Registered number:
Charity number:
264359
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
CONTENTS
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THE BUBBLE THEATRE COMPANY LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
Dear friends - past, present and future,
As we moved into our 50th year of making theatre with our communities, 2021-2022 for London Bubble was a year of renewed, refreshed and refocused delivery - after the major challenges and changes of the previous twelve months. During the year we consolidated, strengthened and focused our important and successful work and programmes, both inside our great multi-use building in Rotherhithe and outside, in person and online, in schools and sheltered housing and elsewhere. Our Speech Bubbles programme of work began twelve years ago in primary schools, using theatre as a way of developing communication skills. It has now become a national programme, and so after the summer and with a negotiated agreement Speech Bubbles left the London Bubble fold to become an independent organisation. As the originating partner, London Bubble shares with Speech Bubbles the joy of over a decade’s work of supporting so many young people, their parents, carers, teachers and teaching assistants. London Bubble continues to deliver the project in our local boroughs of Southwark and Lewisham, and we wish Speech Bubbles every success delivering elsewhere as a new Charitable Incorporated Organisation (CIO). When we reopened our doors properly in the summer after the Covid period of restrictions, we were able to resume our three major programmes – with primary school aged children, with teenagers and young adults and with older adults living alone or in sheltered accommodation. We always remain true to our commitment to offer all our programmes at no cost to the user – which makes sure that we are accessible to all in our communities and with no disincentive on financial grounds. Our recently appointed joint chief executives, Lucy Bradshaw and Marie Vickers, during this challenging year have really impressed and gained the confidence of staff, freelancers, users, partners and the board as they developed our new management structure. At the same time, we completed the second part of our governance changes by bringing on board some excellent and talented new trustees, as well as saying goodbye with sincere thanks to Mark Dunford, Tommy Pullen and Jane Stokes. We also made further progress in making sure our staff, freelance, volunteer and board teams are more diverse and reflective of the wide range of people we work with. London Bubble is no conventional theatre company. We do not have a proscenium arch and a programme of plays produced for a visiting audience. We make all sorts of theatre with and for people of all ages from our part of south-east London and much beyond. We aim to make sure that we bring the excitement and enrichment of theatre-making to many who have previously before never experienced or participated in theatre at all. In doing so, we change lives. We are not a big organisation but we have ambitions to grow. We are also not a rich organisation, and so always welcome those individuals and other organisations able and willing to support us financially – including as partner organisations which can benefit from our work. If you are interested in talking to us about how you can help or ideas you may have, please get in touch. As we look forward to our 50th birthday year, we are as confident and enthusiastic about what we do as ever before. Thank you to all who have travelled with us to date and helped us achieve so much. We welcome many more, happy fellow-travellers in the exciting days and months ahead.
Simon Hughes (Chair, London Bubble Trustees)
Date:
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THE BUBBLE THEATRE COMPANY LIMITED
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2021 to 31 March 2022. 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 Charity 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.
Objectives and activities
a. Purposes and Activities
The Company is a Registered Charity and its principal object, as detailed in the Memorandum and Articles of Association, continues to 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 public benefit, including on fee charging. We are passionate about making cultural activity accessible. In 21-22, we continued our strategy from 20-21 of providing all our activities free of charge to participants'.
b. Vision and mission in 2021-22
Theatre is our tool to free the creative voices people of all ages who are at risk of being unheard and unrepresented.
The Covid-19 pandemic has seen cultural, social and economic divides increase and this has been matched by our determination to promote equality in our work. As the impact of the pandemic becomes understood, we focused on supporting our communities to re-build and reconnect. This year saw us navigate transitions in and out of lockdowns with a welcome return to in-person delivery and events from July. The significant increase in attendances, almost doubled from the previous year, also reflects the number of original pieces of theatre created and the audiences they reached. During this year, the success of our 2020-21 organisational re-design was evident in our continued joint leadership and in our continued focus on three core programmes for:
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Primary school aged children, particularly those in need of support for social & emotional delays
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Teenagers and young adults who are outside of work and education
∙
Older adults, particularly those living alone or in sheltered accommodation
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THE BUBBLE THEATRE COMPANY LIMITED
Achievements and performance
a. Main achievements of the Charity
In 2021-22, London Bubble achieved:
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7,514 attendances, 53% of which were from our home borough of Southwark
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3,690 further attendances at participatory drama sessions delivered in schools by Speech Bubbles theatre partners across the country
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927 participatory workshop sessions, with a total of 7,032 attendances.
