Company registratlon number.. 01058397 Charlty reglstratlon number.. 264359 The Bubble Theatre Company Limited IA company limlted by Buaranteel Annual Report and Financlal Statements for the Year Ended 31 March 2024 Field Sullivan Limited 9 Hare & Blllet Road 81a¢kheath SE3 ORB
The Bubble Theatre Company Limited Contents Reference and AdministTative Details Trustees, Report 2toll Independent Examiner's Report 12to13 Statement of f inanclal Actl¥Atle5 14to15 Balance Sheet 16to17 Note5 to the Financlal Statements 18to28
The Bubble Theatre Company Limited Reference and Admln15trative Detalls Chief Executive Officer L R Bradshaw M A L Vickers Tvustees A O Ap3lar3 G Arogundade G G Bower5 T Chelrenham E J D Holden O P Marand05 K Ntumba A M Shields T Sithole M J Webber Secretary V8rznd Charlty Reglstration Number 264359 CDmpany Reglstratlon Number 01058397 The Gharlty Is Intorporated in England & Wales. 3&5 Elephant Larie London SE16 4JD Registered Otlice Independent Emaminer 9 Hare & Billet Road Blackheath SE3 OR8 Bankers National Westminister Bank London Bridge IA) Branch PO Box 35 10 Southwark StrÈet London SEIS 4JD Page I
The Bubble Theatre Company Limited Trustees, Report The trustees, who are directOT5 for the purpose5 of company law, present the annual report together wlth the financial Statements and audltors. report of the charltable company lor the year ended 31 March 2024. Chalrfs Report Rellectlng on the past year, l am proud of London Bubble Theatre's continued resilience and unwaverlng commitment to creating inclusive and communlty-driven theatre. The financial challenges, particularly the ongoing cost-of-living crisis, have tested our mettle, Yet, it is precisely Sn 5u¢h times that our mlssion to bring theatre to underserved communities and give voice to those often unheard, becomes even more critltal. In 2023-24, we dellvered an Impressive array of participatory sessions and performances, engaglng over 7,400 attendees, S5% 01 whom came from our homE borough of Southwark. This robust local engagement nderscores the importance of London Bubble as a safe, creative space where individuals from all backErounds can expres5 themselves and connect with others. This year, we also achieved a 51gnificant mSlestone with the addltSon of a Youth Engagement Officer, funded through the Jack PetchÈy Foundation internship scheme, Addltionally, our newly formed Oldei Adults, Touring Company su¢cesslully brought live theatre directly to community and resldentlal setting5, providing many residents with their flrst experience tsf theatre. Their dÉbut production, Beneath the Papers, captured the very essence ol what London Bubble stands for.. thÈatre that re50natos with and empowers communitie5. Our cornrnitment to incluslvlty was further demonstrated through the success of our Young Theatre Makers programme, which celebrated Its 19th cohort. It was particularly inspiring to see past graduates take on leadership Yole5 wlthin the proEramme, such as directing their own productions and mentorlng new participants, highlightlnE the transfortnatlve Impact of our work, This progre551on from participant to leader reflects our unwavering commitment to fosterlng a moTe dlverse and representative arts workforce. Flnanclalw, It has been a challenging year. The ongoing cost-of-INing crisls ha5 slgnlflcantly impacted our operations. leadlng to increased nEed alongside a reduction in our income to £346,324. Nonetheless, we h3ve comrnitted to recoverlng sufficient re5È1VÈS to ensure the stability of our operations. In difficult times. we rem3in resolute in our goal to keep our programmes actt55ible and to support those who would otherw15e be excluded from cultural experlences. Looklng ahead, we approach the future with cautious optimism. Together wlth my fellow Trustees, our dedlcatod te8rn, and the talented practitioners who make London Bubble what Itls, we will continue to bulld on our achlevements. We are particularly excSted about the potentlal of diEltal platforms to expand our reach and eng3ge new audiences. We a150 p13n to further develop our communlty outreach programmes. l am excited to see where the next yezr wlll take us, and l am hopeful that, @ven In dlfficult tlmes, London Bubble wlll rernain a beacon of connection and hope through the arts. REPORT OF THE YRUSTEES The trustees present thelr report with the financlal ststements of the charlty for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policie5 Set out In note I to the account5 and comply with the charity'5 trust deed, the Charitie5 Act 2011 and Accounting 3nd Reportlng by charitie5.' Statement ol Recommended Pra¢ticÈ appllc8ble to charltles preparfng thelr accounts in accordantE wlth the Flnanci31 Reporting Standard for Smaller Entltles publlshed on 16.07.2014. Page 2
The Bubble Theatre Company Limlted Tru5tees' Report STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity Is controlled by its governing document, a deed of trust, and constltutes a Ilmlted company, limited by guarantee, as defined by the CompanlÈs Act 2(KJ6. Co-CEOs: Lucy Bradshaw and Marie Vickers Bankers Natlonal Westminster Bank London Bridge IA) Branch PO 8tkx 35 10 Southwark Street London SE16 4JD
Thls report explores the charit¢s a¢hiovement5 during this perlod and the benefits of Its work for the groups of people it sets out to support. VISION AND MISSION In shaplng our activities and Dbjective5 for the year the trustee5 have consldered the Charity Commission, 5 guidance on public benefit. This year we have sought to better deflne our mission and commitments as a charity, supporting us to reassess our ongoin8 PfojÈCts to ensure they are meetlng those commltments and assess whether potentlal future projects or commissioned work are In line with our values. We aye ¢ommltted to: Making theatre acce551ble to undÈrserved and low soclo-economic communlties Advancing diverslty, InclusSon and equity Making positive social impact Increaslng social 8nd emotlonal wellbeing through theatre We do thls bv: Exploring the storles that matter to our mÈmbers and communitie5 Ernploying zrt15ts who represent the communltles we work with Shafin8 theatre in non-theatre spaces Supportin8 our members to See profes51onal theatre Promoting 5elf-expre55ion and creativity Worklng Wlth small Efoups over a perlod of tlme Ensuring our projects are free to attend and rernovlnE Other cost associated barrlers OBJECTIVES AND ACTIVITIES Purposes and Actlvltles The Company is a Reglstered Charlty and it5 principal object, as detailed in the Memorandum and Articles of A550ciation, continues to be the advancement of the education ol the public through the promotion 3nd support of the art of the theatre and mu51C. We are passionate about making cultural activlty accessible and are proud to be a hlgh-qu£lSty art5 organlsation with a strong sociallustiie agenda. Page 3
