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← Papatango Theatre Company Ltd

2023-12-31-accounts

PAPATANGO THEATRE COMPANY LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31 DECEMBER 2023

LEGAL AND ADMINISTRATIVE INFORMATION

On 16 April 2024:

TRUSTEES

Stephanie Bain, Serena Basra, Sally Cookson, Sam Donovan, 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 2023.

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 in 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 & Impact

“Remarkable unearthers of new talent.” The Evening Standard

Papatango create pathways for ar]sts and audiences otherwise without access to professional theatre. Our completely free, anonymously assessed and fully accessible opportuni]es include: the UK's leading annual playwri]ng award; a digital theatre-making hub with courses and training; and a na]onwide crea]ve wri]ng programme, working with vulnerable young people in state schools, PRUs, SEND centres and refugee or carer chari]es. Our mojo is simple: all you need is a story.

Through these opportuni]es, we discover, develop and produce remarkable new writers, sharing plays from diverse, oken under-represented communi]es in high-profile produc]ons, publica]ons and tours. Our discoveries have won BAFTAs, Olivier, Cri]cs’ Circle, OffWestEnd, Alfred Fagon, Sky Arts and RNT Founda]on awards, premiering in over thirty countries as well as the West End.

Such impact is all the more significant because the people we reach and the stories we tell are predominantly drawn from communi]es facing barriers to the arts. Of the 22 debut writers we have produced in full world premieres: 27% are BME; 18% are LGBTQ+; 91% are state-educated; 64% are based regionally. Over 22,000 audiences since 2016 have been equally diverse, with 53% being first]me visitors to theatre – ajracted by the under-represented communi]es we amplify.

The success of our discoveries and the transforma]ve impact of our crea]ve learning programme prove that theatre is for all, empowering people at risk of cultural exclusion. This industry-leading impact is widely recognised. We have inspired important new ini]a]ves, and our staff have been awarded the Genesis Founda]on Prize for championing talent and a place in The Stage 25.

Achievements and Performance in 2023

This year Papatango consolidated our posi]on as one of the UK’s foremost new wri]ng companies. We expanded our talent development pathways to commission and produce more early-stage writers than ever before, refined our free and accessible crea]ve learning programme to empower young people in more specialised or in-need contexts, and piloted new models including our first adapta]on and a digital playwri]ng hub. A total of 2,562 individuals represen]ng every region of the UK took part in at least one or more of these projects, including:

• 2023 Papatango New Wri8ng Prize

The Prize has always been unique in its commitment to give an outstanding new writer a breakthrough stage produc]on, publica]on, royal]es and commission, as well as personal dramaturgy to all entrants and showcase readings for the shortlist. It thereby supports more playwrights than any other UK company. We marked its 15[th] anniversary with a new award: a short film commission and produc]on. The Prize thus offered even more opportuni]es for writers.

1,468 writers entered. They were: 18% disabled; 93.4% educated at state schools or through meanstested bursaries; 13% without higher educa]on; 34% under-30; 26% BME; 35% LGBTQ+. We thus reached writers from communi]es facing barriers to theatre. This makes our commitment to give tailored dramaturgical feedback truly vital, ensuring that professional development is open to all.

“Thank you so much for this INCREDIBLE feedback. It has really shone a light.” Entrant “Insights like this are hard to come by and all the more valuable for it.” Entrant

The winner was Laura Waldren, a debut playwright from Hull. Her play Some Demon explores life in an ea]ng disorder unit, informed by Laura’s own experience. It will be published by Nick Hern Books and premiere in a month-long run at Arcola Theatre in summer 2024 before transferring to Bristol Old Vic – launching Laura’s career. She will receive a £7,000 commission and royal]es.

“ I entered the Prize to get feedback, and never expected in a million years this would happen. Ea]ng disorders are deeply misunderstood illnesses, and this has been a very difficult, personal but important play to write — I ’ m honoured that Papatango have chosen to share it, especially given how hard it is for debut writers to get their work read, let alone produced.” Laura Waldren

The four shortlisted writers all received £500 and filmed readings of their plays, now available on The Playwright’s Laboratory for a global network of theatres. They were:

Piers Black, My Dad Hunts Bears

Piers Black is based in Manchester. His play is a beau]ful, imagina]ve explora]on of terminal illness through the eyes of a child, theatrical and tender without being sen]mental. Georgia Green, Private Adult Things

Georgia Green is from London. Her play is a comic horror exploring Jewish iden]ty and an]semi]sm. Yolanda Mercy, Handsworth Boys

Yolanda Mercy is a BAFTA-nominated Bri]sh Nigerian writer and performer, based in East Anglia. Her play is about young Black men growing up in Birmingham, balancing aspira]on with belonging. Hannah Shury -Smith, Go Back Home!