Of these sessions, 90% took place in-person, 10% online
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29 original performances created, 18 live theatre and 11 films
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21 events, attracting 469 audience members in parks, theatres, conference venues and schools
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8 training, professional development or practice development sessions, disseminating Bubble practices to attendees
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We issued 138 freelance contracts to 54 freelance artists. Of those 54, 26% identified as being from global majority backgrounds and 24% had come through Bubble’s Young Theatre Makers Programme.
Programme activity in 2021-22
This was a remarkable year for original theatre created by Bubble members and artists. 18 pieces of live theatre and 11 films were devised and shared with audiences, demonstrating the continued need to share the stories of those who are less likely to be heard and recognised, particularly against a backdrop of lockdowns and changing restrictions. The Covid-19 pandemic once again impacted delivery of all projects and the extent to which we could secure earned income and deliver activities in our building. Despite this we retained all salaried staff posts and topped up pay to 100% alongside honouring existing contracts to freelance artists.
Our aims for the year were to:
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Pilot, review & implement organisational re-design
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Create consistency of programme attributes - implementing for each programme what we have noticed works well for another
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Support the evolution of Speech Bubbles as an independent CIO
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Employ people from diverse backgrounds, reflective of the communities in which we work
Joint Leadership from Marie Vickers and Lucy Bradshaw was constant throughout the year. Other elements of the organisational re-design achieved included employment of a part time General Manager and maternity cover Children’s Programme Producer. Working towards a structure of Lead Artist and Producer on the 3 core programmes, we successfully funded future posts for the Older Adults Programme. Our fundraising strategy aims to support this for the Children’s and Young People’s programmes, creating consistency across programmes alongside other elements including collaborative learning sessions and case studies. As part of the Catalyst programme, we developed our website to better reflect our age-related programmes and renewed mission.
Speech Bubbles CIO began delivery in September 2021, coinciding with the 21-22 academic year. London Bubble, as the originating company, continues delivery in Southwark and Lewisham as a theatre partner.
We have been concerned by a lack of applicants from global majority backgrounds for salaried posts and are developing an anti-racism statement as well as broadening the range of channels and networks we use to communicate opportunities.
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THE BUBBLE THEATRE COMPANY LIMITED
Achievements and performance
(continued)
Our greatest asset for developing a diverse workforce, reflective of the communities in which we work, is Bubble’s Young Theatre Makers (YTM) programme. Ongoing challenges with Covid restrictions and funding meant we were unable to deliver a new cohort in 21-22. Despite this, our commitment to employ previous YTM on commissions and internal projects ensured that 24% of freelance contracts went to artists who have trained on YTM. The wrap-around support and mentoring provided by the team is rewarded by the impact their employment has in supporting learning across Bubble programmes and increasing the ethnic diversity of the artists in our sector as we continue to strive for our workforce to be representative of our member’s backgrounds and lived experience.
Children’s Programme In 2021-22, the programme aimed to:
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Continue delivery of Speech Bubbles in Southwark and Lewisham schools
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Deliver creative consultations to identify how the programme can:
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best free the creative voices of children in our community
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support a more equal and connected society
This was a year of transition for Speech Bubbles as it became an independent CIO, beginning delivery in September 2021. For the schools in Southwark and Lewisham where we remain the theatre partner, we aimed to make it a seamless process, supported by continuing coordination by Amelia Bird. As in previous lockdowns, the pandemic raised challenges in navigation periods when we were unable to deliver projects based in schools. This was also true for Playing Safe, our project for year 6 children at risk of engaging with serious youth violence. This year saw the start of the second year of this project and whilst it strengthened our relationships with a further 6 Southwark schools, continuing the connection with children during holiday time proved challenging.
The Covid-19 pandemic and our organisational re-design saw us press pause on after school children’s drama groups. To consult with members and families we piloted a children’s holiday project in August, using creative consultation to. A core value identified in the re-design was to offer all activities free to members. Following this pilot, we successfully funded a continuation project of holiday time drama groups for 2022 with the aims of fostering inclusive groups, not ‘specific’ for children who live with additional needs.
