page.

Appointment and training of Trustees

New trustees are proposed at quarterly meetings, and their proposal discussed by existing trustees. Potential trustees observe at board meetings, at the end of which, a vote is taken as to whether to appoint as a new trustee.

New trustees receive copies of Fuel Production Limited’s business plan and are briefed on the structure and operation of the company.

Organisational structure and decision-making process

FPL employs a producing, operations and production management team. In 2020-21, this consisted of a Head of Programme, one Senior Producer and her maternity cover, three Producers across the year, three Programme Assistants across the year, an Associate Director, a Production Manager, a Senior Technical Manager, a Fundraising Manager, a Communications Co-ordinator, an Executive Assistant, a General Manager and a Head of Finance. FPL is led by Fuel’s founding Director Kate McGrath as Chief Executive, with an Executive Director, a Head of Programme and a part-time Associate Director.

A production team of freelancers is assembled for each project based on its nature and scale. During the year we engaged with 479 freelancers on and offstage. Regular project and production management meetings are held during the course of a project to ensure it remains on schedule and on budget.

The trustees are responsible for the management of the charity’s business and charitable objectives. The day to day management of the charity is delegated to the Director and Executive Director who implement policy and strategy as approved by the trustees.

Related parties and co-operation with other organisations

Any connection between a trustee or senior manager of the charity with a contractor, consultant, production company, contracted artist, performer or funder must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. Note 11 details the related party transactions reported in the year.

None of our Trustees receives remuneration or other benefits from their work as Trustees. Kate McGrath who is a Trustee receives remuneration for her role as Chief Executive, further details are provided in Note 10 to the accounts.

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

Reference and Administrative Details

Charity number: 1149680 Company number: 07935786 Registered Office: South Wing, Somerset House, Strand, London, WC2R 1LA

Fuel Productions Ltd is incorporated and domiciled in the UK.

The charity also makes itself known as Fuel.

Our advisors

Auditors Knox Cropper LLP 65 Leadenhall Street, London, EC3A 2AD Bankers Barclay Bank plc Bromley 3, Leicester, LE87 2BB Legal advice Sean Egan Consultants Ltd 50 Sheen Park, Richmond, Surrey, TW9 1UW

Key management personnel

Kate McGrath Director & Chief Executive Ines Tercio Executive Director

Directors and Trustees of Fuel Productions Ltd

The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year end were as follows:

S W D Egan Chair K M E McGrath J Hallgarten S Thaker S Hoyle L Geissendorfer J Sealey W Martin A Henry appointed 16 June 2020 N Benjamin appointed 7 December 2020

Trustees’ Responsibilities in relation to the financial statements

The trustees (who are also the directors of FPL for the purposes of company law) are responsible for preparing the Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Policies).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the trustees are required to:

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees’ annual report:

Auditors

Knox Cropper LLP were appointed as auditors during the year and have expressed their willingness to continue in that capacity.

The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The annual report and accounts, including the strategic report, was approved by the Board of Trustees and signed on its by:

Kate McGrath (Trustee)

Date: 13[th] December 2021

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

Independent Auditor’s Report to the Members of Fuel Productions Limited

Opinion

We have audited the financial statements of Fuel Productions Limited (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company’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 annual report, other than the financial statements and our Report of the Independent Auditors thereon.

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

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:

Matters on which we are required to report by exception

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

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, 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.

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

In preparing the financial statements, the trustees are responsible for assessing the 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors 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:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

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 Report of the Independent Auditors.

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 auditors' 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.

Richard Billinghurst FCA (Senior Statutory Auditor) for and on behalf of Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD

Date: 13[th] December 2021

14

Fuel Productions Limited Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31 March 2021

Notes
Income
Donations
3
Income from charitable activities
4
Investment income
5
Total incoming resources
Expenditure
Raising Funds: Fundraising costs
6
Charitable activities
7
Governance
8
Total expenditure
Surplus/(Deficit) for year
Transfer between funds
17
Net Movement on funds
Reconciliation of funds
Total Funds brought forward
Total Funds carried forward
17		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
2021
£
£
£
£
565,151
-
15,691
580,842
377,401
-
476,045
853,446
246
-
-
246
942,798
-
491,736
1,434,534
43,144
-
-
43,144
734,639
66,227
330,101
1,130,967
7,310
-
-
7,310
785,093
66,227
330,101
1,181,421
157,705
(66,227)
161,635
253,113
(39,641)
39,641
-
-
118,064
(26,586)
161,635
253,113
194,793
214,879
25,787
435,459
£ 312,857
£ 188,293
£ 187,422
£ 688,572		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total 2020
£
£
£
£
23,354
-
28,000
51,354
1,137,032
-
710,335
1,847,367
28,329
-
-
28,329
1,188,715
-
738,335
1,927,050
10,357
-
-
10,357
951,617
208,657
745,386
1,905,660
6,280
-
-
6,280
968,254
208,657
745,386
1,922,297
220,461
(208,657)
(7,051)
4,753
(165,630)
165,630
-
-
54,831
(43,027)
(7,051)
4,753
139,962
257,906
32,838
430,706
£ 194,793
£ 214,879
£ 25,787
£ 435,459

