18torod number: 01243558 Charlty number. 271041 NORWICH PUPPET THEATRE TRUST LIMITED IA company Ilmitod by guarantee UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NORIMCH PUPPEf THEATRE TRUST LIMrrED IA company Ilmllod by guarantse) CONTEK Page Referonce and admlnl8trathi• dotalls of the ¢harlty. Ita tru8to88 and ad¥lsers Trustoos, roport Ind•p•nd•nt •xamlnérf8 r•port Statsmffit of fIn￿kn1 actlvltlo8 Balanco 8h8•t Not88 to tho financK￿ statomonts 10-25 The folIc￿n9 pages do not fom) part of the statL*ory financk71 statements: Dotallod Income and oxpondlture account 8ummarfe8 26-28 NORIMCH PUPPET THEATRE TRUST LIMrrED (A company Ilmtt•d by guarantee) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARtrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 TrustO•8 E Taylor. Chair- appc4nted 20 Dec 2022 N C Hopknns M Pitrnan tkL J Pinching M Caln N Gray- resigned 1 Dec 2022 L Mac1￿ - r6signed 16 Jul 2022 P Roffe E Clarke GJC JATod S Goslin- app)inted 14 Apr 2022 Company regbtor•d numb•r 01243558 Charlty regl8tsred numb•r 271041 Rffjl8tsred ¢)fflc• St James, Whitefriars Norwich, NR3 1TN Conwany s￿ratary l B Woods Ind•p•nd•nt Examlnern Larking Gowen LLP, 1° Floor ProsFWt How, Rouen Ro￿. NopNich NR11 RE NOR￿cH PUPPET THEATRE TRUST LIMrrED IA compwby Ilmlt¢d by guaranto8) TRUSTEES, REPORT FOR THE YEAR ENCED 31 MARCH 2023 2022-2023 aGtlvitie8 Norwich Pupw Theatre activities in 2022-23 Y￿re ft)cwd on rogaining tne levels of ticket sales. touring income and theatre ¥tiwty achiev&S before the pandemic. Grant apyications, largely for smaller education projects, achieved some success, a particular highlight was the successlul Art8 Council bid for a Christsma$ prodLKts'on of CiTrderella, whiGh wa$ 8 very suctessful prcduction for the theatre, both in tems of revie￿9 arKI ti¢kel saleB. The energy given to apptying for extemal funding, thanks in part to the commitment of the Chair of the Board to his role. was considerable, and helped the Theatre to stabilvze its p)sitN)n after the difficulties pr￿rted by the pandemK. However, across the theatre W0￿d, ticket sales and louriro income have been Slow to build back and were still relatively I0￿er at the end of this accounting peric*J, althwgh starting to recover. Challenges in the wider e¢(￿￿mY also PLrt pressure on l(Kal Chaiitab￿ resources a limited number of grant-giving charities prepared to fund the Theatre year on year. A deteriorating building with increasing maintenance and utilities s>)sts and facilities in need of investment was also an area of focus for the Board. The aFpointment of a r￿¥ Char ofthe Board in December 2022 promded the opFortunty for the Board to review tts long-tem Strategy in the light of the challenges highlighted- the ongoirfj impxt of the pandemic on Reser￿, the need to Gontinue to build back theatre audiences, the relatively limi pjol of extémal funding resOU￿e$ and irKreasirKJ The Theatre had been very reliant on generous and ccrnitted fvnders for grants whith support its (xjre bu¥nes$, but Yfith depleted reserves, the Board agregj a ffvJve to a more sustainable business model to reassu￿ funders and lo enable its core business to thrive. Thore wwe many ￿ent P)8itives on to build a successful future- Th& success of the amb￿.Ou$ Christmas 2022 shuw, Cinderolla, and the ne8J to build on that. A strong picture in 202&23 of grants s￿red and reputable organisations vrdnting to wo cr•*ivdy with ￿k¥￿ch Pupw Theatre. Improved front of house sa￿$ and trading inccAne. A S￿nrfICant increase in charitable actiwties in lorms of puprEt Sh¢}￿ and educational actNitie8 produced. r8cont 8PFointment of a new Dwector ￿￿th a strong crealive ￿Sion and the need to ensure that is imp￿rnented. strong Gurrent and wtèntial partnerslmps and v￿despread enthusiasm to work with Norwch PUp￿t Theatre on ueating nwi WOTk. The Board also pald tribute to the OLrtgoirKJ Chair, Hopkins, whoso commfment arKI SUPFQrt for the Theatre, and ijngoing support for the new Chair, were exempkry. Page 12 NORWICH PUPPET THEATRE TRUST LIMrrED (A company Ilmltod by guarnntae) January 2023 new 8tratsgl¢ plan The vision outlined in the Strategic Plan approved ty thè Bcwd was to be celebrated nationally and intsmationally as a leading creative force in tho art of PUPFelry. and to Share our work with the widest ssible audience. Key stratsglc goa 1. Excellence in programming - To develop a &year artist￿ programme linked to 8udi8nce development strategy, leading to bids for longer-teTh funding pa¢kages to deliver high quality new shows and programmes which supp)rt the Theatr8 to gr(wi audiences arKI become more SU8tainable. To develop new partr￿rshipS and expk)re the potential of these to enable innovative and ex￿ling programming which enhances th8 arbstic reputaticfi ol the PupFet Theatre and groNwJ audiences. 3. To explore and develop the comrnercial OP[￿Un￿leS of the Theatre for a wwjer pYogramffE of events, activitie8 and services which can help supwt the Theatre's core go81$. 4. New audien¢es- To refocus the Th>re'8 Outreach projramme on kay target audience5 arwj build a sustsinable core cUrriculum-fo￿Js&J gchcKJls offer. 