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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 01058397 (England and Wales) REGISTERED CHARITY NUMBER: 264359

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

THE BUBBLE THEATRE COMPANY LIMITED

Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

THE BUBBLE THEATRE COMPANY LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2021

Page
Chair's Report 1
Report of the Trustees 2 to 9
Report of the Independent Auditors 10 to 11
Statement of Financial Activities 12
Balance Sheet 13 to 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 25
Detailed Statement of Financial Activities 26 to 27

THE BUBBLE THEATRE COMPANY LIMITED

CHAIR'S REPORT

for the Year Ended 31 March 2021

The year from April 2020 to March 2021 will never be forgotten by most of us; the year that everything changed.

As we look back, we are grateful that we have come through the first two years of a global pandemic as a functioning charity with a full creative programme serving the local community. Our members have remained our priority throughout, and their needs have shaped all the decisions we've made along the way.

The support and understanding of our funders has been vital and we are grateful to so many for their flexibility as project plans have been regularly revised and adapted.

During this most turbulent time, much had to change for London Bubble. Above all, we had to find ways to make live theatre happen remotely and to engage during lockdown with our members, many of whom are socially excluded. In addition, Jonathan Petherbridge (Peth), our hugely influential Creative Director and CEO for 32 years, stepped down and so we took the opportunity fully to review and start to restructure our organisation. Necessity has certainly been the mother of invention. Not only have we adapted our activities in ways we hadn't previously imagined, but we also moved for the first time to an all-female joint leadership team, planned external recruitment in 2022 of at least 6 new trustees and delivered a more streamlined programme.

Over the first 6 months of the 2021-22 year, we agreed to support the ambitions of Speech Bubbles, one of our flagship programmes, to become a national independent organisation and Charitable Incorporated Organisation (CIO) by Autumn 2021. London Bubble will continue to deliver Speech Bubbles as the originating partner in schools in our local boroughs.

From the end of March 2021, we have been preparing to celebrate the 10th anniversary of our Young Theatre Makers programme in Autumn 2021 and then in 2022 the 50th anniversary year of London Bubble. The good news is that, in spite of remaining significant financial and other challenges, we look and plan ahead with a refined mission, a heap of pride and great resilience. We are determined to go forward and share our great ways of making theatre with as many people as possible.

Many thanks and very best wishes,

Simon Hughes, Chair, London Bubble Trustees

Page 1

THE BUBBLE THEATRE COMPANY LIMITED

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

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 March 2021. 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 2019).

OBJECTIVES AND ACTIVITIES

Purposes and Activities

The Company is a Registered Charity and its principal object, as detailed in the Memorandum and Articles of Association, continues to be the advancement of the education of the public through the promotion and support of the art of the theatre and music.

In shaping our activities and objectives for the year the trustees have considered the Charity Commission's guidance on public benefit, including on fee charging. We are passionate about making cultural activity accessible. All our activities in 20-21 were offered free of charge to participants, which is a strategy we hope to continue.

Vision, mission and organisational redesign

Consultant Dawn Langley from Alchemy Solutions worked with us through the year and deftly led the staff team and board through a process of reflection and imagination, culminating in a refined mission statement:

London Bubble Theatre frees people's creative voices to foster a more connected and equal society.

We care about Creativity. We care about Community. We care about Connection.

The staff team are united in the belief that social justice drives all our work as we continue to make theatre which showcases the stories of those who so often go unheard and unseen.

We redefined our focus to prioritise three groups in our communities most negatively impacted by the pandemic:

We believe that our projects improve the social and emotional wellbeing of our members and participants. Many report that they have poor mental health and lack of relationships and so we build opportunities to eat, drink and socialise together into arts projects.

The art of making theatre remains our core purpose. People sharing stories with audiences large and small. Shared experiences. Communal joy, tears and exploration. A sense of togetherness.

ACHIEVEMENT AND PERFORMANCE Achievements and performance

In 2020-21, London Bubble delivered:

Page 2

THE BUBBLE THEATRE COMPANY LIMITED

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

Programme activity in 2020-21

We delivered a reduced but still significant programme despite having to make use of the furlough scheme and operate with fewer staff.