All transactions are derived from continuing activities.

15

Fuel Productions Limited Balance Sheet as at 31 March 2021 Charity number 1149680 Company number 07935786 (England & Wales)

Notes
Fixed Assets
Tangible assets
12
Current Assets
Cash at bank and in hand
Debtors
13
Investments
14
Liabilities
Creditors falling due within one year
15
Net Current Assets
Total Net Assets
Funds
17
Unrestricted funds - General Funds
Unrestricted funds - Designated: Productions
Unrestricted funds - Designated: Digital Investment
Unrestricted funds - Designated: Digital Infrastructure
Unrestricted funds - Designated: Sustaining Excellence
Unrestricted funds - Designated: Artist Development
Unrestricted funds - Designated: Project Development
Restricted funds		 2021
£
15,139
908,274
210,779
6,000
1,125,053
(451,620)
673,433
£ 688,572
312,857
76,711
2,470
15,000
19,891
22,985
51,236
187,422
£ 688,572		 2020
£
17,321
364,123
153,343
20,100
537,566
(119,428)
418,138
£ 435,459
194,793
85,645
10,000
15,000
23,240
25,994
55,000
25,787
£ 435,459

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

The notes on pages 18 to 26 form part of these financial statements.

Signed:

Kate McGrath, Trustee, on behalf of the trustees

Approved by the Board of Trustees on 13[th] December 2021

16

Fuel Productions Limited Statement of Cash Flows for the year ending 31 March 2021

Notes
2021
£
Cash provided by (used in) operating activities
A
£533,552
Cash flows from investing activities
Interest income
246
Return on investment in commercial productions
-
Purchase of tangible fixed assets
(3,747)
Investment in commercial productions
14,100
Cash provided by (used in) investing activities
10,599
Increase in cash and cash equivalents in the year
544,151
Cash and cash equivalents at the beginning of the year
364,123
Total cash and cash equivalents at the end of the year
£908,274
A. Reconciliation of net movement in funds to net cash flow from operating activities
2021
£
Net movement in funds
253,113
Add back depreciation charge
5,817
Add back loss on disposal of fixed assets
112
Deduct interest income shown in investing activities
(246)
Decrease/(increase) in debtors
(57,436)
Increase/(decrease) in creditors
332,192
Net Cash used in operating activities
£533,552		 2020
£
£170,007
401
27,928
(1,990)
(20,100)
6,239
176,246
187,877
£364,123
2020
£
4,753
6,929
-
(28,329)
402,057
(215,403)
£170,007

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

  1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019 – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Fuel Productions Limited meets the definition of a public entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Preparation of the accounts on a going concern basis

The Trustees, having assessed the charity’s financial position, its plans for the foreseeable future, the impact of the Covid-19 pandemic, the risks to which it is exposed and the detailed cash forecasts for the 12 months from the date of signing, are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.

c) Legal Status

Fuel Productions Limited is a company limited by guarantee incorporated in England and Wales and has no share capital. 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. FPL is registered as a charity with the Charity Commission. The registered office is West Wing, Somerset House, Strand, London WC2R 1LA.

d) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Expenditure which meets these criteria is charged to the fund.

e) Income

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

Income from government and other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of a theatrical performance or provision of other specified service is deferred until the criteria for income recognition are met (see note 16).

f) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit and costs linked to the strategic management of the charity.

All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the use of resources. Costs relating to a particular activity are allocated directly, others are apportioned on the basis of an estimate of the proportion of project size.

g) Fixed assets

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a reducing balance basis as follows:

Office equipment 25% on net book value Production equipment 25% on net book value Website 33% on net book value

h) Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

i) 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.

j) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

k) Financial instruments

The charity has elected to apply the provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Instruments Issues” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

l) Pension contributions

The charity operates a stakeholder pension scheme which is available to all employees. Pension contributions are charged to the SOFA as they become due.

