## **PAPATANGO THEATRE COMPANY LTD** **ANNUAL REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDING 31 DECEMBER 2024** ## **LEGAL AND ADMINISTRATIVE INFORMATION** On 16 April 2025: TRUSTEES Fezzan Ahmed, 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 2024. 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 2019. ## **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: - Select suitable accoun^ng policies and then apply them consistently; - Make judgements and es^mates that are reasonable and prudent; 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** “Amid concerns about lack of support for up-and-coming wri^ng talent, Papatango are more important than ever.” _The Telegraph_ Papatango creates pathways for ar^sts and audiences otherwise without access to theatre. Our completely free, anonymously assessed and fully accessible opportuni^es include: the UK's leading annual playwri^ng award; touring produc^ons with accessible performances and community partnerships; a digital theatre-making hub with courses, training and CPD; and a na^onwide crea^ve learning programme, working with vulnerable young people in state schools, PRUs, SEND centres and refugee, mental health or carer chari^es. Our moko is simple: all you need is a story. Through these opportuni^es, we discover, develop and produce remarkable new writers, sharing plays from diverse, olen under-represented communi^es in high-profile produc^ons, publica^ons and tours, inspiring diverse new audiences. Our discoveries have won BAFTAs, Olivier, Cri^cs’ Circle, OffWestEnd, Alfred Fagon, Sky Arts and RNT Founda^on awards, premiering in 32 countries and the West End. Without Papatango, their talent might never have been recognised, their voices unheard. Such impact is all the more remarkable because the people we reach and the stories we tell are predominantly drawn from communi^es facing profound barriers to the arts: - 28 debut writers given their breakthrough by Papatango are: 27% BME; 18% LGBTQIA+; 91% from lower socio-economic backgrounds; - Over 25,000 audience members since 2016 include 53% first-^me visitors to theatre – akracted by the under-represented stories we amplify on stage; - Over 12,000 individual writers par^cipa^ng in our free opportuni^es have been: 21% BME; 36% LGBTQIA+; 16% disabled; 79% from lower socio-economic backgrounds; - Over 6,000 crea^ve learning par^cipants have been: 40% BME; 29% on Pupil Premium (school par^cipants only); 25% SEND; 14% disabled. Many have been excluded from mainstream educa^on and culture due to complex social, emo^onal or mental health needs. The success of our ar^s^c discoveries and world premieres, coupled with the transforma^ve impact of our crea^ve learning programme, proves that theatre is for all, empowering people at risk of cultural exclusion. This industry-leading impact is widely recognised. We have been awarded the Genesis Founda^on Prize for championing talent and a place in _The Stage_ 25. ## **Achievements and Performance in 2024** This was, by all measures, the most impacqul year in Papatango’s dis^nguished history. We: - produced & published 2 world premiere stage plays, touring to 14 venues over 8 coun^es; - gave 44 performances, including 1 BSL-interpreted, 2 relaxed & 4 pay-what-you-decide; - reached 4,020 audience members including 160 schoolchildren; - commissioned & made 1 short film; - empowered 1,589 writers with personal, free dramaturgy; - employed 90 freelance writers, designers, actors, facilitators & readers; - ran 63 free playwri^ng workshops for 24 state schools, pupil referral units, SEND centres or refugee or mental health chari^es; - provided 6 free crea^ve workshops for adults in Tyneside, Yorkshire, Devon & Gloucestershire & 1 free mentoring session for blind theatre-makers; - elevated 3 winners of our Young Playwrights’ Award; - ran 1 Young Playwrights’ digital intensive course; - offered 1 digital crea^ve resources hub, available