FUEL PRODUCTIONS UMrrEO IA company limited by guarantee) Trustees. Report and Financial Statements For the Year Ended 31 March 2022 Charity number 1149680 Company number 07935786 (England & Wales)
FUEL PRODucfioNS LIMITED Annual Report and Atcounts For the Year Ending 31 March 2022 coNtENTS Page Report of the Directors ITrusteesl 2-10 Legal and Administrative information Auditorfs Report 11-14 Statement of Financial Activities 15 Balance Sheet 16 Cashflow Statement 17 Notes forming part of the Financial Statements 18-26
FUEL PRODuclloNS UMrrED Annual Report and Accounts Forthe Year Ending 31 March 2022 Report of the Dirertors ITrusteesl The Directors present their report and financial statemerrts for the year ended 31 March 2022, which are also prepared to meet the requirements for a Directors. Report and Accounts for Companies Art purposes. The financial statements have been prepad in accordance with accounting policies set out in the notes to the accounts and comply with the chariws governing document. the Companies Act 2006. 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 IFR51021. Objectives and activities The charl5 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 art5. The charity a150 aims to advance the arts for the benefit of the general public bv promoting and facilitating access to performances of dramatic art". The charity'5 main goals for the year were to fvndrai5e 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 l. Relationships with Affiliated Organisations We maintain close relationship5 Wlth major funder5 for revenue artivity, notably Art5 Q>uncil England, the Esmée Fairbairn Foundation and the Paul Hamlyn Foundation. During the yèar we also secLJred new major funders for revenue activity, namely the Foyle Foundation and Backstage Trust. We brOked new exciting partnerships with organisations outside the arts. securing sponsorship towards new artist commissions from PWC IPricew2terhouseCoopersl- a multinational professional services network of firms. operating as partnerships under the PWC brand. 2. Achievements and Perfomiance In 2021122 we worked with 347 theatre makers, produced 13 live and digital performances across 27 UK and international venues, engaging with 1,777 participants and 63,59018,832 live and 54,758 digit31l audience members. In addition, we also supported a further ISI artists and the8tre makers develop and research new ideas for 12 new projetts including work by lead artists Pauline Mayers, Racheal Ofori, Lucian Msamati and Rachel Bagshaw.
FUEL PRODuclloNS UMrrED Annual Report and Accounts Forthe Year Ending 31 March 2022 2021122 Preserrtations Production ArknstlComp3ny No. of No. of presentation5 Audience N05 venue5 Love Lettets at Home Uninwted Guests 14 May 21 197 Touching The Void David Greig and Tom Morri5 Various 26May21- December 2021 17 June 2021 19 8,862 Heroes ofthe NHS An Evening wirh an Immigrant Inua Ellams 15June 2021-29 January 2022 io 1.331 Signal Fires Ipodcastl Variou5 1SJune 22 Novernber2021 28 June- 22 November2021 17 Sepremr 2021- 26 March 2022 NIA 44 44 Everyday Moment5 Ipodcastl The Midnight Run Variou5 NIA 26 26 Inua Ellams 127 Fly The Flag 2020 Variou5 14June 2021- 10 December 2021 10 Septembpr - 25 October2021 19 September 2021- 26 March 2022 Unlimited 49,000 Pe3ceophobi Commonwealth & Speaker5 Corner Heaiher theponE 23 1,323 io The Body Remembers 77 1.661 li Lock Her Up Ipodca5tl Variou5 DI- 22 November 2021 NIA 12 While You Wait Ipodcastl Various 15- 22 November 2021 NIA 13 Salt and SuEar IdiEltall Hema Palani 19- 24 ottober 2021 80 27 228 63.S90 a) Public Benefrt The charity complies with section 17 of the Charities Act 2011 having due regard of the public benefit guidance published by the Commission. In 2021122 we delivered a mixed programme of live performances and workshops, streamed performances and talks. and perfomiances. both indoors and outdoors. Highlights included: Peoceophobiu, co-produced with Common Wealth, had its world premiere in September 2021 with a sold out run of ten shows in Bradford. Sold-out performances in Manchester, in collaboration with Contact and HOME, followed in Ortober 2021. In April and May 2022, the show will travel to NOlCh and Brighton Festivals. The next stops in the tour will be a return to Bradford in August 2022. followed by Horizon Showcase in Edinburgh, before the show tours to Greenwich & Docklands International Festival in September 2022. "I witnessed the power oftheotre. Not just stones but reol lived experiences of the young men centre stage" Audience feedback We corhtinued lead producing Fly The Flag in partnership with Eden Court Highland5, The MAC, Sadler's Wells and Wales Millennium Centre. and in association with Belfast
FUEL pRODU10N5 UMtrED Annual Report and Accounts Forthe Year Ending 31 March 2022 International Arts Festival. In 2021, Fly The Fl(Jg focused on Article 19- the right to freedom of opinion and expression- in an ambitious new project created by choreographer Oona Doherty alongside four associate artists. It culminated with the release of a new film created by young people acr055 the four nations of the UK, broadcast by Sky Arts on 10 December 2021, Human Rights Day, which can be viewed here. bl 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. 