5. Invesllng In our venue- To Wcfk wth our landktrd and partners to review opiions for capital investment in the Theatre building and faulities or to considor altemalrve venues if this is Sho￿ to be not feasible. 6. B￿(￿ning sustainable- TON￿)rkW[thIn a sustainable business model wknich ènables the Theatre to flourish in the lorvjer temi. Key buslness obJ8cOv08 and Implenwntallon of Stratsgy Thesixth thtsgic gcAI. tow￿rk w6thln a more sustainable busines8 n￿de1, VAS agre￿1 vAth thefollowing ific obie¢tives- Remv and *pl the Théatre's core outgc4ngs to mlnimise CO￿ costs In the light of the xonce of a core funding source arKI recognising rising pri￿5. Develop a flexible delivery mc(lel, which enables programme costs to be covered withln programme bLtrJgets rather than core costs and reccgnisos that programming is not rourvj. Seek opportunities to irNesl in facilities and ccmmercial opportunities to in¢r8888 Inco￿. In February and March 2023, the Board s￿led to implement the nv4V Strategy, with the folknmng key A staff restwcture to reduce year-round core staffing to tsvo full time members of staff with tNw) part-time staff forfinance cleaning, V￿th other tasks carri&J out by Short-temi prciect or fr68iance staff during spvific proieGts orfor shows. Page 13 NORMCH PUPPET THEATRE TRUST LIMrrED IA Comp￿Y Ilmlted by guarantsel A move to largor, mor• longer-term funding applications, wth a focus on fundin9 for shows and louring a¢tivity primarity. The Theatre's education remit remained strong, but growing the FAYtfolio ot shows avaikgbie tor touring was agreed as the immedi￿e prioriry. A focu$ on securing more venue hire5. weddings and other commercial bgokings to provide income lo suppcrt the Theatre in its core purp)se. This acaiwty providerl reneweu focus for the Board and Director at the start of 2023, bulding on a t￿SY year of grants Suc￿$89 and increasing prcgramming. Plans io secure longer and more ambltious grant as part fOr￿ard strategy we supported by- Posibve feedback fr(Th Lottery fund￿5 indicating that more ambitious bids would te ￿￿11 received. Ong(Mng wami supp)rt from local chariti6S. Additional grants Secu￿ later in 2023 but Outsi￿ 0fttr￿ SCO￿ ofthe8e accounts. Golng Concern Th& Board has continued to scrLrtinize rts financial position in Board meetings throughout the year, and during tt)e Strategic planning prccess in January 2023. The Th8atr8's fin8ncig1 Fosibon has once again improved in the continued buihjing back of business from the pandwnic wth a reduced deficit The Bcjard 1$ still acute￿ aware that there is still a defick and keeps thls sharply in focus in its plaming and discussions at B¢)ard meetirKJ. Encouragement has been dravm from the followlng - An irKrease in tradiryy income from £46,318 to £114,325 I￿l￿j1ng increased irmme from workshops, shows, and front of house purchases. Only a very modest Cor￿SpOndIng increas8 in core administration Costs from £153,4S7 to £180.093. An irKrea8e in g￿ts s￿ur&j, from a number ofgrant gNing bodi88, Indtstlng V￿de support from grant giving organlsatlons. A robust stratsgk Plan and Its lmpbm￿tation at pxe from the stsrt of2023 set in train a prO￿S of reducing core costs while increasing income goiro forward. The Trustees therefore have a continuing and reasonable expe¢tstion that the Company continu8S to be able to meet its liabilities as they fail due for the foreseeab￿ future. This 18 ena￿4￿1 by effective proactive cash ilow management by the Ex￿UtiVe Committee (on a rgaLlar basis) and the Board (on a monthty basis). Forthis re&80n, they continue to adopt the going concern basis in preparing the ffnancrdl sialements. The Board is not cOmpl￿nI in making this judgment and is seekirvJ to o)ntinue the upward trend In financial security through 202>24. Further detailg regarding the adopts'on ofthe goiro concem basis can be found In the A￿oUnting Policies. Reserves pollcy The ￿serVeS of our charita)le company repre￿t both unrestriGted funds arising from past OFeratiThJ results, and restricted funds ￿ere income has ￿en for a swtric purFose and is used Page 14 NORWICH PUPFEf THEATRE TRUST LIMrrED {A Company 11m1t￿l by guarantee) accordingty. Reserves were used on an emergency basis during the pandemic, the effects of contSnue. Restricted funds stcK(l at zero at 31 March 2023. The revel of unrestricted reserves held at the year- d sh(Y•V8 a negative amount1£15,238} in SORP accounting tern￿. The Board sees It as a key priority to buikl re8eNes arvj thls Is a Key ¢on8kleration in the stratsgi¢ business planning ouilinad in these accounts. We Contin￿ to hold lo the awn of increasing and sustaining free resérv8S to cover enwcy events to 12 Y￿ekS or more of cor8 operaling costs over the next 3-5 year8. During the year the charity has benefitted from interest free and unsecured loans totaling £22,(M)O from the fonner Chair of trustees as set out in more detail in note 12. Ai the year erKI the charity had net rrent assets of £8,309 (2022 £10.391 > wth liabil￿e8 falliTWJ dua after more than one year of £25,842 (2022 Nill. The temis of tt)e loan repayment are eycted to be agreed in March 2024. Structuroi oovamance ￿ manag¢ment a. Conslltytlon The Charity is Trgistered as a charltsbte company limf(ed by guarantee