OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

PAPATANGO THEATRE COMPANY LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31 DECEMBER 2022

LEGAL AND ADMINISTRATIVE INFORMATION On 18 April 2023.. TRUSTEES Stephanie Bain, Serena Basra, Sally Cookson, Sam l)onov3n. Davina Moss. Nicholas Rogers, Tom Wright CHAIR Stephanie Bain SECRETARY Sam Donovan REGISTERED OFFICE 18 Gloucester Street, Cirencester, GL7 2DG BANKERS HSBC, 16 King Street, Covent Garden. London. WC2E 8JF CHARITY REGISTRATION NUMBER: 1152789 COMPANY REGISTRATION NUMBER: 7365398

DIRECTORS’ AND TRUSTEES’ REPORT

The directors/trustees present their report and the financial statements for the year ended 31 December 2022.

The financial statements comply with the Chari]es Act 2011 and the Companies Act 2006, the Memorandum and Ar]cles of Associa]on, and Accoun]ng and Repor]ng by Chari]es: Statement of Recommended Prac]ce applicable to chari]es preparing their accounts in accordance with the Financial Repor]ng Standard applicable in the UK (FRS102) effec]ve 1 January 2015.

DIRECTORS’ RESPONSIBILITIES

Company law which is also applicable to charitable companies in England and Wales requires the directors, who are also trustees, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the results of the company for that period.

In preparing those financial statements, the directors/trustees are required to:

State whether applicable UK accoun]ng standards have been followed; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will con]nue in business.

The directors are responsible for keeping proper accoun]ng records which disclose with reasonable accuracy at any ]me the financial posi]on of the company 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 charity and hence for taking reasonable steps for the preven]on and detec]on of fraud and other irregulari]es.

PRINCIPAL ACTIVITY AND CHARITABLE OBJECTIVE

Papatango Theatre Company Ltd’s principal ac]vity and charitable object is to advance the arts for the public benefit by the promo]on in par]cular, but not exclusively, of the art of drama.

PUBLIC BENEFIT

In shaping the Charity, the trustees have considered the Charity Commission’s Guidance Sec]on 4 Chari]es Act 2006 on public benefit. Papatango Theatre Company Ltd meets the defini]on of a public benefit en]ty under FRS102.

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS

Ar?s?c Values

“Remarkable unearthers of new talent.” The Evening Standard

Papatango’s mission is to forge pathways into theatre, especially playwri]ng, for people otherwise without access to professional resources. We discover, develop and produce remarkable new writers, sharing plays from diverse, oien under-represented communi]es. We aim to prove that theatre is for all, inspiring crea]vity na]onwide. Our mojo is simple: all you need is a story.

Our completely free, anonymously assessed and fully accessible opportuni]es include: the UK's biggest annual playwri]ng award; open-applica]on schemes for commissions; and a na]onwide crea]ve wri]ng programme working with vulnerable young people and adults in state schools, community centres and specialist chari]es. Through these, we help thousands of people to write plays and reap the wellbeing, social and health benefits of crea]ve expression.

We showcase our discoveries in high-profile produc]ons, thereby launching careers and reaching diverse audiences, par]cipants and places. These run alongside free and accessible crea]ve learning projects, so that anyone, anywhere can share in playwri]ng, enjoy new shows and tell their stories.

The success of our discoveries and the transforma]ve impact of our educa]on programme inspire others that they too can break into theatre, empowering people at risk of exclusion from the arts.

Achievements and Performance

“Great spojers of talent… With early-career playwrights squeezed of opportuni]es, [Papatango is] providing an alterna]ve pathway for writers to get their talent recognised and the boost they need to kick-start careers.” The Stage , in their 2022 list of 25 theatre-makers shaping the industry’s future.

2022 saw Papatango celebrated with a record number of awards, including Olivier, Cri]cs’ Circle and two OffWestEnd awards as well as the Genesis Founda]on Prize and a place in The Stage 25. Never before has our industry-leading impact, and importance for new wri]ng, been so clearly recognised.

Yet this reflected challenges to our sector: new Arts Council England priori]es led to steep cuts, affec]ng new wri]ng par]cularly severely; audience numbers remained low across live events; the cost-of-living crisis dispropor]onately affected emerging ar]sts, whom it is our mission to support. It is in this context that our success must be measured; our significance has grown in correla]on to the need for our work. Rather than rest on our laurels, therefore, we expanded our offer, to include:

• Inves?ng in ar?sts and audiences through the UK’s leading playwri?ng award The 2022 Papatango New Wri]ng Prize drew a record number of entries from early-stage playwrights: 1,553. This increased demand tes]fied to the dwindling opportuni]es available to new writers, and saw us con]nue to average more annual script submissions than any other company.