Hannah Shury-Smith is from London. Her first full-length play Go Back Home! explores demen]a and migra]on, asking how memories of home shape who we are.

We also partnered with Birdie Pictures to mark the Prize’s 15[th] anniversary with a special award for another outstanding writer, commissioning a short film. This went to Josh Barrow, a debut writer from Northumberland. We awarded him £2,500 and will produce his film Heathen Land in 2024.

That the Prize has found a way to expand and showcase more new voices, despite being denied Arts Council England project funding aker more than a decade of extraordinary subsidised success, is testament to its pivotal role opening pathways into scriptwri]ng. It is more essen]al than ever in a context of massive cuts to programming and development.

The Watch House is a Tyneside ghost story wrijen in 1977 by double Carnegie Medal-winner Robert Westall. Adapted by Papatango’s Execu]ve Director Chris Foxon, in his playwri]ng debut, it was coproduced with Laurels Theatre on the North-East coast for 17 performances over Christmas. It was published by Methuen Drama, an imprint of Bloomsbury.

Our first world premiere in the North-East celebrated the region. It starred a local cast - Catherine Dryden ( The Play That Goes Wrong , West End), Aoife Kennan ( The 4[th] Country , Park Theatre) and Donald McBride ( The Pitmen Painters , UK tour) - and was made by regional crea]ves including The Set Guise, Simon Cole and Beccy Owen, directed by George Turvey, Papatango’s Ar]s]c Director.

This new producing model – our first adapta]on, first family show, and first world premiere in the North-East – was a great success, with excellent reviews and building to a sold-out final week.

“A smart and spooky fes]ve treat.” The Stage

“Expertly adapted, brilliant actors, proper goosebumps, hilarity.” The Reviews Hub

“One of the best performed ghost stories I’ve seen for years.” NE Theatre

Laurels is a start-up fringe theatre, in a borough with no other non-commercial provision; we brought a box office success and granted them all the takings, to secure their future. A space for new work and local ar]sts is vital if the North-East is to nurture its talent; we have helped make that sustainable and demonstrated what can be made in this space.

655 Tyneside audience members experienced our work for the first ]me. Another 45 par]cipants accessed free sharings across libraries, museums and youth theatres, taking the story into the community.

• Playwright-Player Commission

We con]nued our innova]ve commissioning model, enabled by the award of the Genesis Founda]on Prize in 2022. Samuel Bailey delivered the first full drak of his play, developed in collabora]on with Bristol Old Vic and the Olivier Award-winning director Sally Cookson to enable him to step up to write for main stages and leading theatres. We con]nue to work with Sam on this play and hope to programme it in the near future.

• GoWrite

We con]nue to offer the largest free playwri]ng programme in the country by a company without regular subsidy. Our focus this year was on moving beyond mainstream educa]on into specialist seungs, to empower young people excluded from schools and/or with complex social, behavioural or mental health challenges to tell their stories. We:

GoWrite was thus refined, its impact increasingly meaningful. Our beneficiaries were: 51% female; 39% qualified for free school meals; 30% had English as an addi]onal language; and 27% had special educa]onal needs. We collaborated with this diverse group of young people in a transforma]ve crea]ve process. 100% reported their confidence increased, with a posi]ve impact on wri]ng skills.

“This really is what we needed to fuel the fire in the rest of the youth in our community to see that there is an endless opportunity in life beyond their current circumstances.” Founder, Center of Excellence – Somali community group

“Thank you so much for the workshops. The students were so proud of their books and really enjoyed the screening! These sorts of occasions are so memorable!” Teacher, Swiss Cojage School – SEND Development & Research Centre

“What a wonderful process! The young people all said that the experience made them excited to keep wri]ng. It was the first ]me they had the freedom to create something that didn't feel wholly academic but instead truly about them and their ar]s]c voice.” Crea]ve Producer, Barnet & Culture for Youth

“Some of our young people who are NEET haven’t lek the house in months as they bajle with mental health problems. It was great to see them enjoy the workshop and beam at the result! We loved and appreciate how inclusive Papatango were in delivering the workshops. Excellent communica]on and delivery – would love to work with Papatango again!” Senior Young Person’s Transi]on Prac]]oner, Mencap

We built a digital crea]ve learning plaxorm, hos]ng a detailed playwri]ng course led by Papatango’s team and featuring in-depth interviews with leading writers, directors, producers and actors. Offering hours of filmed and cap]oned masterclasses, supplemented with downloadable handouts and crea]ve exercises, the Hub makes top-class crea]ve learning accessible to all. At just £25 for a year’s subscrip]on, well below cost-price, we also guarantee free access to anyone who needs it.