The Bubble Theatre Company Limited Trustees, Report Our beneficiarie5 In any given week we support people aged 6- 100, increasing their life chances at evEry Stage, Our free dram projects provide a safe space for people experiencing disempowerment, Èxclusion and inequity. Our building Is a place of unconditional p051tive regard for all who walk ihrough our doors, to a space many of those who work with us call 'home'. Thi5 year our actfvities supported.. Chlldren aged 6-11, p3rticularly those with communication need5, referred by soclal 5ervlces or at risk of serious youth vlolence 12-30-year-Dlds with multiple dlsadvantaees including mental I51-health. neurodlversity, unemployrnent and expEriente of the care system Older adults INing in sheltered accommodatlon or alone Our achlevements In 2023-24, London Bubble achieved.. 7,400 engagements elthÈr attending p3rtic¢patory arts activities or a5 audience members, a 20% Increase on the previous year. 55% of these came frorn our home borough ol Southwark 50% were chlldren aEed 6-12 48 performance5 01 original thÈatro 779 participatory sessions, amounting to 5,581 attendances 49% of the freelance artlsts we employed coming through Bubble's Young Theatre Makers programme Acro55 all our work we use theatre as a tool to support the Increased soclal and emotlonal wellbelng of our beneficiaries. Our attlvlty and It5 Impact We delivered Speech Bubbles In 8 schools duilng thls ftnanclal year, cr05slng two academic year5 {APl- Julv 2023 and September 2023 - March 20241. 228 children were referred to the small group, weekly drama intervention, having been identified by their schools 3s havlng a communlcatlon need, Pre and post project a55es5ments completed by teachers showed that- 75% of pupils involved in Speech Bubbles Improved their learning, speaklng and1Sstening skllls 77% of pupSls involved In Speech Bubbles improved their ernotlonal behaviour and conduct behaviour Teachers identlfipd improvements back in clas5 in 92% of Speech Bubbles chlldren with commeThts In¢ludSnE'. -j hus impmved with hls communlcorions with stoff und peers. He 15 more wllllng to engage In ttctlvltles In cla5S.° -F is much more willin9 to tolk about things thot ore distressing her, and She hos bullt lots more posltlve rglatlonships with herpeers flndulso odults around her." Playlng Safe 15 our ploneering drarna-based clime prevention interventlon for year 6 students at risk of involvement in serlous youth vlolence. The project use5 interattlve theatre technique5 to create opportunities for young people to talk about threats and safety In their communltv. Page 4
The Bubble Theatre Company Limited Trustees, Report 163 year 6 students across 5 schools in SES and SE17 saw our origin31 Playing Sc7fe play. which was devised and Is performed by artists who have completed Bubble Young Theatre Makers. It tells the story of 11-year-old Ali who 15 under piessure to follow in the footsteps of his older brother by gettlng Involved wlth local 'oldeT5', known to be involved with drug5 and violence. Uslng Forum Theatre, youne people are encouraged to explore llctitsnal characters, the 51tuations they find thern5elve5 In and the cholce5 they make. 41 of the most at-rlsk students partlclpated In a week of targeted workshops during which they explored the themes of the play in more detail and devised a play of their own 95% of these students said that the creative activStie5 in the prolect helped them express themselves. 74% said they felt better able to deal with difficult situations. following taking part In Playing Safe 100% of tÈachers surveyed said they would book the project agaln but that theSr school would not be able to pay for t, statln8'. -It's u great project thGtneed5 to contlnue os young peoplefoce these challenges doily. We need more of these In schools Ifullylundedl to support ourchildre. We delivered our 19th cohort of Young Theatre Makers in early 2024. providing theatre training and leadership opportunities for 1&25-year-olds with time during the day. 9 young adult5 Started the programme, each completing over IIY) hours ol theatre-making trainin working collaboratively to devise a piece ol forum theatre about themes affecting young people today. Their OTiglnal show, Influenced, exp1or@d themes of soclal medla. trolllng, famlly responslbllltles and expectations, bullying, friendshlp and re511ience, Across 11 performances, 280 people saw 'lnfluenced' wSth audlence feedback including.. "The talent, energy* vlbe orthe cost ondcrew wos inspiring. Powerlul Story toldbrilliontly." 75% of beneficiaries stated that they felt more positlve about the future at the end of the project than they had at the be8innin81 StatinE'. "I huvefelt 50fe, supported, welcomed, enguged. reinvigorated aftdproudl" As part of Dur ongoing commitment to supporting the developrnent of artlst5 frorn under-represented communities. Bubble staff continue tts provide wr3p-around professional and pastoral SLtpport to young èdults who have taken part in Young Theatre Makers, many ol whorn still turn to us for Informat1on, advice and guldance, This was the 10th annivers3ry year for our Older Adults, Programme. • 112 peoplo aged 55 and older took part across 196 creative particlpatory sesslons. Our aim to showcase and celebrate the creativity, stories and voices of older adults wès spotlighted by our 10th 3nnlvers3ry Takeover Day whÈre groups from across our programme came together to lill our bulldlng wSth thelr creative offerings for each other and invited Bue5t5. One of our mEmbeis explalned why event5 like this are so important.. "We doTr'tleel Invtslble when we're wlth Bubble. On the Tokeover Dtly Insteod of belng lunored, strangers cttme up to us und congrorulated us on our work. We weren'tpilshed to the side, people sow us." WÈ delivered The Rotherhlthe Shed in partnership with our neighbouring charity Time & Talents. It Ss the 'shÈd at the bottom of the Barden, that many pÈople in our local community dream ol having. Our workshop space provides the space, tools and motivatlon lor older people to corne together and create, as a means of reduclng soclal isolatlon. Page 5