to anyone, anywhere; - transformed 360 young people into produced & published playwrights; - supported 195 emerging crea^ves with CPD; - received 5/5 ra^ngs from every crea^ve learning partner; - earned 4 OffWestEnd Award nomina^ons. In total, we empowered a record **6,254** people to make, take part in or watch brilliant new plays, many from communi^es otherwise excluded from such work and its profound social, wellbeing and health benefits. Such ambi^on comes at a crucial ^me. New work, talent development and crea^ve learning are vanishing from theatre’s programme in response to huge cuts and spiralling costs. As others shrink their offer, we remain determined to open accessible pathways for all. Specific projects delivered in 2024 include: ## _The World Premiere Of Some Demon by Laura Waldren in London & Bristol_ Hull writer Laura Waldren’s debut play, a powerful yet humane and funny story drawing on her lived experience of ea^ng disorder units, was chosen from 1,468 scripts entered into the 2023 Papatango New Wri^ng Prize, our industry-leading compe^^on for new plays. It was developed over several months of dramaturgy and workshops, to ensure the script and Laura were both equipped to flourish on the big stages the Prize brings, then was produced by Papatango at the 200-seat Arcola Theatre, London, and the pres^gious Bristol Old Vic, published by Nick Hern Books. Our ar^s^c director George Turvey staged a powerhouse cast: Amy Beth Hayes ( _Jerusalem_ , West End); Leah Brotherhead ( _Wolf Hall_ , RSC); Joshua James ( _Wife_ , Kiln Theatre); Sirine Saba ( _Phaedra_ , Na^onal Theatre); Hannah Saxby (in her professional debut); and Witney White ( _A Monster Calls_ , Old Vic). With OffWestEnd Award nomina^ons for Best Director, Best Lead Performance, Best Suppor^ng Performance and Best Newcomer, it was a stand-out debut. ★★★★★ “A major talent, one of my plays of the year.” _WhatsOnStage_ ★★★★ “Astonishing debut, ukerly gripping, hugely entertaining.” _The Telegraph_ ★★★★ “Powerfully affec^ng, strong and empathe^c.” _The Stage_ Laura has since obtained representa^on with Independent Talent, a leading agency. She is poised for a new career as a writer, her life transformed. The impact was equally profound for the 2,073 people who saw it in London or Bristol. “I think it’s extraordinary, it affected me really greatly. I had an ea^ng disorder for over a decade before I got treatment. I have never un^l Laura’s play seen something that captured so much of the truth of how it felt... because these illnesses are s^ll so taboo. I hadn’t realised how much I needed that.” Audience Member ## _The NaConal Tour Of The Watch House By Chris Foxon_ Our second produc^on of 2024 saw us embark on our biggest-ever tour. _The Watch House_ was adapted by our execu^ve director, Chris Foxon, from the classic Geordie ghost story by double Carnegie Medal-winner Robert Westall. Originally created by Chris in 2023 for Laurels Theatre in his na^ve North Tyneside, in conversa^on with the local communi^es the story represents, we revived it in a tour to 12 venues, focusing on remote places olen passed over – all new to Papatango. Working with a North-East cast and crea^ve team, we showed a story can be rooted in place without being parochial. From rural Northumberland to urban Devon, from post-industrial Teesside to the Jurassic coast, we packed venue aler venue. We played to 1,947 people – more than doubling our forecast – and achieved the four biggest individual houses in Papatango’s history, in Lyme Regis, Exeter and two shows in Hexham. The programme included BSL and pay-what-you-decide shows as well as a community fundraiser at a heritage centre and a school performance. As an accessible, funny, spooky story for young people, it brought different audiences – surprising and enriching our venues. “Lovely feedback from the school. The play was a great opportunity for the pupils to see live theatre in their local