arKI was get up by Memorandum of As9o￿ation on 0511111979. It is registered charity nUrn￿r 271041. The principal object ofthe Charity remains the produGtion and presentation of puppet theatre shcv•V& In setting out ot4ectives and planning for ￿￿'vIties, the Trustees have givèn due consideration to general guidan￿ published by the Charty Commission rdating to public benefi( including the guidance 'Public tenèfit.. running a charity IPB2). b. M•thod of appolnlmwt or electlon of Tru8to88 The manwent of the Charity is the ￿$[K)nsIbIlity of the Tnjstees who are el￿ted 8nd coopted under the terms of the Artictes of AssttIat￿￿. c. Organisational 8tructure and d8cislon maklng The Chair of the trustees is r8spcnslble for the Inductian of trustees which involves a￿drenesS of the trustee's responsibilities, the Chari￿5 goveming dr￿Ment, admlnistrative procaures, tog8lher with the history and philosophul apprO￿h of the charty. A new trustee re¢eNes copies of th8 previous year's financial stalements, annud report and a copy of the Charity Commissions 16aflets providing guidanr£ for trustees as well as other useful compary reference malerials Shared in an online Induction Pack folder. d. Risk management Th& Trustees have assessed the major risks to which th8 Charity is exFx%ed, in particular those related lo the oFerations and finances of the Gharity. are satisfied that systems and procedure5 are in pla￿ lo mitigate our exFosure lo the major risk5. Page 15 NORWICH PUPPET THEATRE TRUST LIMrrED IA company 11m1t￿ by guarantw Tru8tee8' re8poThslbllltlè• 8tat•mènt The Trustees (who are a180 directors of PuprA Theatre Trust Limrted for the purposes of mpany law) are reswnsl￿e for preparlng the Trustees, report and thé financial statements in cord8nce with applicab￿ law and United lQngdom Ar￿Unting Standards (United Kingdom Generally A￿l￿ed Accounting F>rac*ce). Company law requres the Trustees to prepare financlal statements for exh financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they gwe a true and fair view of the state of affair5 ofthe Gharitable company aTrd of the Incoming resourees and appI￿atiOn of resources, including the incorne and expenditure, of the charrtable company for that period. In preparirvj these finarrAal ststomty the Truste8s ara required to.. 6elect suitable ac¢ounlir4J poI￿leS and then apply thom con8i8tenly', observe the and p￿r￿lpleS in the charit￿ SORP,. make jUdg￿￿ntS and a¢￿Unting estimal8S thal are re8gonaEle and pnKlenC prepare the firwi¢ial 8t8lements on the going concern basi8 unless it is inappropriats to presu that the charitable company wll continue in 0￿ratiOn. The Trustees are responsible for keeping adequaie accounting recor(Is that are suffKienl to show and explain the Charitab￿ company's transaction5 and disclose Nmth reasonablo accuracy at any time the financial position of the charitable company and enable them to ensure that the finanrid statem8nts L¥Jmply with the Companies Act 20C6. Thoy are also reswnsible for safeguarding the ag8et5 of tho CharIta￿e company and hence for taking reasons￿ steps for the prevention and detection offraud and other I￿egular1tie8. Page 16 NORWICH PUPPEf THEATRE TRUST LI￿￿ED IA cornpony Ilmlted by guarantee This report was approvaj by tha Trustees on and signed on tr*ir behaff by. Trustso, Chair Page 17 NORIMCH PUPPET THEATRE TRUST LIMrrED (A company Ilmltod by guaranto•) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Ind•pndDnt •xamln*g rnportto th• Trn81•o8 ol Nffi￿Ch Pupp8t Thgatr• Trust Llrnll•d I rgFQrt lo the charty I￿￿te&S on my exam*i*on ofthg ac4)￿nts of Ihe C(￿panY for the year ended 31 March 2023 whb are set out on pages 8 10 24. Re¥ponsSblllYo8 and ba•1¥ of r¢port As the dlarity trustses of the company (and also its dtrectors for the purposas ofujmpany you are responsible ￿ the prepwalion ofthe &r￿Unts in ac0)rd￿e wkh the re4uiremBnts oflho C(Thpanbs Act200811￿ 2(￿6 Ad). HavltYJ sadsfied my88¥th* the acc￿lnts of the ¢unp￿ we not requred to be audited under Part 16 ufthe 20J6 Acl and 8re dpJibLg for Indep￿derrt pJaminalion, l ￿k￿l in respèct of my examination ofyour compan￿5 a(￿unt8 88 carried oul under sedon 145 oflhe Charilles Ad 2011 {Ih8 2011 Ad'l. In carryiny out my gxaminauon I have folIcA￿l the Directh)n8 given by the Chaiity Commk58ion under 8ediDn 145(51{b) of the 2011 A Inde￿ndent •xamlnot• •t•temort Slnc* the ￿Mpan￿5 grc6s Inc*Jne exc8ede(1 £250,(KX) yourexaminw must be a membw of a list8d in soclion 145 of 2011 Act. l that I ￿ qualffied lo un¢Yertake the &Ya￿lnatton because l am a member ofthg Insltutg of Chart8r8d AcDJuntants England and wa￿S, whth is on8 of the Ilsted t￿￿8. I that no matters have come lo my attentiLM In ￿nneCtion wth Ihe exa￿l￿110n me ￿U38 to b8lkgvethat in any material re8F¢Ct aco)unting reoyd$ werE not kert in resped crf the C￿lpInY as requlred by section 386 oftha 2(M16Act'. or Ihè aw)unts do not tKeord wth those r￿rdS,. or the 8(y))unts do not crni the a¢￿UntIng requir8m8nts of section 398 oflhp 2C￿ othar than ary requirem8nt that th& accounts giv8 a't￿ and fair whlch is noi a ￿atter considered 8S Part OF an Independerrt examination.. or the acEount$ have not been prepared In xor￿￿Once