Company registration number: 01353652 Charity registration number: 279627
The Sphinx Theatre Company Limited
(A company limited by guarantee) Annual Report and Financial Statements
for the Year Ended 31 March 2022
Field Sullivan Limited 9 Hare & Billet Road London SE3 0RB
The Sphinx Theatre Company Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 to 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 16 |
The Sphinx Theatre Company Limited
Reference and Administrative Details
Chair Susannah Kraft Levene Trustees Susannah Kraft Levene Susan McGoun Margaret Saxon Jane Seymour Rosemary Squire Secretary Susan Parrish Charity Registration Number 279627 Company Registration Number 01353652 The charity is incorporated in England and Wales. Registered Office 78 Lyford Road London SW18 3JW Independent Examiner Field Sullivan Limited 9 Hare & Billet Road London SE3 0RB Solicitors: Harbottle & Lewis Hanover House 14 Hanover Square London W1R 0BE Bankers Cooperative Bank 1 Islington High Street London N1 9TR
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The Sphinx Theatre Company Limited
Trustees' Report
The trustees present their report and accounts for the year ended 31 March 2022. This is a directors’ report required by s417 of the Companies Act 2006 and all trustees are directors. The financial statements comply with current statutory requirements and the requirements of the Memorandum & Articles of Association. The activities of the company are supported by volunteers.
Objectives and Activities
The charity is established to promote and advance education by the production of theatrical plays, with particular reference to women.
The Board have met twice in this financial year. The company have been fully engaged in a single project: SPHINX 30, funded by Arts Council England. In partnership with fifteen regional theatres including three special companies, thirty women playwrights have been commissioned with seed commissions to develop their work in a mainstage context, and to celebrate the thirtieth anniversary of the company.
This is a UK wide pioneering project which aims to advance women playwrights to UK main stages, where they are a tiny minority. The company developed the project from the Research and Development conducted in 2019/20, in partnership with fifteen regional theatres, and with a major collaboration with the Royal Central School of Speech and Drama. Sadly, as a consequence of the pandemic, the planned collaboration with the Victoria and Albert Museum could not take place, due to its closure.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and Performance
Following the success of the 2019/20 event and reports, and extensive press coverage, Sphinx was granted Arts Council funding for a Women Playwright’s project, Sphinx 30, modelled on the Yale University world famous Laboratory programme. The four online Lab events were concluded in February 2021, which included interviews with leading playwrights; Winsome Pinnock, April de Angelis, Timberlake Wertenbaker, Lolita Chakrabarti and Morgan Lloyd Malcolm; artistic directors and executive directors: Lynette Linton, Stephanie Sirr, Dame Rosemary Squire, Toni Racklin, and Brigid Larmour. Four intensive craft sessions were followed by six months of individual mentoring and the presentation of fifteen plays with the Central School of Speech and Drama. The Sphinx team of four, has been supplemented by additional administrative support and eight volunteers.
The pandemic dictated that all our laboratory events/ workshops were held online; the V&A closed for the duration, and the Central School lost leadership of the collaborating course; and closed for some months. With the advent of a new Principal, we reinstated our relationship with the Royal Central School of Speech and Drama who collaborated with us and contributed a huge amount of In- Kind support. We held three showcase events with Central, two in this year, on September 18th 2021, and December 17th 2021, but were unable to charge for tickets, for a Covid reduced audience. Many of our Sphinx 30 writers, or their pieces, have been commissioned by other theatres/ companies, including the National Theatre. The project has been accounted a huge success by all Partner theatres and writer/participants. The company has improved its profile and network enormously through the project, and certainly impacted on the programming of UK theatre.
We have kept up our campaigning on the representation of women in theatre through meetings with various professional organisations and press articles.
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The Sphinx Theatre Company Limited
Trustees' Report
We updated the Arts Council regularly, and they waived various conditions of the funding and allowed us to extend the project to fulfil our programme until May 2022. We completed the programme and submitted the final evaluation on April 21st 2022. A Report based on the Evaluation has been curated and circulated to Partners.
This project has established a working creative relationship with UK wide regional theatres, and the Royal Central School of Speech and Drama which the company will build on for the next stage of Women Centre Stage. We are preparing to apply for the programme for 2022/2023 and two full commissions. We also hope to present the Berlin Kabaret in the next year.
Financial Results
The results of the company's activities during the year are as disclosed by the statement of financial activities. The charity had a deficit of £14,052 (2021: surplus of £18,193) at the end of the year and, is carrying forward an accumulated surplus of £6,003 (2021: £20,055).
The Charity is a going concern and will continue its operations for the foreseeable future - the team continues to be strengthened by the contribution of Lisa Cagnacci as Deputy Artistic Director, and Tiffany Woodsmith as Administrator. We are currently in a strong position for further funding from the Arts Council; we are applying for regular funding which will secure the team.
Structure, governance and management
Nature of governing document
The company is limited by guarantee and has no share capital. It is also a registered charity. Its governing document is the Memorandum and Articles of Association of the Charitable Company.
