Roglstored numb•r: 0124355 Charlty numbèr. 271041 NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee) UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
NORWICH PUPPET THEATRE TRUST LIMITED IA comp•ny 11mll by gUni••) CONTENTS Pag8 Refernnc• and admlnlstratlv• d•tslls of the charlty. Its Irustws and advlser¥ TNstse$' report 2-12 Ind•p•nd•nt •xamln•rfs r•port 13 Stat•m•nt of flnanclal actlvlll 14 Balan ¥htht 15 Notes to th• flnan¢lal sl•tem•nts 16-29 Tho followro pty88 do Ml fo(m part of the slalutory financial statem&nls'. 0•tall In¢om• and •xp•ndltuv• •¢unt and summarles 30-32
NORWICH PUPPET THEATRE TRUST LIMITED IA Ilmll¢d by gun•) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHTY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees N C Hopkins. (Jwir M Pilman D-L J PinchiNd M Callln N Gray. Honorary Treasurer M Chandler - resigned 2 Dec 2021 P Roffe P Beck - resigned 20 Nov 21 L Maclean E Clarke G J CovAey JATod S Goslin- appoint 14 April 2022 Company rnglstered numb•r 01243558 Charfty reglstered numb•r 271041 Reglsterèd offic• St Jamos. WhilefriaTS. Norwi¢h. NR3 1TN Company $o¢r•tsry l B Woods Independenl Ex•mln•rn Larking GOV LLP. Kiry Stroet Fbuse, 15 L4)per Kiry Street. NoTh4rych. NR3 1RB
NORMCH PUPPET THEATRE TRUST LIMITED (A company 11m1t by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 OBJECTIVES AND ACTIVITIES 2021-22 has been another challengiThJ year for Nowch Puppet Th&alre, due lo th& ongoing uncertainly of the global Coronavirus pandemic. Alon9 With the pressures on audience finances f rom the cost of living Crisis. COVID continues to cast something of a shadow over our audiences and participant numbers, the way we wo with our parlners, aml upon our day lo day operations. Hower. w8 have responded quickly. positively and in a safe way lo this uncertainty, and the conlinuir¥J changes in guidance about how Y can work. We have continued lo deliver a varied programme of performances. workshops. p rojecls and volunteer opportunities, in- person. through 'blended' delivery. and Ihrough online platfomis. Artisti¢ progress 2021 Q2 In June 2021 we took our production of Pied Piper on thè road again arwj perfomed al Notlingham Puppetry Festival and al Bog nor Puppet Feslival. In July we hosted Norwich Pride. who ran their online events from the Thealre. August saw us njnning a range of summer aclivities for young people, including workshops through the Norfolk County Council's Big Holiday Fun Programme. Teatime Sloryielling and Family Friday Workshops. Our touring production of Beastly Belle. cul shorl in 2020. when the country went into lockdown, was brought back lo life in October 2021. The production went on lour to venues. sclK)ols. village halls and 1Sb raries across the UK, with a concentration of perfomiances in Norfolk and Nomch. Although Ihere were some venues and schools vtho had booked in 2020. who financially became unable lo re-book. the produclion saw 17 perfomiances as far away as Dotsel arvj with 8 good presence in Lor¥Jon. The feedback from audiences, venues and schools was exlremely posilive. We were very pleased to see that some schools booked the production for their 'Chrislmas entertainment.. an important part of our income streams. The prod uction was also filmed and captioned. so that il could be made available online arKI accessible lo deaf and hearing impaired audiences. October 2021 wwakenino. In October the Theatre reopened and relaunch. Coletie Ganigan, who joined Now¢h Puppet Theatre in February 2021 as the new Theatre Director. brought wth her a number of shows that she had developed with her own company Cie Akselere in France. In hall-lem of October 2021, the Theatre reryopened lo socially distanc audiences with her productions of 100 Years in the Forest, and Sleeping Beauty. a show for adults. Both productions were positivety received and achieved good hou ses. albeit vAth reduced capacity. Alongside Ihe productions. she presented a Halloween Storytelling lo school and public audiences in our Octagon Theatre. Highly-acclaimed puppeteer Mark Mander. also perfomied his miniature panlomime of Sleepiw Beauly Pocket Sized Panto., perfomiances of which had been cut short in December 2020. Also in October our Crealive Engagement team vrt)n the Education and Community Award al the Norfolk Arts Awards. In November we began rehearsals for our Production of Pinocchio. working vthh acclaimed practitioners Steve riplady and Liz Walker (Faulty Optic}, composer Jonathan Lambert. and two teams of puppeteers. The production received lottery funding from Arts Council England. In a process much altenualed by the pandemic impacls on assembling a creative leam, COVID procedures for developing and Ihen perfonming, our strong artistic team created an original Production of the classic tale Pinocchio. We used puppets. actors. shadow5, sound, music and lighting to engage children 4y* and Iheir families. Our R&D worf( built the naffalive of the
NORWICH PUPPET THEATRE TRUST LIMITED IA Company Ilmlted by guarante9} production to three main messages: believe in yourself - stay true lo yoursell and your beliefs, our Individual voices - speak up for yourself. and mistakes are r1 failures but Tathw opportunities for leaming. The production linked to the national curriculum Ihemes of wellbeing aThl buildirMJ confidence. The show was hugely imaginative. visualty stimulaliNJ. Ilv)ught provoking, exciting and fun. Devised and rehearsed over a three week period before il was premiered in December 2021. il was perfomied in-house with 32 shows over the festive period. and 12 linked workshops. The audience feedback was extremely positive and we were able lo use the feedback and reviews in our marketing malerial for our spriro lour of the production. Covid Omicron hil the UK al the end of November into Christmas so we again had reduced number for our performances. Our income potential was thus reduced by over 50%. The show was performed with 2 teams of 2 perfom)ers %thich proved vital as the puppeteers were able lo understudy each other irb cases of positive covid results. as well as providing sustainable employment for four ¢realives. The production was filmed so that we are able to provide digital conlenl for schools and other groups lo engage wlh, Il*reby in¢reasing access to our The national spriThJ tour from January to April 2022. with 33 performances to 12 venues. 4 village lS in rural locations, one visitor allra¢lion, one job centre. and directly lo three schools. and feedback on social media slK)ws a posttive response. Alongside the Pinocchio production. a linked education-based project called School of spectato was launched. This was f unded by Anguish's Educational Foundation. working wlh Wensum Ju nior School. This part of the proje¢l aimed lo empower young people to engage aThJ appreciate puppetry and theatre as a speclalor. through a series of w)rkshops. visits to professional rehearsals, and by creating Iheir own shows. The students really engaged in the workshops. perfomiances aNJ visits lo the Theatre, creating their own puppets and puppet shows back at s¢)01 and creating filmed documentary of the project. that can be viewed by other schools an(J young people. As the financial year close(S. we worked with Maker and Director Peter O'Rourke on a revival of our Red Ridir Project originally made with him in 2011. Unfortunately. the grant funding lor re- development was not forthcoming but advance commitments made to the artists needed to be IK)nored for the integrity of our programme and reputation with the puppetry communtty. Furthermore. the advaed bookings for the Easter Ihealre wn reflected the nalionwde Irend in audience caution lo book earfy. This experience has infomied our approach both lo audience engagement and lo production management. Partnership working Our way ol Wofkiro is critically dependent on partnerships. Our wde range of partnerships across the regional arts ecology, with puppetry companies across Ihe UK and with many artisls a¢TOSS the UK: we think we are good to work wlh and dependable and imaginative. open lo the ideas and proposals of others. With artists Wilhoul a pemianenl company of performers we S very depen(lent on good relations wlh artists who engage in our production projects, in-house runs and tours. The response we get lo calls foi proposals demonslrales a level ol Irusl. Each freelance specialist involved in our pffjjects brirrtJs skills and experience that is integral to the breadth ol each project's success. We also work in partnShip with other puppetry companies in coyroduclion models and wth organisalions as Co-commissioners. Our venue and operational processes help puppetry community al large by providing access to audiences and fee income for their work. With schools. libraries and care providers Our projects arKI operational delNery with Sc01$ involves close workiNJ wlh their staff lo match and
