Registered number: 01243558 Charity number: 271041
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 7 |
| Independent examiner's report | 8 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 - 12 |
| Notes to the financial statements | 13 - 28 |
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | E Taylor (resigned 10 December 2025) |
|---|---|
| N C Hopkins (resigned 5 May 2026) | |
| M Pitman | |
| D-L J Pinching (resigned 11 November 2025) | |
| M Catlin (resigned 5 March 2025) | |
| P C Roffe, Chair | |
| G J Cowley | |
| J A Tod (resigned 12 April 2024) | |
| S Goslin (resigned 5 March 2025) | |
| A Kirkham (resigned 25 April 2025) | |
| L Gorman (appointed 19 March 2025) | |
| S McLeod (appointed 20 May 2025) | |
| C Nebbett (appointed 20 May 2025) | |
| Company registered number 01243558 Charity registered number 271041 Registered office St James Whitefriars Norwich NR3 1TN Accountants Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE |
Page 1
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report together with the financial statements of the Company for the year 1 April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
2024-2025 activities
Norwich Puppet Theatre activities in 2024-25 remained centred on delivery of the theatre’s Strategic Plan, in particular work to build use of the venue, ticket sales, hires, bar and diversified income. The year was a period of transitional progress.
Overall, this reporting period was a very difficult time of moving from the former models of the charity’s fundraising and revenue generation. Continued disappointment about grant application success and capacity to increase the funding bid rate has made it ever more imperative to build regular year-round theatre income and to support artistic and core activities. This situation is shared with many charities in the arts and education sector who are reporting that the grants landscape has become ever more competitive since the pandemic.
The vision outlined in the Strategic Plan approved by the Board remains the ambition to be celebrated nationally and internationally as a leading creative force in the art of puppetry, and to share our work with the widest possible audience. Significant focus and progress can be reported on the following key activities.
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Building partnerships and creative links to generate new projects including our Christmas production as well as initiatives to make diverse funding streams diverse. These further build into 2025-26 due to the lead-in time to build hirer relationships and forge new partnerships. This has all contributed to reaffirming the theatre’s role and profile in the cultural life of the region
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Programming self-financing activity that is not grant-dependent has been key. A strong example is the Christmas production of Sleeping Beauty in partnership with Mark Mander. This was produced with a highly productive budget and funded from box office and schools’ receipts. There has also been growth in puppetry education and learning with now well-established and popular “Junior Puppeteers” and “Puppets and Prosecco” sessions.
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A volunteer recruitment and development campaign led by a new trustee has boosted our community engagement as well as providing valuable resource to support our busy programme of diverse events. This has contributed significantly to growing financial return from earlier cost-efficient investment on the theatre’s foyer, bar and public spaces. This has made our venue more productive as well as a more attractive venue for a wide range of events for an equally wide range of audiences.
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Programming a wider range of arts events – concerts, comedy, theatre as well as private hires, continue to ensure year-round programming and income. Our venue remains a popular wedding venue and this is an important financial contributor. This strategy continues to evolve steadily through the period covered by this annual report and beyond.
Page 2
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Becoming sustainable.
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The 2022-23 and 2023-24 Annual Reports set out the Board’s plan and progress to make Norwich Puppet Theatre sustainable, and 2024-25 has seen further steps in the implementation of that plan.
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It is encouraging that in this period the shortfall below in previous years shows positive movement to a modest surplus in current year earnings of £12,328.
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The Board acknowledges that the charity nonetheless shows a deficit in capital and reserves. Board members have devoted a large part of every meeting to scrutiny of the cashflow, and the Chair has worked actively with the Director and Financial Controller to manage the charity’s finances, reporting regularly to the Board.
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The Board have at all times agreed that plans were being put in place and honoured to manage and reduce overall debt through actively managed creditor agreements. The Board members believe this is moving the charity to a stable financial position over time, reducing the level of deficit.
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The charity continues to develop its flexible delivery model, which enables programme costs to be covered within programme budgets rather than core costs and recognises that puppetry-specific programming is not year-round. Puppetry programming and productions are concentrated in school holiday periods.