with the methods 8nd oflhe &at8mentof R￿MMerKled Practice for acc￿lnting and reporting by th￿ties appllcable to charibes preparing tlwira¢>yJunts in ag)ydoncewlh the Finanual Repcdng StaTrJard appl￿ble in the UK and RePuLl￿ of Ir8latvJ IFRS 102}. I h8ve identified one matter In conrncoon wmh my exWnInat￿ to whth att8rrtion Is drawn In orderto anab￿ a prr undèrstanding olthe Ac￿Unt8. As d8scriW in not8 1.4, Ihare Is material uncertainty over ihe future Irrome and sustalnablNty oftho charfty. Thg charfty Is relianl on the continuation of the Ung￿red f￿dIng 8et out in nota 12. inrnsk trading aftwthe slow rdum folkMrYJ thè pandem￿ as well as securfng new arts, sector fuTrJiThJ whllst also o)rtSnulng lo fX)ntrol costs iemaln ￿der pre86ure in the ￿[re￿ acfltK￿1C anviroMienL Tho charfty trustogs have c>)nsld8re(l the wirvJ concem status of the tharity. measures taken to slabilis8 th8 po￿li0n and the cash resowGes aVaIL8b￿ and clwnmlted at the date of approval ofthe finandal ststements and hava DJndud8d that Ihese sh￿Id b8 prepared on a going &j￿ern basis. Tho flnandal slalernerrt8 do not inrlude any of the adju¥knents that woubj result ￿th8 o)mpany was Unab￿ lo conunue as a goirg 1>)r￿ern. There are other fflattws in ￿nneC￿On wth ￿ eXam¥￿tI)n to whth attentse￿ should be drawn kn Ihls rgport In ¢yder lo enable a pmp8r understanding to be regch8d. Dated: 26/0312024 J Grfmm•r FCA DChA Larking Gowen LLP Ch8rtered ACc￿Un￿nts 1st Flocrf Prosp￿￿ Houw. Rouen Road. NR11RE Page 18 NORWICH PUPPET THEATRE TRUST LIMITED IA company Ilmltsd by guarnntsè STATEMENT OF FINANCIAL AGfiviTIES INCORPORATING INCOME AND EXPENDITURE AccouKr FOR THE YEAR ENDED 31 MARCH 2023 Total funds 2023 Total fvnds 2022 funds 2023 fund8 2023 kncome from: Grants and donations CharitaNe a¢tivitie8 Total Incorne 105,786 194,118 143,469 337,587 2I1QLI 183,994 143,469 231,801 105,786 ExpendI￿rn on: Charitable 8£tMtks 105,786 259,725 365,511 Q￿22 Total expendllure Net Income l (exwKllluro1 before . transfern 105,788 259.72S 365,511 22 (27,9241 (27,924 (51321) Transfers befv￿n Funds 13 Not nM>voment In fund8 127,9241 {27.924) (51321) Reconclllatlon of fvnd8: Total fijnds brought foward Total funds caff[￿ forward IL12 117.633) (17,533) The notes on pages 10 to 24 fomi part of these ffinanck4 Statern￿. Page 19 NORWICH PUPPET THEATrE TRUST LIMrrED IA Company Ilmlted by guarnn￿l REGISTERED NUMBER: 01243558 BALANCE SHEEr AS AT 31 MARCH 2023 2023 2022 Flxed assets Tangible assets Curr•nt ag8•ts Stocks 2,147 3,376 10 12,233 8.521 Cash al bank in harKJ 15,822 27,719 22,011 Creditord: amounts falling due wlhin one year 11 113,702} (17.328) Ngt current a889ts 8,309 10,391 Total a880ts1088 current IlabllMe• 8.309 10,391 CredltOY8: amounts falling due after more than one year 12 (25.842) (17,533) 14391 Charlty Fund8 Unre6tricted fund8 Restricted funds 13 13 117.533) 10,391 Total funds The Charity'sfinanrial ststemenls have teen wepared in accordarKe Y￿th the provisions applicable tocompanies subjoct to the small companies regime. The Trustees Consid￿ that Ihe Charity is entitled to exemption from tho requlrement to have an audtt under the provisions of section 477 01 the Companies Ad 2006 (Yhe Acf? and members have not required the Charity to obtsin an audrt for Ihe year in questicfi in accordance V•ith section 476 ofthe Art The Trustees ￿n￿￿edge their re$FO￿lb1litieS for comptying th the requirements of the Companies Act 20C6 bmth respect to accounting records and the preparation of financial statements. The fina on their ' I statements wère approved ar#J authoriwj for is5uo by the Twstee8 on and signed P iioff•- Tru8ts•. Chalr 1£ The notes on pages 10- 27 forn part of these finarKial ststement& Page 110 mOR￿cH PUPPET THEATRE TRUST LIMITED (A company Ilmlled by guaranto0) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounllng polkl 1.1 Bas18 of prèparatlon of lInanck￿ stat¢ments The financial statements have been wepared in accordance smth Aovjnting ar￿ Reptsrtlng by Charities.. Statement of Recommendgj Practice applicable to chariti'es preparing their acc￿nts in a￿OrdanCe wth the Financial RepJrting Siandard applicabl6 in the UK and Republic of Irdand {FRS 1021 leffec*ive 1 January 2015} - (char￿e8 SORP IFRS 102)). the Fina￿la1 Repjrting Standard apFdicable in Ihe UK and Republic of IrelarKI {FRS 1021 and thè Companies Act 20￿. NorW￿h Puppet Theatre Trust Limited meets the definition of a p￿11¢ benefit entity urKler FRS 102. Assets and liabilit* are initlally recogni88d at hlstorical cost or transact￿ value unless Otherwise stated in the relevant accoun￿ng p￿￿y. 1.3 COm￿Y stalus The Charity is a company limited by guarantee. The members ofthe eomwy are the Trustees named on page 1. In the evont of the Chwty being WOLmd up, the liabrfity in respect of tha guarantee is limited to £1 per m8rn￿ of the Charity. The company is incorpJrabJ in England and Wa18s and the registered Off￿ address is St J￿e8, itefriars, Nomch, NR3 1TN 1A Golng concern The nature of the Company's business is 8u¢h that the Charity relies heavily upon funding frorn grants arKI don*KJns and there can be considerable unpredtctable variations in the timing of all cash flows. Proactive and