35% of Fuel's 2021122 programme of work was led by Black. Asian and other ethnic minority artists: 9% of our lead artists identified as Black or Black British 14% as Asian or Asian British 12% identified as MixedlArablOther including Latinx In addition, 14% of artlStS Stated they are disabled andlor have a long-term health condition, and a further 15% stated they were neuro divergent. In looking to present the most vital work of our time5, we are committed to our Strong focu5 on producing work by artists from Under-rep$ented demographics. maintaining representation on our board, staff team and in offstage freelance roles. and actively enÈa@inÉ audiences and participants from often under-served demographics. We acknowledge our responsibility to do more with and for all minorities amongst theatre makers and audiences in the future. During the last financial year. we continued arting on our Anti-Racist Promise and have reviewed our Equality and Inclusion Policy as well as drafting and implementing an anti-ableism pledge. sUPPOrting freelancer5 to create the New Normal Manifesto and working with the Producing and Touring Companies network to create an Anti-Racism Touring Rider. cl Touring Despite the extended restrictions on our ability to tour. Fuel was able to deliver an adapted programme of work including Heather AgYepOnS The Body Remembers. The Body Remembers began its long-awaited UK tour at Bernie Grant Arts Centre. before a run at Battersea Arts Centre in October/November 2021. In total. 1.600+ audience members saw The Body Remembers on a tour that spanned across the UK. from Exeter to Glasgow. with l(fA complimentary tickets given to a range of audience members including women who had worked with the charity Body and Soul, and The Maya Centre. a charity that specialises in intercultural therapy for women who have experienced trauma. This wa5 Fuel's first e-van tour documented here for the benefit of the wider sector. dl International Reach Despite the pandemic, in 2021122 we continued to find opportunities for international collaboration and presentation. 2022 wa5 due to open with a three-city tour of Inua Ellam5' An Evening with Gn ImmA£tront, at Under The Radar (New York), Oklahoma City Rep (Oklahomal and Stanford Live (Stanford. Californial. The lead up to the tour was less than ideal. with the period between Christmas and New Year bringing emergency meetings with Under The Radar, who decided that the festival could not carry on due to rising instances of Covid-19 in New York. Oklahoma City Rep Theater and Stanford Live both kept their capacity numbers capped. due to Covid restrictions. but a generous audience turned up at both venues. Plans for future periods The Covid-19 pandemic and the c05t-of-living crisi5 forced u5 to re-evaluate our activity for 2022123 and beyond, and to reimagine what our role in society could be. both during the various stages of
FUEL PRODuclloNS UMrrED Annual Report and Accounts Forthe Year Ending 31 March 2022 lockdown and as we emerge from the crisis. The situation presents real challenges but as we are not tied to a physical building, we are able to adapt to changing circumstances with agility. Our top priority is to continue to reach and impart our beneficiaries, in particularthe artists, communitie5 and audiences we Serve. We are adapting as sensitively a5 we can, seeking funding, irhvestment and new source5 of income to ensure that we continue to provide development and enEaEement for freelance theatre makers, and employment and traininÈ for our core staff team, that we contribute positively to the arts sector and wider society as we rebuild. and that we reach and engage audiences and communities across the UK and beyond in meaningful ways. We have embraced sustainability as a new value with all its meanings. including environment31. human and financial. The last couple of years have changed 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. Highlights for 2022123 include: Issy, BOSSS and Frt7ctal, an immersive creative adventure for children aged 7+ created by Keisha Thompson and Alan Lane, designed to take place directly in school playgrounds and public space5. The production delivers a raft of curriculum-ba5ed learning, alongside exploring big i55ues direttly afferting young people, such a5 climate change and social responsibility. The Gretchen Question. a new play by Melly Still and Max Barton interrogating how we have arrived at the current climate crisis through a political. social and cultural lens. aiming to engage audiences who feel disconnected from the subject. The concept of the play derives from Goethe's Foust. and refers to 3 simple query that cuts to the heart of a complex matter. Our mired-up systems are failing to act in the face of a crisis. so there has never been a more important time to ask such questions about climate change. This site-specific play will take place on the historic grounds of Master Shipwrighvs House, once a major centre for expansionism. and will be part of Lewisham Borough of Culture, which foreground5 artivism as a key focus. A Dead Body in T(J05, 3 new Fuel play written by David Farr and directed by Rachel Bag5haw will tour the UK in autumn 2022. The development of the dramaturgy and of the design has been informed by contemporary research and innovation in neuroscience and artifitial intelligence. The produrtion poses an ethical dilemma.. upon the death of her mother, a grieving daughter is left with the decision to restore their relationship through perpetuating her mother's life through an algorithm resembling her 30-year-old self. or to let nature run its course and let her go. With the potential of immortality. what are the limits of consumerism? Financial Review The financial statements show the current State of the charitys finances for the year ended 31 March 2022. As more produrtions were developed and presented following the lifting of government Covid-19 restrictions total expenditure rose by £271,179123%1 to £1,452,6LK)12021.' EI,181,4211. Total incoming resources rose by a modest £18,7651l%l to £1,453,29912021.. £1,434,534) but a greater proportion of income wa5 generated by activity than in the previou5 year, when the charity w35 reliant on the significant support of regular private funders and the UK government's Culture Recovery Fund. £101,047 of projert designated funds were utilised in the year giving rise to a small overall surplus of £699.