NORWICH PUPPET THEATRE TRUST LIMITED (A company 11m1t by gurant•e) customiso ow swvices and skills lo thwr specific18amlrs aims aThJ Cl¢IuM Ihomes. We put a lot of effort into confim7iThJ reqirirements collaborntivety lo prolos$ion41 dvelopm8nt of teachers in the 8peclflcs of the activitiOS. Our woth wlh looked4fler chibdren Jdres888 many areas of sensrtivily, and in these cases professional developmenl for our ISIK1P leaders arKI volunteers as well carers 8nd social wDt1(ers. Emerging new work th or9anisalions WpirJ Vlilh yourg people with complex needs is also helping us devèlop skills in accessibility aTrJ communications. Such joint developmenl is gwtly helped by good partnering skills by all sldes. Ingvit8bty ail of tIse orea5 roquirn rigoTOU5 cross-oryaThsational safw3uardirJ policies and practices, and we have recently wdated IrainiThJ. stnKtur8s •xl policies. We conllnue lo yrk In PartrshIp lo meet community needs arKI offw CalIVe programmes wlh: Charitie5 - 8Teak Charity most recenlty on IodIaTr rehabilitation in Wrongs Covert )rfolk and Fèstival - Festival Bndge. LOC autFK)rity commissionets - Norfolk County cou11. Nornich City Comcil. Specilic public seNice pnviders - Norfolk Library KJ Museffits SeNice, Norfolk Record Office and Archive Cenlrv. Norfolk Rggislration SeNic8 Weddirwj Cergmonies Team Local enterprise and sponsor5 - Norwich Bu51rS Improvement District. Bro&Js ALrtIK)rity Other creatives - many local theatre companies need a rtheaal perfoming space, Curious School of Puppetry, Cbridge Youth Opera, Pw)peteets UK. Tols to Teens. Many collaborations vAth $ch)ols. venues. louriThJ ne1%$. festNals. across UK. Impacts and Re$pons• lo COVID-19 Pandwnl¢ As wlh all Ihealres. our NK)rf( has been extremely curta"1gJ duiro the paThJemic as ow do0 closed to live audiences for a 519nificant p10d of time. Trms dlMat& verwe hire. in house 8ThJ tourirKJ ticket sales a1 front of house irKome. Ow suNival stralegies have I1.. )Irt Drking. IXIble furt0h. use of our reserves as core fuFKlii¥J. &ce5sing kickstart ar eMgenCY fuTrJiro slieams wherever p ossible. We took this enforced opporlunily to review our stralegic vision - bolh creative aThJ financial. staffing needs, pollcles a1 procedures. bvsiress plan aNI use of t1 spe$. Additionaly continued to use the theatre space in safe creative bubbles lo organise. create aTrJ rehearse Sho aknNJside fUrbI5hlng our fronl of house bar area wlh a view lo irKTeasing irKome over k)rvJef turn. Determined lo meet community need for artisttc ouuets and positive inspir81ion this drff ult and Isolallng lime, we sold puppet makiNJ kits a1 Irease our Onli conlent ith CTealNe rkshops. behind 4he-5cen&s peeks and perf0M)wes aim&J at famity &MJiwKes. Olne contwl was as IluSive a5 possible with sublilles and sign language. As per govemment guidelines we took a bleTrJed online a1 ina50n approach ar cautiously opened our doors lo duced capacity adIereS for live perfomiwKes. volurleef opportuniti85. projecl WKI Wofkshops. Unfortunately. uptake Wds slow and our income stwms continu1 to be af1ted. Organisatlon•l Dèvelopment and Managèmènt The Theatre contiwes to be managed by an EXUt1¥e Committee hich reports to tho Board. Tho Executive Committee meets lortnightly and is made up of the Theatre Director, Finla1 contller. Chair of Trustees. Tnjslees an(J the ExUl1Ve of the Theatre continued lo meet 01r th[Dh Ihis period: Ihre8 mèmbers of stall pul on Furfough, vANlst full lime mbS of staff and orn part-lime member of $laff
NORWICH PUPPET THEATRE TRUST LIMITED IA comwy Ilmlt•d by gudntèe) fked from me aThJ sometimes in the buildlNJ. Staff not fuughed wothed wlh freelance artisls to provlde online content. As 8lal8d in ow previoL Annual Rq)ort. in FetsruY 2021 OperntKins Managgr k4n Woods rglirgd and the post was taken up by experienced puppeteer Colette arKI retitled as Theatre Oireclor. Colette relocated to NoNch aThJ began a process of devek)piNJ a bus1rS plan lorthe oryanisation. She look up the post al an uncertain time for arts orgaThsalions. dwiry global PaThYern. The organisalion applied and secured furNJiNJ from the Arts Cou11.8 cra1 0very FuThJ {second round ond Continuity). AloTrJ wth funding for cole costs. furnsing Wds pmvided for repwiosing spaces 8ThJ upgraditvJ of equipment lo improve online eonlenl. Our bar area rebuilt lo be more flèxible for a Y&1Y of events and Improve acoessibilily. aThJ our office spaces wwe refurbishwj lo Jlow morg efficient ways of n1n9. We ongaggd local company Osiris lo upgrade our system so that staff could Irk from venug or at )me going fornard. The organisalion en9aged Iwo Kickstart employees dwng the earty part of the smmer. wth one employee workiThJ on developing Ihg Theatrg's archtves and other supporting lkntre's Jminislralion and markelir4J department. Our Creative Engagement Co-ordinalor Vpnl on malemity leave in July. In AU$l the organisalion brought in rts practitioner Petef 8eck to assist Colette Galgan in the assessment of roles and responsibilities al the Theatre. and to help with a nLYnber of operational tasks. kn September staff who had been furfoughed relumed lo vJilh some twre hires sh as dIrVJS aThY Tetrwals taking place. One of our employees was laken on full time as Tralre Administrntof at the etNI of their Kickslart placement, the post of malemity cover for our Creative EThJaJement Coordinatorwas Illlèd. a gruate from Norwich University of the Arts joined us on a graduate S¢1e to ¢ontirw ow archive Proj1. a rw Kickstart employee began their placemenl fron1f0USe. Al the end of September. Colelle Garrigan reSigrd as Theatra D¥èclor. hef notice al the theatre aThJ Ihen remotely until tho end of Dèeomber. Peter Beck vra5 put in placg as xlir#J Thealre Director. and in January 2022 became the new Theatre Director. Peter lrnin8d as 8 Th8alre Director aThJ has VKrked extensively in th6 industry as 8 Dlreclor. Arts Manager. S61 Designer Tutor. Analysi$ and Fobward Look Our Financlal approach The year from April 2021 did not see a signrficant emwgence from pemIC restrictions as earfy or as fully as hoped. From July, Ihe ecoTh)my "oped up SInc110n8 removgj, this vas 1 paralleled by audiencè sentiment in tfj$ of their confiderKe to TetLTh as before lo arts Ven$. On lop of this there has been a trend lo last minute bookiw making plannivJ difficthl. Fthlhernore (knicron W1ant othbreak arKI widely available leslin9 resulted in even greater visibility kncally nationalty of chIl¢j and 8d utls lesliryJ positive. resulting in sell isolalion of families. aThJ staff SrtageS. The Govemmenl's Plan B regulations over Christmas 2021 consolidated the impact on allence take up of our offered programme. The fInarla1 Impact ol Ihls has been challengiNJ. Our aCCOLmts show total eamings rose fM £244,48010 £253,1. Of this. once again. a very large proportion camè from grants, slightly increased at £167.312, bul In 2021-22. this included project granls of £41.949 received as Investment In successful new productions. Thls 1$ refkcled In Sbgnlficant Wtist expeTrJiture on artists, fees of £69.791. This gmss If¥Aling SLKplus of £137.173 has pmved iff6uffscient lo offset increasing company èxpenses as we