Speech Bubbles

As has become custom, we decided on an area of study for this eleventh year of Speech Bubbles. We set out to focus on positive ways to support the children's behaviour within the Speech Bubbles sessions. This was connected to the PRIDE model of positive behavioural support which we came across through the work of Melanie Cross (Speech and Language Therapist). In addition, we engaged with the oracy agenda and provided evidence to the Oracy All Party Parliamentary Group on the long-term benefits of working though creative practice to support children's communication.

Due to the closure of schools and reduction of visitors allowed onsite, flexibility was key. Despite the closing down of the programme two thirds of the way through the academic year, we committed to continue to pay those freelancers through to the end of their contracts. During this time the freelance artists maintained contact with their school staff, contributed to the resource packs and attended training. One freelancer made a video of the last story that the children had created, one made a booklet of the children's group stories and yet another made a lesson video for use by the school staff in the alternative education setting that she was working in.

Despite school closures and lockdowns we successfully:

The impact of school closures and lockdowns on children's development remains to be seen but this year has cemented our belief in the value of this programme. As one of our Speech Bubbles practitioners reflected:

"at a time when children and the adults around them may be experiencing a heightened range and intensity of feelings, Speech Bubbles provides a platform to hear them. Being able to embody these different feelings together, find words to describe them, and explore them through the characters in their stories creates the space for children to practice communicating the feelings that they previously could not name."

Out of respect for the time and additional responsibilities placed on school leaders we didn't request post-project assessments from the participating schools. For that reason, we have no reliable information on the impact of the programme on the participating children in this year.

We received disappointing news that the Education Endowment Foundation (EEF) was delaying the reporting of findings of the national Learning About Culture (LAC) research trial. The initial delay in findings was from April 2020 to September 2020 and this was due to a lack of a clear data sharing agreement between the research partners and the Department for Education. The results have now been further delayed and are expected to be published after March 2021. Speech Bubbles is one of five interventions that have been studied. Despite the delay in reporting, in its eleventh year we still managed to launch the programme in a total of 46 schools nationally.

Speech Bubbles has flourished within London Bubble. The breadth of national delivery and potential for additional theatre partners supports the project's ambition to reach as many children as possible, particularly in the wake of the pandemic. We ended the year with plans in development for Speech Bubbles to launch as an independent CIO for the 2021-22 academic year, with London Bubble continuing to deliver the project locally as the originating partner.

Page 3

THE BUBBLE THEATRE COMPANY LIMITED

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

ACHIEVEMENT AND PERFORMANCE Participatory groups

One of the most challenging decisions of this year was to agree that the organisation had insufficient capacity and resources to deliver adapted versions of our weekly drama groups for children and adults. Despite requests for online activity and summer provision (when restrictions lifted) we felt we had to prioritise grant-funded activity and securing the future of the organisation.

This has been disappointing for local families and has confirmed the need for arts provision. This learning, together with consultation with families, will help us shape future projects as we grow and develop our three main programme strands.

Young People's Programme

Young people's projects largely took place online and we adapted our practice in many cases to incorporate making films. This enabled creative exploration, character development, storytelling and sharing with an audience to happen despite lockdowns.

At the very start of lockdown, we created activity booklets which were made available online and shared as daily creative tasks via social media.

We decided against running online a new cohort of our flagship programme for 18-25s, Young Theatre Makers , feeling that it wouldn't offer the same level of experience for anyone involved. Instead, we redirected funding and developed rich and meaningful projects for those 18-25s with whom we have ongoing relationships and who made it clear they would benefit from continued arts opportunities. For 6 months, we had weekly check-ins via zoom, where 18-25s were welcome to drop in, play drama games and flex their creative muscles. Our regular 'First Friday' monthly masterclasses took place with guest artists delivering online workshops.

We are grateful to Company Three who made their Coronavirus Time Capsule project available to other companies; our 18-25s participated for 15 weeks, documenting their lockdown experience through film. Week by week they recorded in response to what was happening around them including themes such as social distancing, food, hopes for the future, mental health and Black Lives Matter. The films were posted online and shared via social media.

