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2023-05-31-accounts

Papergang Theatre Limited

Trustees’ report and financial statements Registered number: 08522007 Registered Charity Number: 1180859 Year Ended 31 May 2023

Papergang Theatre Limited Trustees’ report and financial statements Year Ended 31 May 2023

Contents

Trustees’ report 2-3
Statement of fnancial actvites 4
Balance Sheet 5-6
Notes to the fnancial statements 7-8

1

Papergang Theatre Limited Trustees’ report and financial statements Year Ended 31 May 2023

Report of the trustees for the year ended 31 May 2023

The Trustees who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)

Objectives and activities

The object of the charity is to advance the art of drama, in particular focusing on British East and South East Asian dramatic arts through education, practical activities and performances and any other such means as the trustees in their absolute discretion think fit.

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission Guidance on public benefit, including the guidance on public benefit and fee charging. The theatre relies on income from fees and charges to cover its operating costs. In setting the level of fees, charges and concessions the trustees give careful consideration to the accessibility of the theatre for those on a low income.

The strategies employed to achieve the aims and objectives are:

Achievement and performance

Papergang Theatre delivered Dreamers at the Omnibus Theatre in May 2022 and June 2022 saw the wrapping up of the finances for this project. We worked with an evaluator to ensure that our processes are up to date and we have anti-racism policies in place.

Summer 2022 was fairly quiet, due to maternity leave, but we worked on company policies and risk templates as we awaited our NPO application outcome. When we received a NPO rejection, this triggered conversations about the next steps for the company. The future plan is to hand over the company and look for new leadership.

In Jan 2023, we pitched for BEAM with £1,000 of MGC Future fund money. We collaborated with new creatives: Erika Footman as MD/ Vocal coach and actors Rai Endah, Angelo Paragoso and Richard Perrera. Though we were unsuccessful in this round, the Pleasance Association gives us other opportunities for development in 2023.

Papergang Theatre decided to support Isabella Leung’s A Bouffon Play About Hong Kong. Shortlisted for the Women’s Playwrighting Prize, it was accepted at HOME’s Push Festival in Feb 2023.

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Papergang Theatre Limited Trustees’ report and financial statements Year Ended 31 May 2023

It was the first time Papergang Theatre produced work in Manchester, and we did managed source a local creative team and cast. Most of them were HongKongers who we were able to connect to a British industry network. Kim Pearce managed to secure a spread in The Stage about HongKongers coming to the UK and finding their way in the theatre industry. A Bouffon play got a £8,000 commission and we were successful in securing an Arts Council England Project grant to deliver the performances.

It was a great opportunity for the company to expand their network outside of London. Clarissa was also asked to deliver a producing workshop for New Earth’s at the Lowry later in the year.

We were unable to push Watermelon by Enxi Chang forward early 2023, but we used this one woman play and the Asian Pirate Musical to pitch for Associate Membership at the Pleasance Theatre. We were accepted on their 2023-2025 cohort and have seen the associate programme bear fruit in curating a week of FutureFest in Dec 2023 and development of Asian Pirate Musical later in 2023.

Financial review

During the year the charity generated £46,342 of income. Of this £28,765 was through grants from Arts Council England and £4,120 from MGC Futures with £13,444 generated from productions.

Total costs in the year amounted to £62,268 of which £61,413 related to productions, £15,212 of which had been bought forward as restricted funding from the previous year.

The restricted funds caried forward at the year-end relate to the PUSH festival and was spent later in 2023.

Reserves policy

The Trustees intention is to use all of the donations received; except for the small amount of organisation overhead; to further the charity’s aims.

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Papergang Theatre Limited Trustees’ report and financial statements Year Ended 31 May 2023

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Trustees are appointed by a resolution of the trustees passed at a special meeting. Trustees are given access to any further advice and guidance required to perform their duties. The trustees hold ordinary meetings approximately every quarter.