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The focus on self-funding, time-focused productions is complemented by other offerings to bring in audiences and boost their spending with us in each entertain experience. The Trustees are pleased to note that in the period of this Annual Report, hire of the theatre income rose significantly from £39,355 to £54,941 reflecting the shift to much greater use of the building across the board, including programming by a wider range of organisations and community partners. Front of house sales increased from £25,970 to £38,493.
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The trustees are extremely grateful for the continuing support of our local authorities through grants for service agreements which help to cover some of the underlying core costs. Other sources of such income derive from the generosity of stakeholders who have made substantial donations. There has been a continuing and substantial return on investment for producing original touring puppetry work which yields entitlement to substantial payments from our annual Theatre Tax Relief claim. In 2024-25 this item amounted to £39,888.
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After the previous year’s restructure, staffing from April 2024 comprised the full-time Director and Operations Manager and part-time staff for finance and cleaning. A number of freelancers have been employed for individual tasks when required, but this has been well-managed against budgets. It is recognised that the growing volume of activity and the reduced permanent headcount means there are needs for trustee and other voluntary engagement to support the executive team.
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Management of revenues from our wide range of customers and tight control of expenditure have been an essential focus for day to day and periodic board discussions. This has been critical in securing the financial outturn at the end of this reporting year.
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The age and condition of our premises in a historic Grade 1 medieval former church demands that high priority is given to managing short- and long-term issues both in the period of this report and currently. There is a significantly increasing requirement for maintenance and repairs as well as modernization of building systems and facilities, and there is an ongoing dialogue with the landlord, Norwich Historic
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NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Churches Trust and other funders for areas of our charity’s direct responsibility. The constrained nature of public and charitable foundation sources of funding for such purposes makes this an increasing demand on permanent staff time and by the board in considering immediate and long-term risks.
- Whilst progress has been made in the year, the trustees recognise that further work is required, and the financial recovery work has accelerated since the year end. Further information is included in the going concern section below.
Risks and risk management
Key risks have been regularly covered by Trustees in Board Agenda discussions. The main factors are as follows.
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Inadequate Cashflow. This has been managed by timing of payments and management of receipts. Securing grant income to help cover core costs continues to be an issue for the Theatre. Trustees continue to help research and prepare applications to trusts and foundations. The major cost of permanent staff has been contained, but the costs and risks of occupying our premises have to be balanced against the costs and risks of pursuing an alternative venue approach.
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Loss of key personnel and skills, including volunteers and trustees, is an ongoing challenge for the theatre. There has been turnover in the Operations Management level, and immediate management of technical or building issues has restricted staff time to focus on longer term grant applications and routine administrative processes. There is a high turnover of volunteers as their employment and domestic situations change. This is addressed by active recruitment, and proper induction and training in regular support roles.
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Managing creditors and debt is a priority for the attention of a subgroup of trustees supporting the Chair and director. Puppet Theatre Board members all fully understand the importance of trading solvently. Previously agreed plans with Barclaycard have been honoured for managing historic debt, and the charity stopped incurring further credit card debt. The charity has worked closely with the landlord for the building, Norwich Historic Churches Trust, and rent payments have been maintained along with a plan to pay back historic debt. An agreement with HMRC on underpayments was reached and in the course of the year 2025-26, that liability has been cleared. After the year end, a significant proportion of the charity’s debt was consolidated and restructured so that most amounts are now owed to trustees and other connected parties. While this does not reduce the overall level of debt, it provides more favourable terms for the charity, simplifies debt and cash management, and reduces the risk of recovery action being taken by external creditors.
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Key facilities, safety or systems in our premises are a rising area of concern, with the building condition in the stormy weather events experienced in recent years. A limited amount of remedial work has been undertaken but there is a need to address problems with the ancient fabric of the building, and some aging systems. As already outlined this is a very active concern of the staff as safety and access by the public, schools, staff, performers and volunteers is critical to our operating model.
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NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Going Concern
The Trustees have assessed the appropriateness of preparing the financial statements on a going concern basis, including consideration of whether any material uncertainties exist that may cast significant doubt on the charity’s ability to continue in operational existence for at least 12 months from the date of approval of these financial statements.