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmllod by guarantse) managed two changes in leadehIP arKI rebuilt capxity to resume ow delivery of public benefit. Thégé factor8 accounta for a substantid rise in core expenses from £118.77110 £153,457. Judicious management of the public fur¥JirwJ under CJJltural Recovery Fund in particular allowed the Company lo fund the fvgulling deficit from f un(Is brought into this year of £62.712. takirg into cOUnt the fuff illmenl of Ill obllgalions where funds were subjecl Reslricle(I pUOSe$. This olfset a net trading deficit (loss) in year of £52.231. Dve to timiws of various receipts and disappointirwJ reven$ from our revived Red Riding Hood production for E8Ster 2022. the management team has rigorousty Iocu5ed on finan¢ial pwdenGe as post P8ndemic artistic activities Tamp up. Our board has analyzed lessons leamed from this environment aTrJ recognises that our thèatrè Yuld not have survNed wthoul public furK5ing in lockdown. This fwdir4J Includ 2 substantial Cultural Recovery Fund Grants of £42.000 each of Nthich were aimed al suslainiThJ employment and the safe operation of our venue and preserving reserves. This was complemented by the reducing levels of public funding through the Coronavinjs Job Retention {Furlough) Scheme and Covid Business Svpport Grants. The executive committee has made rebuilding effectrve free reserves from the position reported in these accounts its priority Ihrough an ambitious and well-resourced pursult of grant income and diversified eamed income. Thls is underpinned by diligent cost and cash management is reVIed and the company proceeds through thè f irsl quarter of 2022-23 fulty ablg lo pay ils bills as they fdl due. Further analysis of fin8rtial perfomiance is shown graphicalty in the followirwj figures. Income Comparison 2021 and 2022 Total 2021 - £244.480 2022 - £253,001 200.oc 180,0 160,000 140.000 120.000 100,000 80,000 60.000 40,000 20,(KKI Mar 21 Mar 22
NORMCH PUPPET THEATRE TRUST UIAITED IA company Ilmlt•d by guwantso) E>penditure Conyarison 2021 and 2022 Total 2021 - £211,980 2022 - £305,322 180.OCQ 160,LK(I 140.000 120.000 100,(KK) 80.000 60,000 40,0 Mw21 •M22 Forward strategy Rather than operating clo¥¢d dovm vrith the IWTe"dwk". vknich hove involved rn productr¥e engagement al all with audiences and stakeholders. the thrity has erNjeavowI to use Ihese funds to biild for the future as well as tho presffit. Th8$e IrKIed the am for Arti8tic prolects with Investment fffjm Arts COU11 fordevelopment bui break ev of f irst year In IKtruse aNI touring arKI profitable beyond that Cfeative leanwry actlvilbe8 genernte a swplus aThJ all1 Pfolect grant Investment from a rnnge of furn1$ local wthorflSes our business plan. almlrwj for sufficient creatlve. educatbnd aclivltles lo grow eamed Income rever b&k to £8(k this year •KI then the year aflor. In the 2022-23 year. 3 erealive developmenl projects planrnd, 1 of vknich is alreaJy funded mIer4Y, aj a f urther 2 in the ngxt. These are all intended lo add to our portloiKJ lor eaml IrMe rny. Secured fundlng for th8 nv•¥ Std and Wes Fight the Flood prolecl V4ill ènable us to raise inco me vla ticket and fronl•of hous¢ 88108 in August 2022 aTrJ may bè further grnnl funded lor a folknw4JP tour. Subject to a curr6 funding 8pplicalion, Ihe devdopmenl of a further nth¥ pduCtIon, 8 ¥1 kTh)vm seasonal lairy lale will raise rgveThJ& Xm8$ 2022. We also will apply for fundirq for a third rw creative Shake5pear¢an- Ihemed development pToiect. wthich will start wth a Spring 2023 lour followed up wilh in-1K)8 perfOanCeS 2 fwthw prol¢Gl$ for 2023Q4 ¥e cwrenlty beirwa planrd aThJ in ith our plamirJ modd. funding applica110 thlll be submitted lo the Arts COU11 in dug courne. Under Ihe leIeyShIp of Theatre DirKtor, stralegic thgmes we 8rnergty. NoMich Puppet Theatre has mulli prorwJtd approach to &hieve our couse to financial suslainabilily. We continue lo dwersify and dèvelop
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmltsd by guarantee) our creative offer lo grant funders. We are reinstatirwj partnerships ¥thich were.on hold. during the pandemic. These partnerships generate revenue in relum foi our creative IrkshOpS and targeted events. Increasing revenues will also emerge from increased utilisalion of spaces in our theatre for a mullilude of workshops, hiring as a wedding and events venue, increasing front of hoLL8e income in OUT refurbished bar area and by hosting more adull-oriented evenls which increase bar sales. This can be enabled by sourcing 9ranl funding lo reduce our overheads by making our w£)ing space afyj vehicles more environmentally friendly and cost efficiènt. We have already invesled in facilities and infrnslructure during the lockdown and this is helping our eff iciency. Examples include a redesigned bar area and we114Iesigned flexible desking in our office spaces. Through our Green NPT initiative currently aim lo.. knprove the quality and sustainability of our theatre (hopefully wilh fuling from Wolfsson Foundation and olher grant givers). The feasibility ar scope of this is being addressed eady in 2022-23. To fil out a sustainable touriThJ vehicle as 8 mobile theatre foroutdoor outreach performance and education offers through the summer al local festivals arKI activity weeks in patks and 18tes around our city and our county. During the pandemic, we have enlered upon a rolling update of ow understanding of current and wder audiences to Tefine our vision. mission. and strategy lo meet needs in this changed conlexl, developing capabilities and facilities. Enhanced strategic marketing will position LTrS and our brand identity 1th the community. More diverse engagement wlh further offers such as youth theatre. puppet making Skills development, and employment. Thi5 marketing analysis is matched by financial analysis examinir¥J buSIsS viability of different strands of work wth (Jifferenl groups. Under twin banners of "Destination Norwich Puppel Theatre" and 'Green Npr. we will build the aeslhelic I inleraclive quality of the venue, uplill the visitor arKI userfs experience - comfort. product, and seNice. Buildino up our attractiveness in the touiism landscape. especially outsido the peak summer holiday seasons. will shape a strong cultural offer for half leThn. Christmas and Easter holiday breaks. By promoting our facilities through active ewagemenl are looking for modesl growth in otIr areas of income, plus new programmes for corporate sponsorship. Investment in creative development projects will be paralleled by Green NPT capital projects in the venue and for I01ng. We remain, as a result of this recovery stralegy, dependent of fundiro from local aulhorilies. Theal res Tax Relief and trusts and foundations. We aim to s&ure unrestricted investment from these lo match levels pre- pandemic. and over time reduce this dependence as we grow our reputation. reach and produclivily in delivery ol public benefit. Managgment PacIty and Capablllty We are working towards reStablishIng our pre-pandemic rdte of creative OLrtput. We are increasing the quantity of workshops, performances (both in house and louringl and events as funding allows. Audiences are cautiously reluming with a marked increase since Easter 2022 bul schools and cornmunity partners have somelimes been hesitant lo commit lo events during this uncertain lime. The Cotnpany also faces signifieanl cost escalation from fuel and other sources of inflation and so do our staff and our creative partners. Demands on funders for their support have also gone up very substantially.