Reference and administrative details

Registered Company number

08522007 (England and Wales)

Registered Charity number

1180859

Trustees:

Mr Simon Ly Mr Patrick Miller Mr Simon Parsonage Ms Jodie Gilliam

Approved by order of the board of trustees on 19 February 2024 and signed on its behalf by:

Simon Parsonage

Trustee

4

Papergang Theatre Limited Trustees’ report and financial statements Year Ended 31 May 2023

STATEMENT OF FINANCIAL ACTIVITIES for the
Year Ended 31 May 2023
INCOME
Donatons
Income
Grants
Total Incoming Resources
EXPENDITURE
Direct Charitable expenditure
Charity Management and Governance
Total Resources Expended
Net Income / (Expenditure)
RECONCILIATION OF FUNDS
Total Funds brought forward
TOTAL FUNDS CARRIED FORWARD
STATEMENT OF FINANCIAL ACTIVITIES for the
Year Ended 31 May 2022
INCOME
Donatons
Income
Grants
Total Incoming Resources
EXPENDITURE
Direct Charitable expenditure
Charity Management and Governance
Total Resources Expended
Net Income / (Expenditure)
RECONCILIATION OF FUNDS
Total Funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Restricted
Total
Funds
Funds
Funds
13
0
13
13,444
0
13,444
4,120
28,765
32,885
17,577
28,765
46,342
17,436
43,977
61,413
855
0
855
18,291
43,977
62,268
-714
-15,212
-15,926
6,827
19,212
26,039
6,113
4,000
10,113
Unrestricted
Funds
Restricted
Funds
Total
Funds
69
0
69
3,025
0
3,025
500
59,665
60,165
3,594
59,665
63,259
625
29,458
30,083
579
10,995
11,574
1,204
40,453
41,657
2,390
19,212
21,602
4,437
0
4,437
6,827
19,212
26,039

5

Papergang Theatre Limited Trustees’ report and financial statements Year Ended 31 May 2023

BALANCE SHEET
At 31 May 2023
Notes
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
4
NET CURRENT ASSETS
FUNDS
Unrestricted funds
Restricted funds
TOTAL FUNDS
Al 31 May 2022
Notes
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
4
NET CURRENT ASSETS
FUNDS
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
Restricted
Funds
Funds
6,928
4,000		 2023
Total
Funds
10,928
6,928
4,000
-815
0		 10,928
-815
6,113
4,000		 10,113
Unrestricted
Restricted
Funds
Funds
6,827
19,212		 6,113
4,000
10,113
2022
Total
Funds
26,039
6,827
19,212
0
0		 26,039
0
6,827
19,212		 26,039
6,827
19,212
26,039

6

Papergang Theatre Limited Trustees’ report and financial statements Year Ended 31 May 2023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 19 February 2024 and were signed on its behalf by:

Simon Parsonage Trustee

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Papergang Theatre Limited Trustees’ report and financial statements Year Ended 31 May 2023

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 May 2023

1 Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)". Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historic.al cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used to, particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2 Trustee’ Remuneration and Benefits

There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the Year ended 31 May 2022.

Trustees’ expenses

There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.

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Papergang Theatre Limited Trustees’ report and financial statements Year Ended 31 May 2023

3. Creditors; amounts falling due within one year

Trade Creditors
4.
Reserves		 2023
£
815
815		 2022
£
0
0
Restricted funds
Papergang projects
Unrestricted fund
General
Total Funds		 Balance
1 June 2022
Incoming
resources
Outgoing
resources
Balance
31 May
2023
£
£
£
£
19,212
28,765
(43,977)
4,000
6,827
17,577
(18,291)
6,113
26,039
46,342
(62,268)
10,113

The Restricted Reserves relate to projects where grants were received from Arts Council England and Push Festival.

5. Related Party Disclosures

There were no related party transactions for the year ended 31 May 2023.

6. Guarantee By Members

Papergang Theatre is Private Limited Company by guarantee without share capital use of 'Limited' exemption

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