FUEL pRODU10N5 UMtrED Annual Report and Accounts Forthe Year Ending 31 March 2022 Fuel's principal sources of income are.. Produrtion fee5 to touring and presenting partner5. Arts Council England funding a5 a National PortFolio Organi5ation. Fundraising incorrhe through a mixture of donation5 from individua15, projert grants from trusts and foundations and Arts Council England National Lottery Projert Grants in support of individual productions. 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-supportin& and the performing arts lieS on a mixed economy of funding to survive. We are pleased to have been offered continued Arts Council England funding at current levels as a National Portfolio Organisation for the 3 years April 2023 to March 2026. Reserves policy The trustees have examined the chariVs 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 art5 sector, the trustees believe that the level of unrestricted funds held by the charity should be around £250,000, being a 3-year average of 8 week5. turnover12019120 to 20211221. A5 at 31 March 2022 unrestrirted General Funds were £249,69212021= £312,857) and total free reserves were £227,69512021= £297,718). There was also designated unrestricted funds of £295,32212021.. £188,293) carried fonvard to 2022123 to be used in direct project expenditure during the year. At 31 March 2022 Restrirted funds were £144.25712021.. £187,422). The undesignated unrestricted funds comprise free organisational reserves available across all of FPL'S operations. All restricted funds are allocated to specific projerts and once these projerts are complete no surplus is expected to remain from these restricted funds. Going Concem 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'5 ability to continue as a going concern. In forming this opinion, they have considered the likely ongoing impact of the COVID-19 pandemic on both its income and expenditure for at least a period of twelve month5 from the date of approval of these financial statements. Investment poli¢y Any available funds are held on the chariW5 bank account to enable it to meet its operational obligations a5 they fall due. The trustees will considerthe investment ot surplus fund5 when Such arise. Risk Management The trustees and senior management review the chariws major risks on an ongoing basis. The main areas of risk to the tontinuing and orderly provision of services and mitigating fattors are.. 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.
FUEL PRODuclloNS UMtrED Annual Report and Accounts Forthe Year Ending 31 March 2022 Risk management and mitigation Regular dialogue with key partner5 Comprehensive insurance policie5 Continuing to building a range of diverse income source5 Building an appropriate level of free reserves Monitoring key areas and consider multi-year contracts or agreements where appropriate. Flexible planning process -this allows considerable flexibility enabling us to vary our activities in response to unplanned financial variances. 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 Comprehensive Business Plan Succession planning where possible along with the development of transparent progression routes Extended notice period for Directors and key management staff Building network of key collaborators Spreading of operational responsibility across the senior management group Structure, Governance and Management Governing Document Fuel Productions Limited (the charity) IFPLI was formed in February 2012 and is gIstered with the Charity Commissioners of England and Wales under registration number 1149680. It is a company limited by guarantee (company registration number 07935786- England & Wale51 and is governed by it5 Memorandum and Article5 of Association. Its operational address 15 currently at Somerset House, South Wing, Strand, London WC2R ILA. The charity is managed by its trustees who constitute the board of director5 and have been appointed in accordance with the chariws Articles of Association. The directors in office during the year ended 31 March 2022 were a5 follows=_ SWDEgan K M E McGrath l Hallgarten S Thaker S Hoyle L Geissendorfer I Sealey W Martin A Henry N Benjamin Chair The day-t041ay management was carried out by Kate McGr3th (Director and Chief Exetutivel and Ines Tercio (Executive Direcrorl during the year ended 31 March 2022. The registered office is disclosed on the information page. Appointment and training of Trustees
FUEL pRODU10N5 UMtrED Annual Report and Accounts Forthe Year Ending 31 March 2022 New trustees are proposed at quarterly meetings, and their proposal discussed by existing trustees. Potential tru5tee5 observe at board meetings, at the end of which, a vote 15 taken as to whether to appoint as a new trustee. New trustees receive copie5 of Fuel Production Limited's business plan and are briefed on the Structure and operation ot the cornpany. Organisational strurture and de¢ision-making pro¢ess FPL employs 3 producing, operations and production management team. In 2021-22, 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 Dirertor. a Production Manager, a Senior Technic31 Manager, a Fundraising Manager. a Communications Co-ordinator, an Executive Assistant, a Gener31 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 Pro@ramme and a part-time Head of Finance 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 498 freelancers on and oftstage. Regular