The Bubble Theatre Company Limlted Trustees, Report As well a5 69 Rotherhithe Shed se5SIOll5, amassing over 650 attendances throughout the year, The Rotherhlthe Shed's work was exhibited at 5outhwark Park Gallerles, for three weeks in August, Showcasing some of the work that members have created over the135t ten years. The exhibition 5howc3sed the vzrlety of mediums and 5ki115 01 Shed membeTS including metalwork, paintlng. woodwork, and electronlcs wlth both newly cre3ted and up-cycled objects. Member5 told us.. "It mode mefeel ttpprecioted, hovlng thÈ ubility to exhlblt volues of worklng ot the Rotherhlthe Shed." 56 residents of sheltered hou51ng unit5 took part in Tea Break Theatre workshop5. These weekly sessions, takln8 place In re5Idents' communal lounges, includ2 physical wartnups, voc31 wannups, lrnprovisation exerclses, character exerclses, writing exerclsÈs, small group and ensemble work, designed to support soclal and emotional wellbelng. The value Dur beneficlaries place on their involvement In Tea Break Theatre Is evident, with some having taken part 5in¢e we began the project in 2013. By meeting people where they are and using everyday object5. 5torles and provocatlons as stimuS1 for creative ideas. thÈ project increases social connections, physical and ment31 wellbeinE. As one of our regular members explain5'. -Now I know people and enloy talking to them, they teach us this in Tea Break Theiltre-not to be on your own. It's helped In every oreo of my life. The ongoing need lor the project was shown as we piloted Tea Break Theatre In two new older adults. housing settings.. Jack Jones House, a Southw3rk Council scheme and United Saint Saviourf5 Appleby Blue alms-house. Both were èt the request of the houslng m3n3ger5 who sought the funding to pilot the project for their residents. Case Study G has b@en a regular Tea Break Theatre rnember slnce 2016. His consistent presence at our Frlday morning group shows that it'5 a valuable and stable fixture in hls week. He often refers to the eroup as h15 '8ubble larnllw and we know he meets and soclallses with his fellow members outside of London 8ubble se55ions. He 15 3 gat advocate for the project, bringing friends and relatives along to try Tea Break Theatre out for themselve5. G described why coming to Bubble ss so Important to him.. .1 love the yroup. I look JonvGrd to Itevery week. When Igo there, l Meet u lot of differentpeople with different buckurounds thot I know I'd never have the opportunity to meet anywhere else. If I cun descrlbe the effect Bubble has on me, I would simply describe it U5 0 mogtc t(7blet that you con toke u5 a s¢Jlution to oll the illne55es ond weakness&s YDU may huve. Some people's per50nolities huve tiunsformed frorn very shy ond reserved to bubbllng ond allve. Bubble doe5 all thutfvr you.- We Introduced èn older Adults, Touring Company for people aged 55+ interested In dev151ng and tourlng a show. Led by our Artistlc Dlrector, Marie Vicker5, they created Beneoth the Papers, a story about retlred raclng driver Archle who has kept hlm5ell to h1msell since hls wife mysteriou51y disappeared 18 years ago. A prirnary alm of this project was tts bring original, Ilve theatre by n(In-prolessional performers into Sheltered Housing units, removing barriers to experiencing live performance lor Èlderly resident5. As the venue for our Tea 8reak Theatre group5. these spaces are an important part of London Bubble'5 Identity we feel passionately about increasing access to the arts for thelr residents and including them Sn our communlty. The posltive Impact of seelng a near-peer perftsrming wa5 evldent from resldents. feedback. For some, thls was their first eXperIen of Ilve theatre. 82% of residents told us thÈy would like to go to the theatre again. havlng seen Beneath the Papers. Page 6
The Bubble Theatre Company Limited Tru5tees' Report Produclng Beneoth the Papers epitomisÈd what we stand for. theatre in the community, telling stories that matter to our members and ernpowering margSnallsed groups. Since the tour in Autumn 2023, we were Invlted to take the show to the 2024 Perform3nGe Studies Internatlonal conference. Buildlng a more diverse and repre5entatlve worklorce for the arts sector For the first tlme, Young Theatre Makers was led and 5UPPQrted by previou5 participants. Ten years after taking part in the programme himself, facilitator, wrlrer and performer Russeni Fisher led the programme and directed the final show. Fellow Young Theatre Makers graduate, Abena ObÈng, was employed as project assistant. This 15 Qne example of the positive legacy of Young Theatre Makers whlch contlnues to be evldent In our freelance workforce. 49% of the freelance cDntracts we Issued thi5 year went to art15t5 who have cornpleted the programrne. including freelance operational staff in producing and administrative roles. Case study D took part in Young Theatre Makers in 2012. Since completlng the programme, he has.. Tralned at the Royal Central School of Speech & Drama Appeared in multiple liltn5 and plays Worked extensively for London Bubble and Cornpllclté Worked as a freelance movement teacher D describes the Impact ol taking part with London Bubble.. "Dolng Young The(rtre Mokers mude u dlfference to my Ilfe becouse it helped glve me the conflclente to 17ppIy for drc7mu School ondfor¢É my wY Into that world. Before, I didn'tleel thut WCTS o world I could be port of or had any right to join. Being port of Bubble os a company hos mude fnefeel like it's P055ible. Even olter dr¢7mu school, in o career where nothing is ever secure, Bubble hos 171ways been a Constont ond helped me keep developing as a creotive.. We employ D as a freelance artist and this year he has delivered Way Into Work wlth young people engaged In the Youth Justlce service and Playlng Safe, for year 6 pupils at risk of engaging with serious youth vlolence. Working in partnership to reach more people experlenclng exclusion and Inequality Our partner5hlp projects allow u5 to reach more people from underserved and low soclo-economic communltie5 across more London boroughs. This year they have included., Our ongoing relatlonship wlth the Southwark Youth Ju5tlCE Servlte, now In Its 10th year, provldlng creatlve projects that encourage young people within their service to increase their motlvatlon, self-regulation and positive self-perception. particularly in relation to career devÈlopment. Southwark Chlldren & Familie5 who comm15s1oned us to dellver Interactive, performances and creative consultatlon Sessions for p4rÈntS and children in touch wlth their servlces as part of their Southwark Stands Together Against Racism carnpaiEn. We are also Tegularly commissioned to provide creative actlvltles which support the social and emotional wellbeing of children engaged with 5peakerbo& Southwark's childTen in care council. Page 7