"The Coronavirus time capsule has given me a small sense of normal routine, like a reason to wake up a bit earlier than I would otherwise, something to look forward to at the end of the week."

Inspired by the revamped version of Alan Bennett's Talking Heads, we launched South London Stories , a project which paired 18-25s with professional writers to develop monologues set in South London. This process happened online and the films were made outdoors when restrictions allowed. The project enabled us to build relationships with writers of an extremely high calibre and provide employment to freelance artists at a time which felt quite bleak. We were also able to commission an emerging local film maker to shoot and edit the material. Our online premiere featured eight brand new short films and attracted an international audience of 85 households. There have now been over 1000 views on YouTube.

"I think I have helped create a very moving story which comes from my heart and my life experience that a lot of other people can connect to."

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THE BUBBLE THEATRE COMPANY LIMITED

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

ACHIEVEMENT AND PERFORMANCE

The year saw a large amount of partner projects. We were glad that partners were keen to take projects online in order to engage vulnerable young people. These included:

One of the most disrupted programmes was Playing Safe , an intervention for year 6 children at risk of serious youth violence. Schools were not in a position to bring outside partners in during the summer term and so the project was postponed. Only two of the six schools were keen for the project to take place in the spring term, one in person and one virtually. Both were very successful. In preparation for this, we filmed the play which is shown to start the project and this remains a useful resource. We also have a film edited from zoom footage which was created by one of the schools.

As well as maintaining delivery of projects for young people, we continued to work with the services which support young people. We were commissioned to develop creative contributions based on case studies for:

Research into the impact of our Creating Justice programme continued to take place remotely with focus groups and interviews being conducted online. The final report by independent researchers Ellie Mendez Sayer and Sophie Reid is due to be disseminated in early 2022.

Training for staff in Trauma Informed Practice and Communication Needs was co-designed and led by Bubble staff and visiting specialists. This also took place online.

All of the Young People's Programme projects mentioned created opportunities for us to employ freelance artists, many of whom have completed our Young Theatre Makers programme and might otherwise be unemployed.

Page 5

THE BUBBLE THEATRE COMPANY LIMITED

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

ACHIEVEMENT AND PERFORMANCE Older Adults Programme

The Covid 19 pandemic gave us an opportunity to test new methods of creative practice with older adults. Previously, all our activities for people aged 55 and over had taken place face-to-face in a group setting. This year has seen the project adapt to delivery by phone, post, online and, when possible, socially distanced in person.

Thinking back to April 2020, we weren't sure if any of it would work. What we discovered is that delivering differently could help us identify the key elements of our practice which need to be in place to enable participants to take imaginative leaps, surprise themselves and play. We continue to be amazed and grateful to our participants for their adaptability, resilience and support.

As we piloted different ways of delivering the programme, our aims were to:

During the year we:

Despite the restrictions of lockdown, developing our use of technology for the programme meant that we were able to do new things that we would never have previously considered possible.

We delivered weekly online sessions for the Rotherhithe Shed and Creative Homes . Facilitators from Bubble and our partner organisation, Time & Talents, prepared a variety of activities, matching as closely as possible the relaxed, social atmosphere of the Shed with opportunities for members to bring their own creative contributions. Members gave tours of their practical spaces at home, shared advice to each other on mending and maintenance, took part in DIY themed quizzes and welcomed guest speakers.

Our online Creative Homes groups discovered incidental practices which became the norm as we adapted to a new style of being creative together. Participants and artists recognised the increased value of having a focus in the week to look forward to:

"It's an important part of my life, being creative is something that has always been important to me. It's a focus when you're not seeing many people to concentrate on something else, other than the fact that you're not seeing people."

Continuing the programme in a variety of ways provided connection and community during an isolating time. This year has reminded us of the value of collaborative, creative work and practice which is responsive and person-centred. One of our freelance artists told us:

"I've been amazed by the creative homes group that I work with. Pre-pandemic, we maybe were less likely to appreciate the social and emotional benefits of being part of a collaborative group. A good group, like a family, takes care of its own."