We piloted the Hub this year to a small group of writers. Their feedback was very posi]ve, enabling us to refine the final version, which will go live early in 2024.

Through these projects, we achieved the following impact:

We also laid the groundwork for 2024 to be the most ambi]ous programme in our history: Some Demon will premiere at Arcola Theatre and Bristol Old Vic, The Watch House will return in a tour to 12 venues in underserved coastal communi]es (all first-]me partners, helping us reach new audiences), Heathen Land will be filmed and distributed to interna]onal film fes]vals, and GoWrite and the Crea]ve Resources Hub will expand further. Over the course of 2023, therefore, we have completed our strategy to build back from the devasta]ng impact of Covid-19, and secured a posi]on from which we can deliver even more opportuni]es na]onwide.

FINANCIAL REVIEW

Following last year’s controlled deficit budget, 2023 saw the company return to more normal opera]ons, repor]ng a small surplus. We maintain a healthy financial posi]on, with no concerns about resources, cashflow or reserves.

Income dropped slightly to £207,146.82, a decrease of 8% on 2022. This was forecast, reflec]ng slightly less produc]on ac]vity (with several major projects scheduled for next year) and a corresponding reduc]on in fundraising and earned income. We are confident these revenue strands will bounce back in 2024 in propor]on to our increased output. Indeed, we carry a healthy sum forward as grants restricted to 2024 ac]vity (shown in the balance sheet).

Expenditure also fell, more significantly, by 32% to £173,946.78. This similarly reflects a reduced outlay on produc]on costs. Other departmental costs – crea]ve learning, staffing, overheads, governance – remained at a fairly consistent level, testament to our sustainable financial management. We are budge]ng for expenditure to rise considerably in 2024, as we deliver our most ambi]ous programme to date; again, the grants carried forward underpin this.

The charity ends the year with reserves of £68,000 and unrestricted funds of £162,222.05, of which £132,231.97 (82%) is designated for staffing or ac]vity costs in 2024. This leaves a modest undesignated surplus of £29,990.08, which acts as a small but useful con]ngency ahead of a record budget next year. We are able to look ahead so ambi]ously because of our careful financial planning and successful delivery this year.

The charity’s financial posi]on at the end of the period is shown in the ajached statements.

Reserves Policy

In April 2023 the Board of Trustees reviewed its reserves policy, which is to maintain a level of reserves equal to six months’ core running costs. If the charity were to suffer a significant loss, the reserves would enable a review of its ac]vi]es and the means of suppor]ng them in future – or, if need be, the winding up of the charity and discharge of ajendant liabili]es. Having raised the level of reserves in October 2022, in light of spiralling infla]on, the Board felt no further adjustment was required at this ]me, therefore authorising that reserves remain at £68,000.

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 12 (a special resolu]on was passed in October 2023 raising the maximum number of the Board from 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 Board. The execu]ve team manage junior staff 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: Stephanie Bain (appointed on 18 April 2023) Serena Basra David Bond (resigned on 21 March 2023) Sally Cookson Rachel De-Lahay (resigned on 21 March 2023) Sam Donovan Davina Moss (appointed on 18 April 2023) Nicholas Rogers Tom Wright (appointed on 18 April 2023)

Staff

There were no changes to the staff team or structure in this year, although the Crea]ve Learning Producer gave no]ce of her resigna]on which will take effect in January 2024. A handover process and recruitment planning are in mo]on.

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.

Assets

The movement in fixed assets is shown in Note 6 to the accounts.

Related Par?es

Whilst the charity has no formal rela]onship with ‘related par]es’, it values collabora]on with fellow arts and community organisa]ons and exchanges mutual support and assistance wherever possible. This includes partnerships within projects.

None of the trustees receives remunera]on or other benefit from work with the charity, unless – as s]pulated in the Memorandum and Ar]cles of Associa]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 ra]fied by the other members of the Board of Trustees, with the trustee in ques]on recusing themselves from this process. Any connec]on between a trustee or senior manager of the charity with any poten]al business or ar]s]c partner must be disclosed to the full Board of Trustees in the same way as any other contractual rela]onship 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, financial affairs, ethical fundraising, data protec]on, complaints and grievance procedures, personnel prac]ces, IT and reputa]on. These are recorded in a risk register.