The BubbleTheatre Company Limited Trustees, Report An excSting new partnershlp with London Museum IformÈrly Museum of Londonl, tor which we have created a brand-new play Museum of Me. Parr of the museum's Young Londoner's A¥chlve, the play will tour to 33 schools durlnÉ 2024-26, 5pannlng all 33 London boroughs. These partnerships provide employment for the professlonal performer-facilitators who began thelr journey with us as Bubble Young Theatre MakÈrs. Our commissioning partner5 comment on the skill, authenticlty and diver51ty that thls instils across the companv. Future alms The reach of the organisation will intrease by a further IO%, building on the 20% Increase In 2023-24 on the prevlous year and enabllng more people from under-represented communitie5 to partlclpate the arts We will develop opportunlties for early career artist5 experienclng barrier5 to the arts to make their own, original theatre, advancing the diver51ty and inclusion of the industry At least 50% of the freelance contracts we issue will go to artists who began their Journey as Bubble YoungTheatre Makers We will increase the percentage of the organisation's Income ra15ed through partnershlp projects from 20% to 40% Acknowledgements The Trustees would like to express their gratltude to the chlldren, young people 3nd older adults who make London Bubble what it 15. They would like to a150 thank the staff team for enabllng the charit¢s rnisslon and vision through this challenging year. It Is a testament to their profe551onallsm, commitment, and hard work. The Trustees and management would also like io thank the freelance aTtist5 who dellver our projects for thelr skill, creativlty ond dedication. It is thanks to their shared collaboratlve commltment that the children, young people and older adults whom we support have experienced increased soclal and emotional wellbelng through acce55 to theatre. The Trustees would Ilke to express their gratitude to the lollowlng trusts, foundatlons and partner organisations for thelr generosity and Support.. Amlcable Society's School. Arts Councll EnESan6, British Land, Charterhouse In Southwark, Chrlstlna Smlth Foundation, Enterprise Arts Trust, Haberd3shers' Benevolent Found3tion, Jack Petchey Foundatlon, The Merchant T3ylors' Foundation, Peckhzm Settlement, ThÈ Radcliffe Trust, Rotherhithe Con501idated Charltles, Southwark Charities, London Borough of Southwark, Sylvla Webber Trust, Team London Bridge, Th& D'oyly Carte Charitable Trust, ThÈ Henry Smith Charity, The London Museum, The Mertrrs, Company, The Natlonal Lottery Community Fund, United St Saviours's Charity and the W.G Edwards Charitable Foundation. Financlal revlew Income Total Income for the year (Apr 2023 - Mar 20241 arnounted to £346,32412023.. £365,5411, of which £210,727 12023.. £263,774) related to voluntary incorne recewed. Expense5 Total expenses for the year amounted to £424,794.12023.. £413,034). The Company's cash flow remalned sufflcient throughout the year. Page 8
The Bubble Theatre Company Limited Trustees. Report Going Concern The budgets and current management account5 for 2023-24 have been reviewed by the Trustees and the independent examlner, wlth modelling carried out to include a worst-case scenario. The external economic climate Contlnues to be extremely difficult. and the Trustees acknowledge the slgnlllcant flnanclal challenges ahead. In re5pon5e, Trustees are taklng all available steps to re-estab115h sufficlent resources, IncludinE', A flnance sub-committee of Trustee5 who meet with the CO-CEOS and Flnance Man38er to monitor progre55 through management accounts, budget forecasts and 12-rnonth ca5hflow prolettlons Working c105ely wlth the CO-CEOS to ensure that project plans and programme development Is reviewed carefully for financial risk before commitments are made Maintaining a sharp focus on financial risk and planning, with transparent communicatlon between the CO-CEOS and Trustees. Trustees are confldent In the leadership team's excellent relationships with funders and other stakeholders. including comm15sionlnE Partner organisations and local authorities. As highllghted in last year's report. there are materlal uncertalntie5 re18tlng to the Charllv's abllity to carry on as a going Concern given its significant dependence on raSsing income from trusts and foundations. In this year, the Charity has successfully Increased its income from fees and commisslons by 33% ro £91,653 12023.. £60.9461 but the challenging funding environment currentlf facing all arts ch3rlt1es has been shown In the decrease in grant5 from other ch3ritie5 by 24% to £170,09912023'. £223,174). Considering the plans outlined, our prudent forECaSts and the multi-year income committed from The Mercer's Company and cornmlsslonlng p3rtners, including the London Museum, at the point of signing of this documenL It Is nonetheless the Trustees, oplnlon that the Drganisation can continue to operate a5 a going concern for the fiext twelve months. Reserves policy The Charity aims to malntain suffi'cient unrestricted reserves Equivalent to 3 months, operatTrons including overheads and salaries Icuriently around £49,700). This reserves t3rget was not tnet at 31 March 2024 and Ss not m@t at present. as adclltlonal strain5 on the operatlng budget have resulted in drawing deeper than anticipated on unrestricted reserve5 thls year. Financial plans for the cornlng years will set the Eroundwork for gradual rebulldinE of reserves to meet the reserves policy. Our reserves posltion at 31 MarEh 2024 was.. General fund: £18,60712023.. £63,552) Restricted funds,. £17,99012023.. E163,2021 Designated funds.. £111,685, relating to the depreciation of cèpital buildlng works and which have been transferred from Restricted funds, and Capital funds- £212023.. £21, provldlng for the depreciatSon of fixed a$5ets purchased uslnE general funding. Total funds held E148,284 Page 9