The Prize is a compe]]on for new plays by emerging writers. Free to enter, open to anyone in the UK/Ireland and anonymously assessed, it is the UK’s only annual opportunity to guarantee its winner a breakthrough produc]on, publica]on, commission and royal]es, and to champion its shortlist with cash awards and filmed readings, showcased worldwide to top theatres. Not just a springboard for excep]onal writers, the Prize is the UK’s biggest s]mulus and support package for ALL playwrights. Despite its excep]onal volume of entries, it offers personal dramaturgical feedback to every entrant.

This year the Prize:

★★★★ “A truly exci]ng discovery... Quietly radical, genre-defying theatre.” The Guardian

“Haun]ngly beau]ful.” The Stage

“Beau]ful, engaging, empathe]c.” Evening Standard

“Papatango has taken my wri]ng to a place I wasn’t even aware I had the ability to go. Their care for the development of my work, and me as a writer, is invaluable.” Clive Judd, Prize winner

“These notes are considered, truly concise and absolutely spot on. I swear, it was like I was shortlisted.” Prize Entrant

“It’s amazing that you go to such lengths to assess everyone’s work. Thank you for taking it seriously. It was my first play.” Prize Entrant

• Comple?ng our biggest na?onal tour

In January and February we con]nued to tour the three 2021 Prize-winning audio plays (by Nkenna Akunna, Tom Powell and Tajinder Singh Hayer), visi]ng another 7 venues, in Belfast, Bristol, London, Norwich, Oldham, Plymouth and Tunbridge Wells. This brought the total number of venues reached in 2021-22 to 15, comple]ng our first tour to every UK region. We thereby shared brilliant, free new plays with a total of 776 audience members.

★★★★★ “A modest masterpiece.” The Stage

• Pilo?ng a new commissioning model

With the support of the Genesis Founda]on Prize, we launched the Playwright-Player Commissions. This trials a new way of suppor]ng emerging playwrights, by pairing them from the first with a leading director and acclaimed actor to create a new script. Benefirng both from expert guidance and from having ‘box office’ names of proven appeal ajached, our ambi]on is that it will help earlystage writers land main stage produc]ons.

The first commission was awarded to Samuel Bailey, supported by Olivier Award-winning director Sally Cookson and West End actor and TV comedian Jackie Clune, with the backing of Bristol Old Vic.

• Building new interna?onal partnerships

Our Olivier Award-winning produc]on of Old Bridge by Igor Memic was due to transfer to Amsterdam un]l a resurgence of Covid cancelled it. We adapted, however, forging a new partnership with The Playwrights Laboratory to stream work and champion UK talent worldwide.

• Launching new crea?ve learning projects

Our GoWrite programme gave free, personal training, performances and publica]on to 382 individuals, with strong representa]on of marginalised or under-represented communi]es.

Adults

We expanded our programme to North-East England – our first impact in this region. We delivered:

These courses redressed serious gaps in new wri]ng provision in the region, growing capacity and strengthening local infrastructure. The impact met or exceeded all our hopes:

“Can I just take a moment to say how great the course was… especially when such open opportuni]es in this part of the country are so scarce! It was a thoroughly rewarding few months, and your support in helping to establish a new network of emerging writers has been fantas]c.” Playwri]ng course par]cipant

“Two of my plays have been selected for talent development programmes, performances and rehearsed readings… I would never be in this posi]on without the Papatango GoWrite course. Aier Covid broke up all of my theatre networks, I never thought that I would get a piece performed again, and I wouldn’t have returned to playwri]ng without the course.” Playwri]ng course par]cipant

“An intensive but brilliant course about theatre producing. It has given me confidence moving forward and I have learnt so much. As an older crea]ve I felt totally included and taken seriously and this has not always been the case.” Producing course par]cipant

Schools & Young People

Our completely free playwri]ng course trains young people in crea]ve wri]ng and sees their own work professionally performed and published, transforming them into playwrights. It ran in a record 16 schools or groups in Greater London, the South West and the North West. Even more crucially, we partnered with specialist consultants and trainers to adapt the course for bespoke serngs including SEND (special educa]onal needs and disabili]es) schools and PRUs (pupil referral units), and young refugee and young carer networks. We thereby empowered some of society’s most marginalised or vulnerable young people to voice their stories.