Referrals to the holiday project was supported by the schools where we deliver Speech Bubbles, Playing Safe and our ongoing relationship with Southwark children and families’ service.
Young People's Programme In 2021-22, the programme aimed to:
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Celebrate the achievements of 10 years of the Young Theatre Makers (YTM) programme
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Offer creative consultation to refocus the YTM offer after 10 years
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Continue to offer creative opportunities to 11–30-year-olds
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Provide employment opportunities to YTM graduates
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Continue existing & develop new partnership working with arts, education, social, statutory & third sector partners
This was a celebratory year, particularly for our work with young adults at the early stages of careers in the arts. Across the programme, 23 original pieces of theatre were created.
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THE BUBBLE THEATRE COMPANY LIMITED
Achievements and performance
(continued)
In July we brought the 8 original South London Stories monologues to live audiences as originally intended. Written and performed by Bubble's 18–25-year-old Young Theatre Makers, partnered with professional writers, the success of this project sparked a second iteration: Southwark Stories. Commissioned by Southwark children’s and families’ service, a further 6 monologues were created and filmed, exploring the lived experience of people in the care system.
The
Play On
theatre festival for 18 -30-year-olds in November 2021 celebrated the ten-year anniversary of the Bubble
Young Theatre
Makers programme. It allowed us to pilot 2 developments – working with a group of Young Producers, recruited from previous Young Theatre Makers cohorts, to curate the festival and supporting young artists to create their own work.
Six young people pitched and developed brand new pieces of work, receiving specialist support from industry professionals as part of their R&D process, and premiered them at the end of festival public showcase. The festival ran for 5 days, including masterclasses, a panel discussion with industry professionals, an open mic night and culminated in a two-part finale showcase at Canada Water Theatre.
The year concluded with a conference event, disseminating the independent research report on Bubble’s unique
Creating Justice
project – a partnership with the Southwark Youth Justice Service which has developed over the last 8 years. The culmination of 2 years of independent research into it’s Way into Work and Creative Voices projects, the event brought the practice to life through performance, film screenings, talks and debate.
Across the company, Bubble continues to support employment opportunities for YTM graduates with 24% of freelance artists during the year having trained with us on the programme, increasing the ethnic diversity of our sector’s workforce as we strive for our workforce to be representative of our member’s backgrounds and lived experience.
Older Adults’ Programme
In 2021-22, the programme aimed to:
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Continue to offer opportunities for older adults to work collaboratively towards a shared, creative aim
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Continue to offer opportunities for older adults to increase social connections
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Identify how the programme can best support beneficiaries in the aftermath of the pandemic
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Develop our practice of working relationally with older adults using a theatre-based approach
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Share the voices, opinions and experiences of older adults with a wider, multi-generational audience
Creating spaces and opportunities for older adults to feel connected and part of a community felt more vital than ever as we navigated the transitions to and from lockdowns. Restrictions meant we had reduced access to sheltered housing for much of the year. Our members and artists continued to adapt and innovate including creating the first
Tea Break Theatre
film made on Zoom.
By summer 2021 we were preparing to re-launch weekly groups in person and wanted to mark our return to the community spaces and sheltered housing lounges with something special, fun and performative. We piloted a new development for the project: devising a short piece of interactive theatre, using members' stories as the stimulus, performed by the artists who lead our
Tea Break Theatre
groups. These performances and relaxed workshops transformed spaces in sheltered housing which had been unused for months. We are proud of our members’ creativity and used the stories gathered through ‘Soundwaves’ telephone sessions as the inspiration for the performances.
The negative impact of the pandemic on our members health and wellbeing has been marked. We conducted another round of 1:1 reflective research interviews with members which provided insight into their lives and aspirations for their time at Bubble. Re-establishing trips for members was another vital component in increasing social connections and self-confidence. One member explained:
“at that stage, I was very frightened of walking or falling over. And lots of steps at the museum, you know, but that didn't, didn't really interfere with the enjoyment of meeting everyone.”