The Bubble Theatre Company Limited Trustees, Report P05T BALANCE SHEET EVENTS Chrls Sonnex was appointed 3s a Trustee in July 2024. Trustees and offlcers The trustees and officers serving durin8 the year and since the year end were a5 follows: Trustees.. A O Apalara lappolnted 6 December 20231 G Arogundade G G Bowers T ChePtenham EJDHolde O P Mar3ndos K Nturnba A M Shields T Sithole M J Webber Chalrman.. K Nturnba Chief Executbve Officer.. L R Bradshaw M A L Vl£ker5 SeCtary.. V Brand Statement Df trustees, iesponsibllitlÈs The trustee5 Iwho are also the directors of The Bubble Theatre Company Limited lor the purptsses of company lawl are responsible for preparlnE the trustpes, report and the financial statements in accordance wlth applicable law and Unlted Kingdom Accounting Standards (United Kingdom General Accepted Accountlng Practice). including FRS 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland" Company law requlre5 the trustees to prepare financial Statements for each financial year. Under company law the trustees must not approve the financial statements unless they are sZtSsfled that they glve 3 true and falr view of the state of affalrs of the charitable company and of the Incoming resources and appllcatlon of rEsources. Including It5 Income and expènditure, ol the Lh3ritable company for that perlod. In preparlng these financial statements. the trustees are requlrÈd to.. select 5ultable accounting pollcles and apply them ¢on515tentlv.' observe the rnÈthods and principles Sn the Charltie5 SORP,. make judgement5 and estlmate5 that are reasonable and prudent.. state whether appllcable accounting standards, comprising FR5 102 have been followed, suE7ject to any material departures dlsc105ed and Èxplained in the financial statetnents., and prepare the financial 5tatement5 On the going concern basis urile5S It is Inapproprlate to pre5urne that the charltable company will continue in business. Page 10
The Bubble Theatre Company Limited Trustees, Report The trustees are responsible lor keeping proper 3ccounting records that can disclose with reasonable accuracy at any time the financial posltion ol the rharitable company and enable them to ensure that the Ilnancial statements comply with thÈ Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence foT taking reasonable steps for the prevention and detectlon of fraud and other The trustees are responsible for the mzintenance and Integrity of the corporate and financlal information Included on the ¢harl¢able company's websile. Legislation governing the preparation and di55emination of fTnancial statements may differ from leei513tion in other jurlsdictlons. The annual report was approved by the trustees of the Charity on 13 December 2024 and signed on its behalf by.. E J D Holden Trustee Page 11
The Bubble Theatre Company Limited Independent Examiner's Report to the trustees of The Bubble Theatre Company Limited I'the Company'l I report to the charity trustees Iwho are also Directors lor the purpose of cornpany lawl on my examination of the account5 of the The 8ubble Theatre Company Limited I'the charitable company'l for the year Ènded 31 March 2024 which comprise the Statement ol Financial Activities, the 8alante Sheet and related notes 14 to 28. Thls report is made solely to the charltls trustÈes, as a body, In accordance with section 145 of the Charltles Act 2011. My work has been undertaken 50 that I might state to the charSty's trustees those rnatter5 13m requlred to state to them in this report and for no other purpose. To the fullest extent permltted by12w, I do not accept or a55urne responslblllty to anyone other than the charlty and the charlty's trustees as a body, for my work, for thls report, or for the opinlons I have formed. Re5ponslbllltles and basls of rÈport As the charity's trustees of The Bubble Theatre Company Limited you are responsible for the preparation of the accounts in accordance with the requirements ol the Companle5 Act 20061'the 2LYJ6 ACVI. Having satisfied myself that the accounts ol The Bubble Theatre Company limlted are not required to be audited under Part 16 of the 2006 Act Ènd are eligible for independent examSnation, I report in rÈsped of my examinatlon of your charitws accounts as carried out under section 145 01 the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charlty Ctsmmlssion under sectlon 14515llbl of the 2011 Act. An independent examln3tion does not involve gathe¥lng a11 the evldence that would be requlred an 3udlt and Consequently doÈs not cover all the matters that an audltor IDn51ders In glvlng thelr oplnlon on the Inanclal Statements. The plannlng and eonducf of an audlt goes beyond the Ilmlted assurance thar an Independent examlnation can provlde. Consequently l express no opinion as to whether the flnanclal statements present a 'true and fair, view and my report is Ilmlted to those speclflc matters Set out in the independent examinerf5 St3tement. Independent examlner's statement Since The Bubble Theatre Company Llmited's gross Income exceeded £250,OtM) your examlner must be a member ol a body 11sted In sectlon 145 of the 2011 Act. I confirm that l am qv21ified to undertake the examination because l am a member of ICAEW, which is one of the listed bodles. I have completed my exatnination. I confirm that no tnatters have come to my attentton in connectlon with the examination giving me cause to believe.. l. accounting record5 were not kept lft respect of The Bubble Theatre Company Llmlted as required bv section 396 of the 2006 Act,. or 2. the account5 do not accord wlth those record5,' or 3. the accounts do not ttsmply with the accounting r@quirement5 of section 396 of the 2006 Act other than any requirement that the account5 give a 'true and fair view, which is not a matter considered as part of )n indÈpÈndent examination,. or 4. the accounts have not been prepared In accoTdance with the methods and principlÈs of the Statement of Recommended Practice lor accounting and reporting by charitiÈs applitable lo charities preparlne their accounts In ac£ord3nce with the Financial Reporting Standard applicable In the UK and Republlc of Ireland IFRS 1021- Page 12