This report was approved by the Board of Trustees on 16 April 2024.

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. Although in 2023 the charity’s income did not cross the minimum threshold, I have nonetheless conducted an independent assessment as the Board believes this is good prac]ce. 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 2023 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 2023 The notes to the accounts form part of the accounts

INCOME

INCOME
Restricted
Unrestricted
Total
Total
2023
2022
1078.18
1078.18
2098.97
Dona<ons and legacies
Incoming resources from
Charitable ac<vi<es:
Support from grants and sponsorship
Opera<on of touring theatre company
Other income
Total Incoming Resources
2
44063
111250
155313
199760.33
2
0
400
400
11491.72
3
0
50355.64
50355.64
11873.65
44063
163083.82
207146.82
225224.67
EXPENDITURE
Cost of genera<ng funds
Expenditure on charitable ac<vi<es
Produc<on and touring
Support costs
Governance costs
Total Expenditure
0
5
44063
31266.56
75329.56
158645.47
6
96182.39
96182.39
94826.99
6
2434.83
2434.83
1318.13
44063
129883.78
173946.78
254790.59
Net income/ expenditure for the year and net
movement in funds for the year		 0
33200.04
33200.04
-29565.92
Reconcilia<on of funds
Total funds brought forward
Total funds carried forward
197022.01
226587.93
230222.05
197022.01
PAPATANGO THEATRE COMPANY LTD
Notes to the Financial Statements
for the Year Ended 31st December 2023
2. INCOME FROM CHARITABLE ACTIVITIES
Restricted
Unrestricted
Total
Total
Funds
Funds
2023
2022
2316
2316
34344
3500
3500
3000
101000
101000
85000
16667
16667
25416.33
1750
1750
1500
0
15000
5000
5000
0
6080
6080
0
7500
7500
9000
5000
5000
7000
2000
2000
0
3000
3000
0
1500
1500
0
0
10000
0
1000
0
4000
0
500
0
4000
Support from Grants and Sponsorship
Arts Council Grants
Boris Karlof Charitable Founda<on
Backstage Trust
John Lyons Charity
Golsconcob Founda<on
Garfeld Weston Founda<on
Foyle Founda<on
Ashley Family Founda<on
Amazon Literary Partnership
Harold Hyam Wingate Founda<on
Chris<na Smith Founda<on
Orange Tree Trust
Edgar E Lawley Founda<on
Genesis Founda<on
Aus<n and Hope Pilkington Trust
Garrick Charitable Trust
Unity Theatre Trust
The Fenton Arts Trust
44063
111250
155313
199760.33
Income from Opera<on of Touring Company
Restricted
Unrestricted
Total
Total
Funds
Funds
2023
2022
11491.72
0
0
400
400
0
400
11491.72
Performance income
Merchandise (playtexts)
Commissions received
Educa<on income
3. OTHER INCOME
Theatre Tax Relief
Bank interest
45472.89
45472.89
10224.44
4882.75
4882.75
1649.21
50355.64
50355.64
11873.65
4. NET (OUTGOING)/INCOMING RESOURCES
Net (outgoing)/incoming resources are stated afer charging
Audit and accountancy fees
1341.5
EXPENDITURE
5.ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Cost of
Cost of
Charitable
Charitable
Genera<ng
Genera<ng
Ac<vity
Ac<vity
Funds
Funds
Cost
Costs
Total
Total
Unrestricted
Restricted
Restricted
Unrestricted
2023
2022
Produc<on and Touring
Director
Commissions
0
0
4794
4794
10248.63
Writers' fees and royal<es
Ligh<ng Designer
Set & Costume Designer
Sound Designer
Movement & In<macy Directors
Cultural Advisor, Dialect Coach, chaperones etc
Rehearsal space hire
Set
Ligh<ng hires
Sound hires & purchases
Costumes
Props, hair and makeup
Performers' fees
Stage Manager
Per diems on tour
Produc<on Manager
DBS
Technical crew
Venue hire
Tour travel transport & accommoda<on
Contras
Playtexts/Scripts
Papatango New Wri<ng Prize readers & access/travel
Outreach & engagement
Isolated But Open
Storage
Audience development, marke<ng & website
Total produc<on and touring costs		 0
13041.3
0
6960
0
4358.07
0
4376.77
0
0
0
0
0
0
0
8820.97
0
0
0
170.82
61
61
490.46
34.27
34.27
551.37
0
17380.91
545
545
4844.93
0
0
2600
2600
3600
0
0
30
30
2780.92
0
5250
138.24
138.24
0
0
0
0
1190
12500
16499.25
28999.25
32151.41
31563
1600.32
33163.32
35563.65
0
0
981.83
981.83
1000.8
3982.65
3982.65
5864.46
0
44063
31266.56
75329.56
158645.47
6. ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
Governance Costs
Companies House
Accountancy
Board expenses
13
13
13
1341.5
1341.5
1305.13
1080.33
1080.33
0
2434.83
2434.83
1318.13
Support Costs
Staf fees & salaries
Employer's NI
Employer's pensions
Funding Development Manager
Travel
Sta<onery & Postage
Telephone & computer
Bank charges and interest
Insurance
Hospitality
Subscrip<ons
Training
Total support costs
Total Expenditure
7
82775.01
82775.01
75749.94
4977.8
4977.8
4320.02
5204.12
5204.12
5051.85
0
5271.27
590.41
590.41
966.61
72.59
72.59
95.92
95.88
95.88
1403.36
61.6
61.6
61.6
1873.54
1873.54
1891.43
465.44
465.44
0
66
66
0
0
14.99
96182.39
96182.39
94826.99
44063
129883.78
173946.78
254790.59
7. STAFF COSTS 2023
2022
Director 1 salary from January 2023
Director 2 salary from January 2023
Employer's NI (net of allowance)
The company received £5000 in employment
allowance in 2023 against £9977.80 owing in
Employer's NI
Employer's pension contribu<on
No employee received remunera<on in excess of £42,000 in t		 3208.33
3785
3208.33
3785
4977.5
4320.02
5204.12
5177.255
he year
8. TANGIBLE FIXED ASSETS
All assets fully depreciated in 2020
9. DEBTORS
Total
Total
2023
2022
Other grants c/f
John Lyons Charity for outreach and engagement
Ashley Family Founda<on for outreach and engagement
Genesis Founda<on for commissions
Foyle Founda<on unrestricted
16667
3880
4139
5000
5000
15000
23880
25806
11. LEGAL STATUS
The charity is limited by guarantee and therefore has no share
during the <me he is a member or one year aferwards, such
The company does not pay corpora<on tax on account of its c
capital. In the event of the company being wound up every member undertakes to contribute to the assets of the company
amounts as may be required not exceeding £1.
haritable status.
12.TRUSTEES/DIRECTORS
The board of trustees do not receive any remunera<on from t
he company other than reimbursement of their expenses incurred during the business of the company.