projert and production management meetings are held during the course of a projert to ensure it remain5 on schedule and on budget. The trustees are responsible for the management of the chariws business and charitable objectives. The day-to-day management of the charity is delegated to Kate McGrath, the Dirertor and Chief Executive, who implements poliry and strategy as approved by the trustees. Related partles and t¢-operatlon wlth other organlsatlans Any connertion bÈtwÈen 3 trustee or senior manager of the charity with a contrartor, consultant, production company, contracted art15t, performer or funder must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a lated party. Note 11 details the related party transartions 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. Reference and Administrative Details Charity number.. 1149680 Company number: 07935786 Registered Office.. South Wing. Somerset House. Strand. London. WC2R ILA 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 IUW
FUEL pRODU10N5 UMtrED Annual Report and Accounts Forthe Year Ending 31 March 2022 Dirertors and Trustees of Fuel Production5 Itd: The directors of the charitable company Ithe charity) are its trustees for the purpose of charity law. The trustee5 and officer5 serving during the year and since the year end were as follow5- SWDEgan K M E McGrath J Hallgarten S Thaker S Hoyle L Geissendorfer J Sealey Wmartin A Henry N Benjamin Chair Key managemerrt personnel.. Kate McGrath Ine5 Tercio Director and Chief Executive Executive Director Trustees. Responsibilities in relation to the financial statements The tru5tee5 (who are a150 the directors of FPLfor the purposes of company lawl are responsible for prep3rin8 the Trustee5' annual report and financial Statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kirhgdom Generally Accepted Accounting Company law requires the trustees to prepare financial ststements 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.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP,. make judgments and e5tirnate5 that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial Statements on the going concem basis unless it 15 inappropriate to presume that the charity will corhtinue on that basis. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charivs 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 detertion of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable companVs website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
FUEL PRODuclloNS UMrrED Annual Report and Accounts For the Year Ending 31 March 2022 Statement as to disclosure to our auditors In so far as the trustees are aware at the time of approving our trustees, annual report.. there 15 no relevant information, being information needed by the auditor in connection with preparing their report, which the auditor 15 unaware of, and the trustees. having made enquiries of fellow dirertors and the auditor that they ought to have individually taken. have each taken all steps that they are obliged to take as a dirertor in order to make themselves hware of any relevant audit information and to estsblish that the auditor is aware of that infonnation. Au(litors 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.. Katherine McGrath (Trusteel Date.. 0911212022 io
FUEL PRODucfioNS UMITED Annual Report and k¢ounts Forthe Year Ending 31 March 2022 Independent Auditorfs Report to the Mernbers of Fuel Produrtions Limited Opinion We have audited the financial statements of Fuel Productions Limited Ithe'charitable company'l for the year ended 31 March 2022 which comprise the Ststement of Financial Activities, the Balance Sheet, the Cash Flow Statement and note5 to thè financial staternents, including a summary of Significant accounting policie5. The finarhcial reporting framework that ha5 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.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. and have been prepared in accordance with the requirements of the Companies Act 2CIJ6. 8asis for opinion We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII 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 ethic31 SponsIbl11t1eS 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. Concluslons relatlng to golng 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 companvs 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 comprise5 the information included in the annual report. other than the financial statement5 and our Report of the Independent Auditor5 thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. li
FUEL PRODucfioNS UMITED Annual Report and k¢ounts Forthe Year Ending 31 March 2022 In connertion with our audit of the financial Statements, our responsibility is to read the other information and, in doing 59, consider whether the other information 15 materially incon515tent with thÈ financial statements or our knowledge obtained in the audit or othÈrwi5È appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there 15 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 Art 2(M)6 In our opinion. based on the work undertaken in the course of the audit.. the information @iven in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Trustees, Report has been prepared in accordance with applicable legal requirements. 