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2022-03-31-accounts

Little Angel Theatre

Annual Report and Financial Statements

31 March 2022

Charity Registration Number 232488

Contents

Reports
Reference and administrative details of
the charity, its trustees and advisers 1
2
report 17
Financial statements
Statement of financial activities 21
Balance sheet 22
Statement of cash flows 23
Principal accounting policies 24
Notes to the financial statements 29

Little Angel Theatre

Reference and administrative details of the charity, its trustees and advisers

Trustees C Owen (Chair)
L Cotton
E Lewis
L La Rocque
C Lowry
L Stanfield
S Wright
S Zhu
Secretary P Swindall
Principaloffice 14 Dagmar Passage
London
N1 2DN
Charity registration number 232488
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers The Co-operative Bank
PO Box 250
Skelmersdale
WN8 6WT
Scottish Widows
67 Morrison Street
Edinburgh
EH3 8YJ
CAF Bank
25 Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors Bolt Burdon Solicitors
Providence House
Providence Place
Islington
N1 0NT

Little Angel Theatre 1

Year to 31 March 2022

The Trustees, are pleased to present their annual report and accounts for the Little Angel ed 31 March 2022.

The report has been prepared in accordance with Part 8 of the Charities Act 2011.

The financial statements have been prepared in accordance with the accounting policies set out on pages 24 to 28 of the attached financial statements and comply with the charity Constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Emerging from the pandemic, Little Angel Theatre (LAT) has gradually transitioned from only working digitally, to once again performing to live audiences, running projects in person with schools and community groups, as well as celebrating its 60th birthday. However, the last year has had its challenges, with COVID-19 continuing to impact our staff, performers and audiences, alongside a challenging fundraising climate.

Our artistic programme restarted with a live-digital show, Where the Bugaboo Lives. Subsequently, we welcomed live audiences and were one of the first theatres in the UK to do so. The Smartest Giant in Town, a co-production with Fierylight, sold out (to socially distanced capacity). The show will tour again in the autumn and includes our first West End run. We also honoured pre-COVID-19 programming commitments with Nature Elly and The Storm Tan in my Bedroom & Other Stories, and celebrated some of our classic revivals. Several rds for Young People.

Alongside our work on stage, our digital programme Watch, Make and Share has grown and thrived, reaching a considerable number of people across the globe. The programme has included work created by LAT, as well as commissioned shorts by various other artists / companies.

Our schools work has continued in partnership with local schools, including after-school puppet clubs, show-related workshops, and free show tickets. Our community programme has involved exciting partnerships with local organisations and nearby residents. We found innovative ways to engage during lockdown, from delivering craft packs to bringing shows to aureate 2022, Joseph Coehlo, and co-created by local schools and the wider community. The children involved were rightly proud to see their own pandemic stories reflected on stage; it was an impactful way of bringing together our programming and community activity strands.

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(continued)

LAT continued to make use of the government job retention scheme throughout the pandemic. We secured fundraising from several Covid emergency funding sources to sustain our adapted operations. We are incredibly grateful to the individuals and funding bodies who have supported us, and we continue to actively diversify our income streams and seek philanthropic support to stabilise the organisation and find our route out of this crisis. In spite of the difficulties of the current climate, we continue to adapt our output and corresponding business model, including: sustaining our fundraising income to subsidise digital/socially distanced performance models and our schools and community engagement programme; honouring living wage salaries throughout our staff and creative teams; reducing our environmental impact, whilst protecting and maintaining our cherished buildings; and committing to undertake the Inc Arts UK 1% challenge, allocating 1% of our budget to activity that adds ethnic and/or disability diversity to our work.

Catherine Owen Chairman of Trustees

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Year to 31 March 2022

advance education, particularly by the production of educational plays, puppet shows, entertainments, tours and exhibitions. The Theatre also provides encouragement of the Arts, including the Arts of drama, mime, dance, puppetry, singing and music. Little Angel Theatre is a purposealso one of the co

We aim to fuel the imagination through the magic and wonder of puppetry. This is delivered through 4 key strands of work:

These activities are underpinned by prioritising and resourcing key operational activities such as understanding our audiences, investing in and developing our staff and other individuals that we work with, fundraising, investing in our buildings and infrastructure and embracing our heritage.

Public benefit

on public benefit, including the guidance on public benefit and fee charging. The Theatre relies on grants and the 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 organisation for those on low incomes.

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Public benefit (continued)

The Theatre is situated in the heart of the London Borough of Islington. Islington is a complex, culturally diverse, and socially and economically deprived inner-city borough. It has the 4th highest level of child poverty in London and a third of children live in an income-deprived household. We use puppetry to work with schools, families, local communities and people of all ages and backgrounds to encourage learning, increase confidence, creativity and imagination.

We run a Community Outreach Programme, where all activity is free, to deepen our engagement with disadvantaged members of the community, increasing the impact of all of our participation work and wider programme of activity. It comprises of projects with local community groups with people of all ages and backgrounds, utilising puppetry as a springboard to develop and encourage creativity, learning and community cohesion. Our ambition is to reach those who have never considered or had the opportunity to participate in creative pursuits and to ensure LAT serves the needs of its entire community in a creative principles:

focusing on individual needs

ensuring projects are fun, creative, imaginative and of the highest quality

Our Schools Partnership Programme works with eight schools, delivering a year-long programme of activity with some of our closest schools, which we continued to deliver digitally throughout the pandemic. We provide a wealth of opportunities for pupils and teachers, including access to shows, workshops and bespoke projects. Teachers also have access to training and support in bringing their curriculum to life via puppetry. It is an opportunity for local schools to engage with us on a much deeper level over a prolonged period of time and at a hugely subsidised cost.

In addition, Puppets for All is our flagship programme for offering free tickets and workshop places to those who most need them. This is complemented by our policy to keep ticket prices as low as possible and the vast majority of our digital content has been delivered free of charge, extending our accessibility and reach.