This is vital; a 2020 Parliamentary Accounts Commijee reported young people with SEND are failed by the arts educa]on system. In this context, our impact stands out:

We further helped this diverse cohort of young people bridge the gap between crea]ve learning and professional opportuni]es through our Young Playwrights’ Award. Three winners and three runnersup were chosen by a panel of leading theatre ar]sts to receive mentoring, digital produc]ons, theatre book tokens, and a free place on a two-week summer school, to collaborate with peers from partner organisa]on Figh]ng Words and create their own audio plays for professional produc]on.

With playwri]ng absent from the under-18 curriculum – and crea]ve subjects disappearing from the state sector, with the 2022 DCMS Par]cipa]on Survey showing the take-up gap between those in the most and least deprived areas has widened – we are proud that our expanded programme and pioneering Young Playwrights’ Award supported communi]es otherwise without provision.

"The resources were excellent and enabled our learners to access the sessions. They were able to speak about their personal and shared experiences as young people through playwriting." Teacher

“The students loved seeing their wri]ng come to life on screen via the talents of professional actors. So much so, a few students wanted the opportunity to write another script aier seeing how well their wri]ng was performed. A few standout performances were shown to the whole school as part of our end of year assembly too. The facilitator was excellent as she was able to encourage every student to be crea]ve.” PRU Headteacher

"This is our second year in this very special project. I could have filled the places twice over. Pupils develop confidence, team wri]ng & crea]ve thinking. This amazing project has real & visible impact." Teacher

"It was a super experience [especially] in this time when arts budgets in schools are so limited." Teacher

Tes]fying to the remarkable impact of our work were accolades including:

Olivier Award for Outstanding Achievement in Affiliate Theatre;

Cri]cs’ Circle Award for Most Promising Playwright (Igor Memic);

Genesis Founda]on Prize;

OffWestEnd Awards for Most Promising Playwright (Igor Memic) and Best Sound Design (Max Pappenheim);

A place in The Stage 25 for Chris Foxon and George Turvey. Our joint CEOs were named in the 25 most promising theatre-makers in the country, most likely to lead theatre in the future.

As such, 2022 was another outstanding year for Papatango, despite the increasingly challenging context. We delivered all our projects in full, adap]ng delivery to bejer serve thousands of ar]sts, audiences and communi]es threatened by cuts to provision.

FINANCIAL REVIEW

We ran a (controlled) deficit budget. This is because, with several projects straddling the 2021 – 2022 financial years, we fundraised in advance in 2021 for several 2022 projects, while some costs an]cipated in 2021 were slightly delayed and had to be discharged in 2022. We had therefore already ring-fenced a significant sum from last year’s income for this year’s delivery. The year’s loss of £29,565.92 was thus forecast and built into the opera]ng budget; it never represented any concern. The charity indeed ended the year with a healthy balance, its reserves not merely intact but increased in response to rising infla]on. We con]nue to enjoy a robust financial posi]on.

Income dropped to £225,224.67, a decrease of 26% on 2021. We always envisaged a fall from last year’s record income, to reflect the fact that we were targe]ng fewer grants from trusts and founda]ons in light of the advance fundraising successfully undertaken in 2021; less remained to be raised this year. Nonetheless, the drop in income was s]ll a lijle steeper than forecast. This was chiefly due to a weaker performance than expected at the box office; with concerns over public health coinciding with the burgeoning financial crisis, audience numbers across the sector were much reduced, and we too felt the impact despite strong cri]cal acclaim and award nomina]ons. Our earned income was approximately 35% less than we had expected – a blow, but one we were able to absorb by curng costs and by drawing on con]ngency funds. With our next produc]on not scheduled un]l April 2024, we will monitor sales trends across the sector in the run-up and budget accordingly, to ensure that the increased risk now associated with earned income is managed safely.