In the prior year, the charity reported a closing funds deficit of £63,312 and an in-year deficit of £45,779. In response, and as outlined elsewhere in the Trustees’ Report, the charity has implemented a financial recovery plan aimed at restoring financial stability. Encouraging progress has been made during the year, with the inyear result improving from a deficit of £45,779 to a surplus of £7,078. This has reduced the overall funds deficit to £56,234. While this improvement is positive, the Trustees recognise that further work is required, and the recovery plan has accelerated since the year end.
The financial recovery plan comprises a number of key strands, including:
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Targeted grant applications;
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Maximising front-of-house, hire, and other trading income;
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Strengthening our internal financial reporting and decision making process to support more timely and better-informed decisions, including in relation to our programming;
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Obtaining external, pro bono reviews of processes and operations;
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A review of resource allocation and people’s responsibilities
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Maintaining tight cost control; and Leveraging the goodwill and support of the local community;
To further enhance financial stability and provide greater flexibility while implementing the recovery plan, a significant proportion of the charity’s debt has been consolidated and restructured during 2025 and into 2026. As a result, most amounts are now owed to trustees and other connected parties. Although this does not reduce the overall level of debt, it provides more favourable terms, simplifies debt and cash management, and reduces the risk of enforcement action by external creditors.
Based on progress achieved to date, the ongoing implementation of the financial recovery plan, the financial support provided by trustees and connected parties, and expectations of future income and expenditure, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
However, the Trustees acknowledge that there are inherent uncertainties in financial forecasting and that the successful delivery of the recovery plan remains dependent on actions continuing into the current and future years. In addition, the continuing financial support of the trustees is not guaranteed and there are external factors beyond the charity’s control that could impact progress. As a result, the trustees have concluded that these conditions represent a material uncertainty that may cast significant doubt on the charity’s ability to continue as a going concern.
Page 5
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Reserves policy
The reserves of our charitable company represent both unrestricted funds arising from past operating results, which includes designated funds set aside by the Trustees for future projects, and restricted funds where income has been received for a specific purpose and is used accordingly.
Reserves were used on an emergency basis during the pandemic, the effects of which continue. Restricted funds were £11,012 in the year to 31 March 2025 but these were fully spent on the restricted purposes in year. The unrestricted surplus in year was £7,078 (2024: deficit £45,779). The current level of capital and reserves stands at a deficit of (£56,234) (2024: deficit £63,312).
This deficit of (£56,234) includes long term loans, for which there are no repayment dates set, totalling (£20,000), as set out in note 15. When these non-current liabilities are excluded the deficit on free reserves is reduced to (£36,234), an decrease of £2,922 from 31 March 2024
The Board recognising a continuing and essential need to build back reserves and this is a key consideration in the strategic business planning outlined in these accounts. We continue to hold to the aim of increasing and sustaining free reserves to cover emergency events to 12 weeks or more of core operating costs over the next 3-5 years.
Structure, governance and management
a. Constitution
The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 05/11/1979. It is registered charity number 271041.
The principal object of the Charity remains the production and presentation of puppet theatre shows.
In setting out objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2).
b. Method of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
c. Organisational structure and decision making
The chair of the trustees is responsible for the induction of new trustees which involves awareness of the trustee’s responsibilities, the charity’s governing document, administrative procedures, together with the history and philosophical approach of the charity. A new trustee receives copies of the previous year’s financial statements, annual report and a copy of the Charity Commissions leaflets providing guidance for trustees, as well as other useful company reference materials shared in an online Induction Pack folder.
d. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
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NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Trustees' responsibilities statement
The Trustees (who are also directors of Norwich Puppet Theatre Trust Limited for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
P C Roffe Trustee, Chair Date: 29 May 2026
Page 7
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025
Independent examiner's report to the Trustees of Norwich Puppet Theatre Trust Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2025.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I confirm that there are no other matters to which your attention should be drawn, other than what is disclosed on the next page, to enable a proper understanding of the accounts to be reached.