Recruitment and appointment of trustees
Trustees have been selected by recommendation and interview, and can only be appointed by the Board. We are currently looking to strengthen the Board.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Susannah Kraft Levene Susan McGoun Margaret Saxon Jane Seymour Rosemary Squire (appointed 27 September 2022) Ben Monks (resigned 10 July 2022) Chairman: Susannah Kraft Levene Secretary: Susan Parrish
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The SphinxTheatre Company Limited Trustees, Report Statement of I1¢¥nSIbIlItIeS The trustees (who arè also the dlrettors of The Sphlnx Theatre Company Limited for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in 3ccordance with applicable law and United Kingdom Accounting Standards Iunited Klngdom Generally A¢¢epted Accountln8 Practice), including FRS 102 "The Financial Reportin8 Standard applicable sn the UK and Republi¢ of Ireland" The report and accounts have been prepared in accordance with the provisSons in the Companies Att 21Th)6 relatin8 to small companies. Company law requires the trustees to prepart financial statements each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and falr view of the state of affairs of the charitable company and of the incomlng resources and application ot resources. Intludlng Its Income and expenditure. of the charitable compafty for that period. In preparing these fSnancSa5 statements. the trustees are requlred to: selert 5Ultable accounting policies and apply them consistently,. observe the methods and printtples in the Charities SORP; make judgements and estimates that are reasonable and prudent,. state whether applicable accountin8 Standards, tomprising FRS 102 have been followed, subiect to any material departures disclosed and explained in the linancial statements- and prepare the fSnanclal slatements on the going concern basis unless it Is Inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keepin8 proper aciountinB records that can disclose with rÈa50nable accuracv at any trme the financial position of the charitable company and enable them to ensure that the finanti31 statements comply with the Companles Act 2CK16. They are also responsible fof safeguarding the assets ¢1 the charitable company and hence for taking reasonablè stèps for the prevention and detertion of fraud and other IrrÈgul31ities. The trustees are rèsponsSble for the malntenance and Integrlty of the corporate and financial information included on the charitable company's website. Legislation govern*ng the preparation and dissemination of financlal ststements may dlffer from le8lslation In other lurlsdlctlons. Small companles provlslon statèment This report has been prepared in accordan¢e wlth the small ct>mpanies regime under the Companles Art 2006. The annual report was approved by the trustees of the chaflty on 15 January 2023 and signed on its behalf bv.. Susannah Kraft Levene Chair and trusteè Page 4
The Sphinx Theatre Company Limited
Independent Examiner's Report to the trustees of The Sphinx Theatre Company Limited ('the Company')
I report to the charity trustees (who are also Directors for the purpose of company law) on my examination of the accounts of the The Sphinx Theatre Company Limited (‘the charitable company’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and related notes. 7 16
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this 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 charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity’s trustees of The Sphinx Theatre Company Limited 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 Sphinx Theatre Company Limited 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 your charity’s accounts as 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.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of The Sphinx Theatre Company Limited 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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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The Sphinx Theatre Company Limited
Independent Examiner's Report to the trustees of The Sphinx Theatre Company Limited ('the Company')
...................................... Tim Sullivan FCA Field Sullivan Limited 9 Hare & Billet Road London SE3 0RB
Date:.............................
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The Sphinx Theatre Company Limited
Statement of Financial Activities for the Year Ended 31 March 2022
(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Income and Endowments from: Note Donations and legacies Charitable activities Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted £ 34,850 - 34,850 (36,907) (36,907) (2,057) 8,060 6,003 |
Restricted £ 4,900 - 4,900 (16,895) (16,895) (11,995) 11,995 - |
Total 2022 £ 39,750 - 39,750 (53,802) (53,802) (14,052) 20,055 6,003 |
Unrestricted £ - 8,500 8,500 (2,302) (2,302) 6,198 1,862 8,060 |
Restricted £ 44,100 - 44,100 (32,105) (32,105) 11,995 - 11,995 |
Total 2021 £ 44,100 8,500 |
|---|---|---|---|---|---|---|
52,600 (34,407) |
||||||
(34,407) |
||||||
18,193 1,862 20,055 |
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2021 is shown in note 13.
The notes on pages 9 to 16 form an integral part of these financial statements.