We linked trips with groups’ interests and creative development, providing inspiration for their weekly sessions.
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THE BUBBLE THEATRE COMPANY LIMITED
Achievements and performance
(continued)
Members also came to see South London Stories live, an important connection to the Young People’s programme.
The year concluded with a welcome return of the Older Adults’ Takeover Day. The flagship moment of the programme’s calendar, it brought members from all groups together, to share and celebrate their creativity with each other and invited guests. Rotherhithe Shed members created objects and props for
Tea Break Theatre
groups’ sharings and for some members it was the first time they had been upstairs in the Bubble building or met the wider staff team as well as fellow members. One member summed up the value of taking part with Bubble:
“It’s very much about doing something together. It’s about being another thread, just like the theatre is – just being another thread in the community.”
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THE BUBBLE THEATRE COMPANY LIMITED
Financial review
a. Reserves policy and going concern
The Trustees' objective is to hold reserves sufficient to meet the essential costs of the Company for a three-month period and we will continue to work towards this. Reserves at 31st March 2022 were as follows:
Restricted funds Restricted funds amounted to £160,952 ( 2021: £255,341 ). These relate to the building improvements. Designated funds Designated funds comprise: Capital fund of £2 ( 2021: £435 ). This provides for the depreciation of fixed assets purchased using general funding. Unrestricted funds Unrestricted general fund at 31st March 2022 amounted to £113,295 ( 2021: £59,111 ).
b. Income
Total income for the year (Apr 2021 - Mar 2022) amounted to £453,560
(2021: £592,365)
, of which £349,567
(2021: £461,452)
related to voluntary income received.
c. Expenses
Total expenses for the year amounted to £494,198.
(2021: £517,316)
.
The Company's cash flow remained sufficient throughout the year. Post balance sheet events Lucy Bradshaw and Marie Vickers were seconded to be joint Chief Executives from 1 July 2022.
Structure, governance and management
a. Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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THE BUBBLE THEATRE COMPANY LIMITED
Statement of Trustees' responsibilities
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
∙
so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
∙
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
Barnes Roffe LLP were appointed as auditors during the year and have indicated their willingness to continue in office. The designated Trustees will propose a motion appointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on
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THE BUBBLE THEATRE COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BUBBLE THEATRE COMPANY LIMITED
We have audited the financial statements of The Bubble Theatre Company Limited
(the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Income and expenditure account, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards
, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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THE BUBBLE THEATRE COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BUBBLE THEATRE COMPANY LIMITED (CONTINUED)
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
∙
the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
∙
sufficient
accounting records have not been kept; 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.
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THE BUBBLE THEATRE COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BUBBLE THEATRE COMPANY LIMITED (CONTINUED)
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
∙
the nature of the industry, sector and control environment including the procedures for revenue recognition;
∙
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙
any matters we identified having made enquiries of management about their policies and procedures relating to:
°
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
°
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the Charity’s ability to operate.
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THE BUBBLE THEATRE COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BUBBLE THEATRE COMPANY LIMITED (CONTINUED)
Audit response to risks identified
As a result of performing the above our procedures to respond to the risks identified included the following:
∙
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙
enquiring of management about actual and potential litigation and claims;
∙
performing analytical procedures and substantive testing to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙
obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
∙
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Chartered Accountants
Statutory Auditor
Leytonstone House
London
E11 1GA
Barnes Roffe LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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THE BUBBLE THEATRE COMPANY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
SUMMARY INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
REGISTERED NUMBER:
01058397
BALANCE SHEET
AS AT 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
REGISTERED NUMBER:
01058397
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 145 of the Charities Act 2011.
The financial statements were approved and authorised for issue by the Trustees on
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THE BUBBLE THEATRE COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The Bubble Theatre Company Limited ("the Charity") is a company, limited by members' guarantee, incorporated in England and Wales. The Charity's registered office is 3-5 Elephant Lane, London, SE16 4JD.
2.
Accounting policies
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 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.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Useful life of tangible fixed assets: The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
4.
Income from donations and legacies
(continued)
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The Charity is exempt from tax on income and gains falling within sections 466 to 493 of the Corporation Tax Act 2010 or section 256 of the taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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THE BUBBLE THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
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