Expenditure increased significantly from 2021, rising by 19% to £254,790.59. This was partly an]cipated – as previously noted, we planned to allocate monies received in 2021 to extra ac]vity falling this year – and partly a result of spiralling infla]on, which saw many of our project costs increase, including materials, freelancer fees and travel and transport. Despite the challenging economic landscape, expenditure never escaped our control; the overall loss remained within the scope of our original deficit budget. The vast majority of spending (62%) went directly on ar]s]c and educa]on projects and associated labour or audience development, with staffing costs accoun]ng for most of the remainder (35%). The lajer represents an increase on 2021, but this is due to the cessa]on of the Job Reten]on Scheme (furlough) rather than any significant change in pay structure; it was an inevitable increase and known in advance. Overheads remained minimal at just 3% of expenditure, a slight drop from 2021; the charity con]nues to offer excellent value for money.

The charity ends the year with reserves of £68,000 and unrestricted funds of £129,022.01, of which £113,440.46 (88%) is designated for staffing or ac]vity costs in 2023. This leaves a modest surplus of £15,581.55, testament to our commitment to achieving maximum impact with every resource. The charity’s financial posi]on at the end of the period is shown in the ajached statements.

Reserves Policy

In April 2021 the Board of Trustees amended its reserves policy, in light of the risks posed by the Covid-19 pandemic, to state that the charity’s reserves should cover a minimum of six months’ core running costs. In October 2022, following this policy, the Board authorised an increase to the level of reserves in response to rising infla]on. The new level of the reserves is £68,000.

If the charity were to suffer a significant loss, these reserves would enable a review of its ac]vi]es and the means of suppor]ng them in future. These reserves are held in a bank account, designated for this purpose, which is independent of the charity’s main business account.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Papatango Theatre Company Ltd was incorporated on 3 September 2010 and is governed by its Memorandum and Ar]cles of Associa]on.

Papatango Theatre Company Ltd is limited by guarantee and has no share capital. The guarantees of individual members are limited to £1.

Papatango Theatre Company Ltd is a registered charity, number 1152789.

Management and Governance

The Board of Trustees administers the charity and meets quarterly.

The number of the Board of Trustees shall never be less than 3 and shall not be more than 7.

New trustees are recruited through an open applica]on process and appointed following interviews with the Board of Trustees, who must unanimously approve the appointment. They are inducted into the charity’s processes by the secretary of the Board of Trustees, and complete individual mee]ngs with the execu]ve team prior to their first ajendance of a formal board mee]ng.

Day-to-day management is delegated to an execu]ve team comprising an ar]s]c director and an execu]ve director, within terms of delega]on approved by the trustees. The execu]ve team manage junior staff including a part-]me educa]on officer as well as freelance contractors.

Directors/Trustees

The directors/trustees set out below have held office during the whole year of this report unless stated otherwise:

Serena Basra (joined the Board of Trustees on 26 January 2022) David Bond Sally Cookson Rachel De-Lahay Sam Donovan Nicholas Rogers

Staff

There were no changes to the staff team or structure.

INVESTMENT POWERS AND POLICY Investments Most of the charity's funds are spent in the short term. There are no major funds for long-term investment so all funds are held in bank accounts. The movement in fixed assets is shown in Note 6 to the accounts. Related Parties Whilst the charity has no formal relationship with 'related parhes,, it values collaboration with fellow arts and community organisations and exchanges mutU31 support and assistance wherever possible. This includes partnerships within projects. None of the trustees receives remuneration or other benefi.t from work with the charity, unless- as stipulated in the Memorandum and Articles of Associatr"on- they can clearly prove to be the leading and/or only suitable candidate to provide a relevant service or product, which circumstance must be reviewed and ratifi.ed by the other members of the Board of Trustees, with the trustee in question recusing themselves from this process. Any connection between a trustee or senior manager of the charity with any potential business or artistic partner must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. Risk Management The charity undertakes periodic reviews for different areas of risk including insurance cover, health and safety in the workplace and whilst performing, safeguarding, fi.nancial affairs, ethical fundraising, data protection, complaints and grievance procedures, personnel practices, IT and reputation. These are recorded in a risk register. This report was approved by the Board of Trustees on 18 April 2023. Signed on behalf of the Board of Trustees by Sam Donovan Secretary

INDEPENDENT ASSESSMENT

The regula]ons under SORP (Statement of Recommended Prac]ce for Chari]es) require an independent assessment of the charity’s affairs when the turnover is more than £250,000 and less than £500,000 per annum. I hold a Diploma in Accoun]ng from the Associa]on of Accoun]ng Technicians, a qualifica]on which is regarded by the Chari]es Commission as a recognised one for carrying out independent assessments.