NORMCH PUPPET THEATrE TRUST LIMITED (A wnyny Ilmlt•d by guwant••l During Ihe pandemic we continued lo Invest in skills. delivery techiques, a1 I? fxilities in our venue arKI rking spaces. We also man8oed to sustain. indeed grow. cap&ty in the team aThJ maintain effective rking relationships with freelancè cr6alivgS. The nel result of this hos been that h8ve relained the skills and experience of our team aTrJ improved th6 functioning ol our venue, but Ihe impact on revenues has eroded rather than suslain8d r8swves. This means our company starts the year 2022-23 wlh a lower baseline in cash available. Nonelhetess, our ambitious bul reasoned plan is lo build back to pre-pandemic levels of artistic aclivily, with deperKlfjncg on ACE project grant investmonts. and Jso lo continue Green venue improvements. audience engagement aTrJ additional revenues by growing our wider ¥tivities. We have relled upon ow depth of expedence In managlng successf projects delivering well-receivèd new art. To do this. V•P Irk %ll wth a we of vistting arKI resident artists: diTeclots, perfomers, designers. vniters d musicians. We Ihink V U1¢taThJ Ir 8{15 and tw kjok lo for good Processes, rnanagemenl and plannlThJ. We continue lo research review aUdIee reactions and bookiTrJs, and evaluation ol our work In order to adapt arwj impmve. We believe v have proven ability over 40 Yea to manage delivery of benellts, budgets aThJ peopl8 Within the vwy tighl resource co81raInts over the pa81 ten year5. Our team of employed staff (7 FTE) and f18ftce perforners, w)sp leaders and speclalisls lod by our new Thealrg D1clOT. Peter Beck is an Arts Professional V•ith 25+ year5 experience of arts man8g&menl, theatre direction aThJ ProdlI0n. $¢enic design constrLKtion. lecl¥)ical theatre. theatre trainirKJ and education, lling and performwe. He has bea) V•ith us $ie 2021. fuly as Thealre DirKlor sin¢0 111 January 2022. He has been leadiro a Process of rgfinirrfJ roles r8sponsibilities to me us more adaptable lo roshaped ngeds of the business, Strengthening the strategic leJetship roles of Theatre Director, producing and education dopartmonls. ev¢nl$ aTrJ facilities man&Jemenl. marketiro technical managemènt and operation. The Theatre Director is supported by rigorous oversight by t1 Exgcutive Commiltetr (fortnighlly) and Board of Trustees Imonlhlyl. Our Trustees ref lect many diffenI perspeclNes.' finarKe. art and perfomiarKe. theatre management, education, diversity and irtlusion. partnetships and stakelKJldws, corporate rnlalions and communlcalions, and demonslrate their commitment in volunteer roles 8s . We have a strong Cre of volunteers. helping with puppet- and set4nakirKJ. assistiwj 1th our crnatNe aming V•vrkshops and fffjnt of Se LorrfJer lern have 8 goal of positboniThJ for Arts cour11 Natio1 Portfolio Slalus in 2025. Dlvorslty, oqulty and Incluslon Organisational diversity The board has discussed diversity of ils trustees aNI is undertaking a review of our recruilmenl procedures for the future. We have a rdnge of local aviser5 V*t plan lo draw on. We have appointed a new Iruslee of cokjur wth legal, finance and artistic skills has also been leading the Norfolk Black and POC Creatives Ne1¥. We are also revithbiNJ our chair and vica chair ffj18s aThJ SLtc•sslon procèssès and shè will help wrth this topic.
NORMCH PUPPET THEATRE TRUST LIMITED IA Company Ilmlt•d by gutn4ntsel Our staff and artists profilè eonl1nLs lo rellect a good balance ol geThJer, Identilicalion ability, age and socio- economic bockground. of our staff have significanl medical ¢ondition5. and one of our eurrenl artists identifies as Ihoy . All our team email signaturns irKlude preferred pronouns. All our staff are particularly keen lo put acce8slbilily al ihe hèart of our and lo address a)y issues wilh th& way we communicate or users can navffjate veN8 In a former medieval cmrth. Allence Oiversf(y aThJ inclu81on We have ilh thè local migrrt commuThty on a ple Call Cycles Which tells their slory through shadow Ihealre in a booth Show. (Xjr latesl Pirn)cchio show has bLiIt on provUS projects in embeddirg swJnirvJ sublilles in some of the performances. We have V•Drked th ow accessibility specialist Lom8 Heap on several projects lo deliver captioned. si9rd and relaxed performances for deaf. heariNJ impaired and neuro 4ivergent audiences. The captioning and $ignirvJ process crealed an opportunity lor our perf0mnCeS lo receive some 8ddilional training In these elements. She wll contiwe this in our n8w project Stel and W&4 Fight the Flood. A Community Needs Assessment pmjecl is planned lo lake this fUrtr for our new production project lo 6xl¢TrJ our reach lo thè comm¥Jnilies vthh these xcessibility Challe$. We hope to build more proactive relalSonshlps with local services aThJ charities wth these groups. Participant Divetsity.. Wfj have rgvisited our policy processes for volunte5 are brirgiTrJ in irKJividuals. Our review of recruiting Intstees wll also Wp us in t$. Ow communty needs assessment projects will explore how we can further engage th communities of drffeI abilities. soci0-r7m groupirvJs. dhni¢ and culiurdl backgrounds and gender Hjenlities. We are also working wth local partners on creative puppety ¥tivities linked to outdoor leaming.and taking shows lo a series of community arKI sFK)pping centres especial in disajvanlaged wards. We have had a successful partnership with Vr)rkeTS With kfycal migrant commurmties. irKludir¥J a short shadow puppet thealro show in a -pop-up" NoN•ich Market stall as part of It Lovelighl FestNal in February. We are keen to bulld upon these links to do more yrk Vlith such gmups in Ihe mnlhs and years ahead. Golng Concern After makirg appropriate enquiiies. avw18ble fin¥la1 $pOrt Covid-19 Closure Regulations from govemment SCMe$. wth a robust forvrdrd buSiS fundraising plan Ihal continued lo deliver project and core fuThling awards through the f itst a1 s0j quarters of Ihe year 2022-23 . the Tnjslees have a continuin9 r&3sonable expectation that the C4mpany continues lo be ab le to meet ils liabilities as they fall due for the foeeable future. This is enabknj by establisw track record ol effective proactive cash flow management by the Executive Committee {on %%Eekly basis throughout the period of the pandemi¢l and the Board lon a monthly basis). For this 8$on. tlw eonlinue to adopt the gOIj concem basis in preparing the financial slalements. Further (Jelails regarding the adoption of the goirwj cortem basls be found In Aceounliro Policios. Reserves pollcy The purpose of our reserves is to smooth the effective delivgry of bf11S to our usèrs over the finatKial cycle. At limes such as the Covid parKlemic arnl emergence a1 recovwy from it, may need lo drnw on those lo invest in new product and seNice development. or in or9anisational developmenl lo establish more suslainable businèss operations. Pa9e 110
