REPORT OF THE TRUSTEES AND

REGISTERED COMPANY NUMBER: 01058397 (England and Wales)REGISTERED CHARITY NUMBER: 264359

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

THE BUBBLE THEATRE COMPANY LIMITED

Brindley Millen LtdChartered Accountants and Statutory Auditors

167 Turners HillCheshunt

HertfordshireEN8 9BH


CONTENTS OF THE FINANCIAL STATEMENTSfor the Year Ended 31 March 2020

Page

Chair's Report 1

Report of the Trustees 2 to 6

Report of the Independent Auditors 7 to 8

Statement of Financial Activities 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13 to 21

Detailed Statement of Financial Activities 22 to 23


CHAIR'S REPORTfor the Year Ended 31 March 2020

Friends,

The year from April 2019 to March 2020 seems almost a generation away as I sign this in January 2021. Our last financial year endedas the lockdown of London Bubble began - and the story of probably the most challenging year ever for London Bubble 2020 will bewritten only in the years ahead, when much will have moved on and changed in ways we still can only partially see.

The year before lockdown certainly had its challenges too - but the great and established special characteristics of London Bubblewere delivering brilliant theatre, engaging with children, young people, older people and everybody in between - in schools, shelteredhousing, day centres, large corporate settings and out of doors as well as in our very adaptable, functional and suitable base just nearthe edge of the Thames and the Bermondsey entrance to the Rotherhithe tunnel. For thousands of people in just one year, we usedour theatre tools (and Shed tools) to change lives - for six days a week practically every week of the year.

To do this we need very talented people in our salaried staff and freelance team. We are blessed with so many of them. We needprogrammes, activities and methods that are tried, tested, and successful - and valued by those who connect with them. We absolutelyhave them. We need a knowledgeable, committed, experienced, diverse and united board and company secretary. We have them too.And we need people who believe in us enough to fund us. We are hugely grateful for the many that we have, but of course our workto gather more continues.

So this Chair above all wants to say thank you to all who work in and with us at London Bubble, who give so much in time andtalent, who have supported us and are supporting us now. We call on you all and many others to continue to journey with us as wecome through the year of change and adaptation that was 2020. Now we look forward to opportunities for exploring how themagical, transformative and radical world of Bubble theatre will emerge from this time of adaption into 2021 and beyond.

A big thank you and the very best wishes to you all.

Simon HughesChair, London Bubble TrusteesJanuary 2021

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REPORT OF THE TRUSTEESfor the Year Ended 31 March 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financialstatements of the charity for the year ended 31 March 2020. The trustees have adopted the provisions of Accounting and Reportingby Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FinancialReporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIESPurposes and ActivitiesThe Company is a registered charity and its principal object, as detailed in our Memorandum and Articles of Association, continuesto be the advancement of the education of the public through the promotion and support of the art of the theatre and music.

In shaping our activities and objectives for the year the trustees have considered the Charity Commission' s guidance on publicbenefit, including the guidance on public benefit and fee charging.

In setting our pricing policy (ticket prices, fees and other charges) the trustees are always aware of the obligations to provideappropriate public benefit. These prices, and the available concessions, are set to allow participation of low-income andhard-to-reach members of the community - who are core targets for our company. At the same time, we are anxious to make sure thatwe do not inadvertently signal any undervaluing of our activities and that we remain comparable and competitive within the artssector.

Vision, mission and beliefOur vision is that all people at every stage of life have access to the benefits of making theatre.

Our mission is to make beautiful, beneficial and dynamic theatre with the diverse communities of south-east London and beyond.

Underpinning our work is a belief that belonging, generosity, kindness and joy are fundamental to shared theatre-making. This waywe establish creative and safe spaces where stories are shared and play rediscovered and valued by participants of all ages. Projectscreated together bring personal and social wellbeing. Community cohesion is generated and strengthened as a result.