I have examined the accounts of the charity and in my opinion the financial statements give a true and fair view of the charitable company’s affairs at 31 December 2022 and of its incoming resources and applica]on of resources including its income and expenditure for the year then ended.

In my opinion the informa]on given in the Trustees’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements. I have examined the Statement of Financial Ac]vi]es, the Summary Income and Expenditure Accounts, the Balance Sheet and the related notes. I have also examined the recording of financial informa]on on the accounts package MYOB and checked the payroll records.

I have nothing to report in respect of the following majers where the Companies Act 2006 and the SORP Regula]ons 2015 require me to report if in my opinion:

• I have not received all the informa]on and explana]ons I would require or the trustees were not en]tled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemp]on in preparing the directors’ report.

Penelope Easton AAT

PAPATANGO THEATRE COMPANY LTD.

STATEMENT OF FINANCIAL ACTIVITIES

(incorpora=ng an Income and Expenditure Account) For the year ending 31 December 2022

The notes to the accounts form part of the accounts

INCOME

Restricted Unrestricted Total
Total
2022
2021
2098.97
705.16
Dona1ons and legacies 2098.97
Incoming resources from
Charitable ac1vi1es:
Support from grants and sponsorship
Opera1on of touring theatre company
Other income
Total Incoming Resources
2
2
3		 94260.33 105500
11491.72
11873.65
130964.34		 199760.33
229124.66
11491.72
71417.71
11873.65
2019.2
225224.67
303266.73
94260.33
EXPENDITURE
Cost of genera1ng funds
Expenditure on charitable ac1vi1es
Produc1on and touring
Support costs
Governance costs
Total Expenditure
0
5
94260.33 64385.14
94826.99
1318.13
160530.26		 158645.47
149523.92
94826.99
63285.79
1318.13
1391.25
254790.59
214200.96
6
6
94260.33
Net income/ expenditure for the year and net
movement in funds for the year		 -29565.92 -29565.92
89065.77
Reconcilia=on of funds
Total funds brought forward
Total funds carried forward
226587.93
137522.16
197022.01
226587.93
PAPATANGO THEATRE COMPANY LTD
Notes to the Financial Statements
for the Year Ended 31st December 2022
2. INCOME FROM CHARITABLE ACTIVITIES
Restricted
Funds
32844
3000		 Unrestricted
Funds
1500		 Total
Total
2022
2021
34344
31500
3000
3500
85000
109166.66
25416.33
25000
1500
2000
0
11000
7000
1500
15000
15000
0
11000
0
7958
0
1500
10000
9000
10000
1000
4000
500
4000
0
199760.33
229124.66
Support from Grants and Sponsorship
Arts Council Grants
Boris Karlof Charitable Founda1on
Backstage Trust
John Lyons Charity
GolsconcoV Founda1on
Cockayne Grants for the Arts
The Harold Hyam Wingate Founda1on
Garfeld Weston
Foyle Founda1on
Ashley Family Founda1on
Royal Victoria Hall Founda1on
Genesis Founda1on
Amazon Literary Partnership
Aus1n and Hope Pilkington Trust
Garrick Charitable Trust
Unity Theatre Trust
The Fenton Arts Trust
85000
25416.33
1500
7000
15000
10000
9000
1000
4000
500
0 4000
105500
94260.33
Income from Opera=on of Touring Company
Restricted
Funds		 Unrestricted
Funds
11491.72
0
0
0
11491.72		 Total
Total
2022
2021
11491.72
46046.31
0
24873.4
0
98
0
400
11491.72
71417.71
Performance income
Commissions Received
Merchandise (playtexts)
Educa1on income
3. OTHER INCOME
Theatre Tax Relief
Bank interest
10224.44
1649.21
11873.65		 10224.44
1288.8
1649.21
730.4
11873.65
2019.2
4. NET (OUTGOING)/INCOMING RESOURCES
Net (outgoing)/incoming resources are stated acer charging
Audit and accountancy fees
1305.13
EXPENDITURE
5.ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Cost of
Genera=ng
Funds		 Cost of
Genera=ng
Funds		 Charitable
Ac=vity
Cost		 Charitable
Ac=vity
Costs
Total
Total
Produc=on and Touring
Unrestricted Restricted Restricted Unrestricted
2022
2021
11372
4674.1
248.63
10248.63