Page 8
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Disclosure section
I draw attention to note 2.2 in the financial statements, which states that the charity is in a funds deficit of £56,234 at the year end and is implementing a financial recovery plan to restore financial stability. Based on the progress achieved to date, the ongoing implementation of the financial recovery plan, the financial support provided by trustees and connected parties, and expectations of future income and expenditure, the trustees have concluded that they have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
However, the trustees acknowledge that there are inherent uncertainties in financial forecasting and that the successful delivery of the recovery plan remains dependent on actions continuing into the current and future years. In addition, the continuing financial support of the trustees is not guaranteed and there are external factors beyond the charity’s control that could impact progress. As a result, the trustees have concluded that these conditions represent a material uncertainty that may cast significant doubt on the charity’s ability to continue as a going concern.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 29 May 2026 Christopher Yeates FCA DChA
Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE
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NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 45,550 214,150 22 259,722 252,644 252,644 7,078 (63,312) 7,078 (56,234) |
Restricted funds 2025 £ 11,012 - - 11,012 11,012 11,012 - - - - |
Total funds 2025 £ 56,562 214,150 22 270,734 263,656 263,656 7,078 (63,312) 7,078 (56,234) |
Total funds 2024 £ 78,806 171,651 46 250,503 296,282 296,282 (45,779) (17,533) (45,779) (63,312) |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 28 form part of these financial statements.
Page 10
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01243558
BALANCE SHEET AS AT 31 MARCH 2025
| Note Fixed assets Current assets Stocks 11 Debtors 12 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 13 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
4,841 6,243 4,707 15,791 (47,473) |
2025 £ - (31,682) (31,682) (24,552) (56,234) - (56,234) (56,234) |
4,841 8,377 10,056 23,274 (48,784) |
2024 £ - (25,510) (25,510) (37,802) (63,312) - (63,312) (63,312) |
|---|---|---|---|---|
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NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee) REGISTERED NUMBER: 01243558
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
P C Roffe
Trustee, Chair Date: 29 May 2026
The notes on pages 13 to 28 form part of these financial statements.
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NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. General information
The Norwich Puppet Theatre is a company limited by guarantee, incorporated in England and Wales. The registered office is St James, Whitefriars, Norwich, NR3 1TN. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability of the guarantee is limited to £1 per member of the Charity.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Norwich Puppet Theatre Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Page 13
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.2 Going concern
The Trustees have assessed the appropriateness of preparing the financial statements on a going concern basis, including consideration of whether any material uncertainties exist that may cast significant doubt on the charity’s ability to continue in operational existence for at least 12 months from the date of approval of these financial statements.
In the prior year, the charity reported a closing funds deficit of £63,312 and an in-year deficit of £45,779. In response, and as outlined in the Trustees’ Report, the charity has implemented a financial recovery plan aimed at restoring financial stability. Encouraging progress has been made during the year, with the in-year result improving from a deficit of £45,779 to a surplus of £9,828. This has reduced the overall funds deficit to £53,484. While this improvement is positive, the Trustees recognise that further work is required, and the recovery plan has accelerated since the year end.
The financial recovery plan comprises a number of key strands, including:
-
Targeted grant applications;
-
Maximising front-of-house, hire, and other trading income;
-
Strengthening our internal financial reporting and decision making process to support more timely and better-informed decisions, including in relation to our programming; Obtaining external, pro bono reviews of processes and operations; A review of resource allocation and people's responsibilities; Maintaining tight cost control; and Leveraging the goodwill and support of the local community.
To further enhance financial stability and provide greater flexibility while implementing the recovery plan, a significant proportion of the charity’s debt has been consolidated and restructured during 2025 and into 2026. As a result, most amounts are now owed to trustees and other connected parties. Although this does not reduce the overall level of debt, it provides more favourable terms, simplifies debt and cash management, and reduces the risk of enforcement action by external creditors.
Based on progress achieved to date, the ongoing implementation of the financial recovery plan, the financial support provided by trustees and connected parties, and expectations of future income and expenditure, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
However, the Trustees acknowledge that there are inherent uncertainties in financial forecasting and that the successful delivery of the recovery plan remains dependent on actions continuing into the current and future years. In addition, the continuing financial support of the trustees is not guaranteed and there are external factors beyond the charity’s control that could impact progress. As a result, the trustees have concluded that these conditions represent a material uncertainty that may cast significant doubt on the charity’s ability to continue as a going concern.
Page 14
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Charitable trading income from theatre admission fees, workshops and tours is included in incoming resources in theperiod in which the relevant show takes place.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Tha charity has irrecoverable VAT arising due to partial exemption, which is included within resources expended.
2.5 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.