ACHIEVEMENT AND PERFORMANCEAchievements and performance- In Lewisham, Greenwich and Southwark the company delivered 49 events (compared to 39 in the previous year),

which attracted 1,276 audience members (2,048).- The Company delivered 1,326 workshops sessions (1,690) across participatory projects, achieving 16,139 participant

attendances (16,258)- Of these sessions, 850 took place in schools with a further 808 being delivered in schools by Speech Bubbles franchise

partners achieving 16,160 pupil attendances.- The company delivered 41 presentations & training sessions (30), disseminating Bubble practices to 1,030 attenders

(545).- The company hosted 9 placements (14) and was grateful for the input of 18 volunteers (64 previously).- In total the number of attendances amounted to 18,445 (18,782).- In total there were 1,522 performances, events or workshops (1,733).

Our goals for 2019-20 were to:- Successfully complete and report on the Speech Bubbles EEF/RSA cultural learning trial- Successfully launch Speech Bubbles in Haringey with our new partner Alexandra Palace- Prepare for growth by developing and delivering the Speech Bubbles train-the-trainer programme- Launch the Challenge London programme that will enable us to evaluate, develop and advocate our work with young people

involved in or at risk of involvement with the criminal Justice system.- Explore whether engagement with CEP practice impacts on participants' perceived levels of loneliness. A process of

interviewing a sample group of participants will be ongoing over the next 3 years.- Continue the Charting the Mayflower creative research workshops and share the findings through two new events 'The Deal'

and 'The Arrival'.- Attract support to commission a community play to be performed in the summer of 2020.

2019-20 has been a significant year for Speech Bubbles. We completed the delivery of the Cultural Learning research trial in 51schools and continued the programme in 14 south London schools. Our nine theatre partners have worked in a further 32 schools inLondon, Greater Manchester and Kent. In total we have supported over 900 children who were referred with a communication needwhich negatively affects their school experience.

During the year Adam Annand, Speech Bubbles Lead, presented at the Royal Opera House 'Thriving Child' Conference (which waslive streamed across the country). We gave evidence to the All Party Parliamentary Group on Oracy and 'Evaluating Twinkles:reflections on the evaluation of a drama and communication project in schools' was published in 'Research In Drama Education', thejournal of applied theatre and performance.

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During 2020-21 we aim to:o Report on the EEF/RSA Cultural Learning Trial (this was delayed due to matters beyond our control)o Develop a new Speech Bubbles partnership in the East of the countryo Prepare for growth by developing and delivering Speech Bubbles online training modules

The Bubble Young Theatre Makers programme continued to flourish during 2019-2020. We made and shared a total of 19different pieces of theatre in venues ranging from school classrooms to City Hall and the Southbank Centre. Participants were aged11-25.

15 new 18-25 year olds joined us for the 12 week training programme, 9 attended for the duration and subsequently completed workexperience with us. They created Dear Society which was performed 13 times to 454 people during their 3 week tour.

Later in the year we offered a week-long intensive workshop which a further 5 young people aged 18-25 joined, and devised a shortplay called 'Caged'.

The programme now boasts an impressive number of alumni who continue to join us for theatre trips, monthly catch up sessions andto work on other London Bubble projects. 17 were employed as freelance practitioners throughout the year to create new plays,perform at events and deliver workshops to others.We continue to be commissioned by high profile partners to deliver theatre projects for vulnerable young people. These include thePrince's Trust, Headstart UK, Southwark Youth Offending Service, Southwark Family Early Help Service, Power2, Our Time andSpeakerbox. We have also contributed to conferences and professional training for Norton Rose Fulbright, Frontline, Redthread andSouthwark Fostering Services. All of these collaborations enable employment opportunities for our Young Theatre Makers and helpbuild our profile locally and nationally. We earned £37,425 of income through commissioned projects.

Our Creating Justice programme expanded to include delivery of 'Playing Safe' in 3 primary schools. We offered training in TraumaInformed Practice and Communication Styles to our freelance delivery teams and partners from statutory services such as theMetropolitan Police. Freelance researchers are tracking and evaluating this process and have created a Rapid Evidence Assessment ofarts and theatre projects for young people in (or at risk of) the criminal justice system. We have also spoken about this process atevents and conferences through the year.