While we keep all our prices as affordable as possible, we also use funds from our incomegenerating activities, including holiday clubs and shows, to support our community work.

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Review of activities 2021/22

On Our Stages

This year, our 60th anniversary, we were passionate about creating a programme that would be able to reach and engage with both our longstanding supporters and new audiences. For our first show in the season, we created an innovative zoom production Where the Bugaboo Lives (Offies nominated) a choose your own adventure show for 5 to 11-year olds. This merged both the live and digital experience the audience watched via their homes in real time.

We then marked the return to live theatre with brand new smash hit show, The Smartest Giant in Town , based on the book by Julia Donaldson and Axel Scheffler - a co-production with FieryLight. The show completed a 10-week run in house, before going on tour across the country. We continued to program new, exciting work, including Nature Elly (Offies nominated) in association with Barmpot Theatre;

Other Stories an environmental production supported by Mother, Greenpeace and Meat Free Monday; The Wishing Tree , inspired by the hopes and wishes of local children, written by Joseph Coehlo and There May be a Castle a brave, bold piece of theatre based on the book by Piers Torday.

We were also able to re-programme The Storm Whale which had originally been planned for Christmas 2020, and bring back our much-loved classics The Bed - a show based on the poem by Sylvia Plath for babies and toddlers; , based on the bestselling book by Eileen Browne and one of our longest running productions; and The Singing Mermaid , another much loved classic. It has been a huge achievement to be able to create so much new work alongside high-quality revivals.

On Tour

The pandemic has had a significant impact on the theatre touring sector, as a result this has been one of the last parts of our output to get back up to usual operational levels. In spite of this, our productions were seen by over 37,000 people in the last year at schools and other theatre spaces around the country, from Milford Haven to Perth.

Initially we experimented with digital touring, visiting 44 schools across the country, from Glasgow to Ross-on-Wye, entering classrooms via the magic of Zoom; and have engaged with audiences from CAST Doncaster, The Albany and Nottingham Lakeside Arts as part of our virtual tour of Where the Bugaboo Lives .

We then took our production of Reach for the Stars to Manchester Literary Festival, visiting 16 schools in the area. Following this Pixie and the Pudding did a Christmas transfer to Sheffield (playing to nearly 2,000 people, in spite of the run being cut short due to Covid).

The Smartest Giant in Town went on tour with our co-producers Fireylight for 12 weeks in Spring 2022, with audiences of c 30,000 over 12 weeks), and The Singing Mermaid performed a short run at the Polka Theatre in South London prior to coming in house in February 2022.

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Review of activities 2021/22 (continued)

On Screen

We continued to build and develop our Watch, Make, Share programme, releasing regular and varied content for families to enjoy at home. In total, we released 61 videos (many with accompanying craft activities) which were viewed over 360,000 times, equating to over 11,000 watch hours in over 60 countries around the world. These included 7 community digital projects and 1 YouTube livestream pilot. Through this activity we engaged 127 freelancers, across a programme of commissioned digital shorts and a digital series.

The programme included our People Behind the Puppets series where we interviewed creatives in the industry about their experiences and why they work with puppets, which was released over several months as a build up to our 60[th] anniversary celebrations.

Aid and Age UK to take part in puppet workshops and a digital project. Additionally, we worked with organisations like Head Held High to empower young people to explore who they are and this resulted in a recorded performance at the theatre.

We continued to work with Smoking Apples on our Spectrum Youth Theatre (a puppet youth ing which then resulted in live screenings of their work. As part of their Holiday Activity Fund, Islington Council also sent children eligible for free school meals details of our digital programme to enjoy whilst at home during the holidays.

Hospital / Hospice Touring

If Not Here Where? Due to COVID, so we created a digital version to tour to hospitals/hospices in a COVID-secure way to continue to reach isolated children.

at GOSH to provide young people in long-term care with a high quality non-clinical theatre experience to combat feelings of isolation and loneliness and raise morale.

The experience was delivered to 15 care locations across London, including our partner hospital Great Ormond Street, and around the UK to Liverpool, York and Edinburgh in Summer 2021.

Community

All our community programmes continue to be offered for free. We run activities for all ages, including local residents who may face isolation or who want an opportunity to meet their neighbours and learn a new creative skill at the same time. Our programme of work for local residents is very much led by them, and themes for workshops or specific activities we deliver are often suggested by the participants themselves. Our aim is to make our work as accessible and inclusive as possible so that everyone in the local and wider community can engage with us and enjoy the benefits of arts engagement with friends and familyWe offer free tickets to families across the borough who face barriers accessing our work via our Puppets For All scheme and through partnership projects with other local organisations including food banks, charities supporting women who face domestic abuse and Islington Council s Children in Need team. This year we gave away nearly 700 tickets through the scheme.

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Review of activities 2021/22 (continued)

Community (continued)

Our regular activities this year offered 164 opportunities for engagement. Sessions ranged from Crafternoons, Family Fundays and our Amination Club; to Arts & Chat and Showstoppers Workshops. Our weekly Crafternoon sessions for local families are extremely popular and parents appreciate the quality time they get to spend with their children doing something new and exciting, as well as meeting other families who live nearby, extending both their social and support network. We also held several one-off events including a Community Festival on the street outside our Studio venue with puppet shows, games and craft activities.

We partner with local organisations offering unique opportunities for the young people they work with to engage with our programme. This year we have delivered work for The Arc (Little Wings Drama Club), bridging hotels (fun interactive sessions for refugee families), Solace Library Project (participation in the Spine Festival), Age UK (online creative project during lockdown), St Giles Trust (Pantry Puppets workshop for people who use their foodbank) and Doorstep Puppet Theatre (taking puppet shows to local estates and community centres).