Charting the Mayflower

We concluded 2020-21 with performances of 'The Arrival' at the Finnish Church and published the last of three booklets. A new draft of the script of ‘The Inquiry’ was read, feedback gathered, and rehearsals scheduled for April onwards, leading towards the 400th anniversary in November 2020 and our planned performances in August and November.

As with all Bubble activities, the pandemic changed our plans completely. Undeterred, 'Zooming the Mayflower' was launched. People were reeling from the shock of Covid and lockdown and these sessions were welcomed as a creative and therapeutic response. The group experimented with how research could now be shared (focussing largely on the Wampanoag perspective). The group learned to use their phones to make films which were then edited by the project director into artful and moving pieces and shared on the Bubble website. Discussions continued with Southwark Cathedral about a socially distanced promenade piece using outdoor spaces.

Page 6

THE BUBBLE THEATRE COMPANY LIMITED

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

ACHIEVEMENT AND PERFORMANCE

The group reconvened in October, and new participants joined making a core group of 15. Using a hybrid of film and live performance the group created ‘The Consequences’ which was shared online, playing to the maximum technical capacity of 100, including people from Brazil, US, Australia, Scotland and Holland. The webinar event coincided with Thanksgiving - or the National Day of Mourning, a term which reflects Native American heritage and the role Thanksgiving played in the lives of their ancestors.

By December we agreed the final performance would be in March - hopefully live but with contingency plans to work online. This did not deter participants - again new volunteers joined the project. The script was rewritten drawing together the research garnered over the ‘Charting the Mayflower’ project and, as it became clear the event could not be live, group-created film inserts and live sections.

‘The Enquiry’ was performed online on the 27th and 28th March. The adaptation to online performance brought some unanticipated benefits. Geography was no longer a barrier either to participation or audience experience. Participants could invite friends and family, regardless of where in the world they lived, and audiences included people in Finland, Netherlands, Israel and America increasing the richness of post-performance debate.

64% of our audience said the event was excellent or very good, telling us: "My favourite thing about the performance was the multi-media aspect blending film and live performance".

Recordings of all the pieces created can be found on the Bubble website.

Organisational Health

During the year targets had to be redrawn and plans scaled down.

Thankfully we ended the year with good news following a successful application to the Culture Recovery Fund which allowed for reflating reserves to the level of the charity's reserves policy.

FINANCIAL REVIEW Financial Review

Income

Total income for the year (Apr 2020 - Mar 2021) amounted to £592,365 (2020: £531,469), of which £461,452 (2020: £377,298) related to voluntary income received.

Expenses

Total expenses for the year amounted to £517,316. (2020: £600,626). The Company's cash flow remained sufficient throughout the year.

Reserves policy and Going Concern

The Trustees' objective is to hold reserves sufficient to meet the essential costs of the Company for a three-month period and we will continue to work towards this. Reserves at 31st March 2021 were as follows:

Restricted funds

Restricted funds amounted to £255,341 (2020: £192,620) .These relate to the building improvements.

Designated funds

Designated funds comprise: Capital fund of £435 (2020: £870). This provides for the depreciation of fixed assets purchased using general funding.

Unrestricted funds

Unrestricted general fund at 31st March 2021 amounted to £59,111 (2020: £46,348).

POST BALANCE SHEET EVENTS

As anticipated in the 2019 - 2020 report, Trustees agreed that we would support Speech Bubbles to meet its aims of national expansion by becoming organisationally independent of the London Bubble.

After 12 years development within London Bubble, this strand of our work had increased to national reach, with theatre partners delivering the project as a social franchise in other London Boroughs, Kent, Manchester and Oldham.

Trustees agreed that the best way to support Speech Bubbles' ambitions of supporting as many children as possible on a national scale was to see it established as a CIO. This has been achieved during the 2021-22 financial year, with Speech Bubbles CIO in operation for the 2021-22 academic year.

London Bubble continues to deliver Speech Bubbles in Southwark and Lewisham as the originating partner, maintaining our long-standing relationships with local schools.