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The SphinxTheatre Company Limited (Registration number: 01353652) Balanco Sheet as at 31 March 2022 2021 Note Fixed a55ets Tangible assets 871 320 urrem assets Debtors io 5.368 819 S38 Cash at bank and In hand li 19,847 6,187 20,385 Credltors.. Amounts falllng duewlthln oneyear 12 11,05SI 16501 r4¢t ¢urrEni •ssets 5.132 19.735 Net ass$ 6,CK13 20.055 Funds Dfthe tharlty.. Restrlrted Income fvnds Restricted funds 11,995 Unrestrlrted in¢ome fvnds uNstrIcted funds 6,13 s,[0 Total fi5nds 13 6,13 20,055 For thè flnancial year endlns 31 March 2022 the chartty was entitled to exemptlon from audit undef section 477 of the Companies Act 26 relatSng to small companles. Direclors. respon51b11ieS'. The members have not QuIred the charity to obtaln arn audit of its accounts for the year in question in accordance with section 476,. and The directors ackTrowledge their responsibilities for complying with the requirements of the Act with respect to accounttng records and the preparation of aecounts. These financtal ststements have been prepared in accordance with the special prows5ons relatlng to Companies subjECt to the small companSes gime within Part 15 of the Companles Art 11)06. The financial statements on page5 7 to 16 were approved by the trustees. and aLtthori5ed fo¥ issue on IS January 2023 and sned on their behalf by.. fa CTL7 , Susannah Kraft Levene Chair and Trustee The notes on pages 9 to 16 form an Inte8ral part of these ftnanclal statements. Page 8
The Sphinx Theatre Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 78 Lyford Road London SW18 3JW
These financial statements were authorised for issue by the trustees on 15 January 2023.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102) - Second edition October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
The Sphinx Theatre Company 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 notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
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The Sphinx Theatre Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Judgements and key sources of estimation uncertainty
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Donated services and facilities
Where services or facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this benefit is included in the financial statements at it's fair value unless it's fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to be sold.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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The Sphinx Theatre Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £250.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Office equipment 15% straight line method
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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The Sphinx Theatre Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Grants, including capital grants; Arts Council England Donated services and facilities |
Unrestricted General £ 7,000 - 27,850 34,850 |
Restricted £ - 4,900 - 4,900 |
Total 2022 £ 7,000 4,900 27,850 39,750 |
Total 2021 £ - 44,100 - |
|---|---|---|---|---|
44,100 |
4 Income from charitable activities
| Fees and supplies 5 Expenditure on charitable activities Note Production Licences and subscriptions Allocated support costs 6 |
Total 2022 £ - Total 2022 £ 47,342 35 6,425 53,802 |
Total 2021 £ 8,500 Total 2021 £ 32,105 35 2,267 |
|---|---|---|
34,407 |
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The Sphinx Theatre Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
6 Analysis of support costs
Support costs
| Support costs | ||
|---|---|---|
| Telephone and internet Other administration costs Marketing Independent examination Depreciation of office equipment |
Total 2022 £ 232 3,325 1,870 820 178 6,425 |
Total 2021 £ 248 1,100 - 850 69 |
2,267 |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
8 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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The Sphinx Theatre Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
9 Tangible fixed assets
| Cost At 1 April 2021 Additions At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 10 Debtors Accrued income Other debtors 11 Cash and cash equivalents Cash at bank 12 Creditors: amounts falling due within one year Accruals |
Furniture and equipment £ 458 729 |
Total £ 458 729 1,187 138 178 316 871 320 2021 £ - 538 |
||
|---|---|---|---|---|
1,187 |
||||
| 138 178 |
||||
316 |
||||
871 |
||||
320 |
||||
| 2022 £ 4,900 468 5,368 2022 £ 819 2022 £ 1,055 |
||||
| 538 | ||||
| 2021 £ 19,847 |
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2021 £ 650 |
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The Sphinx Theatre Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
| 13 Funds Unrestricted General General Funds Restricted Arts Council England Total funds Unrestricted General General Funds Restricted Arts Council England Total funds |
Balance at 1 April 2021 £ 8,060 11,995 20,055 Balance at 1 April 2020 £ 1,862 - 1,862 |
Incoming resources £ 7,000 4,900 11,900 Incoming resources £ 8,500 44,100 52,600 |
Resources expended £ (36,907) (16,895) (53,802) Resources expended £ (2,302) (32,105) (34,407) |
Balance at 31 March 2022 £ (21,847) - |
|---|---|---|---|---|
(21,847) Balance at 31 March 2021 £ 8,060 11,995 20,055 |
Arts Council England - Grant received to go towards the costs of Sphinx 30, a programme for female playwrights to pilot a new model for developing female playrights and celebrate the 30th anniversary of Sphinx.
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The Sphinx Theatre Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
14 Analysis of net assets between funds
Current period
| Tangible fixed assets Current assets Current liabilities Total net assets Previous period Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 320 8,390 (650) 8,060 |
Unrestricted funds General £ 871 6,187 (1,055) 6,003 Restricted funds £ - 11,995 - 11,995 |
Total funds at 31 March 2022 £ 871 6,187 (1,055) 6,003 Total funds at 31 March 2021 £ 320 20,385 (650) 20,055 |
|---|---|---|---|
15 Covid-19
During the year the company’s activities have been affected by the outbreak of COVID 19. The current project, SPHINX 30 has had to be conducted online instead of live; this prevented any box office income. The project is focused on advancing women playwrights to UK main stages, where they are in a tiny minority, and in celebration of the 30th anniversary of the company. The project has been accorded a great success despite generating no cash income, but much in-kind support. This includes the projected sponsorship from Nick Hern Books. Streamed performances proved to be too expensive to generate income. The planned collaboration with the Victoria and Albert Museum could not take place due to its closure. However, the charity is confident that it will continue its activities once the outbreak has been contained.
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