Creative Learning Schools, Courses and Classes

This year has seen the return of in-person experiences within our Creative Learning programme and the chance for families, school communities, neighbours and artists to come together and enjoy the experience of being creative as part of a shared experience again.

Working closely with eight local partner schools we ensure continuous engagement with many children and families who may not have access to our work otherwise. Schools benefit from tickets to our productions, puppetry workshops for their pupils, afterschool clubs and support for teachers to enhance the delivery of their curriculum more creatively. We also deliver workshops in schools across London and beyond, ranging from one day puppet making sessions to more bespoke delivery and longer projects, allowing pupils to learn skills in puppet making and explore storytelling and performing with the puppets they have made - over 1,500 children participated in these workshops last year.

We have further developed in our in-house programme of workshops, using the content of our performances to deliver complimentary workshops for families, with 445 tickets sold this year. We have gone back to running our residential Fun Days in the school holidays, and restarted Angel Sings our baby and toddler classes, with over 55 families. Spectrum , our youth theatre for young people on the autistic spectrum continued online throughout the pandemic and we were able to deliver a hybrid model once in person sessions re-started, to al

Professional Development & Emerging Artists

Adult learning courses were delivered to more than 200 participants over the course of the year, with our Foundation and Intermediate courses running alongside specialised short courses. Our partnership with the Guildhall School continues - the 10 Masters students were supported to develop a show which toured to some of our partner schools and into local community venues.

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Review of activities 2021/22 (continued)

Professional Development & Emerging Artists (continued)

In December 2020 we took on two ethnically diverse puppetry i

art form and we are passionate about changing this through funded opportunities. Over the course of the placement, the interns had the opportunity to design and make puppets and sets for both live and digital LAT shows. We gave them the opportunity to create their own digital short giving them a budget to manage and to learn the skills of collaborative working. They also supported the delivery of our community engagement and education programme by assisting on the delivery of workshops in community and school settings, giving them increased employability skills in the future.

Statistics and Year-on-Year Comparisons

----- Start of picture text -----
Digital Views
Performances Attendance Performances on Attendance
Performances
Year In-House In-House Tour on Tour
2021-22 663 31,104 168 23,814 61 362k
2020-21 21 1,113 n/a n/a 25 843k
2019-20 938 58,212 432 41,042
2018-19 929 56,620 469 40,306
2017-18 870 56,740 410 28,099
----- End of picture text -----*

*including estimate for Bugaboo digital tour

Key developments in year ended March 2022

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Key developments in year ended March 2022 (continued)

Financial position

Over the last year we have been excited to welcome our audiences back with strong box offices for all of our shows, alongside rebuilding our schools, community and professional development programmes. This was made possible by support from generous funders, building partnerships with co-producers and local organisations and ambitious but agile financial management. Over the past 12 months, we have gradually rebuilt our output, being one of the first venues to reopen when restrictions were lifted, delivering a consistent programme since June 2021 and restarting our touring programme with a Christmas transfer, and a full nationwide tour in spring 2022. We have continued to deliver digital content, engaging with this new audience that we developed over the pandemic, and are working on ways to subsidise this going forward.

Total philanthropic giving came to £551,573 (as detailed in Notes 1 & 2 of the financial statements), this is a decrease on the previous year, where over 80% of our income came from grants and donations. This year the impact of Covid support funding started to reduce, and was replaced with earnt income from our primary activities as our operations began to return to more normal levels. As always, we are grateful to a large number of individuals who have given donations or become members, their ongoing support is critical to ensuring the financial stability of the organisation.

The Statement of Financial Activities shows total reserves amounting to £1,933,481 with net deficit for the year of £281,540 as disclosed in the financial statements. Reserves include £1,576,693 of revaluation reserve, with a further £356,788 of unrestricted funds.

Out of the total of £356,788 of unrestricted funds, £17,942 were designated to specific purposes, £113,207 were represented by tangible and intangible assets and £23,307 related to the investment property. The charity therefore held £202,332 free reserves as at 31 March 2022 (see reserves section below for more detail on our reserves policy).

Nearly 90% of our expenditure was ploughed straight into our charitable activities we remain dedicated to supporting our beneficiaries, creating opportunities for our freelance family of artists, retaining our staff team and maintaining our cherished buildings.

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Financial position (continued)

There are three designated funds one for improvements to the fabric of the theatre building; a second to encourage and enable artistic innovation in future programming and a third relating to grant income that has been received in the current financial year, but has been committed to / ringfenced against activity which is taking place in the next financial year.

Investment powers

Under the constitution, the charity has the power to make any investment decisions that the Trustees see fit.

Reserves policy

It is the policy of the Theatre to maintain unrestricted funds, which are the free reserves of the Theatre, at a level which equates to approximately 3 months of committed unrestricted expenditure. The aim of the reserves policy is to set it at such a level that we are able to maintain cash flow and provide funds to cover management, administration and support costs for a period of 3 months. Our stated unrestricted expenditure includes many items that would not be committed to without either securing related income in advance or are not contracted and would not be expended if the organisation was not operational - for example, touring, visiting company activity, schools workshops, some creative learning projects, merchandise cost of sales, casual staffing, etc.

Currently we hold free reserves of £202,332. This is in line with our policy, and ensures that we are in good stead to weather further uncertainty as we navigate our way through this new operating landscape.

Fundraising policy

We are grateful to the many charitable trusts, individuals and organisations who make generous financial contributions towards our work. We are reliant on private and philanthropic income to maintain our activity. We monitor and control our fundraising activities, to ensure that our supporters have a positive experience and are treated fairly. We follow the Institute fundraising practice. We have not and do not sell donor details as we understand that they have trusted us with their money and information. Fundraising activity is included on our risk register to ensure that it can be managed accordingly and forms part of regular board reporting processes. We are committed to ethical fundraising and foster a culture of utmost respect for donor choice and have not received any complaints in the year.