Page 7

THE BUBBLE THEATRE COMPANY LIMITED

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2021

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.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01058397 (England and Wales)

Registered Charity number 264359

Registered office

5 Elephant Lane Rotherhithe London SE16 4JD

Trustees

Dr Mark S Dunford Chair of Finance & Fundraising Committee (resigned 15.10.21) Sir Simon H W Hughes Chair Thomas L E Pullen David Slater (resigned 31.7.20) Susan J Timothy Deputy Chair Sarah Macnee Emma Nutland (resigned 31.8.21) Tinashe Sithole F Jane Stokes

Company Secretary Sarah Macnee

Auditors Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

Bankers National Westminster Bank London Bridge (A) Branch PO Box 35 10 Southwark Street London SE1 1TJ

Chief Executive Jonathan Petherbridge (until 31 July 2020)

Interim Joint Executive Directors:

Lucy Bradshaw and Marie Vickers (from 1 November 2020)

Page 8

THE BUBBLE THEATRE COMPANY LIMITED

REPORT OF THE TRUSTEES for the Year Ended 31 March 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Jan 25, 2022 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

Simon Hughes (Jan 25, 2022 12:16 GMT)

.............................................................................. Sir S H W Hughes - Trustee and Chair

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BUBBLE THEATRE COMPANY LIMITED

Opinion

We have audited the financial statements of The Bubble Theatre Company Limited (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled 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 trustees' use of the going 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 the charitable company's ability to continue as a going concern for a period of at least twelve months from 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BUBBLE THEATRE COMPANY LIMITED

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those covered by the Statement of Recommended Practice for Charities (SORP 2019) and the Charities Act 2011. We assessed the risk of material misstatement in respect of fraud by making enquiries of management and trustees and by testing the implementation of accounting controls in place.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above by making enquiries with key personnel and reviewing relevant documentation such as minutes of Trustee meetings and correspondence with regulatory bodies. We considered the risk of fraud through management override by incorporation testing of journal entries and reviewing any requirements to meet performance targets. We also considered, and tested for, the possibility of unauthorised payments to related parties.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

mwbrindley

mwbrindley (Jan 25, 2022 12:55 GMT)

Brindley Millen Ltd Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 167 Turners Hill

Cheshunt Hertfordshire EN8 9BH

Date: ............................................. Jan 25, 2022

Page 11

THE BUBBLE THEATRE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 March 2021

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
145,229
Charitable activities
5
Theatre Activities
67,278
Other trading activities
3
6,212
Investment income
4
1
Other income
57,422
Total
276,142
EXPENDITURE ON
Raising funds
6
21,000
Charitable activities
7
Theatre Activities
242,814
Total
263,814
NET
INCOME/(EXPENDITURE)
12,328
RECONCILIATION OF FUNDS
Total funds brought forward
47,218
TOTAL FUNDS CARRIED
FORWARD
59,546		 Restricted
fund
£
316,223
-
-
-
-
316,223
-
233,268
233,268
82,955
-
82,955		 Building
fund
£
-
-
-
-
-
-
-
20,234
20,234
(20,234)
192,620
172,386		 31.3.21
31.3.20
Total
Total
funds
funds
£
£
461,452
377,298
67,278
115,398
6,212
38,768
1
5
57,422
-
592,365
531,469
21,000
21,000
496,316
579,626
517,316
600,626
75,049
(69,157)
239,838
308,995
314,887
239,838

The notes form part of these financial statements

Page 12

THE BUBBLE THEATRE COMPANY LIMITED (REGISTERED NUMBER: 01058397)

BALANCE SHEET 31 March 2021

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
14
434
CURRENT ASSETS
Debtors
15
20,518
Cash at bank and in hand
180,629
201,147
CREDITORS
Amounts falling due within one year 16
(92,035)
NET CURRENT ASSETS
109,112
TOTAL ASSETS LESS
CURRENT LIABILITIES
109,546
CREDITORS
Amounts falling due after more than
one year
17
(50,000)
NET ASSETS
59,546
FUNDS
19
Unrestricted funds
Restricted funds:
Project Fund
Building fund
TOTAL FUNDS		 Restricted
fund
£
-
-
82,955
82,955
-
82,955
82,955
-
82,955		 Building
fund
£
172,386
-
-
-
-
-
172,386
-
172,386		 31.3.21
Total
funds
£
172,820
20,518
263,584
284,102
(92,035)
192,067
364,887
(50,000)
314,887
59,546
82,955
172,386
255,341
314,887		 31.3.20
Total
funds
£
193,488
27,999
100,697
128,696
(82,346)
46,350
239,838
-
239,838
47,218
-
192,620
192,620
239,838