In 2020-21 we aim to:- Improve the monthly sessions for Young Theatre Makers who have completed the 12 week programme with a series of

masterclasses with guest artists- Continue to upskill our staff. Our Project Leader is training as a Child Therapeutic Wellbeing Practitioner and will be

registered with the UKCP.- Find innovative ways to continue to engage our Young Theatre Makers remotely and virtually- Deliver Playing Safe in 7 primary schools- Produce an evaluation including cost benefit appraisal of the Creating Justice programme

During the year 140 participants took part in our Creative Elders Programme (CEP). 55 attended the ongoing twice weeklyRotherhithe Shed sessions, and 72 attended weekly Hubble drama sessions in either Sheltered Housing Units or community venuessuch as the Bermondsey day centre run by Age UK.

Alongside the ongoing programme we ran a series of pilot projects and events which provided opportunities for groups to cometogether, make new connections and showcase their creativity.These included an intergenerational project bringing together CEP and Bubble Young Theatre Makers participants and a 'SummerSpecials' series of workshops lead by specialists in drama, visual art, dance and music for participants from across Hubble groups.For the third consecutive year, Rotherhithe Shed participants made and paraded lanterns as part of the 'Illuminate Rotherhithe'festival.

A highlight of the year was the CEP Takeover Day in June, presented as part of Creativity & Wellbeing week. Participants shared theprocess of day-to-day creativity which they co-create with Bubble artists, displaying their work using a variety of mediums acrossevery space in the Bubble building. The event provided a space for participants from all strands of the project to meet and beinspired by each other's work, while raising the profile of the project with other organisations, artists interested in working with olderadults and our local community. Once again, participants' feedback demonstrated the impact of the project's approach on increasedwellbeing:

"We create and laugh and relax. We can behave in a 'silly' way without being judged in any way. Creative and releasing as well asultimately relaxed and uplifting. [...] LIFE CHANGING."

This year we began a three year process of evaluating the impact of CEP on participant's perceived levels of loneliness. One to oneinterviews with a sample group of participants highlighted that they value how the project's approach enables the creation of positivenew memories and the opportunity to try new things in later life and participate in welcoming group activities. One participant saidthat:

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"they make you feel INcluded, when you're coming from feeling EXcluded, with the loneliness and that, and you come in and feelINcluded, which is really nice."

During 2019-20, 109 children, young people and adults attended our weekly participatory groups, developing confidence andcommunication skills through playful theatre making. In July and December, each group invited friends and family to share whatthey had developed, often leading their 'audience' in drama games and exercises which they had especially enjoyed.

9 participants from Bubble's adult drama group and Young Theatre Makers performed alongside actors at Shakespeare's GlobeTheatre, playing the parts of the Windsor locals in 'The Merry Wives of Windsor'.

Throughout the year a group of creative researchers met weekly as part of Charting the Mayflower . This project, funded by UnitedSt Saviour's Charity, involved 49 volunteers aged from 12 to 80+ in research, creative workshops, field trips and talks from visitingspeakers all relating to the history and contemporary resonances of the 'Mayflower'.

The learning from this was disseminated through three booklets and two public events. 'The Deal' took an audience through the Cityof London, linking the Dutch and All Hallows churches while animating the story of the financial and legal aspects of the voyage.The second, 'The Arrival', took place at the Finnish Church in Rotherhithe and invited audiences to consider the impact of theMayflower on Native Americans and the environment.

In the coming year the project will culminate in 'The Mayflower Enquiry', a community play written for performance in SouthwarkCathedral.

Organisational Health

While projects flourished individually, overall it was the most difficult year for fundraising that the company has encountered forsome years. During the year targets had to be redrawn and plans scaled down.Despite best efforts this resulted in an end of year deficit for the first time for 4 years.

During 2020 the staff and board will be working with Dawn Langley from Alchemy Consultants to review organisational design andconsider options.

FINANCIAL REVIEWFinancial positionIncome

Total income for the year amounted to £531,469 (2019: £626,621), of which £377,298 (2019: £478,174) related to voluntary incomereceived.

Expenses

Total expenses for the year amounted to £600,626. (2019: £625,690).