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmlt•d by guarant•è} th8 difficult period of tho p8312 XCOLKrtirvJ yws 8rKI to dale. Ir• hav6 b&8n numemu8 occasions when Ihe liming of payments of grant avfflls arKi amounts payable have be8n delayed boyond expeclalions, IJing fmm subslanllal aLrthorilies. Our present forètasl is Ihal cash reseNes at 1st November 2022 cover 4 10 6 weeks of opefaliThJ costs. a cuffenl pèak in cycle. Al times eartiw in the y&af. these liming issues have rnaanl tho company has been faced with a ITOU9h in cash flow.and has drawn down frorn a loan facility exlended by one of the Iwslees to cover immediale seltlemenl of bills as Ihey fell dug. This has been of the naltjre of a slK)rt4erm bridgirKJ overdrafl lo ovwcom8 thè impact of delay and slowss in payments by the ¢oMpY $ debtors. Ttrwo is tIV9 repayment pkn for Ihese advwes irKluded in our cashflow projections. Tha feS8P4èS of charitablg company represent both unr8$lri¢t•J f mds arising f rom past operating results, vthich incIjeS deswnaled furKls set aside by the Directo lor fthure projec15. and Te51ricled funds where income has been reCVed for a specrfic purpose and is US &ColJ. )nelheless, the Iruslees JheTe to a p0cY of maintainirwj ServeS lo meet its psent and ongoing liabilities and we contiwe to hohj to t aim of irKreasir#J and $ustainirvJ free reserves lo cover emergency events to 12 weeks or more of core operatirvJ cosls over Ihe rxl years. Restricted funds stood al £Nil at 31 March 2022. The level of unreslricled serveS held at the year4vJ Yras £10.391 of vthich mne were held as fixed assets Iherelore. free reseNe5 slaTrJ at £10.391. StruGturo, gov•rnanu and man•g•m•nl a. Constltuuon The Charity is wislered as a charitable compary limilwj by guwanlee Yas sel up by a Memorandum of Association on 1111979. The Charity is constituted urhjer a mewdLY of AssocIatn dat OY1111979 and is a Teg islered charity number 271041. The principal object of Charity remains ProdlI0n arwj pert)n of puppet theatre shows. b. Method of 8ppoSntment or election of Trustees The management of the Charity is the Tesponsibilty of the Trustees tho e elected a1 Coaopled under the lemis of the Articles of Association. c. Organisalional structure arKI decbsion makirwj The chair of thelrustees is responsiblefor1 IlUcIl0n0I Iruslees vh¥ch invOe$ aare$S of Ihe Iruslee's responsibilities, the charity's govemirvJ documenl. administra11¥8 prO¢ure$, tOgetr wlh the history and philosophical approach of the charity. A new Iruslee receives Cop of the PTeVitiUS yearfs financial s18temenls, annual report and a copy of the Charity Commissions leaflels providi guidarKe for Intslees, as well as other useful company reference materials shared in an Olne jIlon Pack folder. d. Rlsk management The Trustees have assessed Ihe major risks to 4thich the Charity is exposed. in particular those relatod lo th¢ operations and finances of thè Charity. a1 are Satisfi that sysiems and procJurès are in place lo miligale our exposure lo the major risks. Page 111
NORWICH PUPPET THEATRE TRUST LIMITED IA MPanY Ilmlted by gu•rante?) Tru•ts•i' mponlbllltl•• •tat•m•nt T180$ {vkn dso diraclors of Nopich Puppgt atrfj Trust Limited for the purposes of company baw) are responsible for prepariThJ Ihe Trustees. wiort a1 Ihe financia slatemenls in accordance with applicable l•v aThJ United Kirydom AccountirvJ Slandwds {Unilod Kirsdom Gen8rally Accepted Accounting Prncticel. Company law requlres th8 Trusle8s to Prepare financial statements for financial year. Under company law Iho Twslees must not aPpVe linancial slalement$ unle$$ tw are satisfied that they give a true and fair view of slate of affair5 of the charitable company arKI of lh8 incoming resoLKces and application of resources, Sncluding Ihe income arnj expendilwe. of the chaiilable company for that period. In preparing thes8 financial slalemenls. Tw51egs required lo: sdect Suitable accomtiTr3 policie8 th apply them consislenuy; observe Metd8 arKI piirtiples in thè Chwities SORP: make IJgmentS wj accountirvJ estimates Ihal are Teasonable aThJ Pnent. prepa(e the financial statements on the goiNJ concem basis urt&ss it is irwjproprialo lo presurne that the charitable compary conlirnje in opwKJn. The Trustees are responsible for keeping a(lequale accountiThJ OrdS thal are sufficient to show and explain Ihe charitable company's tIactionS and disclose Vilh reasonable CaCY at any time the financial posili)n of charitable company and enable them to ensu that the flACIal slatemenls comply with the Companies Act 2tX)6. They are also responsible lor safeguardiro the assets ol the charitable company 8nd hence forlaki reasonable steps for Ihe prevention arvj delectK)n of f raLvJ and other iryularities. This report was appmved by the Tnjstees. on 20 October 2022 wj signed on their behalf by.. N Hopkln$ Trustee, Chair Trustee. HDnO reasurnr Page 112
NORWICH PUPPET THEATRE TRUST LIMITED (A comp•ny Ilmlted by gu•rnnleel INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 Ind•pendgnt •xamlnerfs report to th• Tru¥tws of Norwlch Puppet Theatre Trust Llmlt•d I report lo charity trste8$ on my exwninatN)n of the accounls of Ihe company forlhe year ended 31 March 2022 vthich are sel out on pages 10 10 29. sponilbllilles and basis of report As the charity truslees of the company land also ils dirgclors for the purposes ol company lawl you afe responsible forthe prepardtion of the accounts in accordance wth the requiremenis ol the Q)mpanies Act 20C6 I'lho 2C Acl'}. Having Satisfied myself that the accounts of the eompany arn ml wuirJ lo be aL#liled under Part 16 of the 2006 Act and are eligible for indepeThJenl examination. I report in respect of my examination of your company. accounls as carried oul Under seclion 145 of the Charities A¢1 2011 ('Ihe 2011 Acl,). kn carryir4J oul my examination I have followed the Directions given by the Charily Commission der $tion 145(5Xb) of thè 2011 Act. Ind•p•ndent examln•Vs statem•nt Since Company's gross Irne oxcogded £250,(W yow examiner m1 be a membgr of a bod y listed in section 145 of the 2011 Act. I confirrn Ihal l am qualified to urbjertake the èxamination because l am a member of knstilute of Chartered Accounts1$ Erwjlal aThJ W. hich is of Ihe listwJ bodies. I confim that no mall8rs have come lo my attentn in corwtion wilh eXinatiOn giving me cause lo believe that in any material pect.. accounting rècords were not kept in respect of the compary ag by sacln 386 of th8 2[ Acl.. or the accounts do not accord with those words,. or the accounts do not comply wilh Ihe accounling requiremen1$ of Sectn 396 of the 26 Act other than any requirement that the accounts give a 'ln and fair view vh*ch is not a matter considered as part of an independent examinalion: or the accounts have not been prepared in accordance wlh Ihe melhods and principles of the Statement of Recommended PtIce for accounting and reporting by charllies applicable lo charities preparing their accounls in accordar? 1h the Financial Reportin9 Standard opplicablg in Ihg UK and Republic of kelar {FRS 102). I have identified one maller in COnrlI0n wth my examination lo 1¢h attention is dravm in order lo enable a proper understandir@ ol Its accounts. As describ in note 1.4, there is material uncertainty over the lulure income ol the charity as a rnsuli of continuing uncertainty on arts seclor lundings together wth significant pressure from future cost ireaSe5 a5 a result of cwrent wWinenl. The charity tnjslees have consider&J the goirNJ COrern slalus ol the charity. measLwes taken lo slabilise the position and the cash resources available and committed at dale ol approval of Ihe financial slalements aThJ have concluded that Ihese should be piepared on a going concem basis. The f iala1 slalements do not include any of the adjuslmenls that V+DuhJ result tl the company w#s wble lo continue a¥ a goirs concem. There are no other mallers in conneclion wlh the examinalion lo wthich allenlion should be drnwn in Ihis repofl in order to enable a PTopeT understandiThJ lo be reached. Signed: Daled: 31 October 2022 J Grlmrn•r FCA DChA Larking Gow•n LLP Chartered Accounlanls King Slreel House, 15 Upper King Street. M)Thl¢h. NR3 IRB Page 113
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Restrlcted Unreslrl¢ted fvnds funds 2022 2022 Totsl funds 2022 Total funds 2021 Not• Income from: Granls and donations Charitable activities Total income 123.306 69,007 192.313 183.994 69.007 253.001 215,352 244 480 Expendlture on: Charitable activities 96.621 208.701 305,322 Total expendlture 96,621 208,701 305.322 Net In¢om• l (expendlturel before transfers {35.933) {16.3881 152.3211 32.501 Transfers beten Funds 13 Net movgmant In funds {35.933} (16.388) 152,231) 32.501 Re¢on¢lllatlon of funds: Total funds brought forward Totsl funds carried fonvard 10.391 10.391 62, 712 The notes on pages 16 to 29 form part of these financial slalements.