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 13

THE BUBBLE THEATRE COMPANY LIMITED (REGISTERED NUMBER: 01058397)

BALANCE SHEET - continued 31 March 2021

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

Jan 25, 2022 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

Simon Hughes (Jan 25, 2022 12:16 GMT)............................................. Sir Simon H W Hughes – Trustee and Chair

The notes form part of these financial statements

Page 14

THE BUBBLE THEATRE COMPANY LIMITED

CASH FLOW STATEMENT
for the Year Ended 31 March 2021
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Cash flows from financing activities
New loans in year
Net cash provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period		 31.3.21
£
112,886
112,886
1
1
50,000
50,000
162,887
100,697
263,584		 31.3.20
£
(56,137)
(56,137)
5
5
-
-
(56,132)
156,829
100,697

The notes form part of these financial statements

Page 15

THE BUBBLE THEATRE COMPANY LIMITED

NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 March 2021

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by/(used in) operations		 31.3.21
£
75,049
20,669
(1)
7,481
9,688
112,886		 31.3.20
£
(69,157)
21,153
(5)
(16,238)
8,110
(56,137)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.20 Cash flow At 31.3.21
£ £ £
Net cash
Cash at bank and in hand 100,697 162,887 263,584
100,697 162,887 263,584
Debt
Debts falling due after 1 year - (50,000) (50,000)
- (50,000) (50,000)
Total 100,697 112,887 213,584

The notes form part of these financial statements

Page 16

THE BUBBLE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2021

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 2019)', 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 historical cost convention.

The financial statements are presented in sterling (£).

Critical accounting judgements and key sources of estimation uncertainty

In preparing financial statements it is necessary to make certain judgements, estimated and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible fixed assets:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Going concern

The charity has a planned programme of activities in order to achieve its objectives the charity required income streams, primarily from grants and donations.

There is no certainty with regard to securing the necessary future income streams and after making appropriate enquiries, the trustees have a reasonable expectation that the charity will provide a programme of activities that are fully funded to ensure that the charity has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the trustees consider it appropriate to adopt the going concern basis in preparing the financial statements.

Income

Grants and donations

Grants and donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Income from charitable activities

Incomes from these activities are recognised when earned.

Income from other trading activities

This relates to income from the rental of space when temporarily not used by the charity. Rental income is recognised when the space has been utilised by the customer.

Income from investments

Investment income is included when due to the charity.

Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised when a legal or constructive obligation to make payment exists. Costs of fundraising comprise direct costs associated to that activity.

Charitable activities include expenditure associated with providing activities for the beneficiaries and include both the direct costs and support costs relating to these activities.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs supporting the charitable activities.

Governance costs are primarily associated with constitutional and statutory requirements.

Tangible fixed assets

Depreciation is provided on tangible fixed assets at rates calculated to write off the cost over their estimated useful lives. The rates used are as follows:-

continued...

Page 17

THE BUBBLE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES - continued

Tangible fixed assets
Theatre equipment - 10% on cost, 20% on cost and 25% on cost
Office Furniture, fittings and equipment - 25% on cost
Building improvements - Over the life of the lease

Net current assets

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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 for 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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity 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 and subsequently measured at their settlement value.

2. DONATIONS AND LEGACIES

Donations
Grants		 31.3.21
£
28,143
433,309
461,452		 31.3.20
£
13,846
363,452
377,298

continued...