Plans for future periods

We continue to rebuild our activity to pre-pandemic levels our on site programme is now close to how it was before Covid-19 hit, and we are starting to tour our productions again. The year will open with I Want My Hat Back Trilogy playing at the Studios (following the standout digital production that we commissioned during the 1st lockdown) alongside an adaptation of the puppet classic Pinocchio at the Theatre. This is followed by a co-production of The King of Nothing with Monstro Theatre, alongside developing our suitcase show Little Angel production. Over Christmas, a revival of the classic We are going on a Bear Hunt will play at the Theatre following a national tour, alongside The Pixie and the Pudding at the Studios.

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Plans for future periods (continued)

The Smartest Giant in Town continues its nationwide tour, managed by our co-producers Mermaid has secured a Christmas transfer to Lakeside Arts (with co-producers Watershed). -tan in my Bedroom & Other Stories will be out on tour throughout Autumn Doncaster over Christmas. Additionally, our coproduction of The Storm Whale with York Theatre Royal and the Marlowe will have a Christmas run at the Marlowe in Canterbury.

We were overwhelmed by the response from children, local and far afield, to our Watch, Make, Share digital series created in response to lockdown. We have continued to develop digital content throughout this year, building on the bedrock that we created, and looking forward we are planning to move to a more series-based model, which we hope will develop a new type of engagement with our audiences, as well as being a more cost effective way to produce our content. It continues to be very difficult to generate income from digital activity (audiences are used to accessing similar content for free), but we feel very strongly that these resources need to be accessible and easy to use and we are planning to continue to deliver these activities alongside our live output going forwards.

We continue to offer professional development courses and classes our foundation and intermediate courses remain particularly popular - and we have been using a hybrid (in-person / digital) model to increase access where there is demand. We continue to work to tackle the lack of diversity in the puppetry sector, offering professional development and employment opportunities to underrepresented groups, including training for emerging puppeteers and designers. We will continue to develop our school partnership programme with 8 Islington primary schools, as well as working to deliver 11by11 (an Islington Council scheme to deliver 11 cultural opportunities to all local school children by year 11).

Young people in hospital have been disproportionately impacted by the pandemic, and we from ideas and stories from young people at Great Ormond Street) enabling it to tour last summer. Our community remains at the heart of everything we do and we are thrilled to have secured funding for our community programme for the upcoming financial year deepening our relationships with local partners and delivering weekly sessions for local residents and a number of bespoke projects.

Going concern

We have considered the ongoing effects of the outbreak of Covidoperations and have concluded that the impact on it is likely to be manageable. We have adapted our business plan and operations, facilitating meaningful output and have a detailed plan that enables an effective operation to continue in a variety of possible scenarios, including both live and digital outputs.

Trustees acknowledge and recognise there is an ongoing potential impact of the Covid-19 pandemic on the operations of the charity, its beneficiaries, partners and stakeholders and on wider society. As well as the personal risk to health of its staff, the charity may lose planned income as the result of the cancellation of events and/or the absence of key personnel, although there may be some expenditure savings also. It is not anticipated at the current time that the overall financial position of the charity will be adversely affected or its financial solvency threatened, and that these risks are being proactively and effectively managed.

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Structure, Governance & Management

Governing document

The Theatre is constituted as a charitable incorporated organisation (CIO) and is therefore governed by its constitution.

Appointment of Trustees

Apart from the first charity trustees (who have defined terms in the constitution), every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. A charity trustee who has served for one term may be reappointed for a second consecutive term but may not be reappointed for a third term without an interval of at least one year.

Trustee induction and training

New Trustees receive an information pack to brief them on their legal obligations under meet key employees and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Trustees

The following served as Trustees during the year and up to the date of signing this report, except where shown:

Trustee Appointed / Retired / Resigned
J Bierman Resigned 14thOctober 2021
L Cotton
E Lewis
L La Rocque
C Lowry
C Owen (Chair)
L Stanfield
S Wright
S Zhu

Organisation

The Board of Trustees administers the Charity. The Board meets at least quarterly and there is a sub-committee covering finance. The Chief Executives are appointed by the Trustees to manage the day-to-day operations of the Charity Artistic Director Samantha Lane has been in this post since June 2015, and Executive Director Peta Swindall has been appointed as joint CEO from April 2021. To facilitate effective operations, the joint Chief Executives alongside other key management personnel (the Senior Producer, the Head of Development, the Head of Commercial Development and the Head of Creative Learning) have delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and artistic performance related activities.

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Structure, Governance & Management (continued)

Related parties

The Charity works collaboratively with other theatres. Certain trustees and key management personnel have roles at other theatres. Further details are provided within the notes to the financial statements.

Risk management

The Trustees have a risk management strategy which comprises:

An annual review of the risks the Charity may face;

The Trustees have assessed the major risks to which the Theatre is exposed, in particular the ongoing uncertainty around the impacts of Covid-19, reliance on successful fundraising performance, the overstretching of human resources, fostering an environment in which the creative team are able to take risks and those related to the operations, policies, procedures and finances of the Theatre. They are satisfied that systems are in place to mitigate our exposure to the major risks identifying specific areas of risk and giving an impetus for better planning through regular review of the organisational risk register. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the Trustees.

Key strategic risks which are currently being closely monitored and reviewed include:

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Structure, Governance & Management (continued)

Key management personnel

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the members of the Board, the Artistic and Executive Directors (joint Chief Executives), the Senior Producer, the Head of Development, the Head of Commercial Development and the Head of Creative Learning. The organisation has a salary scale with bands covering all personnel within the organisation, including Key Management Personnel. Changes to levels of pay for employees can be made in line with this document and alongside the annual appraisal process, with objectives linked to the key strategic aims of the organisation, that all permanent employees complete. Salaries are benchmarked annually and scale is reviewed by the Executive in response to this and adjusted where appropriate and financially deliverable, subject to the approval of the Board. Executive pay reviews follow a similar model, however they are undertaken by the Board.