The Company's cash flow remained sufficient throughout the year.

Reserves policy and Going ConcernThe Trustees' objective is to hold reserves sufficient to meet the essential costs of the Company for a three-month period and we willcontinue to work towards this. Reserves at 31st March 2020 were as follows:

Restricted fundsRestricted funds amounted to £192,620 (2019: £212,854) which relates to the building improvements.

Designated fundsDesignated funds comprise: Capital fund of £870 (2019: £1,788). This provides for the depreciation of fixed assets purchased usinggeneral funding.

Unrestricted fundsUnrestricted general fund at 31st March 2020 amounted to £46,348 (2019: £94,353).

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POST BALANCE SHEET EVENTSAfter over 30 years Jonathan Petherbridge, our Creative Director, left the Bubble at the end of July 2020. Lucy Bradshaw and MarieVickers took over the leadership of the Bubble as Interim Executive Directors as we have taken the opportunity to review ourleadership model and work through our plan for transition.

In addition the Bubble has decided that we will support a plan for Speech Bubbles to become organisationally more independentfrom the London Bubble and have started work on how this can best be delivered.

STRUCTURE, GOVERNANCE AND MANAGEMENTGoverning documentThe charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, asdefined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILSRegistered Company number01058397 (England and Wales)

Registered Charity number264359

Registered office3 & 5 Elephant LaneRotherhitheLondonSE16 4JD

TrusteesDr S A Baker (resigned 17.12.19) Dr M S Dunford Chair of Finance & Fundraising Committee Sir S H W Hughes Chair Dr L Owen (resigned 17.3.20) T L E Pullen D Slater (resigned 31.7.20) Ms S J Timothy Deputy Chair Ms S Macnee Ms S L H Nomme (resigned 24.9.19) Ms E Nutland T Sithole Ms F J Stokes

AuditorsBrindley Millen LtdChartered Accountants and Statutory Auditors167 Turners HillCheshuntHertfordshireEN8 9BH

BankersNational Westminster BankLondon Bridge (A) BranchPO Box 3510 Southwark StreetLondonSE16 4JD

Chief ExecutiveJonathan Petherbridge (until July 2020)

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STATEMENT OF TRUSTEES' RESPONSIBILITIESThe trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable lawand United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FinancialReporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stateof affairs of the charitable company and of the incoming resources and application of resources, including the income andexpenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

- select suitable accounting policies and then apply them consistently;- observe the methods and principles in the Charity SORP;- make judgements and estimates that are reasonable and prudent;- state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed

and explained in the financial statements;- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company

will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financialposition of the charitable company and to 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 theprevention and detection of fraud and other irregularities.

In so far as the trustees are aware:- there is no relevant audit information of which the charitable company's auditors are unaware; and- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information

and to establish that the auditors are aware of that information.

AUDITORSThe auditors, Brindley Millen Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

..............................................................................Sir S H W Hughes - Trustee

Page 6

Simon Hughes (Jan 28, 2021 12:39 GMT)Simon Hughes

Jan 28, 2021

https://na1.documents.adobe.com/verifier?tx=CBJCHBCAABAAiD0rWXqfTXbB3KjsCU7uA0X30ry0Xojb

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OFTHE BUBBLE THEATRE COMPANY LIMITED

OpinionWe have audited the financial statements of The Bubble Theatre Company Limited (the 'charitable company') for the year ended31 March 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to thefinancial statements, including a summary of significant accounting policies. The financial reporting framework that has been appliedin their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ofIreland'.

In our opinion the financial statements:- give a true and fair view of the state of the charitable company's affairs as at 31 March 2020 and of its incoming resources and

application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Ourresponsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statementssection of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit ofthe financial statements in the UK, including the FRC’s Ethical Standard and the provisions available for small entities, in thecircumstances set out in the notes to the financial statements, and we have fulfilled our other ethical responsibilities in accordancewith these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Conclusions relating to going concernWe have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt

about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelvemonths from the date when the financial statements are authorised for issue.