5750
5041.3
13041.3
1152.84
0
474
6960
6960
4630.67
Director
Assistant Producer
Commissions
Writers' fees and royal1es
Cas1ng
Ligh1ng Designer
10000
8000
Set & Costume Designer
Sound Designer
Movement & In1macy Directors
Cultural Advisor, Dialect Coach, chaperones etc
Rehearsal space hire
Set
Ligh1ng hires
Sound hires & purchases
Costumes
Props, hair and makeup
Performers' fees
Stage Manager
Per diems on tour
Produc1on Manager
DBS
Technical crew
Venue hire
Tour travel transport & accommoda1on
Contras
Playtexts/Scripts
Papatango New Wri1ng Prize Readers & Access/travel
Outreach & engagement
Isolated but Open
Storage
Audience Development, Marke1ng &website		 4358.07
4376.77
8820.97
170.82
490.46
551.37
8380.91
4844.93
3600
2780.92
5250
1190
454.73
1000.8
5864.46		 4358.07
4376.77
0
0
0
8820.97
0
170.82
490.46
551.37
17380.91
4844.93
0
3600
0
2780.92
5250
0
0
1190
32151.41
35563.65
0
1000.8
5864.46		 4781
5373.2
2295.1
102.9
610
2633.26
0
0
1250
2478.82
31114.64
5204.16
0
3650
0
1230
0
0
0
1380
12717.42
26650.97
0
912
8174.57
9000
31696.68
35563.65
Film Capture
Total produc=on and touring costs		 64385.14 0
158645.47		 10912.27
149523.92
0 0 94260.33
6. ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
Governance Costs
Companies House
Accountancy
Board expenses
13
1305.13		 13
1305.13
1318.13		 0
1391.25
0
1391.25
1318.13
Support Costs
Staf fees & salaries
Employer's NI
Employer's pensions
Less Job Reten1on Scheme
Funding Development Manager
Travel
Sta1onery & Postage
Telephone & computer
Bank charges and interest
Insurance
Hospitality
Training
Total support costs
Total Expenditure		 7
75749.94
4320.02
5051.85
5271.27
966.61
95.92
1403.36
61.6
1891.43
14.99
94826.99
160530.26		 75749.94
4320.02
5051.85
0
5271.27
966.61
95.92
1403.36
61.6
1891.43
0
14.99
94826.99
254790.59		 70999.98
4172.51
5177.25
-25030.72
771.93
1480.75
373.6
1687.18
84
2935.62
633.69
0
63285.79
214200.96
0
94260.33
0
0		 0
0
2022
2021
7. STAFF COSTS
Director 1 salary from January 2022
Director 2 salary from January 2022
Employer's NI (net of allowance)
The company received £5000 in employment
allowance in 2022 against £9320.02 owing in
Employer's NI
The company received Job Reten1on Scheme
Employer's pension contribu1on
No employee received remunera1on in excess of £60000		 37874.97
35500
37874.97
35500
4320.02
4172.51
0
25030.74
5051.85
5177.255
in the year
8. TANGIBLE FIXED ASSETS
All assets fully depreciated in 2020
9. DEBTORS Total
2022		 Total
2021
9000
Arts Council Grant carried forward (Outreach)
Other grants c/f
John Lyons Charity for outreach and engagement
Ashley Family Founda1on for outreach and engageme
Genesis Founda1on for commissions		 16667
nt
4139
5000
25806		 14583.33
23583.33
11. LEGAL STATUS

The charity is limited by guarantee and therefore has no share capital. In the event of the company being wound up every member undertakes to contribute to the assets of the company during the 1me he is a member or one year acerwards, such amounts as may be required not exceeding £1. The company does not pay corpora1on tax on account of its charitable status.

12.TRUSTEES/DIRECTORS

The board of trustees do not receive any remunera1on from the company other than reimbursement of their expenses incurred during the business of the company, excep1ng - as permiVed in the Memorandum and Ar1cles of Associa1on - when a trustee is the leading or only suitable candidate to provide a par1cular service or product, in which case the other trustees must review and approve this circumstance while the trustee concerned recuses themselves. In 2022 one trustee, Sally Cookson, received payment for her services as an Olivier Award-winning director and associate ar1st at Bristol Old Vic, which the board of trustees agreed made her uniquely qualified for the role; the payment approved was in line with compe11ve industry rates.