The Bubble Theatre Company Limlted Independent Examlner's Report to the trustees of The Bubble Theatre Company Limited I'the Company'l I hava no concerns and have cotne across no other matters In connection with thE examination to which attention should be dTawn in this report in order to enable a pioper understandlng ol the 3CCOUllts to be Teached. T1m Sulllvan FCA ICAEW 9 Hare & BIIIEt Road Blackheath SE3 ORB 13 December 2024 Page 13
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The BubbleTheatre Company Limited IRegistration number.. 01058397) Balance Sheet as at 31 March 2024 2024 2023 Note Flxed assets Tanglble assets 12 111,684 131,919 Currènt assets Debtors Cash at bank and In hand 13 36,818 99,838 18,990 162,026 14 136,656 181,016 Creditors.. Amounts falling due wlthlm one year 15 180,3801 156,6651 Net current assets 56.276 124,351 Total assets less current Ilabllltles 167.960 256.270 Creditor5'. Amounts falllng due after more than one year 16 119.6761 129,5141 Net assets 148,284 226,7S6 Funds of the ¢harlty; Re5trl¢ted Income funds Restrlcted funds 17,g90 163,202 Unrestrlcted incorne funds Deslgnated Funds General Fund5 111,687 18,607 63.552 Total unrestricted funds 130,294 63,554 Total lunds 17 148,284 226,756 For the Ilnanclal year ending 31 March 2024 the charity was entitled to exemption from audlt under sectlon 477 of the Companies Act 2006 relating to small companie5. Dlre¢tors' responslbllltles.. The members have not requlred the charity to obtain an audlt of Its ac£ount5 for the year In que5tlon In accordance wlth sectlon 476,. and The dlrectors acknowledge thelr responsibilities for cornplying wlth the requirements of the Act wlth respect ro accountln6 records and the prepar3tion of accounts. The notes on page$ 18 to 28 form an Inteeral part of these financial statements. Page 16
The Bubble Theatre Company Limited (Reglstratlon number: 01058397) Balance Sheet as at 31 March 2024 The financial statements on pages 14 to 28 were approved by the trustee5, and authorised lor issue on 13 December 2024 and signed on thelr behalf bv.. E J D Holden Trustee The note5 on pages 18 to 28 form an integral part ol these financ1315tatement5. Page 17
The Bubble Theatre Company Llmited Note5 to the Financial Statements for the Year Ended 31 March 2024 I Charlty status The charlty is limited by guaiantee, 5ncorporated in England & Wales. and consequently does not have share capltal. Each of tho trustees is liable to contribute an amount not exceeding £1 toward5 the assets of the charlty in the event of Ilquidatlon. The address of its registered office Is.. 3&5 Elephant Lane London SE16 4JD These financial statements were authorlsed ftsr Issue by the trustees on 13 December 2024. 2 Accountlns policies Summary ol signlflcant a¢¢ountln£ policies and liÈy attounting estimates The principal accounting policies applied in the preparation of these financial statements are set oui below. These pollcies have been consistently applled to all the years Presented, unless otherwlse stated. Statement of compliance The financial ststements have been prepared In accordance with Accountlng and Reporilng by Charltles.. Statement ol Recommended Practlce applicable to chailties preparing thelr 3ccounts in accordance wlth the Flnanclal Reportlng Standard applicable In the UK and Republic of Ireland IFRS 1021 leffectlve I january 20191 (charities 50RP IFRS 1021- Second edltlon October 20191, the Financlal Reporting Standard appllcable in the UK and REpublic of Ireland IFRS 1021. They a150 cornply with the Companles Act 2006 and Charities Act 2011. Ba515 of preparallon The Bubble Theatre Company Llrnited meets the definition of 3 public benefit entity under FRS 102. Assets and li3bilities are inltially retognised at historical cost or transactlon v3lue unless otherwise ststed Sn the relevant accounting pollcy notes. Golng concern The trustees consider that the charity is a going concern and th3t there are no significant areas of uncertainty which affect the c3rrying value ol a55et5 held by the charlty. However. there are materlal uncertaintles relating to its ability to carry ori ag a goillE concern given its significant dependence on raisine income from trusts and foundations and other sources, and the challenEin£ funding envlronment currentlyfacing all art5 charities. Page 18
The Bubble Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Judgements and key source5 of Estimation uncertainty In the application ol the charitvs accountinE policSes, the directors are required to make judgements, estlmates and assumptions about the carrying arnount of asset5 and liabilities that are not readily apparent from other sources. The estimates 2nd associated assumptions are based on historical Èxperience and other factors that are considered to be relevant. Actual results may dlffer Irorn these estimates. The estirnatÈs and underlying a5SUmPtlons are reviewed on an ongoing basis. Revisions to accountlng estimates are recognised in the perlods in which the estimate is revised where revisions affects only that period, or In the period ol the revision and future periods where the revlslons affect5 both current and future perlods. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receival)le can be measured reliably. Donottons ond legocies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a don8tion Is subject to conditions that require a lÈvÈl of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised untll either those conditions are lully met, or the fullilment of those condltions is wholly wlthin the control ol the charlty and It is probable that these condltlons wlll be fulfilled in the reportln8 perlod. Grants receivoble Grants are reco2nised when the charity has an entitlèment to the funds and any conditlons Ilnked to the 8rants have been met. Where performance condltions are attached to the grant and are yet to be met, the income Is recognised as a liability and included on the balance sheet as dèferred Income to be released. Deferred Income Deferred Income represents arnounts received for future periods and Is released to Incomlng re50ufcES In the period for whlch, it has been received. Such income is On deferred