The trustees are responsible for prepar accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provi also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Structure, Governance & Management (continued)

(continued)

The trustees are responsible for the maintenance and integrity of the charity and financial governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

This report was approved by the board on and authorised to sign on its behalf by

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Independent

trustees of Little Angel Theatre

Opinion

for the year ended 31

March 2022, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 1 Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in on of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The other information comprises the information included in the annual report and financial statements, other than the financial

are responsible for the other information contained within the annual report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for ass continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity obtaining an understanding of how fraud might occur, by:

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(continued) In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

reading the minutes of meetings of those charged with governance; and

enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

report.

Use of our report

of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to t are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the ees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 25 November 2022

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Little Angel Theatre 20

Statement of financial activities 31 March 2022

Notes Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2022
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£
Income and endowments from:
Donations and legacies
. Donations
1
. Grants
2
Charitable activities
. Show, touring and education
3
Other trading activities
. Enterprise income
Investment
4
Other sources
Total
Expenditure on:
Raising funds
5
Enterprise
6
Investment
7
Charitable activities
. Shows
8
. Touring
8
. Education
8
Total
Net (expenditure) income
Other recognised gains
Unrealised gains on investment
assets
21
Net movement in funds for the
year
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 64,686
370,219
486,034
101,665
64,500		 8,870
107,798		 73,556
478,017
486,034
101,665
64,500		 86,554
644,047
128,852
2,772
62,228
14,022		 540,460 86,554
1,184,507
128,852
2,772
62,228
14,022
1,087,104 116,668 1,203,772 938,475 540,460 1,478,935
68,709
82,190
18,811
741,081
73,119
133,072		 15,000
249,264
37,836
136,230		 83,709
82,190
18,811
990,345
110,955
269,302		 59,373
18,828
19,000
318,387
92,720
158,823		 14,489
115,621
88,688		 73,862
18,828
19,000
434,008
92,720
247,511
1,116,982 438,330 1,555,312 667,131 218,798 885,929
(29,878)
70,000		 (321,662) (351,540)
70,000		 271,344
80,000		 321,662 593,006
80,000
40,122 (321,662) (281,540) 351,344 321,662 673,006
1,893,359 321,662 2,215,021 1,542,015 1,542,015
1,933,481 1,933,481 1,893,359 321,662 2,215,021

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 29 to 37 form part of these accounts.

Little Angel Theatre 21

Balance sheet 31 March 2022

Notes 2022
£		 2022
£		 2021
£		 2021
£
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Stock
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: Amounts falling due
within one year
18
Net current assets
Net assets
The funds of the charity
Restricted funds
22
Unrestricted funds
. General funds
21
. Designated funds
21
. Revaluation reserve
21		 8,011
132,689
340,908		 28,140
85,067
1,600,000		 5,824
230,080
514,671		 86,051
1,530,000
1,713,207
220,274		 1,616,051
598,970
481,608
(261,334)		 750,575
(151,605)
1,933,481 2,215,021
338,846
17,942
1,576,693		 321,662
315,137
71,529
1,506,693
1,933,481 2,215,021

Approved by the trustees and signed on their behalf by:

Approved on:

The notes on pages 29 to 37 form part of these accounts.

Little Angel Theatre 22

Statement of cash flows Year to 31 March 2022

Notes 2022
£		 2021
£
Cash flows from operating activities:
Net cash provided by (used in) provided by operating activities
A
Cash flows from investing activities:
Rental income received
Fixed asset purchases
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2021
B
Cash and cash equivalents at 31 March 2022
B		 (176,035) 342,125
64,500
(62,228)		 62,142
(32,220)
86
2,272 30,008
(173,763)
514,671		 372,133
142,538
340,908 514,671

Notes to the statement of cash flows for the year to 31 March 2022.

A Reconciliation of net movement in funds to net cash used in operating activities
2022
£
Net movement in funds (as per the statement of financial activities)
(281,540)
Adjustments for:
Amortisation charge
13,860
Depreciation charge
21,212
Interest receivable
Rental income receivable
(64,500)
(Increase) decrease in stock
(2,187)
Decrease (increase) in debtors
97,391
Increase (decrease) in creditors
109,729
Unrealised gain on revaluation
(70,000)
Net cash used in operating activities
(176,035)		 Reconciliation of net movement in funds to net cash used in operating activities
2022
£
Net movement in funds (as per the statement of financial activities)
(281,540)
Adjustments for:
Amortisation charge
13,860
Depreciation charge
21,212
Interest receivable
Rental income receivable
(64,500)
(Increase) decrease in stock
(2,187)
Decrease (increase) in debtors
97,391
Increase (decrease) in creditors
109,729
Unrealised gain on revaluation
(70,000)
Net cash used in operating activities
(176,035)		 2021
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Amortisation charge
Depreciation charge
Interest receivable
Rental income receivable
(Increase) decrease in stock
Decrease (increase) in debtors
Increase (decrease) in creditors
Unrealised gain on revaluation
Net cash used in operating activities		 (281,540)
13,860
21,212
(64,500)
(2,187)
97,391
109,729
(70,000)
(176,035)		 673,006
1,772
17,456
(86)
(62,142)
622
(78,946)
(129,557)
(80,000)
342,125
B Analysis of cash and cash equivalents 2022
£		 2021
£
Total cash and cash equivalents:cash at bank and in hand 340,908 514,671

Little Angel Theatre 23

Principal accounting policies 31 March 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 March 2022 with comparative information given in respect to the year to 31 March 2021.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Assessment of going concern

The trustees have assessed the position of the charity as a going concern in preparing this report and financial statements. They have made this assessment, in respect of a period of operational plan and response to the Coronavirus pandemic; budgets and cashflow forecasts to 31 October 2023; the forecast reserves position at 31 October 2023; its evolving plans for the period to 31 October 2023; and its commitment to moving to a more flexible and financially viable business model.