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NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
Page 16
NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2.14 Theatre productions
i. The cost of theatre productions is written off as and when incurred.
ii. Productions purchases are written off over the period of expected use for performance. At 31 March 2025 there was no residue of cost.
2.15 Building costs
The theatre operates from a former church, St James, Whitefriars in Norwich which is leased from Norwich Historic Churches Trust Limited. The cost of refurbishment, structural improvements and new buildings, net of related grants, is written off as incurred.
Page 17
NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. Income from donations and legacies
| Unrestricted funds 2025 £ Donations 33,880 Grants 11,670 45,550 Unrestricted funds 2024 £ Donations 13,116 Grants 11,420 Donated services 2,000 26,536 |
Restricted funds 2025 £ - 11,012 11,012 Restricted funds 2024 £ - 52,270 - 52,270 |
Total funds 2025 £ 33,880 22,682 |
|---|---|---|
| 56,562 | ||
| Total funds 2024 £ 13,116 63,690 2,000 |
||
| 78,806 |
. Grants analysis
| Unrestricted funds 2025 £ Norfolk Community Fund - Arts Council: Midsummer Night's Dream - Norwich City Council 7,500 Norfolk County Council 4,170 11,670 |
Restricted funds 2025 £ 6,159 2,910 1,943 - 11,012 |
Total funds 2025 £ 6,159 2,910 9,443 4,170 |
|---|---|---|
| 22,682 |
Page 18
NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Norwich Freemans' Charity Arts Council: Stel and Wes Arts Council: Midsummer Night's Dream Norfolk County Council Norwich City Council |
Unrestricted funds 2024 £ - - - 4,170 7,250 11,420 |
Restricted funds 2024 £ 21,500 2,718 26,190 1,862 - 52,270 |
Total funds 2024 £ 21,500 2,718 26,190 6,032 7,250 |
|---|---|---|---|
| 63,690 |
4. Income from charitable activities
| Unrestricted funds 2025 £ Theatre trading income 174,262 Theatre Tax Relief 39,888 214,150 Unrestricted funds 2024 £ Theatre trading income 153,986 Theatre Tax Relief 17,665 171,651 |
Total funds 2025 £ 174,262 39,888 |
|---|---|
| 214,150 | |
| Total funds 2024 £ 153,986 17,665 |
|
| 171,651 |
Page 19
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2025 £ Theatre trading 252,644 Unrestricted funds 2024 £ Theatre trading 244,012 6. Analysis of expenditure by activities Theatre trading Theatre trading |
Restricted funds 2025 £ 11,012 Restricted funds 2024 £ 52,270 Activities undertaken directly 2025 £ 263,656 Activities undertaken directly 2024 £ 296,282 |
Total 2025 £ 263,656 |
|---|---|---|
| Total 2024 £ 296,282 |
||
| Total funds 2025 £ 263,656 |
||
| Total funds 2024 £ 296,282 |
Page 20
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Establishment costs Administration and finance costs Production and cost of sales Staff costs Establishment costs Administration and finance costs Production and cost of sales 7. Independent examiner's remuneration Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts |
Theatre trading 2025 £ 89,819 40,282 18,761 114,794 263,656 Theatre trading 2024 £ 84,500 41,999 28,149 141,634 296,282 2025 £ 2,750 |
Total funds 2025 £ 89,819 40,282 18,761 114,794 |
|---|---|---|
| 263,656 | ||
| Total funds 2024 £ 84,500 41,999 28,149 141,634 |
||
| 296,282 | ||
| 2024 £ 1,820 |
Page 21
NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2025 £ 82,896 5,090 1,833 89,819 |
2024 £ 81,638 1,114 1,748 |
|---|---|---|
| 84,500 |
The average number of persons employed by the Company during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| No. | No. | |
| Employees | 5 | 7 |
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the Charity are deemed to be the trustees. As a result, the remuneration of key management personnel in the year was £Nil (2024: £Nil).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .
Page 22
NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. Tangible fixed assets
| Motor vehicles £ Cost or valuation At 1 April 2024 30,852 At 31 March 2025 30,852 Depreciation At 1 April 2024 30,852 At 31 March 2025 30,852 Net book value At 31 March 2025 - At 31 March 2024 - 11. Stocks Finished goods and goods for resale 12. Debtors Due within one year Trade debtors Prepayments and accrued income |
Fixtures and fittings £ 53,441 53,441 53,441 53,441 - - |
Office equipment £ 3,678 3,678 3,678 3,678 - - |
Computer equipment £ 8,865 8,865 8,865 8,865 - - 2025 £ 4,841 2025 £ 6,075 168 6,243 |
Total £ 96,836 |
|
|---|---|---|---|---|---|
| 96,836 | |||||
| 96,836 | |||||
| 96,836 | |||||
| - | |||||
| - | |||||
| 2024 £ 4,841 2024 £ 6,639 1,738 8,377 |
Page 23
NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditor Accruals and deferred income |
2025 £ 8,386 21,969 3,000 14,118 47,473 |
2024 £ 26,974 6,568 3,000 12,242 |
|---|---|---|
| 48,784 |
14. Creditors: Amounts falling due after more than one year
| Other loans (see analysis below) Other creditor |
2025 £ 20,000 4,552 24,552 |
2024 £ 30,000 7,802 |
|---|---|---|
| 37,802 |
The Other Creditor is being repaid by agreement (October 2023) at the rate of £250 per month.
. Other loans analysis
| Trustee loans Other loans |
2025 £ 16,000 4,000 20,000 |
2024 £ 25,000 5,000 |
|---|---|---|
| 30,000 |
The above loans are unsecured with no agreed repayment date. Further detail can be found in note 20.
Page 24
NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. Statement of funds
Statement of funds - current year
| Balance at 1 April 2024 £ Unrestricted funds General Funds (63,312) Restricted funds Norfolk Community Fund - Arts Council - Norwich City Council - - Total of funds (63,312) |
Income £ Expenditure £ 259,722 (252,644) 6,159 (6,159) 2,910 (2,910) 1,943 (1,943) 11,012 (11,012) 270,734 (263,656) |
Balance at 31 March 2025 £ (56,234) - - - - (56,234) |
|---|---|---|
Norfolk Community Fund - to create a network of trusted communicators that have been trained to have conversations with children and young people and their parents/carers about asthma.
Arts Council - for the running of the Making Shakespeare Accessible project
Norwich City Council - for the improvement of the theatre's public space and to increase engagement from the community.
Page 25
NORWICH PUPPET THEATRE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. Statement of funds (continued)
Statement of funds - prior year
| Balance at 1 April 2023 £ Unrestricted funds General Funds (17,533) Restricted funds Norwich Freemans' Charity - Arts Council - Norfolk County Council - - Total of funds (17,533) 16. Analysis of net assets between funds Analysis of net assets between funds - current year Current assets Creditors due within one year Creditors due in more than one year Total |
Income £ Expenditure £ 198,232 (244,011) 21,500 (21,500) 28,908 (28,908) 1,862 (1,862) 52,270 (52,270) 250,502 (296,281) Unrestricted funds 2025 £ 15,791 (47,473) (24,552) (56,234) |
Balance at 31 March 2024 £ (63,312) - - - - (63,312) Total funds 2025 £ 15,791 (47,473) (24,552) (56,234) |
|---|---|---|
Page 26
(A company limited by guarantee)
NORWICH PUPPET THEATRE TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2024 £ 23,274 (48,784) (37,802) (63,312) |
Total funds 2024 £ 23,274 (48,784) (37,802) |
|---|---|---|
| (63,312) |
17. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £4,406 (2024 - £1,748). There were £Nil outstanding at the year end.
18. Operating lease commitments
At 31 March 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2025 £ 15,000 41,250 56,250 |
2024 £ 14,250 11,250 |
|---|---|---|
| 25,500 |
19. Related party transactions
At the year end loan balances were owing to two trustees, P Roffe and A Kirkham, totalling £16,000.
20. Post balance sheet events
Following the year end, £12,000 of loans were converted to a donation and a further £3,500 of loans were repaid.
Page 27
NORWICH PUPPET THEATRE TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
21. Acting as agent
In the year to 31 March 2025, the charity acted as agent in distributing £12,000 received from an individual. This was paid to Circus Head CIC in accordance with the funder's instructions. There are no balances held at the year end as undistrubuted.
Page 28