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 eXptIon We have nothing to report in respect of the following matters where the Companies Art 2W6 requires us to report to you if. in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not V151ted by us,- or the financial statements are not in agreement with the accounting records and return5- or certain disclosures of tru5tee5' remuneration specified by law are not made,. or we have not recewed all the information and explanations we require for our audit,. or the trustees were notentitled totake advantsge of the small companies, exemption from the requirement to prepare a Strategic Report or in preparing the Trnstees. Report. Responslbllltles of trustees As explained more fully in the Ststement of Trustees Responsibilities, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being 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 a responsible for assessing the charitable company's ability to continue as a going concern. disclosin& 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. 12
FUEL PRODucfioNS UMITED Annual Report and k¢ounts Forthe Year Ending 31 March 2022 Our responsibilities for the audit of the financial statements Our objective5 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 15 a high level of assurance but is not a guarantee that an audit conducted in accordancewith ISA5 IUKI will always detect a material misstatement when it exists. Mi55tatements carh arise from fraud or error and are considered material if, individually or in the aggre@2te. 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 detert material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below= The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We identified and focused on the laws and regulations applicable to the charity through discussions Wlth management, and from our knowledge and experience of the sertor. We assessed the susceptibility of the tompanWs financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by considering the key risks impacting the financial statements. These included risks associated with revenue recognition. application of accounting estimates, management override of controls and the monitoring of beneficiaries. Based on our understanding we designed our audit procedure to identify non- compliance with the relevant laws and regulations. These procedures included review of reporting to the Board members with respect to the application of docurnented policies and procedure5 and a review of the financial statements to ensure compliance with the Scheme's reporting requirements. Our approach was to check that all re5tritted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. Thi5 included reviewing journal adjustments and unusual transactions. 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. 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/auditorsre5ponsibilities. This description form5 part of our Report of the Independent Auditors. Use of our report This report is made 501eW to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Art 2(K)6. Our audit work ha5 been undertaken so that we might State to the charitable company'5 member5 those matter5 we are required to State to them in an auditor5. report and for no other purpose. To the fullest extent permitted by law, we 13
FUEL PRODucfioNS UMITED Annual Report and k¢ounts Forthe Year Ending 31 March 2022 do not accept or a55ume responsibility to anyone other than the charitable company and the charitable company's members a5 a body, for our audit work. forthi5 report, orfor the opinions we have formed. Richard Billinghurst FCA15enior Statutory Auditor) for and on behalf of Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Date.. 1511212022 14
Ln o co m* ryo ry ts) Ln r4 ts) otr ri Ui w o o
Fuel Produrtions Limited Balance Sheet as at 31 March 2022 Charity number 1149680 Company number 07935786 IEn8land & Wales) Notes 2022 2021 Fixed Assets Tangible a55ets 12 21,997 15,139 Current A55ets Stock Cash at bank and in hand Debtors 13 3.067 649,877 154,531 15.285 822,760 908,274 210,779 6,000 1.125.053 14 Investments 15 Creditors falling due within one year Net Current Assets 16 1155,4861 667.274 1451,6201 673,433 Total Net Assets £ 689,271 £ 688,572 Funds 18 Unrestricted funds- General Funds Unrestricted fund5= De5ignated= Productions Unrestricted funds: Designated= Digital Investment Unrestritted funds= Designated= Digital Infrastructure Unrestricted funds: Designated: Sustaining Excellence Unrestricted funds= Designated= Artist Development Unrestricted funds: Designated: Project Development Unrestricted fund5= De5ignated= 2022 Programme Recovery Restricted funds 249,692 102.783 312.857 76,711 2.470 15,0( 19,891 22.985 51,236 5.693 9,391 17,205 50,250 Iio,cKJo 144,257 £ 689,271 187.422 £ 688,572 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companie5. regime. The notes on pages 18 to 26 form part of these financial statements. Signed.. Katherine McGrath, Trustee, on behalf of the trustees Approved by the Board of Trustees on 0911212022 16