arts centre.” Queen’s Hall Arts Centre, Hexham “Our audience loved it!” Marine Theatre, Lyme Regis “Our wholehearted thanks go to Chris and his company of wonderful actors, raising a magnificent £800 for the watch house renova^on in a spellbinding performance.” Cullercoats Watch House If _Some Demon_ championed a brilliant new playwright, _The Watch House_ celebrated a culture seldom seen outside the North-East, gave a na^onal plaqorm to regional crea^ves, and reached people new not just to Papatango but olen to theatre. It successfully piloted a new produc^on model focused on audiences and communi^es, opening meaningful new ways of working and touring in future. ## _Filming Heathen Land By Josh Barrow_ Comple^ng our ar^s^c programme was our first short film, made in partnership with Birdie Pictures. We awarded this to debut writer Josh Barrow from Blyth – a town with high depriva^on in Northumberland – for his script _Heathen Land_ . A powerful social sa^re, about a homeless young musician facing evic^on from his shanty sanctuary in a churchyard to make way for a corona^on party, we filmed it with an all-star cast including Sean Gilder ( _Slow Horses_ ) and Bryony Corrigan ( _I, Daniel Blake_ ). It will now premiere at leading film fes^vals in 2025 – promo^ng Josh worldwide. “George has been unbelievably helpful, insighqul and encouraging. Not having much experience wri^ng for screen, he acted as a guide in the technicali^es and brought a wonderful crea^ve perspec^ve. He understood what I was trying to achieve and I am so grateful for all of his effort, ^me and dedica^on. I will treasure what I learned throughout my whole career.” Josh Barrow ## _2024 Papatango New WriCng Prize_ We also looked ahead through the latest itera^on of our flagship playwri^ng opportunity. This year’s Prize offered feedback for all, with the winner earning a 5-week produc^on at Park Theatre (London) in 2025, publica^on with Nick Hern Books, and £7,500 commission. It received a record 1,589 entries. This means we con^nue to support more playwrights than any other scheme. They were: - 20% disabled; - 93% educated at state schools or through means-tested bursaries; - 32% under-30; - 19% BME; - 33% LGBTQ+. We thus nurture a truly diverse cohort of writers olen neglected in theatre. “Thank you for all that you make possible for ar^sts.” Prize Entrant “I’m blown away that you take the ^me to give feedback on every single script; I can’t imagine what a massive undertaking that is. You’re doing an amazing job.” Prize Entrant The winner was Hannah Doran for her debut play _The Meat Kings! (Inc.) Of Brooklyn Heights_ . A queer Bri^sh-Irish writer, her play was inspired by her own experience as a vegetarian butcher. It explores a modern American workplace reliant on immigrant labour, and is a ^mely reflec^on on how western democracies navigate mul^-culturalism – or exploit it for divisive gains. “I can’t believe I’ve won. I’ve been wri^ng plays (and gexng rejec^ons) for over a decade. I’m thrilled to debut with a company who really champion emerging playwrights and take risks on new work.” Hannah Doran ## _CreaCve Learning_ We con^nued to offer the biggest playwri^ng programme from any unsubsidised new wri^ng company in the UK. Our free Artsmark and Arts Award-accredited GoWrite programme: - delivered 63 workshops at 13 state schools, 1 SEND school, 3 Pupil Referral Units and 7 youth groups for refugees, carers or those with special needs or mental health condi^ons; - collaborated with 360 young people to create scripts, which were performed by professional actors and published, with copies for each writer; • ran our third Young Playwrights’ Award. 