Other informationThe trustees are responsible for the other information. The other information comprises the information included in the AnnualReport, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated inour report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, considerwhether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we arerequired to determine whether there is a material misstatement in the financial statements or a material misstatement of the otherinformation. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, weare required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requiresus to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - the charitable company has not kept adequate accounting records; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.

Responsibilities of trusteesAs explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitablecompany for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied thatthey give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a goingconcern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless thetrustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OFTHE BUBBLE THEATRE COMPANY LIMITED

Our responsibilities for the audit of the financial statementsWe have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevantregulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materialmisstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonableassurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detecta material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or inthe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financialstatements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council'swebsite at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our reportThis report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts andReports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees thosematters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we donot accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, forour audit work, for this report, or for the opinions we have formed.

Brindley Millen LtdChartered Accountants and Statutory AuditorsEligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 167 Turners HillCheshuntHertfordshireEN8 9BH

Date: .............................................

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mwbrindley (Jan 28, 2021 14:01 GMT)mwbrindley

Jan 28, 2021



STATEMENT OF FINANCIAL ACTIVITIES(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)for the Year Ended 31 March 2020

31.3.20 31.3.19Unrestricted Restricted Building Total Total

funds fund fund funds fundsNotes £ £ £ £ £

INCOME AND ENDOWMENTSFROM Donations and legacies 2 13,846 363,452 - 377,298 478,174

Charitable activities 5Theatre Activities 115,398 - - 115,398 102,692

Other trading activities 3 38,768 - - 38,768 42,040Investment income 4 5 - - 5 11Other income - - - - 3,704

Total 168,017 363,452 - 531,469 626,621

EXPENDITURE ON Raising funds 6 - 21,000 - 21,000 20,307

Charitable activities 7Theatre Activities 216,940 342,452 20,234 579,626 605,383

Total 216,940 363,452 20,234 600,626 625,690

NETINCOME/(EXPENDITURE) (48,923) - (20,234) (69,157) 931

RECONCILIATION OF FUNDS

Total funds brought forward 96,141 - 212,854 308,995 308,064

TOTAL FUNDS CARRIEDFORWARD 47,218 - 192,620 239,838 308,995

The notes form part of these financial statements

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THE BUBBLE THEATRE COMPANY LIMITED (REGISTERED NUMBER: 01058397)

BALANCE SHEET31 March 2020

31.3.20 31.3.19Unrestricted Restricted Building Total Total

funds fund fund funds fundsNotes £ £ £ £ £

FIXED ASSETS Tangible assets 14 868 - 192,620 193,488 214,640

CURRENT ASSETS Debtors 15 27,999 - - 27,999 11,762Cash at bank and in hand 100,697 - - 100,697 156,829

128,696 - - 128,696 168,591

CREDITORS Amounts falling due within one year 16 (82,346) - - (82,346) (74,236)

NET CURRENT ASSETS 46,350 - - 46,350 94,355

TOTAL ASSETS LESSCURRENT LIABILITIES 47,218 - 192,620 239,838 308,995

NET ASSETS 47,218 - 192,620 239,838 308,995

FUNDS 17Unrestricted funds 47,218 96,141Restricted funds:Building fund 192,620 212,854

TOTAL FUNDS 239,838 308,995

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended31 March 2020.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financialstatements.

The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act

2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of

each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, sofar as applicable to the charitable company.

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to thesmall companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and weresigned on its behalf by:

.............................................M S Dunford - Trustee


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Mark Dunford (Jan 28, 2021 13:40 GMT)Mark Dunford

Jan 28, 2021



CASH FLOW STATEMENTfor the Year Ended 31 March 2020

31.3.20 31.3.19Notes £ £

Cash flows from operating activitiesCash generated from operations 1 (56,137) 24,730

Net cash (used in)/provided by operating activities (56,137) 24,730

Cash flows from investing activitiesPurchase of tangible fixed assets - (1,738)Interest received 5 11

Net cash provided by/(used in) investing activities 5 (1,727)

Change in cash and cash equivalents in thereporting period (56,132) 23,003Cash and cash equivalents at the beginning ofthe reporting period 156,829 133,826