PAPATANGO THEATRE COMPANY LTD

Balance Sheet at 31 December 2022

2022 2021
Fixed Assets
Current Assets
Cash at bank
226029.8
Prepayments
258479.66
226029.8
258479.66
Current Liabili1es
Accruals
Prepayments
PAYE due
2298.15
Pension fund due
903.64
Wages due
Other grants carried forward
25806
2151.49
874.97
5281.94
29007.79
23583.33
31891.73
Current Assets less
Current Liabili1es
197022.01 226587.93
Total Assets less Current
Liabili1es
197022.01 226587.93
Financed by:
Reserves brought forward
226587.93
Proft and Loss for the year
-29565.92
137522.16
197022.01
89065.77
226587.93
(a) For the year ended 31 December 2022 the company was en1tled to exemp1on from audit under sec1on 477(2) of the
Companies Act 2006
(b) No members have required the company to obtain an audit of its accounts for the year in ques1on in accordance
with sec1on 476 of the Companies Act 2006
(c )the directors acknowledge their responsibility for:
i. Ensuring the company keeps accoun1ng records which comply with sec1on 386; and
ii. Preparing accounts which give a true and fair view of the state of afairs of the company as at the end of the
fnancial year in accordance with sec1on 393, and which otherwise comply with the requirements of the
Companies Act rela1ng to accounts, so far as applicable to the company
(d) The accounts have been prepared in accordance with the special provisions applicable to companies subject
to the small companies' regime under Sec1on 419(2) of the Companies Act 2006.
The accounts are prepared in accordance with the Chari1es Act 2011 and SORP 2016
The notes to these accounts form part of the accounts		 udit under sec1on 477(2) of the
r in ques1on in accordance
y as at the end of the
Approved by the directors on
18 April 2023
And signed on their behalf by
Christopher Foxon
George Turvey

PAPATANGO THEATRE COMPANY LTD Notes to the Financial Statements For the Year Ended 31 December 2022

Note 1 ACCOUNTING POLICIES

The principal accoun]ng policies are summarised below. The accoun]ng policies have been applied consistently throughout this and the preceding year. The charity is a going concern.

Basis of accoun?ng

The final statements have been prepared under the historical cost conven]on and in accordance with United Kingdom Financial Repor]ng Standard, Accoun]ng and Repor]ng for Chari]es: the Statement of Recommended Prac]ce effec]ve 1 January 2015 (SORP) and the Companies Act 2006.

Cash Flow Statement

The trustees have taken advantage of the exemp]on in Financial Repor]ng Standard No. 1 (revised) from including a cash flow statement on the grounds that the charity is small.

Project Income

Project income consists of amounts invoiced in the year for various projects and events held. Income which is invoiced in advance of events not yet held at the year end is included as deferred income.

GiZs/Intangible Income

Giis in kind and intangible income are included in the accounts where they are capable of financial measurement.

Grants

Revenue grants are treated as income and included in the Statement of Financial Ac]vi]es in the year to which they relate. Grants received for general purposes are treated as unrestricted funds; grants received that are specified by the donor are treated as restricted funds. Project grants received but not spent at the year end are included in income and carried forward as part of the restricted funds.

Fund accoun?ng

Unrestricted funds are available for use at the discre]on of the trustees in furtherance of the general objec]ves of the charity.

Restricted funds are subjected to restric]ons on their expenditure imposed by the donor or through the terms of an appeal.

Income

All incoming resources are included in the Statement of Financial Ac]vi]es when the charity is en]tled to the income and the amount can be quan]fied with reasonable accuracy.

Expenditure

All expenditure is accounted for on an accruals basis as a liability has been incurred. Expenditure includes any VAT that cannot be fully recovered and is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the charity in deliverance of its ac]vi]es and services for its beneficiaries. It includes both costs than can be allocated directly to such ac]vi]es and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with mee]ng the cons]tu]onal and statutory management of the charity.

Designated Funds

Designated funds are set up by decision of the trustees when income, which has been received but not spent, is carried forward to cover costs in future years.

Deprecia?on

Deprecia]on is calculated so as to write off the cost of an asset, less its es]mated residual value, over the useful life of that asset as follows: equipment – 25% straight line; computers – 33.33% straight line.

Fixed Assets

Tangible fixed assets are stated at cost, or if donated, at their es]mated value at the date of dona]on, less deprecia]on.

Opera?ng Lease Agreements

Rentals applicable to opera]ng leases where substan]ally all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.