vigorous fvndraising actlvity continues to fonn a rnajor aswt of core activities. The directors have prepared detailed fvnding plans and projected cash flow infomation and are diligenty monitoring the situation over the course of the current year by meeting and reparting on a monthly basls. The Board sees it as a key pmrtty to buihj back reserves arKI this is a key o)nsideration in the strat* business planning Outlin￿ in these accounts. We continue to hold to the aim of increastng and sustaining fr& reserves lo cover emergency events to 12 wo•ks or more of core operab'ng Costs over the n6xt 3-5 years. During the year the charty has bonofitt6d from interest free and unse¢ureA loans totaling £22,000 from the fomier Chair of trustees as sot out in more detail in note 12. At the year end thè chartty had net current assets of £8,309(2￿ £10,391) with liabilities falling due after more than on8 year of £25.842 (2022 Nill. The ierms of the loan repayment are eXp￿d to be agreed in March 21f24. On the basis of thi5 cash flow inf0m￿tIon and the actual trading results in the current yaar, the directors cx>nsider it appropriate lo prepare the finarrial statements on a going con￿rn b8si$. The financial statements do not indude any adjustments that may resull ftDm the directors b8ing unable to secure Gore funding for the 2U2&24 yea Further detail over the charity's pkns are explain*J in the TrusteeB' Report Page 111 NORWICH PUPPEf THEATRE TRUST LIMrrED (A company Ilmltod by guarantee) NOTES TO TPE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2023 1.5 Ineom• Al income 15 reG￿ni￿ on¢a the c￿rtY has entitlèment to the income, it is probabl8 that the Income ￿￿11 be reGeivvJ and the amount of incl￿e receiva46 can te m&gsured reliably. Dorth seM¢es or facllitieg are recognisod when the Charity has control over the rtem, any condit*)ns asxciated with the donaed itèm hav6 rrEt, the rec￿p1 of ￿onoMiC benefft from the use of the Charity of the item is probable and that economic benefil can be measured rdiably. In aG¢ordan¢e bvith the Charthes SORP {FRS 1￿). the general vo]unleer time of the Friend8 Is not recogni*J and refer to the Trustees, rer4)rt for more infomiation about their contr1x￿On. On r￿elPt, donated professional services and ¢Jona￿j facilit￿ are recc¥3nlsed on thé basls ol the value of thé gift lo the Charity which is Ihe amountlhe Charity would havo boen V￿llIng to pay to obtaln servicés or facilities of equlvalent economic ￿nefit on th8 OFen rnarkrt a corres￿ndIng amount Is then r8cc*Jnised in experKlrture in the period of receipt. Income tax recoverable in relation to donation8 recewed under Gift Pid or deéds of covenant Is recctyanised at the b'me of the donats.￿. 1.6 Charltsblo tradlng Incomo In(xme from theatre admissK)n fees, Y￿rkS1￿ and tours is included in incoming resources in the periLTrJ in Vth￿h the re*nt show takes pkye. 1.7 Donathn8 a￿1 Local Authorfty grnnts t)onations and Lcral ALrthority grants are recc4Jni8gJ v￿thin the statement cé financial actNities vthen they are received. Grants which contribule twrds specific expenditure are included within the re8erves ofthe charity. 1.8 Expendlture ExFenditur8 is recogni8ed On￿ there Is a legal or constructive Obligat￿ to transfer ewnomic benefit to a third paty, it is probable that a transfer of eo)nomic ￿nefItS sMII ba required in gettlemenl ar¥J the amount ofthe oblTrgatDn can be rneasur&d ￿liablY. EX[￿dIture is CLaS￿fi&￿ by acti￿ty. Th8 costs of e￿h activty are made up of the totsl of direct costs and sharnd costs. including support costs involved in undertaking 8ach actswty. Direct costs attributablé to a singk actiwty are allocated dir￿tty to that xtmty. Shared cnsts Vth￿h contribute to more than one activity and suppyt costs which are not attributab￿ to a single actswty are 8PFQrtioned those aCt￿lI[e$ on a basis Consistent wth the use of resources. Central staff costs are alkKated on tho basis of time spent, and de￿ial$C charges alk)cated on the portion ofthe a5seVs use. Chariiabk8 actTrthtie8 and Governance CC¥sts are costs incur￿￿ on the Charitys &Jucational operations, including support costs and costs relating to the govemance of the Gharity apportioned to charttable activities. Gr8nts payable are charged in the yearwhen the offer is made except in thc6• cases where the offer is conditional, such grants being rwnised as exFendttureYthen the cc￿dItIonS att￿hIng are fulfilkd. Grants offered subject to conditions whith have not been met at the year end are noted commitmert bul r￿t acThied as expendiknre. Page 112 NORWICH PUPPEf THEATRE TRUST LIMITED IA company Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2023 1.9 Thoatre producllons i. The rMt d own theatre prtsjuctlons Is wrftten off as and when Ir￿￿TTed. ii. Prc¥Judions purchasgj are written off over the perfod of expec￿ use for Ferfomiances. At 31 March 2023 there was no residue of cosL 1.10 Bulkllng COAts The theatre operates from a fomi&r chU￿h, St James, Whilefrkqrs in Nor￿Ch ￿lch is Seased from NiJThwich Historic Churches Trust Limited. The cost of relurbishment, structural imprOveff￿nts and new buildings, net of relabj granis, is written off as incurred. 