Cash and cash equivalents at the end of thereporting period 100,697 156,829


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NOTES TO THE CASH FLOW STATEMENTfor the Year Ended 31 March 2020

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATINGACTIVITIES

31.3.20 31.3.19£ £

Net (expenditure)/income for the reporting period (as per the Statement ofFinancial Activities) (69,157) 931Adjustments for:Depreciation charges 21,153 22,950Interest received (5) (11)(Increase)/decrease in debtors (16,238) 43,733Increase/(decrease) in creditors 8,110 (42,873)

Net cash (used in)/provided by operations (56,137) 24,730

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.19 Cash flow At 31.3.20£ £ £

Net cash Cash at bank and in hand 156,829 (56,132) 100,697

156,829 (56,132) 100,697

Total 156,829 (56,132) 100,697


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NOTES TO THE FINANCIAL STATEMENTSfor the Year Ended 31 March 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared inaccordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of RecommendedPractice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable inthe UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The FinancialReporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statementshave been prepared under the historical cost convention.

The financial statements are presented in sterling (£).

Critical accounting judgements and key sources of estimation uncertainty In preparing financial statements it is necessary to make certain judgements, estimated and assumptions that affect theamounts recognised in the financial statements. The following judgements and estimates are considered by the trustees tohave most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible fixed assets:The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residualvalues of the assets. The useful economic lives and residual values are reassessed annually. They are amended whennecessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and thephysical condition of the assets.

Going concern The charity has a planned programme of activities in order to achieve its objectives the charity required income streams,primarily from grants and donations.

There is no certainty with regard to securing the necessary future income streams and after making appropriate enquiries, thetrustees have a reasonable expectation that the charity will provide a programme of activities that are fully funded to ensurethat the charity has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the trustees consider it appropriate to adopt the going concern basis in preparing the financial statements.

Income Grants and donationsGrants and donations are recognised where there is entitlement, certainty of receipt and the amount can be measured withsufficient reliability.

Income from charitable activitiesIncomes from these activities are recognised when earned.

Income from other trading activitiesThis relates to income from the rental of space when temporarily not used by the charity. Rental income is recognised whenthe space has been utilised by the customer.

Income from investmentsInvestment income is included when due to the charity.

Expenditure Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot berecovered. Expenditure is recognised when a legal or constructive obligation to make payment exists. Costs of fundraisingcomprise direct costs associated to that activity.

Charitable activities include expenditure associated with providing activities for the beneficiaries and include both the directcosts and support costs relating to these activities.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.Support costs include back office costs, finance, personnel, payroll and governance costs supporting the charitable activities.

Governance costs are primarily associated with constitutional and statutory requirements.

Tangible fixed assets Depreciation is provided on tangible fixed assets at rates calculated to write off the cost over their estimated useful lives. Therates used are as follows:-

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NOTES TO THE FINANCIAL STATEMENTS - continuedfor the Year Ended 31 March 2020

1. ACCOUNTING POLICIES - continued

Tangible fixed assets Theatre equipment - 10% on cost, 20% on cost and 25% on costOffice Furniture, fittings and equipment - 25% on costBuilding improvements - Over the life of the lease

Net current assets DebtorsTrade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valuedat the amount prepaid net of any trade discounts due.

Cash and bank and in handCash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three monthsor less from the date of acquisition or opening of the deposit or similar account.

CreditorsCreditors and provisions are recognised where the charity has a present obligation resulting from a past event that willprobably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured orestimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any tradediscounts due.

Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise whenspecified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company'spension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basicfinancial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. DONATIONS AND LEGACIES 31.3.20 31.3.19

£ £Donations 13,846 14,230Grants 363,452 463,944

377,298 478,174




2. DONATIONS AND LEGACIES - continued

Grants received, included in the above, are as follows:

31.3.20 31.3.19£ £

A New Direction 36,500 -BBC Children in Need 8,296 7,844Bermondsey and Rotherhithe Neighbourhoods Fund 3,000 5,000British Land 10,000 -City of London Corporation 8,500 -Garfield Weston Foundation - 25,000LB Southwark - Revenue 28,000 28,000LB Southwark - Other - 7,000London Youth - 2,500Newcomen Collett Foundation 1,000 -North Southwark Environmental Trust - 2,500Royal Opera House 500 -SHINE Trust - 12,131South London and Maudsley Charity - 750Southwark Giving 2,000 -St Jame's Place Foundation 10,000 -St Olave's & St Saviour's Foundation 3,000 -Swire Charitable Trust - 10,000The Alan & Babette Sainsbury Charitable Fund - 10,000The Amicable Society's School, Rotherhithe - 3,000The Brook Trust 33,800 33,800The City Bridge Trust 24,000 22,000The Education Endowment Foundation 60,481 163,150The Expat Foundation - 15,000The Henry Smith Charity 30,000 30,000The Jack Petchey Achievement Awards 750 750The National Lottery Community Fund 59,792 50,019United St Saviour's 33,750 30,000Walcott Foundation 10,083 5,500

363,452 463,944

Grant income from local authority funding was £39,500 (2019: £40,000) and from government agencies was £59,792 (2019:£50,019)

3. OTHER TRADING ACTIVITIES 31.3.20 31.3.19

£ £Rental Income 38,768 42,040

4. INVESTMENT INCOME 31.3.20 31.3.19

£ £Deposit account interest 5 11




5. INCOME FROM CHARITABLE ACTIVITIES 31.3.20 31.3.19

Activity £ £Project Income Theatre Activities 115,398 102,651Bar Income Theatre Activities - 41

115,398 102,692

6. RAISING FUNDS

Raising donations and legacies 31.3.20 31.3.19

£ £Staff costs 21,000 20,307

7. CHARITABLE ACTIVITIES COSTS Support

Direct costs (seeCosts note 8) Totals

£ £ £Theatre Activities 288,296 291,330 579,626

8. SUPPORT COSTS Governance

Management costs Totals£ £ £

Theatre Activities 262,171 29,159 291,330

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.20 31.3.19£ £

Depreciation - owned assets 21,152 22,950Auditors' remuneration 3,750 3,500

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2020 nor for the year ended31 March 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2020 nor for the year ended 31 March 2019.




11. STAFF COSTS 31.3.20 31.3.19

£ £Wages and salaries 303,172 302,311Social security costs 24,860 25,799Other pension costs 9,053 5,893

337,085 334,003

The average monthly number of employees during the year was as follows:

31.3.20 31.3.19All employees 12 9

No employees received emoluments in excess of £60,000.

Key management personnel

The charity consider its key management personnel to comprise the trustees, the Creative Director and the AssociateDirector. Total key management remuneration and benefits for the year are £94,400 (2019: £89,788).

12. 2019 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Building Total

funds fund fund funds£ £ £ £

INCOME AND ENDOWMENTS FROM Donations and legacies 97,231 380,943 - 478,174

Charitable activities Theatre Activities 102,692 - - 102,692

Other trading activities 42,040 - - 42,040Investment income 11 - - 11Other income 3,704 - - 3,704

Total 245,678 380,943 - 626,621

EXPENDITURE ON Raising funds - 20,307 - 20,307

Charitable activities Theatre Activities 221,513 363,636 20,234 605,383

Total 221,513 383,943 20,234 625,690

NET INCOME/(EXPENDITURE) 24,165 (3,000) (20,234) 931

RECONCILIATION OF FUNDS

Total funds brought forward 71,976 3,000 233,088 308,064

TOTAL FUNDS CARRIED FORWARD 96,141 - 212,854 308,995




13. TAXATION

The charity is exempt from tax on income and gains falling within sections 466 to 493 of the Corporation Tax Act 2010 orsection 256 of the taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14. TANGIBLE FIXED ASSETS Improvements

to Theatre Officeproperty Equipment Equipment Totals

£ £ £ £COSTAt 1 April 2019 and 31 March 2020 323,750 86,777 33,607 444,134

DEPRECIATIONAt 1 April 2019 110,896 86,483 32,115 229,494Charge for year 20,234 294 624 21,152