NORWICH PUPPET THEATRE TRUST LIMITED (A Company Ilmlted by gu0) REGISTERED NUMBER: 01243558 BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Flxed assets Tangible assets Curront assets Stocks 3,376 2.268 Debtors 10 8.521 2,673 Cash 81 bank and In hand 70,697 75.638 27,719 Credilors: Unts falliTrJ dug itl¥n one year 11 (17,328) f12,926) Net curr1 ass•ts 10,391 62, 712 Total assets Igss ¢urrent Il•bllltl•s 10,391 62.712 Credltors: amounts falliryJ due aflw more than one year 12 N8t ass?ts Charlty Fund8 Unreslri¢tod funds Restricted fu1$ 13 13 10.391 26.778 35.934 Total funds The Charity's flnarKlal slatemenls have been pwared in accoftl8rt8 Imlh th& provislons applicablelo compans subject to t small COMPleS regime. The TNslees considerthal the Charily is entitl to exemption from the r4uirèment lo have 8n 8udil under th8 provisions of section 477 of Companies Acl fitr* Acl'} members have not required the Charity to obtsin an audil for the year in queslion in accor(lance with section 476 01 the Acl. The Tnjstees aCklge Iheir responsibililies forc0Mpry wilhlhe requlrements of Ihe CompanSes Act 2W6 th respect lo accounting records aThJ the preparatn of financial slalements. The financlal statements appioved arnj aulhorised forIss by tha Trustees on 20 110 12 022 and slgn&J on Iheir behalf, by: N Hopklns - Tru$ts•, Chair N Gray - Trus norary Trgasurw The Tr)lfrs on PeS 16 - 29 lomi part of these financial statement8.
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies 1.1 Ba$1$ of preparallon of finan¢lal Statements The fina131 statements have been prepawe(l in 8ccordan¢e wlh Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReportiThJ Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191 (Charilies SORP {FRS 10211. Ihe Financial Reporiing Standard applicable in the UK ar Republic of Ireland {FRS 1021 and the Companies Act 2006. Norwich Puppet Theatre Trust Limited meets the def inilion of a public benefit enlily Urer FRS 102. Assets and liabilities are initially recognised at histoiical cost or transaction value unless olhemse slated in the relevant accounling policy. 1.3 Company status The Charity is a company limilefl byguar8nlee. The members of thecompanyare Ihe Trustees named on page 1. In the event of the Charity beirw3 up. Ihe liabil¢ty in respecl ol theguaranlee is limit&1 to £1 per member of the Charity. 1.4 Going concem The nature of the company's business is such that the Charity relies heavily upon funding from grants an¢J donations and Ihore can be considerable unpredictable variations in the liming of all cash flows. Proactive and vigorous fundraisiThJ activity continues to fomi a major aspect of core activities. The directors have ppared detailed f unding plans aThY projected cash flow infom)alion and are diligently monitoring the situation over the course of the current year by meeting and reporting on a monthly basis. This robust fonvard bUs1rSS and fundraisiThJ plan has already d elivered project 1£75,0001 and cOre1£82.(l funding awards in the first and secorwj quarters of the year 2022-23, such that the Trustees have a continuing and reasonable expectation that the Company continues lo be able lo meet its liabilities as they fall due for the foreseeable future. The company had from April 2021 the be111 of continued govemmenl linancial support from small business cultural sector grant. a business rates holiday. Arts Council Cullurdl Recovery Fund Grants of £79.875 and regular payments tolalling £3.310 {lo end November 20211 under the HMRC Job Retention Scheme for flexible tspered support for 24 staff. 11 was again ¢Jecided not lo apply for the Govemment's Loan Scheme. On the basis of this cash f low information. project and cote grant awards and the actual trading results in the current year, the directors consider il appropriate lo prepare the financial slalements on going concem basis. The linancial statements do not include any adjuslmenls that may result from the directors being unable to Secu adequate core fLmdiNJ for 2022-24 ye8fS. Further detail over the chaiity's plans are explain in the Truslee5' Report. 1.5 Income All income 15 recognised once the Charity has entitlement lo the rMe. il is probablethat the incom& wll be received ar the amount of income receivable can be measured reliably. Donaled services or facilities are recognised en Ihe Charity has control ovgr the item. any conditions associated with the donated item have been rnel. the receipt of economic benefit from
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmlt•d by gu¥antee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 use of the Charity of the ilem is probable and that economic bef 51 can be measured reliably. In accordance ¥Mth Charities SORP IFRS 1021. general volunteer limo of Ihg Friends is not recognlsed and ler to t Tntslaes. report for more infomallon 8bout Ihelr conldbullon. On weipt, donated professional seryices aTrJ don8ld f1111$ we recognised on the basis of the value of the giftto Charity thich is the amount the Charity Mvuld have been wlling lo pay lo obtan services or facilities of equivalent eC0MiC benefit on the opa) market; a coffesporKling amount Ihen recognised in eXpj11Ie in the ped of 1P1. Income lax recoverable in ielalion lo donations under Grfl Avj or deeds of covenant ' recognised at the lime of the donation. 1.6 Charitable tradlng Incomo ome from Iwre admi88ion fees, workspS and tours is includwj in incomiThJ resources in tho period in thich the relevant $W takes place. 1.7 Donations and Loc•1 Authorfty grnnts Donations and Lo1 AUtrity grants Tecognised Y1h1n statement of financial activitles when they are recwved. Grnnls tch contribute lowds sp&if 1¢ expenditu iluded within the reserves of the charity. 1.8 Exp•ndltur• Expenditure is recognlsed once there is a legal or cortslnKtNe obligation lo lrnnsferKOmlC be to a third party, il is probable that a transfer of e¢0MiC benefits will be required in setllemenl and the amount of the obligalion can be measured reliabty- Expendilure is classified by activity- The costs of each aclivily are made up ol the total of direcl costs and shwed costs, irKluding support c¢)sts involved in LdertakIry aclivily. Direct costs atlribulable lo a siThJle activity are allocated directy lo that aclivily. Shared costs vthich conlribuie to more Ihan ong activity and support costs vA)ich are rK>l attribable lo a sIrYd &tivily are apportioned beleen Ihose activities on a basis consistent wilh use of resources. Central slaff costs are allocated on the basis of time spent, and depreciation charges alloealed on the portiorb of Ihe asset's usè. Charitable tIvItIeS WKI G0vemae costs are costs IU1r1 on Carity's edatiOnal operaliorB. including 3UPPQrt ¢o$l$ aTrJ costs rdatir#J to th8 govemarKe ol the Charty apportioned lo charitable activities. Grants payable ore charged in the year vknen the ofleris made except in those cases the oll 1$ condilional. suchgranls being recognised a5 expenditure the conditions allaching 8re fulfilbj. Granls offerèd subjeel lo conditions vthich havè Ml been mel at the year end am noted as a commllment, bul nol accrLd as expeNJilure. 1.9 Theatre productlons 1. Th? cost of twre PTodwtion5 is vnilten off as vn incurreil. 11. Produ¢lions purchased are itten off over the pav)d of expect&J use for perfomances. Al 31 March 2022 there vras m residue of cost. Page 117
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 1.10 Building costs The theatre operates from a former church. St James, Whitefriars in Norwich which 15 leased fM Norwch Historic Churches Trust Limited. The cosl of relurt)ishmenl. slru¢lural improvemenls and new buil¢JirwJs. nel of related grants. is Yrrilten off as inCed. 1.11 Irrecoverable VAT The charity has irrecoverable VAT arising due to partial exemption,lch is included within resources expended. 1.12 Tangible fixed assets and dopreclatlon Tangible fixed 05sets are carried at cost. net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to lte ofl the cost of fixed assets, less their eslimal8J residual value, over Ihwr expeclefl useful lives on the lollowir¥J bases= Motor vehicles Theatre equipment Office equipment Compuler equipment 25% straighl line basis 20Y& slraighl line basis 20% straight line basis 20% strdNJhl line basis 1.13 Intérest r8¢glvabl• Interest on f urnjs held on deposit is included vknen recable and the amourbt can be measured reliably by the Charity,. this is normally upon mlrficalion ol the interest paid or payable by the Bank. 1.14 L•aslng and hiro purchase Assets obtained under hire purchase contracts and finance leases are capi181ised as tangible f ix assets. Assets acquired by f inance lease are depreciated overthe shorter of the lease temi and their useful lives. Assets acquired by hire purchase are depCiate{l over their useful lives. Finance leases are those where substantially all ol the benefits and risks of ovmership are assumed by the Charity. Obligations under such 8greemenls are included in creditors nel of the finance charge allocated to future periods. The finance elemenl of the rental payment is charged lo the Slalement of financid activities incorpordtiThJ income and expenditure a¢¢ount so as to produce a constant periodic rale of charge on the n81 obligation oulstandiThJ in each period. 1.15 Stocks Stocks are ValLd at lovm of cost arvj net realisable value after making due allowance lor obsolele and slow-moving stocks. Cost includes all direct costs and an appropriate propOrtn of fixed and variable overheals. 1.16 Debtors Trade and Otr debtors are recognised al the selllemenl amount after any trade discount Offe. PpaYMentS are valued at the amount prepaid net of any trade discounts due.