  1. Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

charitable objects.
3.Income from Donations
Individuals
Unrestricted grants
Culture Recovery Fund
Coronovirus Job Retention Scheme
Small Business Support Grant		 2021
£
35,862
70,000
428,729
36,251
10,000
£ 580,842		 2020
£
51,354
-
-
-
-
£ 51,354

Public financial support relating to the Covid-19 pandemic received in the year totalled £474,980 (2020: £nil).

4. Income from charitable activities
Arts Council England - National Portfolio funding
Project Grants
Commissions
Production fees & charges
Ticket sales & merchandise
Royalties
Consultancy
Other
5. Investment income
Return on commercial productions
Bank interest
Total incoming resources		 204,861
476,045
112,453
28,546
2,896
8,756
17,489
2,400
£853,446
-
246
£ 246
£1,434,534		 201,160
710,335
75,639
562,966
12,660
64,200
34,573
185,834
£1,847,367
28,095
234
£ 28,329
£1,927,050

Of the total incoming resources of £1,434,534 in the year £491,736 (2020: £738,335) was restricted under agreements to support a mixture of productions and FPL programmes.

The charity receives a grant from Arts Council England, a government funded organisation, as one of their National Portfolio Organisations (NPO). 2020/21 was the third of a four-year funding agreement under which Fuel receives £201,160 each year (plus 1.84% inflationary award in 2020/21 and 2021/22). In response to Covid-19 this agreement has been extended by one year to March 2023, subject to ACE review. These grants are unrestricted funding to the organisation.

In both 2019/20 and 2020/21 Arts Council England awarded additional project grants to support specific programmes of work. These amounts are included in Project Grants and in 2020/21 amounted to £71,945 (2020: £320,133).

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

6. Expenditure on raising funds
Fees
Expenses
7. Charitable activities
Artistic & creative fees
Production & touring costs
Producing & production staff costs
Royalties payable
Access costs
Marketing costs
Educational engagement
Set storage
Production insurance
Legal & Professional fees
Sundry expenses
Direct administration costs
Support costs
Support costs
Staff costs
Office overheads
Administration costs
IT costs
Insurance
Legal & Professional fees
Sundry expenses
Depreciation
8. Governance
Audit/Independent Examination fees
9. Net incoming resources and expenditure for the year
This is stated after charging:
Depreciation
Lease payments in the year
Auditor's/Independent Examiner's remuneration:
Audit fees		 2021
£
32,538
10,606
£ 43,144
338,342
88,815
439,314
4,414
33,180
27,652
684
18,117
-
-
310
449
179,690
£1,130,967
124,172
16,694
14,602
10,874
7,246
-
285
5,817
£ 179,690
£ 7,310
2021
£
5,817
20,687
7,310		 2020
£
9,000
1,357
£ 10,357
662,190
340,505
511,026
47,100
5,508
89,516
38,026
17,392
1,974
5,193
-
1,406
185,824
£1,905,660
107,456
30,646
18,704
7,683
8,802
2,650
2,954
6,929
£ 185,824
£ 6,280
2020
£
6,929
33,659
6,280

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

10. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

2021
£
Salaries and wages
520,039
Social security costs
46,577
Pension costs
11,229
£ 577,845
The average number of full-time employees during the year were:
2021
Producing & production staff
13
Fundraising staff
1
Support staff
2
16		 2020
£
549,044
53,207
9,993
£ 612,244
2020
14
-
2
16

No employees received employee benefits between £60,000 - £70,000 (2020: one). In 2020 one employee receiving remuneration of £60,000 or more participated in the charity’s pension scheme. The total employer’s contribution for them in that year was £1,316.

Pension costs are allocated to activities in line with the related staffing costs and are wholly charged to unrestricted funds.

In accordance with written authority of the Charity Commission on 23rd February 2018 as required by clause 4.3 of the Articles of Association, one trustee who is also an employee received remuneration during the year. Details of the amount paid are set out below:

Salary and benefit Pension Contributions
2021 2020 2021
2020
K McGrath £58,530 £64,812
£1,309
£1,316

No other trustees received remuneration for their services during the year. In 2020 one trustee received a total of £4,040 for services related to legal advice provided to the charity and not for their duties as trustees, which were unpaid.

None of the Trustees were paid expenses in either 2020/21 or 2019/20.