Little Angel Theatre has secured 65% of the fundraised income that it requires to balance its budget in the current (2022-23) financial year at the point of signing off these financial statements. This year the organisation continues to shift its reliance towards earnt income as the live programme of output continues to grow, but these projections are conservative. Funding secured includes grants from a mixture of pre-existing and new funders.

depend on continued forward secured funding, the Trustees have considered several factors in concluding that the adoption of the going concern basis in the preparation of these financial statements is appropriate. These have included:

Little Angel Theatre 24

Principal accounting policies 31 March 2022

Assessment of going concern (continued)

After making this assessment the Trustees are confident the organisation has adequate resources to operate for the foreseeable future and can adopt the Going Concern basis in preparing its financial statements.

The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern, and the charity will have sufficient resources to meet its liabilities as they fall due.

Critical accounting estimates and areas of judgement

The preparation of the accounts in compliance with SORP FRS 102 requires the use of certain critical accounting estimates. It requires also that management and Trustees exercise

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities as the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

In preparing these accounts, the Trustees have made significant estimates and judgements in the following areas:

Income recognition

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Donations are received by way of cash and gifts and are included in full in the Statement of Financial Activities when receivable. Cash donations are included as income when they are received. Gifts donated for resale are included as income when they are sold. Donated assets are included at the value to the charity where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers has not been included.

Little Angel Theatre 25

Principal accounting policies 31 March 2022

Income recognition (continued)

Grants, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Income from charitable activities represents the total value of box office income, income from tours and education, received by the charity from customers during the year, excluding value added tax.

Trading income from merchandising and refreshments from shows is recognised on receipt.

Rental income from the investment property is recognised over the period of the agreement.

Interest on funds held on deposit is included in the year in which it is receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is included in the statement of financial activities when incurred and includes any attributable VAT which cannot be recovered.

Expenditure comprises the following:

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned based on the estimated staff time spent on raising funds, charitable activities and associated ancillary trading activities, and managing the investment property.

Little Angel Theatre 26

Principal accounting policies 31 March 2022

Intangible fixed assets and amortisation

Goodwill 5% on cost

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.

Website Development 33.3% on cost

Tangible fixed assets and depreciation

Fixed assets are included at cost and depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Freehold land and buildings 2.5% on cost Fixtures, fittings and equipment 20% reducing balance Motor vehicles 25% on cost Lighting system 10% on cost IT equipment 20% on cost Leasehold improvements 10% on cost

Investments

The valuation of the investment property, which is rented out to third party tenants, is based on current open market valuation. These properties are not depreciated.

Unrealised gains (or losses) on the investment property are calculated as the difference between the open market value at the year end and the carrying value at that date. Unrealised gains (or losses) are credited (or debited) in the year in which they arise.

Stock

Stock is stated at the lower of cost and net realisable value.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Little Angel Theatre 27

Principal accounting policies 31 March 2022

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Basic financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value.

Fund structure

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions.

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objects.

Designated funds are monies set aside of unrestricted general funds and designated for specific purposes by the trustees.

property.

Leases

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged on a straight-line basis over the lease term.

Pensions

Contributions in respect of defined contribution pension schemes are charged to the contributions are restricted to the contributions disclosed in note 11. There were no outstanding contributions at the year end. The charity has no liability beyond making its

Taxation

The Little Angel Theatre is a registered charity and therefore not liable to income tax or corporation tax on income derive from its charitable activities, as it falls with the various exemptions available to registered charities.

Little Angel Theatre 28

Notes to the financial statements 31 March 2022

1. Income from donations

Income from donations
Unrestricted
funds
£		 Restricted
funds
£		 2022
Total
funds
£		 2021
Total
funds
£
Members
Regular, one-off and other donations
Total 2022		 319
64,367
64,686		 8,870
8,870
Unrestricted
funds
£		 319
73,237
73,556
Restricted
funds
£		 1,540
85,014
86,554
2021
Total
funds
£
Members
Regular, one-off and other donations
Total 2021		 1,540
85,014
86,554		 1,540
85,014
86,554

2. Income from grants

----- Start of picture text -----
2022 2021
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Arts Council England 257,465 17,642 275,107 334,430
CJRS grant (furlough) 32,881 32,881 190,484
London Borough of Islington 34,143 17,500 51,643 63,642
5,000 5,000
Foyle Foundation 25,000 25,000
Fenton 5,000 5,000
Greenpeace 5,000 5,000
Radcliff Foundation 5,000 5,000
Trusthouse 5,000 5,000
NESTA 13,461
Garfield Weston 251,662
Backstage Trust 57,921
Paul Hamlyn Foundation 20,000
Cripplegate Foundation 20,000
The Austin and Hope Pilkington Trust 5,000
Children in Need 9,716 9,716
The Froebel Trust 754
Ernst Hecht 80,000
City of London 29,428
Garrick Charitable Trust 5,000
The Julia and Hans Rausing Trust 89,150
Grants under £5,000 20,730 37,940 58,670 23,575
Total 2022 370,219 107,798 478,017 1,184,507
----- End of picture text -----