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmltsd by guarantsfr) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 1.17 Cash al Bank and In hand Cash at bank wd In hand includes cash and short lem hl9Ny liquid inv&stmenls wlh a short malurily of Ihm months or less from tha date of acqlusition or opening ol the d¢posil or similar account. 1.18 Ll•bllltlM and provIOn$ Liabilities are recognised kn there is an obligation at the Balae sheet dale as a result of a past evenl, il is probJle Ihal a trar6ferof e¢0)Mi¢ benef ilwill be required in settlement, and the amount of the Slment can be estimated rdiably. Liabilities are recognised al the amount that the Charity anticipates il 11 pay lo settle debl orlhe amounl rt has rec8ived as a(IvanceiJ payments for the goods or service5 il musl provide. Provisions are measured at Ihe best estimate of the amounts required lo $tle oblwalion. Whè the effeclof thelime value of mon8y is material, the provisDn is based on present value of t$9 amounts. discounlejj al the pre-tax discount rale that reflects the risks specific to the liability- n11j of the discount is recogni$ed wthin interest payab ¥J sirnilw clwges. 1.19 Flnan¢l•l InlNments The Chaiity ordy has finar181 asse15 and fir1 h'thilitiès of a kind Ihal qualify as basic financial instrumenls. Basic finarKial instruments are inilially rOgrsl al transaction value and subsequently measured at thr setuemenl value the exception of bank loans thich are subsequentty measuj at amortised cost usiry effective inteSt method. 1.20 Fund accounting Genefal furbjs are unreslricled funds Ythich are availle lor Ltse at Ihe discretion of the Trustees in furtherdrKe of the general ObltiveS of the Charity aThl which have not been designated for other purposes. Restricted fu1$ are flS knh are to be used in x¢owdan¢e *ith specifi¢ reslriclions Impos1 by donors or vknich have been raised by the Charity for partic PLwposes. The costs of raising and administering swh f UTKJS are ched against the Splf ic fuThJ. Ihe aim and use of e&h re$tri¢ted fund is sel out in the leS to firorKial statemwbts. 1.21 Govemment grants Govemment grants relatiry to iawible fixed assets arn trealtsj as deferred income and released to the Sl8temenl of financial &livities over expect1 eful li18 ol th8 assets concemed. 011 grants are credited to the Slatwnenl of fInla1 acts'vilies as Ihe related expendituro is irKurred. Page 119
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Charltable actlvitlgs Restrl¢ted Unrèstried fund$ funds 2022 2022 Total funds 2022 Total funds 2021 Trading income Theatre Tax Relief Investment income 69.CX)3 69,003 21,764 7.334 30 Totsl 2022 Total 2021 Grants and donations R•strictod funds 2022 Unro$tri¢ted funds 2022 Total nds 2022 Total funds 2021 Anguish's Arts Council 4.560 4.560 117.264 110, 757 Pinocchio Covid Response Funding Ivariousl 37.389 79.875 Norfolk County Council Covid Response Funding NOl¢h City Council Covid Response Funding Kickstarter Funding Donations Donated SeNices Ellerdale Trust D'oyly Carte Martin LaiThJ Norfolk And Norwich Festival Job Retention Scheme 4. 170 4.170 4.170 3,906 10,000 16,802 10.000 12.578 10.ofK) 12,578 15,429 14.683 15,429 14,683 30,134 2,000 2,000 3,000 5,000 4,500 23,689 3.310 3,310 Total Total 2021
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmltsd by guarantee) NOTES TO THE FINANCIAL sTATEME1s FOR THE YEAR ENDED 31 MARCH 2022 Charltsblg adivitios Trading expense$ Total 2022 Tolal 2021 Dil costs Eslablishmenl costs Administration arKJ finar Gosts prOdli0n and cost of sale8 10.178 10,178 38,884 154,047 102.212 6,289 26.266 119,267 60. 158 154.047 102.212 Total 2022 Total 2021 Ilèt Income Thls Is stated after ehwgirg: 2022 2021 Depr6clallon of tangible fixed assets.. - owned by Ihe charity kndependenl examlnerfs fee Durir4J the yoar, no Tw$lees e1Ved any remuneration 12LY21 - £NIL}. OtIr than permitted payments for services dlsclosed In note 16. Durirwj the year. rK) Trustees receiv any benefits in kind12021- £NILI. DurirvJ year, Trustees receiv&J any reimbursement ol expenses1202 1 - £NIL). Donat•d s•rylc•s During th8 year Ihe charity erYJ•aed a Nmber of loca v provided their seryices at duced rates. Thesè amounts therefo wresent donated seriicos aThJ 8 09n1$ vitlM'n incoming resources as a donation and the equr¥alenl charge incIled *ithin resources experwjed tolalliNJ £2.1XIO {2021 - £2,cooI. Page 121
NORWICH PUPPET THEATRE TRUST LIMITED (A mPaThY Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 staff costs The average number of persons empknyed by Ihe Charily duritvJ the year was as follows.. 2022 2021 Most staff are part4ime. vknich gives an FtE of 5.25. No employee received remuneration amounlir#J to more than £60.tW in either year. Staff costs in the year Te as follov+E: Total 2022 Total 2021 Wages and salaiies Social security costs Pension contribulions 129,199 8,720 1,144 91,186 5.660 1,821 Total 139.063 98.667 The key management personnel of the Charity are deemed to belhe Iruslees. As a result, the remuneratio n to key mana9emenl in the year wa5 £NIL 12021 £Nl. other than perrnilled paymenls for services as disclosed in note 16. Page 122
NORMCH PUPPET THEATRE TRUST LIMITED (A company Ilmlt•d by gupnntse) NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENOED 31 MARCH 2022 Tanglbl• fixed ass•ts Motor Flxlur•s and hl¢les fittings Office •qulpment Computer equlpm¢nt Total Cost At 1 April 2021 Additions Disposals 30.852 53.441 3,678 8,865 96,836 Al 31 March 2022 Depreclatlon Al 1 April 2021 Charge for tho year On di$po$•ls 53,441 3,678 8,865 96,836 At 31 Mar¢h 2022 Not book v•lu• Al 31 March 2022 At 31 M8rch 2021 Thg nel book value of assels held uNler finarKe leases or tire purchase conlracls. incIled above, are a8 follow8.. 2022 2021 Stocks 2022 2021 Finisw goods arxl goods for Tesale Page 123
NORWICH PUPPET THEATRE TRUST LIMITED IA company Ilmlt•d by guarant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2022 10. D•blorn 2022 2021 Trnde debtor¥ Prepayments and accnAI income 8.110 411 1.661 1,012 11. Cr•dltors: Amounts falllng du• wlthln on• y 2022 2021 Trade crnjitors Othef laxalion and social seclty Accruals aThJ defe irKome 10.029 3,568 3.730 7.938 4, 988 Included wthin acCnlS deferr•J irKome is £0 of def¢ed income12021: £0). 12. Credltorn: Amounts falling due after more than one y 2021 Page 124