1.11 Irracovernbh VAT The charity ha8 irrecoverabbVATari8ing dueto partial exemption, bthich is includgj withln ￿SoUrceS e>pend&J. 1.12 Tanglbl• fixad a88ets and dèpreclatlon Tangible fixed asgets are carried at cost, net of depreciation and ￿Y promsion for irroalrment. Depreciation is pn)vided at rates c8kulated to write off the cost of fixed assets, less their estimat&J residual value, over their eXp￿d useful lives on the folknmng b8ges: Motor vehide8 Theatre equipment Office equipment Computer 6yuipmenl 25% straight line basis 20% straight line basis 20% straight line basis 20% Straight li￿ b8818 1.13 Inter88t rrt01vable Interest on funds held ￿ deposit is induded when rwAivable and the arL)unt can be measur&J relHbty by the Chaty., thls 1$ normalty upL¥) notifi￿tion of the inter8St paid or payable by the Bank. 1.14 Lea8lng and hlrn purcha80 Assets obtalned tmder hire purchase contracts and finance leases are cathli*d as ￿9ible r￿ed asseis. Asgets acquired by finance lease are depreciabj over the shortèr ofthe lease te￿n and their useful INes. A88els acquired by hire purchase are depre￿ated over their useful lives. Finance leases are those vthere substantially all of the benefits and risk5 of ownership are assumed by th8 Charily. Obligab'ons under such agreements are included in cr&Jitors net of ihè finan￿ tharge all¢xated to future pericrfjs. The finan¢6 element of the rental Pa￿nE is charged to the Statement of finawal twilies incorFM)ratin9 incune and expenditure account $0 as to pr0dL￿e a constsnt peric¥Jic rale of ch￿e on the net ob]igail￿ outstandirwj in each [￿￿d. 1.15 Stock• Stocks are ￿dIUed at the lower of cost and net reali8able walue after making due allowance for obsolete and slow4noving stocks. Cost indudes all i*rect costs arKI an appropriate proportion of fix8d and variable overhead9. Page113 NORVVICH PUPPET THEATRE TRUST LIMrrED {A company Ilmltad by guarantse) NOTES TO ThE FINANCIAL STATEMEKf8 FOR THE YEAR ENDED 31 MARCH 2023 1.16 Debtorn Trale and other debtors are reccgnised at tha settlement amount after any trade dl8count cfftred. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.17 Ca8h at Bank and In hand Cash at bank and in hand Ir￿Ud@S Gash and short term highly liquid investrnents wth a short m8twity of thr88 month5 or less from the dats of acqui8ition or 0￿ing of the deposil or similar xcount 1.18 Llabllltla• and provhknn• Liabilities are recognised vknen there is an obligation at the Balance sheel date as a resull of a past event, it is probable that a transfer of 8conomlc benefitwll t£ required in settlement, and the amount of the settkqmenl can be estimatéd reliably. Liabilities are recognised at the amount that thè Charity antI￿pate8 it wll pay to settle thé debt or the arount it has receNed as &dvanced payments for the gcods or services il must provide. Provisions are measured at the best estimat• of the amounts r￿UIred to settle the obligation. VM)ere the effect of the ts'me value of money is material, the provision is ba5&d on the present valué ￿ those amounts, discounted al the pre-tax discount rate that rellects th8 risks speufic to the liability. The unwndirKJ of the di8count is recojnised wthin interest paYa￿e and similar charges. 1.19 Flnanclal Ingtrumonts The Charity onty has financial assets and financkql liabilrties of a knnd that qualfy as basTrc financlal instruments. Basic financial instruments are inrbally rwnised at transaction value and subsequently measured at their setUem&nt value Nmth the exception of bank loans are subsequenty measu￿1 at amortis￿l cost u$ng the effective interest methtsy. 1.20 Fund accountlng General funds are unrestricted furKls vthich are available for use al the discretion of the Trustees in furtherance of tha g￿ra1 obl￿tIveS of the Charity ar¥J have not been designated for other purtms. Reslri¢ted fijnds are funds vthich are to be u8ed in accDrdanG• bwth $Fecfft restrictions imposed by donors or which have teen raised by the Charity for parttcular purposes. The costs of raising and administering such funds are charged against the SFecifK fvnd. The aim and use of each restrfcte fvnd is set out in the notes lo the financial statements. 1.21 Government grants Govemment grants reLgting to tangible fixed assets are Irealed as deferred income and rel8ased to the Statement of financial activities over tho èxFected useful life of the assets conGern8d. Other grants are credited to Ihe Statement of financial activthes as the related exp8nditure is incurred. Page 114 NORWICH PUPPET THEATRE TRUST LIMrrED (A company Ilmlt•d by guarnntae) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Charltable athltle8 Rastrlctod Unro8trlctod fund8 funds 2023 2023 Total nd* 2023 Tolal 2022 Trading irwme Theatre Tax Relief Investmenl income 139.127 4,340 149.127 Total 2023 Total 2022 Grants and donalon Restrfctod fund8 Unr68trfctod funds Totsl fund• Totsl funds 2023 2023 2023 2022 ANJuish's Educational Foundation Foyle Foundation N0￿ch Freemans, Charity Garfield Weston Foundation Geofftey Watling Charlty Martin Laing FourKlation Norwch Con501idated Charities Paul Bassham Charltab Twst Norfolk Comnwnlty Fund Arts Councll Cultural Recovery Fund Final stel and Wes