The key management personnel of the charity comprises the trustees, the Director and Executive Director. The total employee benefits of the key management personnel in the year was £104,200 (2020: £107,967).

11. Related party transactions

i) The total amount of donations received from Trustees during the year was £10,000 (2020: £4,562). In both years all of these amounts were donated without conditions.

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

12. Tangible Fixed Assets

Office
Equipment
Cost
£
At 1 April 2020
4,580
Additions
3,747
Disposals
(1,125)
At 31 March 2021
7,202
Depreciation
At 1 April 2020
2,524
Charge for Year
1,423
Eliminated on Disposal
(1,013)
At 31 March 2021
2,934
Net Book Value
At 31 March 2021
£ 4,268
At 31 March 2020
£ 2,056
13.
Debtors
Trade debtors
Other debtors
14.
Current asset investments
Investment in commercial productions
15.
Creditors: Amounts falling due within one year
Trade creditors
Accruals & deferred income
Other creditors
Social security & other tax
16.
Deferred income
Balance at 1 April
Amount released to incoming resources
Amount deferred in the year
Balance at 31 March		 Office
Equipment
£
4,580
3,747
(1,125)		 Production
Equipment
Website
£
£
24,921
15,600
-
-
-
-		 Total
£
45,101
3,747
(1,125)
7,202 24,921
15,600		 47,723
2,524
1,423
(1,013)		 16,589
8,667
2,083
2,311
-
-		 27,780
5,817
(1,013)
2,934 18,672
10,978		 32,584
£ 4,268 £ 6,249
£ 4,622		 £15,139
£ 2,056 £ 8,332
£ 6,933		 £17,321
2021
£
140,460
70,319
£ 210,779
2021
£
£ 6,000
2021
£
87,651
312,456
36,978
14,535
£ 451,620
£
-
-
269,003
£ 269,003		 2020
£
50,093
103,250
£153,343
2020
£
£ 20,100
2020
£
28,426
7,327
72,288
11,387
£119,428
£
17,500
(17,500)
-
£ -

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

17. Analysis of charitable funds Balance Transfers Transfers Funds
1 April between 31 March
2020 Income Expenditure Funds 2021
£ £ £ £ £
Analysis of movements in unrestricted funds
General Fund 194,793 942,798 (785,093) (39,641) 312,857
Designated - Productions 85,645 - (43,684) 34,750 76,711
Designated - Digital Investment 10,000 - (7,530) - 2,470
Designated – Digital Infrastructure 15,000 - - - 15,000
Designated - Sustaining Excellence 23,240 - (8,240) 4,891 19,891
Designated – Artist Development 25,994 - (3,009) - 22,985
Designated – Project Development 55,000 - (3,764) - 51,236
Total unrestricted funds £409,672 £942,798 £(851,320) £ - £501,150
Analysis of movements in restricted funds
Production funds:
CVC commissioning - 60,000 (18,292) - 41,708
COMMON: Triplets - 1,519 (1,519) - -
Common Wealth: Peaceophobia - 3,000 (3,000) - -
David Farr: A Dead Body in Taos - 19,347 - - 19,347
David Rosenberg & Frauke Requardt: 2,855 - - - 2,855
And The Shot-Girls Burst Into Flames
Encounter: The Kids Are Alright - 17,375 (17,375) - -
David Rosenberg & Frauke Requardt: - 2,993 - - 2,993
Localite
Freelance Task Force - 9,879 (9,879) - -
Freelancer support - 7,715 (7,715) - -
Gyre & Gimble: The Hartlepool Monkey - 500 (500) - -
Inua Ellams: The 419 14,999 - - - 14,999
Lewis Gibson: The Day I Fell Into A - 10,353 - - 10,353
Book
Racheal Ofori: Soho Six - 1,000 (1,000) - -
Rachael Young: Thirst Trap - 17,443 (17,443) - -
Slung Low: Issy BOSSS and Fractal - 5,400 (5,400) - -
The Litten Trees - 90 (90) - -
Tom Stuart: Burn Baby Burn - 5,000 (1,000) - 4,000
Uninvited Guests:Love Letters Straight - 7,915 (7,915) - -
From the Heart
Will Adamsdale: The Rubbish Show 3,560 - (2,374) - 1,186
Organisational development:
Fundraising consultant & staff - 33,600 (8,400) - 25,200
Audience development and engagement - 130,000 (102,000) - 28,000
Sustaining Excellence 4,373 158,607 (126,199) - 36,781
Total restricted funds £ 25,787 £ 491,736 £(330,101) £ - £ 187,422
Total Funds £ 435,459 £1,434,534 £(1,181,421) £ - £688,572