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Statsm•nt of funds statement of funds - current year Balance at 31 March 2022 Balance at 1 Aprll 2021 Transfers Inlout Inm9 Exp•ndlturo Unrestricted funds Gener Funds - 192,313 1208,701) R•strlctsd funds Anguish's Arts Council Kickstarter Job Retention Scheme Norfolk and Norwch Festival Bridge 1400 29.034 4.560 37.389 15,429 3.310 16,9601 (66,4231 (15,4291 13,3101 I4.5) Total of f unds
NORWICH PUPPET THEATRE TRUST LIMITED (A MPaThY 11m1t by 9uarante•} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Arts Courtil of ErwJlaryl - total £117.264 £20.(W - First part of Pl¢¢blO Pmjecl retraal aThJ pmduclion period £16.(YK) - Sècond part of Pinocchio £42,IXXS in t41 payments - Cullurdl Recovwy 2 £29.4tW - Conlinuily Grant -'CRF3' £1,389 - Fird 10% of dèlayed Pinocclwo R&D pwiod £8.475 - Final 10% Cultur81 Recovery FWNJ 1 £4,560 - ANJuish's Pinocc1?~ Schtx off Spectato £4,170-No olk unty 11 - Core uTrJiry grant Norwch City Council - total £21.667 £10,0 - annual core lundiThJ grant £12.578 in foLf Payments - COVID closwe 8ssist8r Kick5tartor Grants - tolal £15.429 Paid in montNy amounls via Famham MalliNJs to assist in salary for lemporwy stsff members Statement ol funds - prlor year B8lanc& al 31 Mah 2021 Balae at I 2020 Trnnsfe iout IrK(yne ExwAture Vnr•strl¢t•d funds General funds 2.717 129.830 (105, 769) 26. 778 Restrlcted funds Anguish's Arts CourKil Other grants Foyle Foundation Freemans. Paul Bassham Norfolk and Norwich Festival Bridge 2,400 29,034 13,320 110. 151 (94.438) (1, 299) (4, 139) (5.334) 4.139 &334 21 Total of f unds Page 126
NORWICH PUPPET THEATRE TRUST LIMITED IA company Ilmlted by guar•n¢•o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Summ•ry of fund• - currnnt year Balance al 31 March 2022 Balance at 1 Apiil 2021 Transf•r$ Inlout Incom• Expndlturo General f ur•Js Reslricled funds 26,778 3S.934 192,313 1208.7011 {96,6211 10.391 Summ•ry of funds - prlor year Balance al 31 M8rch 2021 B818rte at I Awl 2020 Transfe i01 General fund¥ Reslncled funds 2.71T 27.494 129.830 114.651 (105. 769) (106.211) 26. 778 11 14. Analysis of net assets between funds Analysls of net assets bet**n funds - ¢urrent year Total funds 2022 fvnd$ 2022 fvnds 2022 Tangible f ixed assels Current assets Creditors due ythin one year Creditors due in more Ihan one year 27.719 117.328) 27,719 117.328) Page 127
NORWICH PUPPET THEATRE TRUST LIMITED {A ¢omp•ny Ilmlt•d by gulrnntsél NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysls of n•t •¥¥•ts In funds . prfor y•ar Rgslrictgd Unresliycted funds funds 2021 2021 Total funds 2021 T8r4Jiblg lixwj assels culnI assets Creditors due V•ilhin one year Crefjitors due in more than ort y 35,933 39, 704 (12.926) 75,638 (12. 926) 15. Op•fallng le•w ¢ommllm¢nts Al 31 March 2022 11* lotal of the Charity's lulurn mininwm lease payments under nonwcancellable operating leases wa5: 2022 2021 Amounts payable: Within 1 year Belween 1 and 5 years After more Ihan 5 years 71,250 9.000 Total 20.250 16. Rated party transa¢llon$ A number of truslees have been eTrJagwl to perform $h)ws arbj ¥KJrkshops. Thè provision of the88 services are permitted within the MemoraThJum atml Articles ol Association. subjecl lo Ihe conditions sgt out in the Charities Act 2011. Duru the year. thern paym1$ lotalliThJ £1.895 made lo 2 Iwstges lor their artistic services. P8ge 128
NORWICH PUPPET THEATRE TRUST LIMITED IA company Ilmll•d by gu4rants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Ththtr• Pr¢>ducdon# The valuo of the IhoatTe'S pdUC110ns we rK)t incILed as assets of Ihe company. It is considered tha if puppets for the prodlnS •re sold on the open mwkel tlw YUld realise amounts In the region of.. 2022 2021 Just So Paper figer Tlnderbox Dragons Head Pied Pipef lupdaled 2012) Puppet Parade Ricky wth the Tull Travelling Storyteller Sleepir¥J Beauty SrW (knen 11987 pmduclion) The Bet George's Mar¥elknus Medicine Hansel & Grgtel (1991 production) Thumbelina James & the GIt Ph Hansel and Gtel 121J02 production) Selfish Giant Red Riding Fknod {2011 pmduction) The T1erboX (20121 Three Colours Beauty arnj the Beast 50 50 100 400 100 400 100 25 25 150 250 500 150 150 100 25 25 150 250 150 150 1CM) 350 150 qoo 350 150 5.OCLI A valuation of theatre prodLKtions vrds wKlertaken at 31 Mh 2022 by the Theatre Director. As a result the directors believe that the amounts above represent a 1St value of Ihe puppets themselves, if they were lo be sold wilhoul any direction or Tehearsd wilh purchaser. Page 129
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilml¢ed by guarantee) DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 TRADING INCOME School and theatre tours Master Classes Workshops Own productions Visiting companies Contracl SeNices Miscellaneous income 17.675 1,319 6.1)05 15.279 5,824 1.535 524 6,447 46.318 13,290 Front of house sales Cost of front of house sales 6,529 14,6781 560 (1,231) GROSS TRADING PROFIT 48.169 12,619 OTHER TRADING INCOME Hire of Th8atre 16,155 7.914 NET PROFIT FROM TRADING ACTIVITIES CHARITY INCOME Grants Norfolk County Council Notwch City Council 4.170 22.578 8.076 26,802 Job Relenlion Scheme Arts Council D'oyly Carte Ellerdd8 Trusl Anguish's Kickstarter Scheme Martin Laing Norfolk and Normch Festival Bridge 3.310 117.264 23, 689 110. 151 2.000 15.429 4,500 167311 Pa9e 130
NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmltèd by guarantee) Other Income Donations 12.525 30. 134 Donated seNlces Theatre Tax Relief Bishop's Garden Bank deposit interost 7.334 2.157 30 39,498 16,687 TOTAL INCOME FROM CHARITABLE SOURCES 183.998 222.717 OTHER EXPENDITURE Olr•¢t costs Fees Visitlng companles fees Production costs W09)P malwials Producllon roy811ies Motor travel Advertising aThJ marketing Repalrs to equipment Depreclatlon - theatre equipment 69.791 2.662 18,639 299 44,391 6,525 1, 671 4.(X)7 6.172 6.144 2.939 3.350 Q339 E8t4bllshm¢nt Renl 11.? 10.083 Rates 376 Insurance Light and heat Cleanlng Repairs lo premises Depreciation - office Depreciation - compLrter Oepreciation - motor vehicle 4.S25 4.392 2.828 15,514 3,682 3,924 3,9)1 4,6T6 38.884 26,266
NORcH PUPPET THEATRE TRUST LIMITED {A company Ilmlt•d by guaranlg01 Admlnlstratlon Admin salaries and fees Telephone and inlemet Postage, printing and slalionery Legal. accountsncy and professional fees Subscriptions General Travel and Subsistence Slalf Training and recruitment Donated Service Chafge Irwoverable VAT 132.738 2,056 592 6.893 103,316 2. 136 506 4,210 1.887 1.342 363 2.156 JJ 1.492 2T8 2.000 153.457 118. T71 Flnance Bank charges and interest Hire purchase interest 590 496 590 496 TOTAL CHARITY EXPENDITURE 31JO.644 210.749 NET INCOMEI{EXPENDITURE) FOR THE YEAR {52.321) 32.501 Page 132