3 winners were selected by a panel of industry professionals to receive mentoring, digital produc^on and theatre books, and joined an intensive course online, created by leading theatre-makers, to develop their professional futures; • launched our Crea^ve Resources Hub in earnest, aler its development in 2023. An accessible, cap^oned digital plaqorm, offering a crea^ve wri^ng course, exercises and downloadable resources, with ^ps from leading ar^sts, it is available 24/7 to anyone, anywhere; - provided 7 workshops for community and disabled groups; - gave 195 individual adults with no professional experience access to personal CPD. “It was lovely to watch the pupils’ faces when their monologues were acted out. They were so proud. Please come back!!! Best project we have been part of!” Three Ways School Beneficiaries were: - 50% female; - 26% qualified for free school meals; - 35% had English as an addi^onal language; - 22% had special educa^onal needs. “They clapped when the facilitators came. They asked to do more viewings of the monologues. They asked to read their new book. The facilitators were excellent in guiding the students and managing very tricky behaviour. Absolutely brilliant. Made all students proud - and me.” Laurel Park School Partners rated the programme as: - Impact on crea^ve thinking: 5/5 - Impact on wri^ng techniques: 5/5 - Impact on confidence: 5/5 “An extremely valuable opportunity. All of our young people possess SEND and SEMH, and their low literacy levels can be a barrier to learning. As a result of par^cipa^on our young people have felt their work is valued, they have engaged enthusias^cally, their confidence has improved and they have demonstrated beker outcomes in their behaviour. The workshops have become essen^al in our curriculum.” Pavilion Pupil Referral Unit, Whetstone “It was an absolute joy to collaborate with Papatango. We are so thrilled that the young people’s work has been plaqormed and can’t thank you enough. It unlocked their crea^vity and helped them realise something from the blank page right the way to performance and publica^on. It was a fantas^c experience from beginning to end.” Compass Collec^ve Overall, therefore, 2024 has been a landmark year. It saw Papatango deliver more produc^ons on stage and screen in more places for more people than ever before, expand our range of free, accessible crea^ve learning opportuni^es for many in-need communi^es, and con^nue to directly support more emerging playwrights than any other company. Such output, for an organisa^on without core funding and which only gained its third full-^me staff member in September, is remarkable for both its quan^ty and its quality. ## **FINANCIAL REVIEW** We accrued a considerable surplus in 2023 by fundraising in advance for what we knew would be the most ambi^ous programme in our history in 2024; over the course of this year, we spent down these funds in a controlled deficit budget. While the charity therefore reports an opera^ng loss of £69,369.17, this is no cause for concern. We maintain a healthy financial posi^on, as indicated in the balance sheet, with minimal exposure in terms of resources, cashflow or reserves. Income rose considerably to £268,927.99, an increase of 30% on 2023. This was a natural consequence of the surge in produc^on and crea^ve learning ac^vity; the record output brought a corresponding leap in both fundraising (which as usual comprises the majority of our revenue) and earned income (which saw a welcome return to growth aler sales were dormant in 2023). This was more than offset, however, by an even more significant increase in expenditure, which rose by 94% to £338,297.16. This is chiefly akributable to a massive jump in produc^on, touring and crea^ve learning costs of 197%, reflec^ng the scale and ambi^on of our 2024 programme (heightened by sustained infla^onary pressures in recent years). The phenomenal impact we achieved inevitably came with far greater direct delivery costs. The fact that support costs – staffing, governance – rose by a far more modest 16%, despite the expansion of the staff team, reflects our con^nued ability to direct resources where they will have the greatest benefit; our mul^-skilled