At 31 March 2020 131,130 86,777 32,739 250,646

NET BOOK VALUEAt 31 March 2020 192,620 - 868 193,488

At 31 March 2019 212,854 294 1,492 214,640

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.20 31.3.19

£ £Trade debtors 14,499 3,257Other debtors 7,250 2,255Prepayments 6,250 6,250

27,999 11,762

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.20 31.3.19

£ £Trade creditors 11,493 6,671Social security and other taxes 12,702 7,775VAT 4,669 1,867Other creditors 1,658 1,149Accruals and deferred income 48,074 48,902Accrued expenses 3,750 7,872

82,346 74,236

17. MOVEMENT IN FUNDS Net

movement AtAt 1.4.19 in funds 31.3.20

£ £ £Unrestricted funds General fund 94,353 (48,005) 46,348Capital fund 1,788 (918) 870

96,141 (48,923) 47,218Restricted funds Building fund 212,854 (20,234) 192,620

TOTAL FUNDS 308,995 (69,157) 239,838




17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movementresources expended in funds

£ £ £Unrestricted funds General fund 168,016 (216,021) (48,005)Capital fund 1 (919) (918)

168,017 (216,940) (48,923)Restricted funds Project Fund 363,452 (363,452) -Building fund - (20,234) (20,234)

363,452 (383,686) (20,234)

TOTAL FUNDS 531,469 (600,626) (69,157)

Comparatives for movement in funds

Net Transfersmovement between At

At 1.4.18 in funds funds 31.3.19£ £ £ £

Unrestricted funds General fund 69,210 26,881 (1,738) 94,353Capital fund 2,766 (2,716) 1,738 1,788

71,976 24,165 - 96,141Restricted funds Project Fund 3,000 (3,000) - -Building fund 233,088 (20,234) - 212,854

236,088 (23,234) - 212,854

TOTAL FUNDS 308,064 931 - 308,995

Comparative net movement in funds, included in the above are as follows:


£ £ £Unrestricted funds General fund 245,678 (218,797) 26,881Capital fund - (2,716) (2,716)

245,678 (221,513) 24,165Restricted funds Project Fund 380,943 (383,943) (3,000)Building fund - (20,234) (20,234)

380,943 (404,177) (23,234)

TOTAL FUNDS 626,621 (625,690) 931




17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfersmovement between At

At 1.4.18 in funds funds 31.3.20£ £ £ £

Unrestricted funds General fund 69,210 (21,124) (1,738) 46,348Capital fund 2,766 (3,634) 1,738 870

71,976 (24,758) - 47,218Restricted funds Project Fund 3,000 (3,000) - -Building fund 233,088 (40,468) - 192,620

236,088 (43,468) - 192,620

TOTAL FUNDS 308,064 (68,226) - 239,838

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:


£ £ £Unrestricted funds General fund 413,694 (434,818) (21,124)Capital fund 1 (3,635) (3,634)

413,695 (438,453) (24,758)Restricted funds Project Fund 744,395 (747,395) (3,000)Building fund - (40,468) (40,468)

744,395 (787,863) (43,468)

TOTAL FUNDS 1,158,090 (1,226,316 ) (68,226)

Unrestricted fundsCapital fund - The balance will fund future depreciation of fixed assets which were originally purchased using general funds

Project reserve fund - The trustees have created this fund to provide the charity with the means to maintain a level ofactivities while sourcing new funds on a continuing basis. This will be reviewed and an amount designated at the beginningof each year.

Project fund - This is a fund of donations and earned income from commissions and fees, designated to specific artisticactivity projects.

Restricted fundsBuilding fund - This fund was established to raise monies for capital improvements to the Bubble Theatre Building,especially for access to the theatre.

Project fund - This is a fund of restricted grant funding we have received for specific artistic activity projects.




18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2020.

19. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the taxauthorities and assist with the preparation of the financial statements.

20. LEGAL STATUS OF CHARITY

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of windingup is limited to £1.

Page 21

Documents

REPORT OF THE TRUSTEES AND