Little Angel Theatre 29

Notes to the financial statements 31 March 2022

2. Income from grants (continued)

----- Start of picture text -----
2021
Unrestricted Restricted Total
funds funds funds
£ £ £
Arts Council England 270,000 64,430 334,430
CJRS grant (furlough) 190,484 190,484
London Borough of Islington 47,142 16,500 63,642
NESTA 13,461 13,461
Garfield Weston 251,662 251,662
John Ellerman
Backstage Trust 57,921 57,921
Paul Hamlyn Foundation 20,000 20,000
Cripplegate Foundation 20,000 20,000
The Austin and Hope Pilkington Trust 5,000 5,000
Children in Need
The Froebel Trust 754 754
Ernst Hecht 10,000 70,000 80,000
City of London 29,428 29,428
Garrick Charitable Trust 5,000 5,000
The Julia and Hans Rausing Trust 43,550 45,600 89,150
Grants under £5,000 14,950 8,625 23,575
Total 2021 644,047 540,460 1,184,507
----- End of picture text -----

3. Income from charitable activities

Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2022
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£
Box office
Touring
Education
Theatre tax relief		 361,662
31,870
10,500
82,002
486,034		 361,662
31,870
10,500
82,002
486,034		 35,618
13,044
65,174
15,016
128,852		 35,618
13,044
65,174
15,016
128,852

4. Income from investments

Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2022
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£
Income from investment
properties
Interest received		 64,500
64,500		 64,500
64,500		 62,142
86
62,228		 62,142
86
62,228

Little Angel Theatre 30

Notes to the financial statements 31 March 2022

5. Expenditure on raising funds

Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2022
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£
Direct costs
Staff costs (note 11)
Support costs (note 9)		 729
49,580
18,400
68,709		 15,000
15,000		 729
64,580
18,400
83,709		 44,724
2,219
12,430
59,373		 14,489
14,489		 59,213
2,219
12,430
73,862

6. Expenditure on enterprise

Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2022
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£
Direct costs
Staff costs (note 11)
Support costs (note 9)		 20,452
48,620
13,118
82,190		 20,452
48,620
13,118
82,190		 1,967
13,706
3,155
18,828		 1,967
13,706
3,155
18,828

7. Expenditure on managing investment

Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2022
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£
Staff costs (note 11)
Support costs (note 9)		 15,087
3,724
18,811		 15,087
3,724
18,811		 16,044
2,956
19,000		 16,044
2,956
19,000

8. Expenditure on charitable activities

Expenditure on charitable activities
Direct
costs
£		 Staff
costs
(note 11)
£		 Support
costs
(note 9)
£		 2022
Total
£		 2021
Total
£
Shows
Touring
Education		 537,400
33,602
63,771
634,773		 293,470
52,771
133,869
480,110		 159,475
24,582
71,662
255,719		 990,345
110,955
269,302
1,370,602		 434,008
92,720
247,511
774,239
Direct
costs
£		 Staff
costs
(note 11)
£		 Support
costs
(note 9)
£		 2021
Total
£
Shows
Touring
Education		 118,759
15,827
39,512
174,098		 217,856
60,545
142,398
420,799		 97,393
16,348
65,601
179,342		 434,008
92,720
247,511
774,239

Little Angel Theatre 31

Notes to the financial statements 31 March 2022

9. Support costs

Support costs
2022
Total
£		 2021
Total
£
Depreciation
Amortisation
Governance costs
Other costs		 21,215
13,860
15,020
240,866		 17,456
1,772
12,028
166,627
290,961 197,883
Net movement in funds
This is stated after charging:		 2022
£		 2021
£
Staff costs (note 11)
. Statutory audit services (current year)
. Statutory audit services (prior year)
. Non audit services
Depreciation
Amortisation		 608,397
7,800
1,820
5,400
21,215
13,680		 509,762
7,050
2,900
3,100
17,456
1,772

10. Net movement in funds

11. Employees

The average monthly numbers of employees during the year were:

2022
No.		 2021
No.
Arts department
Administration
Technical
Education		 12
1
5
4		 9
2
5
4
22 20
2022
£		 2021
£
Employment costs
Salaries and wages
Social security costs
Pension costs		 551,254
45,418
11,725		 462,989
36,699
10,074
608,397 509,762

There were no employees during the year with emoluments above £60,000 (2021 none).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the members of the Board, the Artistic and Executive Directors (joint Chief Executives), the Senior Producer, the Head of Development, the Head of Commercial Development and the Head of Creative Learning. The key management personnel for the year was £224,647 (2021 £202,723).

Little Angel Theatre 32

Notes to the financial statements 31 March 2022

12. Members of the Board

No members of the Board received any remuneration in respect of their service during the year (2021 none).

No members of the Board received reimbursement of expenses in the year (2021 none).

13. Taxation

Little Angel Theatre Company is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

14. Intangible fixed assets

----- Start of picture text -----
Website and
brand
development Goodwill Total
£ £ £
Cost
At 1 April 2021 35,576 35,576
Additions 42,000 42,000
At 31 March 2022 42,000 35,576 77,576
Provision for diminution in value
At 1 April 2021 35,576 35,576
Charge for the year 13,860 13,860
At 31 March 2022 13,860 35,576 49,436
Net book values
At 31 March 2022 28,140 28,140
At 31 March 2021
----- End of picture text -----

15. Tangible fixed assets

----- Start of picture text -----
Land and Fixtures, Leasehold
buildings fittings and Motor IT improve-
freehold Lighting equipment vehicle equipment ment Total
£ £ £ £ £ £ £
Cost
At 1 April 2021 39,042 162,764 72,289 5,500 29,278 60,477 369,350
Additions 3,045 7,581 3,908 797 4,897 20,228
At 31 March 2022 42,087 170,345 76,197 5,500 30,075 65,374 389,578
Depreciation
At 1 April 2021 27,634 147,847 60,209 4,102 16,770 26,737 283,299
Charge for the
year 1,585 4,544 3,523 1,398 3,061 7,101 21,212
At 31 March 2022 29,219 152,391 63,732 5,500 19,831 33,838 304,511
Net book values
At 31 March 2022 12,868 17,954 12,465 10,244 31,536 85,067
At 31 March 2021 11,408 14,917 12,080 1,398 12,508 33,740 86,051
----- End of picture text -----

Little Angel Theatre 33

Notes to the financial statements 31 March 2022

16. Fixed asset investment

Fixed asset investment
Investment property Total
2022
£
1,530,000
70,000
1,600,000		 Total
2021
£
1,450,000
80,000
1,530,000
At 1 April 2021
Net unrealised gains on revaluation
At 31 March 2022

The investment property is situated in the UK. The investment property was revalued at market value as at 31 March 2022 by an external valuer, Neilson & Bauer Ltd.