inhouse team are not just accomplished theatre-makers and cultural strategists, but provide a range of ter^ary services including IT and coding, project management, fundraising etc, enabling this drama^c expansion in output with minimal overheads. The huge increase in direct delivery costs but compara^vely minor increase in support costs reflect the charity’s focus on channelling resources straight to our beneficiaries. We thus con^nue to offer remarkable value for money. The charity ends the year with a balance of £160,852.88, of which £68,000 is held as restricted reserves, leaving unrestricted funds of £92,852.88. These are en^rely designated for direct ac^vity costs in 2025, including our next world premiere produc^on, commissions and crea^ve learning, which will comprise another record budget. We are able to con^nue to show such ambi^on because of our careful financial planning; as usual, reflec^ng our project-by-project model which relies on advance fundraising, we are also carrying a modest sum forward as grants restricted to 2025 ac^vity (shown in the balance sheet). We thus possess a solid base for our 2025 programme, though the majority of our income inevitably remains to be raised in the coming year. The charity’s financial posi^on at the end of the period is shown in the akached statements. ## **RESERVES POLICY** The Board of Trustees reviews the reserves policy and the level of the reserves on an annual basis, or more olen if a new risk arises. The last review was in April 2024, at which it was agreed to maintain reserves equal to six months’ core running costs. If the charity were to suffer a significant loss, these reserves would enable a review of its ac^vi^es and the means either of suppor^ng them in future or the winding up of the charity and discharge of akendant liabili^es. These reserves are held in a bank account, designated for this purpose, which is independent of the charity’s main business account. 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. It is an^cipated that, following the expansion of the staff team in autumn 2024, this level might be increased at the next review in April 2025. ## **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 akendance 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: Fezzan Ahmed (appointed on 28 May 2024) Stephanie Bain Serena Basra Sally Cookson Sam Donovan Davina Moss Nicholas Rogers Tom Wright ## **Staff** The joint CEOs (Ar^s^c Director: George Turvey; Execu^ve Director: Chris Foxon) remained in place, con^nuing the charity’s enviable record of staff reten^on and well-refined management. Drawing on this strong founda^on, the charity grew with the appointment of a third full-^me staff member. The expanded role of Crea^ve Learning & Engagement Producer, which was previously part-^me only, has increased staff capacity by 15%. From a large field of compe^^ve applicants Kate Ereira was appointed, commencing on 16 September 2024. ## **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 2025. Signed on behalf of the Board of Trustees by ## Sf ……………………………………………………. 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 have therefore conducted an independent assessment. 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 2024 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 makers where the Companies Act 2006 and the SORP Regula^ons 2019 require me to report if in my opinion: - The charitable company has not kept proper and adequate accoun^ng records; or - The financial statements are not in agreement with the accoun^ng records and returns; or - Certain disclosures of trustees’ remunera^on specified by law are not made; or • 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 PAPATAP￿0 THEATrE COMPANY LTD STATEME￿ OF nNANaAL ACTivmES IlrKxJrporating IncornE and ExpenditureAccourtl Forthe year ending 31 Detember 2024 The nole5 lo ihe atcuunls loiwn pail ol the ￿{Qu￿[s 2021 2021 and le8acl 47 ?06.47 107S IR 1nwini1iur￿UuiL￿5 Itum Lharrtable actlvitses.. Siipwrtfrom 5pongot5hlp Operllmnn ol louilngthcorrocompBnv 011￿ Income 110750 25267.93 10304.59 6528. 