Fuel Productions Limited Statement of Cash Flows forthe year ending 31 March 2022 Note5 2022 2021 Cash provided by {used Inl operating artivities £1228,9911 £533,552 Cash flows from investing activities Interest income Purchase of tangible fixed assets Investment in commercial productions Cash prowded by (used inl investing activitses 281 120,4021 19,2851 129,4061 246 13.7471 14,1( 10,599 Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year 1258,3971 907.274 £649.877 544,151 364,123 £908,274 A. Reconciliation of net movement in funds to net Gish flow from operating activities 2022 2021 Net movement in funds Add back depreciation charge Add back loss on disposal of fixed assets Deduct interest incorne Shown in investing activities Decrease/lincreasel in stock Decre35ellincreasel in debtor5 Increaselldecreasel in creditors Net Cash used in operating artivities 699 253.113 5,817 112 12461 8.922 4,622 12811 13,0671 56.248 1296,1341 El228,9911 157,4361 332.192 £533,552 17
FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2022 Accounting Policies The princip313ccounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows= a} Basis of preparatian The financial statements have been ppared 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 IFR51021 (effective l January 2019- (Charities SORP IFR510211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2(NJ6. Fuel Production5 Limited meets the definition of a public entity under FR5102. Assets and liabilities are initially recognised at historical c05t or transaction value unle55 Otherwise stated in the relevant accounting policy notelsl. bl Preparation of the a¢¢ounts on a going concern basls The Trustees, having assessed the charivs financial position. its plans for the foreseeable fLItu, 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 signin& are satisfied that it remains appropriate to prepare the financial statements on the going concern basis. cl Legal Status Fuel Productions Limited is a company limited by guarantee incorporated in England and Wales and ha5 no share capital. In the event of the charity being wound up, the liability in respert of the guarantee 15 limited to £1 per member of the charity. FPL is registered as a charity with the Charity Commission. The registered office is South Win& Somerset House, Strand, London WC2R ILA. dl Fund accountlng 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 throuEh the terms of an appeal. Expenditure which meets these criteria is charged to the fund. el Income Income 15 recogni5ed when the charity has entitlement to the funds, any performance conditions attathed to the itemlsl 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 perfomiance or provision of other specified service is deferred until the criteria for income recognition a met (see note 171. fj Expenditure Expenditure 15 recogni5ed on an accrual basis as a liability is incurred. Charitable expenditure comprise5those costs incurred bythe charity in the delivery of its activities and 5ervice5 for its beneficiaries. It includes both costs that can be allocated dirertly to such activitie5 and 18
FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2022 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 artivity are allocated directly, others are apportioned on the basis of an estimate of the proportion of projert size. gl Flxed assets Individual fixed a55ets costing £5¢M> or more are capitali5ed at Cost and are depreciated over their estimated useful economic lives on a reducing balan basis as follows.. Office equipment Production equipment Website 25% on net book value 25% on net iK)ok value 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. il Cash at bank and in hand Cash at bank and cash in hand include5 cash and short term highly liquid inve5tment5 Wlth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. jl 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. kl Financial instruments The charity has elected to apply the provisions of Sertion 11 "Basic Financial Instruments" and Section 12 '0ther Financial Instruments 155ues~ of FRS 102 to all of its financial instruments. Financial instruments are cogniSed in the chariws 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 financi31 statements, when there is a legally enforceable right to set off the CogniSed amounts and there is an intention to settle on a net basis or alise the asset and settle the liability simultaneouslv. Derecognition offinancial liabilities Financial liabilities are derecognised when the charl5 contractual obligations expire or are discharged or cancelled. 11 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. 19
FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2022 Taxation The charity is exempt from tax on income and gains falling within sertion $05 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 2022 2021 Incorne from Donations Individuals Corporation5 Unrestricted grants Culture Recovery Fund Coronavirus lob Retention Scheme Small Business Support Grant 35,508 35.862 74.500 181.929 7,955 70,000 428,729 36,251 10,000 £ 301,892 £ 580,842 Public financial support relating to the Covid-19 pandemic reteived in the year totalled £189,88412021= £474,980). 4. Income from ¢haritablÈ artivities Arts Council England - National Portfolio funding Project Grants Commission5 Production fees & charges ricket sales & merchandise Royalties Consultancy Other 204.861 624,006 117.332 86,357 7.096 511 36.342 74,621 204.861 476,045 112,453 28,546 2.896 8,756 17,489 2,400 £853. 446 £1.151.126 5. Investment In¢ome Bank interest 281 246 £281 £246 Total incoming resources £1.453.299 £1.434,534 Of the total incoming resources of El,453,299 in the year £624,006 12021.. £491,736) was restricted under agreements to SUPPK>rt a mixture of productions and FPL programmes. The charity receives a grant from Art5 Council England. a governrrhent funded organisation, a5 one of their National Portfolio OrÈanis3tions INPOI. 2021122 was the final year of a four-year funding agreement under which Fuel receives £201.160 each year Iplus 1.84% inflationary award in 2021122 and 20201211. In response to Covid-19 this agreement has been extended by one year to March 2023. These grants are unrestricted funding to the organisation. In both 2020121 and 2021122 Arts Council England awarded additional project grants to support specific programmes of work. These amounts are included in Project Grants and in 2021122 amounted to £145,23012021.' £71.9451. 20