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

17. Analysis of charitable funds (continued)

Analysis of movements in funds - previous year Analysis of movements in funds - previous year
Balance Transfers Funds
1 April between 31 March
2019 Income Expenditure Funds 2020
£ £ £ £ £
Analysis of movements in unrestricted funds
General Fund 139,962 1,188,715 (968,254) (165,630) 194,793
Designated - Productions 199,701 - (186,133) 72,077 85,645
Designated - Digital Investment - - - 10,000 10,000
Designated – Digital Infrastructure - - - 15,000 15,000
Designated - Sustaining Excellence 10,000 - (4,313) 17,553 23,240
Designated – Artist Development 48,205 - (18,211) (4,000) 25,994
Designated – Project Development - - - 55,000 55,000
Total unrestricted funds £ 397,868 £1,188,715 £(1,176,911) £ - £ 409,672
Analysis of movements in restricted funds
Production funds:
Andy Smith: Summit - 2,926 (2,926) - -
COMMON: Triplets - 6,370 (6,370) - -
David Farr: A Dead Body in Taos - 1,500 (1,500) - -
David Rosenberg & Frauke Requardt: And
the Shot Girls Burst Into Flames		 - 15,999 (13,144) - 2,855
Encounter: The Kids Are Alright - 10,688 (10,688) - -
Fly the Flag - 91,982 (91,982) - -
Gyre & Gimble: The Hartlepool Monkey 5,000 - (5,000) - -
Heather Agyepong: The Body Remembers - 29,999 (29,999) - -
Inua Ellams: The 419 14,999 - - - 14,999
Inua Ellams: Barber Shop Chronicles - 214,288 (214,288) - -
Inua Ellams: The Little Prince - 89,500 (89,500) - -
Lewis Gibson: The Day I Fell Into A Book - 12,941 (12,941) - -
Lucian Msamati: Mugabe Project - 13,000 (13,000) - -
Racheal Ofori: So Many Reasons - 4,900 (4,900) - -
Uninvited Guests: To Those Born Later - 38,786 (38,786) - -
Will Adamsdale: The Rubbish Show 10,466 2,550 (9,456) - 3,560
Organisational development:
Fundraising consultant - 9,000 (9,000) - -
Audience Development - 40,000 (40,000) - -
Sustaining Excellence 2,373 153,906 (151,906) - 4,373
Total restricted funds £ 32,838 £ 738,335 £(745,386) £ - £ 25,787
Total Funds £ 430,706 £1,927,050 £(1,922,297) £ - £435,459

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FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2021

17. Analysis of charitable funds (continued)

Designated Funds

Production funds represent unrestricted earned income from specific productions set aside against costs of their future development and presentation.

The Digital Investment funds are held for planned investment in digital content production for audiences. The Digital Infrastructure funds are held for planned investment in development of a digital content distribution platform.

The Sustaining Excellence funds are held to invest in developing collaboration between artists and scientists.

The Artist Development funds are held to invest in commissioning and early stage development of new ideas with artists.

The Production Development funds are held to be used in the development of new projects with artists Fuel has relationships with.

Restricted Funds

Restricted Production funds are to support the costs of the future development and presentation of specific productions.

The Fundraising Consultant fund represents funding from the Backstage Trust to support the engagement of a consultant to support Fuel in the development and delivery of its fundraising strategy. Audience Development is an initiative that aims to transform the relationship between Fuel’s artists and audiences, creating the possibility for new conversations between theatre makers and the communities they visit and within the communities themselves.

Sustaining Excellence is supported by the Wellcome Trust to enable Fuel invest in ways to better produce and present live performance to as diverse an audience as possible.

Fund transfers

During the year a transfer of £39,641 was made from general reserves to designated reserves. This balance relates to funds already allocated to projects in 2020/21 and to projects delayed by Covid-19 until 2021/22.

18. Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted funds
Restricted funds		 Tangible
Assets
Current
Assets
Total
£
£
£
15,139
486,011
501,150
-
187,422
187,422
£15,139
£673,433
£688,572

19. Operating Lease Commitments

Land and Buildings 2021
Within 1
year
In more
than 1 year
£
£
27,062
34,812
£ 27,062
£ 34,812		 2020
Within 1
year
In more
than 1 year
£
£
20,687
30,000
£ 20,687
£ 30,000

26