233119 25207.93 10304.59 26B927.9P 155313 400 355.64 207146.82 kxpendlture on tharItab￿ 4Ctfvlfjes Pr(JdiithDn and itsuilng Supwil Lu¥15 91fy)1 )798 IV135.63 82229,85 ?217.16.63 113027.85 1532.68 338297.16 7%1?9.56 96182,39 2434.83 173946.7 T•t41 Exp•ndltu 215•98.16 N•t In¢qffl•l•xpiThdhur• for th•¥•ir•nd n mo¥•m•nt In fund• loi lh*￿ar .69M•.17 $$200.04 dlund¥ 230222.05 I8￿5Z.0B 197022,01 2￿221.05 T•t4lfuhdi¢ith•dlorwivd PAPATANfjO TMEATRECOMPANY LT Not•st&th• FIMnd•l Stht•m•nts rth• Y••r End•d JI 0*￿￿ty•1 2024 2. INCOME FROM CMARrrADiE ACTMfiES Totsl 2024 35852 Supp•rtfroMGr4nts *Th￿NhIP Fur Fund* 2028 2316 Boi15 Kailott ChJihable Foundatton 3750 101Mn 16667 1750 SWO 6￿0 7500 SWO 2WO 13( Foyle Founda￿0Th Ashlvy Fomlty foundarfon Isc IIM7 I￿1? 65( HJiDld Hyam Wlii%ale FvundatlDn Chr15dno Smllh Found•don E*or E Lawl¢y Found8fjon 1500 Cockayne l DundaYon Katle Bradford ATi&Trust ATCI PTodurMnDs/lnn MrKcllpn 4280 4280 2JS14• 110750 1559lJ IDcDm• frornOp•rnllon Comp•Thv Funds 2024 2023 PcrformDnCC Incornc Merchandlse (playte￿5} Education income 23Th.6 67.4 1293.93 2S267.*1 33906.6 67.fj 1293.93 15267.51 400 3. OTHER INCO T11￿lIe Tdx Rvllvf 45fj72.89 4882.75 Str3SS.64 10304.59 ILBQ4.S9 103(51.59 11. 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AP4AiIWSOFf&MRIIAIICEANDSUWVCItTCOSTS Companles Hou5• Accountsncy oaid ex￿nSeS 34 1230 208.68 1532A 13 1341.5 1080.33 2434.89 80 268.08 1532.68 tcosts stsft lee5 & 5alarles Employer's Nl EM￿aYOr'S pÈnslons Tra¥el st4donery & posts8e Telèphonè & computer ank chargesand Interest 5uronr4tion tax onaccDuntof it5chatttalle5r 12.TRU5TEESIDIREcr The l￿1￿ Oft￿Stee5￿0 not re￿1%￿ ary rernuneratK)nfrunthecoThparry oth￿than r￿mbJ[Slfe￿t ofthelrex￿ses inujrred durinEthe tVJ51ness of thecOmp￿y. ThE tweJECU￿￿5 re[￿l¥e a 55laryfturn thecompinyinthercapxrt￿5 a5WAiththre(tor3nd EY￿Ub￿P[hre{￿0r. Th￿￿rer￿m￿￿ed for expen5e51n(￿rTEd duringthebusine55 ofthe LY>mpan PAPATANGO THEATRE COMPANY LTD Balan￿ Sheet at 31 December 2024 Fixed Assets 569.99 Cash ar bank Prep3yrnent5 198%2. 257669.14 1Th2.1 257669.14 Accrua15 Prep3yrnents PAYE due Pension fund due Grant5 carrled forward 3072.93 1046.24 2702.95 864.14 23880 38679.17 27447.09 Current Assets less 160282.89 230222.05 Totsi Assets less Current Rc5CIVe5 brought fomard Profit and Lciss fijrthe yelr 230222.05 49369.17 197022.01 33200.04 lal For the ye8r ended 31 December 2024 the company w85entitled to exmptlon from aud*t tsndef sethon 477121 ofthe Companle5 Act 20Q6 Ibl No mèmbers have requlred the company to obtaln an audlt ol It% ieeounts lor the y*r lfi quesiion in iccordante wlth secfjen 476 of the Comp3nles Act 2006 Icl The dlrector5 Icknowlcdgc thelr re5ponslblllty for.. l. En5urlnB the cofflpany kpep5 aCcoun￿n8 records whlth ttsmply wlth seL*on 386,. and 11. Preparing attounis whlth glve a true and falr view of the statt of of the Company 8S at the end of the flnanclal year In èccordance with 5ectton 393, and whlch othe￿ise complywith the requlrementsof the Companle5 Act relaUn8 to accounts, 50 far as appli￿ble to Ihp cofflpary Idl The attounts have been prep8red In 8ccordènce wllh the speclal prowslohs appltsble to tompanles wbleci to the 5rnall cornpanles, re8lme under 5ectton 419121 of the CompaniesAci 21K6. The iccounts are prepared In accordance wlth the Charltles kt 2011 and SORP 2016 The notes to these actounts form port of the ¥ccounts Approved by the dlrectors on 16 Aprll 2025 And sl8ned on thelr beh4ff by Christopher Foxon GtoryeTurn*y ## **PAPATANGO THEATRE COMPANY LTD** ## **Notes to the Financial Statements For the Year Ended 31 December 2024** ## **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 2019 (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. ## **Gi[s/Intangible Income** Gils 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.