FUEL PRODUCTIONS UMITED Annual Report and Accounts For the Year Ending 31 March 2022 2022 2021 6. Expenditure on raising funds Fees Expenses 34.420 301 32,538 10.606 £ 43,144 £34,721 7. Charitable activities Artistic & creative fees 534.427 139,198 483.866 693 338,342 88.815 439,314 4.414 33,180 27.652 684 Production & touring costs Producing & produrtion staff costs Royalties payable Access costs Marketing costs Educational engagement Set storage Sundry expenses Direct administration costs Support tosts I3.6 24.717 7,682 18,099 18.117 310 6,702 182.004 £1.410.394 449 179,690 £1,130,967 Support costs Staff costs Freelance fees Office overheads Administration costs IT ¢05t5 Insurance 118.774 1,730 25.753 12,533 2.364 11.226 200 502 124,172 16,694 14.602 10,874 7.246 Legal & Professional fees Sundry expenses Depreciation 285 5,817 £ 179.690 8.922 £ 182.004 8. Governante Audivlndependent Examination fees 7.485 7,310 9. Net incoming resources and expenditure for the year 2022 2021 This is stated after charging- Depreciation Lease payments in the year Auditor's/lndependent Examiner's remuneration- Audit fees 8,922 27.062 5,817 20.687 7,485 7,310 21
FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2022 10. Analysls of staff costs, trustee remuneratlon and Èxpenses, and the tost of kev management personnel 2022 2021 Salaries and wages Social security costs Pension costs 569.412 53.000 11.861 £ 634.273 The average number of full-time employees during the year were". 520.039 46,577 11,229 £ 577,845 2022 13 2021 Producing & production staff Fundraising staff Support staff 13 16 16 One employee received employee benefits in excess of £60,(X)O in the band of £70,000 to £80,00012021: none). One employee receiving remuneration of £70.(I)O or more participated in the charitvs pension scheme. The total employerfs contribution forthem in the year was £1,32112021- £1,309). Pension c05t5 are allocated to artivitie5 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 bv 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 2022 2021 Pension Contributions 2022 2021 K M¢Grath £72.115 £58,530 £1,321 £1,309 One other trustee received remuneration of £2(M) for their services related to legal advice provided to the charity and not for their duties as trustees, which were unpaid. In 2021 no other trustee received remuneration. None of the Trustees were paid expenses in either 2021122 or 2020121. 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 £118.27812021'. £104,2001. 11. Related party transartions il The total amount of donation5 received from Trustees during the year was £l,00012021.. £10,000). In both years 811 of these amounts were donated without conditions. ill Kate McGrath is a direcror of Fuel Theatre Limited IFtLI which prior to 1st April 2018 acted a5 a spetial purpose vehicle for Theatre Tax Relief claims. There were no related transactions in 2021122 or 2020121. 22
FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2022 12. Tangible Fixed Assets Office Equipment Production Equipment Website Total Cost At l April 2021 Additions Disposals At 31 March 2022 7.202 24,921 1,249 15,600 47,723 14,309 20,402 115,6001 115,6001 14,309 52,525 12,046 26,170 Depreciation At l April 2021 Charge for Year Eliminated on Di5P05al At 31 March 2022 2,934 2.278 18.672 1,874 10,978 32,584 4.770 8,922 110,9781 110,9781 4.770 30.528 5.212 20,546 Net Book Value At 31 March 2022 £6,834 £5,624 £9,539 £21,997 At 31 March 2021 £4,268 £6,249 £4,622 £15,139 13. Stock 2022 2021 Books for resale £3,067 14. Debtors 2022 2021 Trade debtors Other debtors 39,376 115,155 £154,531 140,460 70,319 £210.779 15. Current asset investments 2022 2021 Investment in Commercial produrtions £15,285 £6,000 16. Creditors: Amounts falling due within one year 2022 2021 Trade creditors Accruals & deferred income Other creditors Social Security & other tax 37,367 87,079 15,010 16.030 £155,486 87,651 312,456 36.978 14,535 £451,620 17. Deferred in¢ome Balance at l April Amount released to incoming resources Amount deferred in the year Balance at 31 March 269,003 1269,0031 53.045 £53,045 269,003 £269,003 23
FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2022 18. Analysis of charitable funds Balance l April 2021 Transfers between Fund5 Funds 31 March 2022 Income Expenditure Analysis of movements in unrestricted funds Gener31 Fund 312.857 76,711 2.470 15.iKK) 19.891 22,985 51.236 829.293 1714,6321 1177,8261 141,7541 67.826 12,4701 19.3071 110.5(Kll 15.7801 131,2361 249.692 102,783 Designated Production5 Designated Digital Inve5trnent Design3ted Digital Infrastructure 5,693 9,391 17,205 50,250 iio.000 £545,014 Designated Sustaining Excellence De5ignaled- Artist Developtnent Design3ted- Project Development De5ignated- 2022 Progratnme Recovery Total unrestrirted funds 30,250 IiO,(K)O £ 30,250 E501.150 £829,293 £1815.6791 Analysis of movements in restricted fvnd5 Production funds.. CVC commissioning 2022 Programme Creative Freelancers Shaping London's Recovery David Farr.. A Dead Body in Taos David R05enberg & Frauke Requardt.. And The Shot-Gid5 Burst Into Flatnes David Rosenberg & Frauke Requardt.. Localite Fly The Flag Freelance Task Force 41.708 19.0631 142,3721 1243.9751 32,645 72.622 243.975 130,2501 19.347 2.855 15.478 34,825 2,855 2.993 2,993 12,(K)01 16,1751 119,(XM)I 6.17S 15.(KM) Heather Agyepong.. The Body Remèmbers Inua Ellarns.. The 419 14.999 14,999 Inu3 Ellams.. Midnight Run Iculture Mile) The Lab iO.(KX) 8.500 13.587 Iio,(KN)I 18,5001 Iii.(M)01 Lewis Gibson.. The Day l Fell Into A Book Lucian Msamati.. Mugabe Project Melanie Wilson.. Oracle 10.353 12,940 13.5¢Jl 20.931 16.167 13.500 120,9311 116.1671 11,ot)01 19.7441 NHS Heroes Rathaèl Young= Thirst Trap Rachel B3gshaw." Trio Racheal ofori.. Soho SixlFLIPI Slung Low.. Issy BOSSS and Fractal Toby Olie.. There's a Bear On My Chair Uninvited Guests.. Performing Futures Will Adamsdale.. The Thing About England Organisational development". Fundraising consultant & staff Audience developrnent and engagement Sustaining ExtÈllence Total restricted funds 9.744 2,000 37.940 14.953 137.9401 114.9531 13.3341 11.1861 3.334 1.186 25.200 28.(KlO 36,781 33.600 83.500 133.6001 1111.2001 134,7811 £1636,9211 £130,250) 25,200 300 2,000 £ 187.422 £624,(rfJ6 £ 144.257 Total Funds £688.572 £1.453.299 £11.452.6001 £689.271 24
FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2022 18. Analysis of charitable funds {corrtinuedl Analysis of rnovernents in funds- previousyear Balance l April 2020 Transfers between Funds Funds 31 March 2021 Income Expenditure Analysis of rnovernents in unrestricted funds General Fund Designated Production5 Designated Digital Investment Designated- Digital Infrastructure 194.793 85.645 942,798 1785,0931 143,6841 17.5301 139,6411 34.750 312,857 76,711 io.(N 2,470 15,000 19,891 22,985 Designated Sustaining Excellence Designated- Artlst Development DÈsignated- Project DÈvelopment Total unrestrirted funds 23.240 25,994 18,2401 13.0091 13,7641 £1851.3201 4,891 55.(M]O £409.672 51,236 £501,150 £942.798 Analysis of movements in restricted fvnd5 Production funds.. CVC commissioning COMMON.. Triplets Common Wealth.. Peaceophobia David Farr.. A Dead Body in Taos David Rosenberg & Frauke Requardt.. And The Shot-Gir15 Burst Into Flames Encounter.. The Kid5 Are Alri8ht David Rosenberg & Frauke Requardt.. Localite Freelance Task Force 118.2921 11.5191 13.OtM)I 41,708 1.519 19.347 19,347 2,855 2.855 17.375 2.993 117.3751 2,993 9.879 7.715 19,8791 17.7151 15001 Freelancer support Gyre & Gimble.. The Hartlepool Monkey Inua Ellarn5.' The 419 14.999 14,999 10,353 Lewis Gibson." The Day l Fell Into A Book Racheal Ofori.. Soho Six 10.3S3 11,0001 117.4431 15,4CM)I 1901 11,0001 17.9151 Rachaèl Young= Thirst Trap Slung Low.. Issy BOSSS and Fractal The Litten Trees 17.443 90 Torn StU3rt.. Burn Baby Burn Uninvited Guests.. Love Letters Straight From Your Heart Will Adam5dale'. The Rubbish Show 4,000 7.915 3.560 12.3741 1,186 Organisational development.. Fundraising Audience developrnent and engagernent Sustaining Excellence 33.6(M) 130,0 158,607 18.41M)I 1102,LK)01 1126,1991 25.200 28,000 36,781 4.373 Total restricted fvnd5 £ 25.787 £ 491.736 £1330.1011 £ 187,422 Total Funds £ 435.459 £1.434.534 E11,181,4211 £688,572 25
FUEL PRODUCTIONS LIMITED Annual Report and Accounts For the Year Ending 31 March 2022 18. Analysis of charitsble funds Icontinuedl Designated Funds Produrtion funds represent unrestricted eamed income from specific produttions set aside against costs of their future development and preserrtation. The Digitol Investment funds were held for 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 Sustoining Excellence funds are held to invest in developing collaboration between artists and Scientists. The ArtlSt Development funds are held to invest in commissioning and early-5tage development of new ideas with artists. The Produrtion Developrrrent funds are held to be used in the development of new projects with artists Fuel has relation5hip5 Wlth. 2022 Progromme Recovery fund5 are held to be used as contingency against 2022123 project funding shortfalls. Restrlcted Funds Restrirted Production funds are to support the costs of the future development and presentation of specific productions. The FundroisiftFg fund repSentS 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 vislt and within the communities themselves. Sustt7ining Excellence is supported by the Wellcome Trust to enable Fuel invest in ways to better produce and present live performance to a5 diverse an audience as possible. Fund transfers During the year a transfer of £177,826 was made from general reserves to designated reserves and £30,250 from restricted funds to designated reserves. These relate to funds already allocated to projects in 2021122 and to projects with unconfirmed income targets at the year end. 19. Analysis of net assets between fvnds Tangible A55et5 Current A55etS Total Unrestricted funds Restricted funds 21,997 523,017 545,014 144.257 144.257 £21,997 £667,274 £689,271 ZO. Operatin8 Lease Commitments 2022 2021 Within I Inmo than l year Within I In more than l year year vear Land and Buildings 34.812 £ 34.812 7,146 £ 7.146 27,062 £ 27,062 34,812 £ 34.812 26