when- The donor specllies that the grant or donatlon must only be used In future accountlng period5.' or - The donor has imposed ¢ondItOnS whlch must be met before the charity has unconditlona5 entitlement. Investmentln¢ome Dividends are recognlsed once the dividend has been declared and notiftcation ha5 been received of the divldend due. Expenditure All expenditure Is recognised once there is a leg31 or constructive obligation to that expenditUTe. it Is probable settlement Is required and the amount can be measured reliably. All costs are allocated to the appllcable expenditure headiNg that aggregate simi13r costs to that catÈgory. WhEre costs cannot be dlrectly attributed to particular headlngs they have been allocated on a basis consistent wlth the use of resources, with central staff cost5 allocated on the basis of time spent, and depreciation charges alloc8ted on the porllon ol the asset's use. Other support Costs are allocated based on the spread ol staff costs. Page 19
The Bubble Theatre Company Limited Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Rulsinglunds These are costs incurred in attracting voluntary Income, the management of Investments and those Incurred trading actlvltles that raise funds. ChurAt&ble uctivltles Ch3ritable expendituie comprlses those costs Incurred by the charity in the dellvery ol Its actlvltles and seivlces for Its beneficlarles. It Includes both c05t5 that can be allocated dlrectly to such actlvitle5 and those C05t5 of a# indlrect nature necessary to support them. Support costs Support costs Include central functlons and have been allocated to Brtlvltv C05t categorles on a basis consistent with the use of resources, for exatnple, allocatinE property costs by floor areas, or pei caplta, staff costs by the time spent and other costs by their usage. Governanco costs ThesÈ include the costs attributable to the charity's compliance with constitutional and statutory requirements, intluding audit. strategic management and trustee5 rneetSngs and relmbursed expenses. Taxatlon The charity Is conslderÈd to pa5S the test5 set out In Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meet5 the dèfinition of a charitable company for UK corpor3tion tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capit31 Ealns received wlthln tatÈgorles covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gain5 are applied exclusively to charitable purpose5. Tanglble flxed asse15 Individual fixed a55etS f05ting £100 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent acrumulated impairment losses. Depreciatlon and amortlsatlon Deproc13tion is provided on tan8lblÈ fSxed assets so as to write off the cost or v81u3tion, less any Estlmated residual value, over their expected useful economic Ille a5 follow5.. Asset class BulldSnE Improvements TheatTe and ofllce equipment Depreciation method and rate 16 year 5tralght line 4 yearstr3ight Ilne Trade debtors Trade debtors are amount5 due Irorll tustomers for merchandisÈ sold or servlces perforrlled in the ordinary course of buslness. Trade debtors are reCoglsed initially at the transaction price. They are subsequently measured at amortlsed cost U51ng the elfective interest method, less provision lor itnpaiiment. A prov5slon for the impairment ol trade debtors 15 e5tab115hed when there is objective evidence that the char5ty will not be able to collect all amounts due according to the orlglnal terms of the receivable5. Page 20
The Bubble Theatre Company Llmited Notes to the Financial Statements for the Year Ended 31 March 2024 Cash and cash equlvalents Cash and cash equivalents comprise Cash on h3nd and call deposlls, and other short-term hlghly Ilquid investments that are readily convertible to a known amounl of cash and are subject to an Inslgnllicant rlsk of change in value. Trade credltDrs Trade creditors are obligations to pay for goods or seiCe5 that have been acqulred in the ordinary course of business from suppliers. Accounts payable are cla55111ed as cuirent 113bilities 11 the tharlty does not have an unconditional Tight, at the end of the reporting perSod, to defer settletnent of the CFedltgr for at1ea5t iwelve months alier the reporting date. If there 15 an unconditional rlEht to defer settlement lor at least twelve months after the reporting date. they are presented as non-current Ilabllities. Trad& creditors are recognised initially at the transaction pri and subsequently measured al amortlsed cost using the effective Inter&st rnethod. BorrowlnKS Interest-bearlng borrowings are initially rÈcorded at fair value. net of transèction costs. Interest-bearing borrowings are subsequently carried at amortised cost. with the differente between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Fln3ncial Activities over the period of the relevant borrowing. Interest eKpen5e Is recognlsed on the b3sls ol the eflectfve Interest rnethod and Is In£luded in Interest payable and slmilar charges. Borrowings are classified as current Ilabilitie5 unless the charity has an unconditional rlght to defer settlement of the Ilability lor at least twelve month5 after the reporting date. Fund 5tru£tuYe Unrestrlcted income funds are Eeneral funds that are avallable for use at the trustees dlscretlon In furtherance of the objectives of the charity. DesignHtod funds are unrestrlcted funds set aside lor 5peclflc purposes at the discretlon of the trustees. Restrlcted Income funds are those donated for use in a particular area or for speclfic purposes, the use ol which Is restricted to that area or purpose. Page 21
The BubbleTheatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income Irom donations and legacles Unrestrlcted funds fjeneral Restricted lunds Total 2024 Total 2023 Donatlons and legacies,. Donatlons 35,628 33.000 S,(K>O 137.099 40,628 170,099 40,600 223.174 Grants from other charltles 68,629 142,099 210,727 263,774 Grants Restrlcted Unrestrlcted Total Amlcable Socioty's School Arts Council England Brit15h Land 4,9(K) 4,900 23,106 23,106 5,005 5,005 Charterhouse in Southwark 4,0(M) 4,000 christina Smith Found3tion 14.220 14,220 Enterprlse Art5 Trust Haberdashers. BÈnelovent Foundation 1,000 1,000 3,054 3,054 1,800 lack Petchey Foundation The Merchant Taylor5, Foundation Peckham Settlement 1,800 4,600 4,600 2,500 2,500 The Radcliffe Trust 4,01)0 4,000 Rotherhithe Consolldated Charitles 3,000 3,000 Southwark Cha¥itles 3,000 3.000 London Boroueh of Southwark Sylvia Webber Trust Team London BrfdEe The D'oyly Carte Charitable Trusl The Henry Smith Charity The Mercers, Company The Natlonal Lottery Cornrnunliy Fund Unlted St Saviours's Charity W.G Edwards Charitable Foundation 2,500 2,500 1.500 1,500 2,832 2,832 3,000 3,000 17,500 17,SOO 18.500 18,500 4,582 4,582 12.000 31,500 43,500 2,000 2,000 137.099 33,000 170,099 Paee 22