pin￿10 Cinderella Parrto 2022 7.535 7,535 25,000 7,480 25,000 4,000 5,000 4,5fAI 25,0 25,OC 4,000 7,1C 7,100 2,000 2,000 82,834 117,264 12,6(MJ 24,459 41.775 6.437 Klckstart N¢xFolk County Council Norwich City Council Donated SeNc65 Donations Job Retention Scheme 6,437 4,170 7,000 2,000 15,429 4,170 22,578 4,170 6,562 14.683 3.310 Total 2022 Page115 NORbMCH PUPPEf THEATRE TRUST LIMrrED IA company 11m1t￿ ty guaranteo) NOTES TO THE FINANCIAL 8TATEMETr¥rs FOR THE YEAR ENIED 31 MARCH 2023 Charltabl• actfvhle8 Tradlng oxpen8e8 Total 2023 Total 2022 Dlrect C08ts Establishment costs Administration and finance costs Production and cost of sales 14.291 36.070 160.686 146,740 14,291 36,070 160,686 146,740 10,178 38,884 154.047 102.212 Total 2023 Total 2022 Induded wrthin direct costs Brè gI)vem￿ costs relating tD Independent ￿XamInerf$ fees of £1,750 (2022 - £1,555). Incom• This is stated after charging: 2023 2022 Payments under op8ratlng lèa8es 12,250 11,250 IndeFendent examlne¢s fee 1,750 1,555 During the year, no Trust80s r8¢0iv*J ary remuneration {2022- £NIL). During the year, no Trustoes r8ceived any benefits in thd {2022 - £NIL). Duriro the year, no Trustees recowed any reimiwrsenwt of expense8 {2022 £NILI Donatod wvko• DurirKJ the year the charity erKJaged a numter of fvxal businesses who promded their services at reduced rates. These amounts therefore represent donated services and are recogniwl within incoming resources as a donation and the equivalent charge indudod within resources expended totalling £2,000 (2022 - £2,000). Page 116 NORMCH PUPPEf THEATRE TRUST LIMrrED IA company Ilmltsd by guaranta•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH %)23 The average numLEr of Fersons empkiy&J by the Charty dUrI￿j the yearwas as follows: 2023 2022 No No Most staff are part4ime, wthiGh gives an FfE of 6. No employee receIv￿j remuw8t1￿ amounting to more than £60,000 in ether year. Staff costs in the year were as folkn￿. Total 2023 T¢)tsl 2022 Wages and salar￿S Social securty costs Pension conlributions to definèd contribution sohemes 122.991 10,238 128,199 8,720 3,563 1,144 Total 136,792 139,063 The k•y management personnel ofthe Chartty ar8 deetred to bethetrustees. As a result, the remuneralon to key management in the year was £NIL (2022 - £NIL). Page117 NORWICH PUPPET THEATRE TRUST LIMrrED (A company Ilmlted by guaranteo) NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 MARCH 2023 Tanglblo fixod a886ts Motor Flxturo5 and Offl¢e Computsr vohlcl•8 fittlngs equlpment ¢quipmont Total Co8t At 1 April 2022 Additions Dlsposals 53W1 3.678 8.865 96,838 At 31 March 2023 D6preclallon At 1 April 2022 Charge for the year On disposals 30.852 53,441 8.865 At 31 March 2023 Ngt book valuo At 31 MarGh 2023 At 31 March 2022 The net L￿k Wdlue of assets W urbder finance leases or hire purchase contr￿ts, irduded atovq as folhm.. 2023 2022 None Stock8 2023 2022 Finished g¢)ads and goods for resal• Page 118 NORWICH PUPPEf THEATRE TRUST LIMrrED IA comp*w Ilmllod by guarnnt•o) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2023 10. Dobtorn 2023 22 Trade debtors Prepayments and accru￿ income 11.258 975 8,110 411 11. Credltorn: Amounts falling due wlthin on? year Tra￿ creditors Other taxation and social seGurity Accruals and deferred inc( Barclaycard 3,920 6.940 1,343 1,500 10,029 3.568 3, 130 Induded wrthin aCCrL￿1s and deferred In￿rne is £1,343 of deferred income12022'. £2,721). 12 Cr•dltorn: Amounts f4111ng due aftor more than one year 2023 2022 N Hopkin8 and K Jewell k>an Barclaycard The HopkinS1Je￿ll loan is unsecured repayments are scheduled to stsrt by written agreement in March 2024. The Ba￿lay¢ard debt 15 t*ing repaid by agreement {Octoter 2023) at the rate of f250 per month. Page 119 NORWICH PUPPEf THEATRE TRUST LIMrrED IA company Ilmltod by guaraTrtso) NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 MARCH 2023 13. Statemont of fvnd• Statgment of funds - currnnt year Balance at 31 March 2023 Balance at 1 Aprll 2022 Trnnsferg Inloul Incom¢ Expgndlturo unrestr1¢t￿ fund• General Funds all fLmds 231,801 1269.725) Re8trlcted funds Angulsh's Educallonal Foundatlon NorwiGh Freemans, Charfty Norfolk Community Fund Norwch Consolidated Chartties Arts Council Martin Laing Foundation thtart 7,536 7,480 2,000 7,100 70,234 5,000 6,437 {7,5351 17,4801 12,0001 17,1001 (70,2341 15,0001 (6,4371 Total of fiJnd8 Page 120 NORWICH PUPPET ThEATRE TRUST LIMITED (A company Ilmltod by guarants•) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2023 Arts Councu of England- total £82,834 £I2,8￿- Cultural Recovery Funthng- finalpart £24,459- Stsl and Wespmi8Ct. £4,OCQ- PinOcch￿- final part fordelayedproiect. £41, 775- Cinder811a Christmas Panto 2Q22- in thr8•payments. £7.535- Anguish's Edu(xto?81 FoUTr1atA￿- Talkn'ng Toy kyox pwGt £25,(l￿- Fofv Foundation- unreslrid8d core funding. £7.480- Norbvth Frnaman's Charity- Snap and 8gycvDdpro £25,LTrX- Garf￿ We*on FoundathTr unTrstrict8dcor8 lunthiig £4,000- Geoffrey Wauiw Charffy- unresti7ded funding towa￿ chldrgn's art wot*shops £4.L￿- Martsn Laing Foundation- prcyrnmmes for andyoung p80pk from disath/8nt8ged ctynmunibes £7, f￿- NoThvich c¢￿8￿818d Chanties- The8￿ rOrDeafAud￿nQe& prqvct £2.OCQ- Paul B8ssham Ch8ntabkt Trust- unre*iict8dc¢xp fvn(*ng £2,OCk)- Norfolk Communty Fund- Love Norfolk 2022 (part Stel end Wes) pmi8Ct £6,437- KiGkst8rt- 8SSiStance with ern￿oYMent Costs fora member of stsff £7.C￿- Nornich Cty CouncN- annual GOM funding grant £4, 170- Norfclk Ctwnty Council- annual c(Ye gr8nt Page 121 NORWICH PUPPEf THEATRE TRUST LIMrrED (A company Ilmltqd by guaranto01 NOTES TO THE FINANCIAL 8TATEMEpirs FOR THE YEAR ENDED 31 MARCH 2023 statomont ol fund8 - prlor year Belan￿ at 31 Ma￿￿ 2022 B818nG8 at 1 Aprf 2021 Transfe Income E¥p6nditu Unrestr1￿ fund8 General funds 26, 778 192,313 (208. 