17. Debtors

Debtors
2022
£		 2021
£
Trade debtors
Other debtors
Prepayments and accrued income		 18,862
7,250
106,577		 18,129
7,250
204,701
132,689 230,080

18. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022
£		 2021
£
Trade creditors
Taxes and social security costs
Other creditors
Accruals and deferred income		 2,834
(5,402)
14,650
249,252		 2,834
24,346
14,650
109,775
261,334 151,605

Deferred income relates to grants and ticket sales received in advance.

Deferred income reconciliation:

2022
£		 2021
£
Deferred income at 1 April
Amounts deferred during the year
Amounts released during the year
Deferred income at 31 March		 80,970
161,981
(80,970)		 80,970
161,981 80,970

19. Lease commitments

The total value of the minimum lease payments under non-cancellable operating leases were as follows:

Land and buildings 2022
£		 2021
£
Within a year
Two to five years
More than five years		 32,368
129,472
161,840		 29,500
118,000
196,667
323,680 344,167

Little Angel Theatre 34

Notes to the financial statements 31 March 2022

20. Analysis of net assets between funds

----- Start of picture text -----
Unrestricted funds
2022 2021
General Designated Revaluation Restricted Total Total
funds funds reserve funds funds funds
£ £ £ £ £ £
Fund balances at 31 March
2022 as represented by:
Intangible fixed assets 28,140 28,140
Tangible fixed assets 85,067 85,067 86,051
Investment assets 23,307 1,576,693 1,600,000 1,530,000
Current assets 463,666 17,942 481,608 750,575
Current liabilities (261,334) (261,334) (151,605)
338,846 17,942 1,576,693 1,933,481 2,215,021
----- End of picture text -----

Fund balances at 31 March 2021 as
represented by:
Intangible fixed assets
Tangible fixed assets
Investment assets
Current assets
Current liabilities
21. Unrestricted funds		 Unrestricted funds
General
funds
£
Designated
funds
£
Revaluation
reserve
£
86,051
23,307
1,506,693
357,384
71,529
(151,605)
315,137
71,529
1,506,693		 Unrestricted funds
General
funds
£
Designated
funds
£
Revaluation
reserve
£
86,051
23,307
1,506,693
357,384
71,529
(151,605)
315,137
71,529
1,506,693		 Restricted
funds
£
321,662
321,662		 2021
Total
funds
£
86,051
1,530,000
750,575
(151,605)
2,215,021
General
funds
£
86,051
23,307
357,384
(151,605)
315,137		 Designated
funds
£
71,529
71,529

----- Start of picture text -----
At 1 At 31
April Transfers March
2021 Income Expenditure and gains 2022
£ £ £ £ £
Designated fund buildings 15,269 15,269
Designated fund creative 2,673 2,673
Designated fund - committed 53,587 (53,587)
Revaluation reserve 1,506,693 70,000 1,576,693
General funds 315,137 1,087,104 (1,116,982) 53,587 338,846
1,893,359 1,087,104 (1,116,982) 70,000 1,933,481
At 1
April Transfers At 31 March
2020 Income Expenditure and gains 2021
£ £ £ £ £
Designated fund buildings 15,269 15,269
Designated fund creative 2,673 2,673
Designated fund - committed 53,587 53,587
Revaluation reserve 1,426,693 80,000 1,506,693
General funds 97,380 938,475 (667,131) (53,587) 315,137
1,542,015 938,475 (667,131) 80,000 1,893,359
----- End of picture text -----

General funds represent those funds that are unrestricted and not designated for specific purposes.

Little Angel Theatre 35

Notes to the financial statements 31 March 2022

21. Unrestricted funds (continued)

The designated building fund was for improvements to the fabric of the theatre building.

The designated creative fund was created in 2015/16 to enable artistic innovation in future programming. It is anticipated that there will be some contribution from this fund into the development of our digital strand of activity.

The designated committed fund relates to grant income that has been received in the current financial year, but has been committed to / ringfenced against activity which is taking place in the next financial year.

The revaluation reserve represents unrealised gains on revaluation of the investment property at 41 Cross Street. Movements in unrealised gains during the year were as follows:

At 1 April
2021
£		 Change in
market
value
£		 At 1 March
2022
£
Revaluation gains 1,506,693 70,000 1,576,693
At 1 April
2020
£		 Change in
market
value
£		 At 1 March
2021
£
Revaluation gains 1,426,693 80,000 1,506,693

22. Restricted funds

Restricted funds
At 1
April
2021
£
321,662
321,662
At 1
April
2020
£		 Income
£
116,668
116,668
Income
£		 Expenditure
£		 Transfers
£		 At 31
March
2022
£
Restricted funds
Total restricted funds
Restricted funds
Total restricted funds		 (438,330)
(438,330)
Expenditure
£		 Transfers
£		 At 31
March
2021
£
540,460
540,460		 (218,798)
(218,798)		 321,662
321,662

Restricted funds comprise amounts of grants and other income accrued in relation to specific projects. Restricted funds were received from 23 grant awarding bodies (as stated in Note 2). These grants were awarded in relation to specific projects, some of which concluded during this financial year, and some which are due to take place in future financial years.

Little Angel Theatre 36

Notes to the financial statements 31 March 2022

23. Related party transactions

The following related party transactions took place during the reporting period:

Little Angel Theatre 37