Page 18

THE BUBBLE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021

2. DONATIONS AND LEGACIES - continued

Grants received, included in the above, are as follows:

A New Direction
BBC Children in Need
Bermondsey and Rotherhithe Neighbourhoods Fund
British Land
Catalyst
City of London Corporation
Communication Trust
Francis Winham Foundation
LB Southwark - Revenue
Newcomen Collett Foundation
Paul Hamlyn Foundation
Rotherhithe Consolidated Charity
Royal Opera House
Southwark Giving
St Jame's Place Foundation
St Olave's & St Saviour's Foundation
The Amicable Society's School, Rotherhithe
The Big Lottery - Building Capability
The Brook Trust
The City Bridge Trust
The Education Endowment Foundation
The Henry Smith Charity
The Jack Petchey Achievement Awards
The National Lottery Community Fund
United St Saviour's
Walcott Foundation		 31.3.21
£
38,250
8,770
-
10,548
5,000
-
21,333
5,000
68,286
-
90,000
3,000
500
-
-
-
1,000
75,622
33,800
12,200
15,000
15,000
750
-
18,250
11,000
433,309		 31.3.20
£
36,500
8,296
3,000
10,000
-
8,500
-
-
28,000
1,000
-
-
500
2,000
10,000
3,000
-
-
33,800
24,000
60,481
30,000
750
59,792
33,750
10,083
363,452

Grant income from local authority funding was £68,286 (2020: £39,500) and from government agencies was £133,044 (2020: £59,792)

3. OTHER TRADING ACTIVITIES

4.

OTHER TRADING ACTIVITIES
31.3.21 31.3.20
£ £
Rental Income 6,212 38,768
INVESTMENT INCOME
31.3.21 31.3.20
£ £
Deposit account interest 1 5

continued...

Page 19

THE BUBBLE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021

5. INCOME FROM CHARITABLE ACTIVITIES

31.3.21
Activity
£
Project Income
Theatre Activities
67,278
6.
RAISING FUNDS
Raising donations and legacies
31.3.21
£
Staff costs
21,000
7.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 8)
£
£
Theatre Activities
193,981
302,335
8.
SUPPORT COSTS
Governance
Management
costs
£
£
Theatre Activities
271,262
31,073
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.3.21
£
Depreciation - owned assets
20,668
Auditors' remuneration
3,750		 31.3.20
£
115,398
31.3.20
£
21,000
Totals
£
496,316
Totals
£
302,335
31.3.20
£
21,152
3,750

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
All employees		 31.3.21
£
277,734
18,581
7,586
303,901
31.3.21
9		 31.3.20
£
303,172
24,860
9,053
337,085
31.3.20
12

No employees received emoluments in excess of £60,000.

continued...

Page 20

THE BUBBLE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021

11. STAFF COSTS - continued

Key management personnel

The charity consider its key management personnel to comprise the trustees, the Creative Director and the Associate Director. Total key management remuneration and benefits for the year are £67,052 (2020: £94,400).

In addition to this, one of the key management left the employment of the charity during the year and received leaving payments in the amount of £32,000.

12.
2020 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
13,846
363,452
Charitable activities
Theatre Activities
115,398
-
Other trading activities
38,768
-
Investment income
5
-
Total
168,017
363,452
EXPENDITURE ON
Raising funds
-
21,000
Charitable activities
Theatre Activities
216,940
342,452
Total
216,940
363,452
NET INCOME/(EXPENDITURE)
(48,923)
-
RECONCILIATION OF FUNDS
Total funds brought forward
96,141
-
TOTAL FUNDS CARRIED FORWARD
47,218
-		 Building
fund
£
-
-
-
-
-
-
20,234
20,234
(20,234)
212,854
192,620		 Total
funds
£
377,298
115,398
38,768
5
531,469
21,000
579,626
600,626
(69,157)
308,995
239,838

13. TAXATION

The charity is exempt from tax on income and gains falling within sections 466 to 493 of the Corporation Tax Act 2010 or section 256 of the taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

continued...