701) 10.391 Restrfctod lunds Anguk¥h's Educational Foundation Arts Council Kickstart Job Retention Scheme Norfolk and Norwich Feglwal Bridge 2.400 29,034 4,560 37,369 15,429 3,310 c6.9￿} (66,423) (15,429) (3,310) 68 Total of funds Page 122 NORWICH PUPPEf THEATRE TRUST LIMrrED {A company Ilmltod by guarant•e} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Summary of fund8- current year Balance at 31 March 2023 Balance at 1 Aprll 2022 Tran5f•rs Inlout Incomo Expendltrrn General fvnds Resthcted funds 10,391 231,801 1￿,786 1259,725) 1100,786) 11 I17￿3) 117W31 Summary ol lund8- prlor year Balance at 31 March 2022 Balanc8 at I Apnl 2021 Tr8nsf8rs in/out Jncome Expgnditurn General funds Restricted fvnds 26.778 3&934 192,313 60.688 P08. 701) (98,621) 10.391 253 1& Analy818 of net ag90ts between funds Analy818 of net a850ts between funds- currnnt year Totsl fvnd8 2023 funds 2023 funds 2023 Tangible fixed assets Current asse15 Creditors due v￿thin one year Credttorn due in mr8 than cth year 22,011 (13,702) (25,842) 22,011 {13,702) (25,842) Page 123 NORWICH PUPPEf THEATRE TRUST LIMrrED (A company Ilmllod by guarantsol NOTES TO THE FINANCIAL STATEMEPWJ FOR THE YEAR ENDED 31 MARCH 2023 Analy819 of not assets beiwn fund8 - prlor year Tot81 funds 2022 funds 2022 fvnds 2022 Tangible fixed assets Current assets Creditors due wthin ona y Creditors due in more than one yéar 27.719 (17,328) 27.719 (17,328) 1& Op8rnUng1oa80 Mmnknents At 31 March 2¢r23 the total of the Charity's fvture minimum lease payment8 undèr non Puppet Par R￿kY wth the Tuft Travelling Storyteller Sleeping Beauty Srnw Queén (1987 prc•Juctlonl The Bet George's MaNellous M8Jicine Hansel & Gretel11991 ￿lUctIOn> Thumtelina Jame5 & the Glanl Peach Hansel and Gretel12002 producti￿) Selfish Giant Red Riding Hcod {2011 production) The TirKlerbox {2012) Three Cob)urs Beauty and the Beast CiThY8rella Stsl and We8 1Cil 400 1,0 1C(I 25 25 150 250 100 25 25 150 250 150 150 1,IlJO 11X¢ 350 150 4,000 5,000 5,000 5,000 14,870 150 ith) A professional valuation of theatre productrons was undertaken during ye8r ended 31 March 1998 and revivAed and uptsted to 31 March 2023 by tha Theatre Director. As a rèsuK the directors believe that the amounts above represent a realistic value of the PUPF*ts themsefves, rf ihey V￿re to be sold wtttiout any direction or rehoarsal with the purchaser. Page 125 NORWICH PUPPEf THEATRE TRUST LIMITED IA Company Ilmlted by guaran1¢¢) DETALED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 20ZJ 2022 TRADING INCOME Schcol and theatre tours Master Clas Workshops (kn production8 Visiting companies Contract Services Miscellaneous In￿Me 12,644 17,675 33,839 37,704 6,005 14279 5824 1,535 1,274 112,028 46,318 Front of house sales Cost of front of house sabs 17.348 {7,724) GROSS TRADING PROFrr 121,651 48,169 OTHER TRADING INCOME Hire of Theatre 9,753 16. 165 NET PROFIT FROM TRADING AcfMTIES CHARITY INCOME Grants Norfdk County Counal Nolwch Cty Coun￿1 Other grants Job Retention Sche Arts Council NopNich Freemans, Foundation Foyle Foundation Anguish's Educational Fourmlation Garfield Weston FoLrdation Kickstart Scheme Martin Laing FoundatK>n Geoffrey Wauing Charity Norwich Consdidatsj Ch*ittes Paul Bassham Charilable Trust Norfolk Community FurKI 4,170 4.170 22578 3,310 11T,264 82.834 25,0 7.535 25.OlXI 6.437 15.429 7,1iX) Page 126 NOR￿cH PUPPEf THEATRE TRUST LIMrrED (A ¢ompany limlt•d by guarantso) Other Ineomè D￿ationS 12,525 Theatre Tax Relief Bishops. Garden Bank deFosf( interest 2, 157 12.904 f6,687 TOTAL INCOME FROM CHARITABLE SOURCES 198A60 183,998 OTHER EXPENDITURE DITg¢t co8ts Fees Visiting comparmes. fees Production costs WoTk5hop materials Production royalb'es Motor travel A¢fvertislng and marketing Repairs to eqU1pff￿nt 101.540 14,435 28,766 2,001 69.791 2,662 18,639 299 5,117 9.174 4,￿7 6,172 6. 144 E8tabll8hmont Rent 12,250 11,250 376 4.525 4,392 2,828 15.514 Rates Insurance Light and heat C1￿￿ng Repai￿ to premise8 4,547 4,629 7,517 36,070 Admlnlstratlon Admin salaries and fees TeiepPK•ne Postage, printing and slationary L8gal, accountancy and professional fees Subs(Xipt￿ns General Travel and Subslsten¢e 138,929 1.81X¢ 763 7.055 132, 738 2,056 592 6, 893 1,968 2, 156 3,277 Page 127 NORWICH PUPPET THEATRE TRUST LIMITED (A company Ilmltsd by guarantofj) Staff Training and recruitrnent Donated SeNce Charge Irrecoverable VAT 244 2,￿0 1,492 160,093 151457 Flnanco Bank charge5 and interest Hire pureh888 interest 593 590 TOTAL CHARrrY EXPENDrruRE 357.787 30Q644 NEf INCOMEIIEXPENDrruRE) FOR THE YEAR 127,924) f5132f) Page 128