The Bubble Theatre Company Limlted Notes to the Financial Statements for the Year Ended 31 March 2024 4 Income from charltable actlvltles Unresirlcted funds Geneial Total 2024 Total 2023 Fees 17,625 74.028 17.625 74,028 60,946 CommSsslon 91.653 91.6S3 60.946 5 Investment Incom Unrestrl¢ted funds General Total 2024 Total Z023 Interest receivable and similar income,. IntÈrest recelvable on bank deposits 37 37 12 6 Other Income Unrestricted funds General Total 2024 Total 2023 Tradlng Rental Incotne I,B24 42.083 1,824 42,083 loo 40,709 43.907 43,907 40,809 7 Expendlture on raisbng funds I Costs of generatlng donatlons and lega¢lÈs Total 2024 Yotal 2023 Note Fundraising costs IB,132 8,400 Pase 23
The BubbleTheatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 8 Expendlture on charltable activlties Total 2024 Total 2023 Note Project costs Marketing and communications Consulting and Freelance Staff costs 18,785 10,701 108.446 191.203 77.529 17,228 2,187 92,435 209,876 82,908 io Allocated support cos 406,664 404,634 In addition to the expenditure analysed above, there are a150 SUPPOrt C05t5 of E77,52912023 £82.9081 whlch relate directly to charltable actlvltles. See note 9 for further detsils. 9 Anatysls of support costs Support costs Total 2024 Total 2023 5undries Rent and rates 25,ODO 566 25.ODO 1,109 7,114 4,760 ID,346 3,576 3,103 1,555 28 Water rates Light, heat and power Insurance 7,020 4,726 10,850 1,644 2,263 576 General maintenance Computer software and maintenance Prlnting. postage and stationery Trade subscriptlons Cost of trustee meetings Independent ex3mlner Bank charges Depreciation of freehold property ltrecoverable VAT 1,900 1,479 20,234 1,270 2,350 2,004 20,234 1,729 77,529 82,908 Page 24
The Bubble Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 10 Staff cost5 The a8Bregate payroll c05ts wÈre ès follow5.. 2024 2023 staff cost5 durlnE the year were.. Wages and s313ries Soclal security c05t5 Pen51on costs 170,557 12,029 5,631 2,986 186,199 12,674 5,744 5,259 Other staff costs 191.203 209,876 No employee received emoluments of more than £60,000 during the year. The total employee benefits of the key rnanagement personnel of the charity were £103,06012023- É79,1341. 11 Taxatlon The charity Is a reglstered charity and 15 therefore exempt from taxatlon. 12 Tangible fixed assets Land and bulldings Furniture and equlpment Theatre equipment Total Cost At l April 2023 323,750 33.607 86,777 444,134 At 31 March 2024 323,750 33,607 86,777 444,134 Depreciatlon At l April 2023 Charge lor the year 191,832 20,234 33,607 86,777 312,216 20,234 At 31 March 2024 212,066 33,607 86.777 332,450 Net bool( value At 31 March 2024 111,684 111,684 At 31 March 2023 131,918 131,918 Page 25
The Bubble Theatre Company Limited Note5 to the Financial Statements for the Year Ended 31 March 2024 13 Debtors 2024 2023 Trade debtors 31,608 2,169 3.041 16,365 Prepayments Accrued income 2.625 36,818 18,990 14 Cash and cash equlvalents 2024 2023 Cash on hand Cash at bank 492 853 99,346 161,173 99.838 162,026 15 Credltors.. amount5 falling due wlthln one year 2024 2023 Bank loans 9,837 20,686 4,505 8,643 3,430 3,092 30,187 9,837 18,436 4,663 4,801 1,534 3,489 13,905 Trade creditors Other taxatlon and 50clal security VAT other credlttsrs Accruals Deferred Income 80,380 56,665 16 Creditors: amounts falllng due after one year Z024 2023 Bank loans 19,676 29,514 Page 26
The Bubble Theatre Company Limited Note5 to the Financial Statements for the Year Ended 31 March 2024 17 Funds B81ance al 31 March 2024 Balance at I Aprll 2023 Incoming resources Resource5 expended Transfers Unrestricted lunds General fund 53,552 204,225 1249,1701 18,607 Capital fund Building fund 111,685 111.685 111,685 111,687 Total unresirlcted funds 63,554 204,225 1249,1701 111,685 130,294 Restrlcted funds Building fund Proloct fund 131,919 31,283 120.2341 1155,3921 1111,6851 142,099 17,990 163,202 142,099 IL75,6261 1111,6851 17,990 Total fund5 226,756 346,324 1424,7961 148,284 Balance at 31 March 2023 Balance at I ApTII 2022 IncomlnB resour$ Resources expended Transfers Unrestrirted lunds General fund 113,295 186,742 1187,0431 149,4421 63,552 Capital fund Total unrestricted fuNd5 113.297 186,742 1187,0431 149,4421 63,554 Restricted funds Bullding fund Project fund 152,152 8.800 120,2331 1205,7581 131.919 31,283 178,799 49,442 160,952 178,799 1225,9911 49,442 163.202 Total iunds 274,249 365,541 1413,0341 226,756 Page 27
The Bubble Theatre Company Llmited Notes to the Financial Statements for the Year Ended 31 March 2024 The specific purpose5 foi whlch the funds are to be applied are 35 follows.. Capltal fund The balance wlll fund future depreciatlon of fixed assets which were originally purchased uslng general funds. Project reserve fund The trustees have ¢reated this fund to provlde the charity with the means to maintain a level of actitivites while sourcing new funds on a conllnuing bas15. Thls will be revlewed and an amount designated at thp beginning ol each year. Project fund- Thls is a fund ol donatiorss and eamed Income from comrnlsslons and fees, deslgnated to speclflc Bullding fund This fvnd was established to raise monies lor capital improvements to the Bubble Theatre Bullding, especially for access to the theatre. Projectfvnd Thls is a fund of restrlcted grant funding that is recelved lor specillc artlstlc activity projects. 18 Analysls of net assets between fur¥ds Total funds at 31 Marth 2024 Unrestricted funds Gèneral Designated Restricted funds Tangible fixed a55et5 Current assets 111.684 111,684 136,656 180,3801 119.6751 118,663 180,3801 119,6761 17,990 Creditors over l year Total net assets 18,607 111,687 17,990 148,284 Unrestrlcted fund5 General Total funds at 31 March 2023 Restrlcted funds Tangible fixed assets CL¢rrent assets 131,919 31,283 131,919 181.016 156,6651 129,5141 149.733 156,6651 129,5141 CreditOf5 over l year Tot31 net as5et5 63,554 163,202 226.756 Page 28