The two execu<ves receive a salary from the company in their capaci<es as Ar<s<c Director and Execu<ve Director. They are reimbursed for expenses incurred during the business of the company.

PAPATANGO THEATRE COMPANY LTD

Balance Sheet at 31 December 2023

2023 2022
Fixed Assets
Current Assets
Cash at bank
257669.14
Prepayments
226029.8
257669.14 226029.8
Current Liabili<es
Accruals
Prepayments
PAYE due
2702.95
Pension fund due
864.14
Grants carried forward
23880
2298.15
903.64
27447.09
25806
29007.79
Current Assets less
Current Liabili<es
230222.05 190722.01
Total Assets less Current
Liabili<es
230222.05 190722.01
Financed by:
Reserves brought forward
197022.01
Proft and Loss for the year
33200.04
226587.93
230222.05
-29565.92
197022.01
(a) For the year ended 31 December 2023 the company was en<tled to exemp<on from audit under sec<on 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 ques<on in accordance
with sec<on 476 of the Companies Act 2006
(c) The directors acknowledge their responsibility for:
i. Ensuring the company keeps accoun<ng records which comply with sec<on 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 sec<on 393, and which otherwise comply with the requirements of the
Companies Act rela<ng 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 Sec<on 419(2) of the Companies Act 2006.
The accounts are prepared in accordance with the Chari<es Act 2011 and SORP 2016
The notes to these accounts form part of the accounts		 udit under sec<on 477(2) of the
r in ques<on in accordance
y as at the end of the
Approved by the directors on
16/04/2024
And signed on their behalf by
Christopher Foxon
George Turvey
Approved by the directors on 16/04/2024
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 2023

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.

GiYs/Intangible Income

Giks 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.