Page 21

THE BUBBLE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021

14. TANGIBLE FIXED ASSETS

Improvements
to
Theatre
Office
property
Equipment
Equipment
£
£
£
COST
At 1 April 2020 and 31 March 2021
323,750
86,777
33,607
DEPRECIATION
At 1 April 2020
131,130
86,777
32,739
Charge for year
20,234
-
434
At 31 March 2021
151,364
86,777
33,173
NET BOOK VALUE
At 31 March 2021
172,386
-
434
At 31 March 2020
192,620
-
868
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21
£
Trade debtors
3,289
Other debtors
15,916
Prepayments
1,313
20,518
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21
£
Trade creditors
10,597
Social security and other taxes
6,449
VAT
1,930
Other creditors
1,452
Accruals and deferred income
61,357
Accrued expenses
10,250
92,035
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.21
£
Bank loans (see note 18)
50,000
18.
LOANS
An analysis of the maturity of loans is given below:
31.3.21
£
Amounts falling between one and two years:
Bank loans - 1-2 years
10,000
Amounts falling due between two and five years:
Bank loans - 2-5 years
40,000		 Totals
£
444,134
250,646
20,668
271,314
172,820
193,488
31.3.20
£
14,499
7,250
6,250
27,999
31.3.20
£
11,493
12,702
4,669
1,658
48,074
3,750
82,346
31.3.20
£
-
31.3.20
£
-
-

continued...

Page 22

THE BUBBLE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Capital fund
Restricted funds
Project Fund
Building fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Capital fund
Restricted funds
Project Fund
Building fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Capital fund
Restricted funds
Building fund
TOTAL FUNDS		 Net
movement
At
At 1.4.20
in funds
31.3.21
£
£
£
46,348
12,763
59,111
870
(435)
435
47,218
12,328
59,546
-
82,955
82,955
192,620
(20,234)
172,386
192,620
62,721
255,341
239,838
75,049
314,887
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
276,142
(263,379)
12,763
-
(435)
(435)
276,142
(263,814)
12,328
316,223
(233,268)
82,955
-
(20,234)
(20,234)
316,223
(253,502)
62,721
592,365
(517,316)
75,049
Net
movement
At
At 1.4.19
in funds
31.3.20
£
£
£
94,353
(48,005)
46,348
1,788
(918)
870
96,141
(48,923)
47,218
212,854
(20,234)
192,620
308,995
(69,157)
239,838

continued...

Page 23

THE BUBBLE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Capital fund
Restricted funds
Project Fund
Building fund
TOTAL FUNDS		 Incoming
resources
£
168,016
1
168,017
363,452
-
363,452
531,469		 Resources
Movement
expended
in funds
£
£
(216,021)
(48,005)
(919)
(918)
(216,940)
(48,923)
(363,452)
-
(20,234)
(20,234)
(383,686)
(20,234)
(600,626)
(69,157)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Capital fund
Restricted funds
Project Fund
Building fund
TOTAL FUNDS		 Net
movement
At 1.4.19
in funds
£
£
94,353
(35,242)
1,788
(1,353)
96,141
(36,595)
-
82,955
212,854
(40,468)
212,854
42,487
308,995
5,892		 At
31.3.21
£
59,111
435
59,546
82,955
172,386
255,341
314,887

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 444,158 (479,400) (35,242)
Capital fund 1 (1,354) (1,353)
444,159 (480,754) (36,595)
Restricted funds
Project Fund 679,675 (596,720) 82,955
Building fund - (40,468) (40,468)
679,675 (637,188) 42,487
TOTAL FUNDS 1,123,834 (1,117,942) 5,892

Unrestricted funds

Capital fund - The balance will fund future depreciation of fixed assets which were originally purchased using general funds

continued...

Page 24

THE BUBBLE THEATRE COMPANY LIMITED

for the Year Ended 31 March 2021

NOTES TO THE FINANCIAL STATEMENTS - continued

19. MOVEMENT IN FUNDS - continued

Project reserve fund - The trustees have created this fund to provide the charity with the means to maintain a level of activities while sourcing new funds on a continuing basis. This will be reviewed and an amount designated at the beginning of each year.

Project fund - This is a fund of donations and earned income from commissions and fees, designated to specific artistic activity projects.

Restricted funds

Building fund - This fund was established to raise monies for capital improvements to the Bubble Theatre Building, especially for access to the theatre.

Project fund - This is a fund of restricted grant funding we have received for specific artistic activity projects.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021.

21. LEGAL STATUS OF CHARITY

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

Page 25