We have a couple of items not yet mentioned that work well with our limited storage and multi-purpose space (i.e. used by outside groups during the week).
puppet theatre made with PVC pipe - this can be broken down and stored lying flat on wall brackets - we label our joints with letters or symbols in nail polish so we can match things properly when reassembling.
felt board and shapes for storytelling - we have some old biblical sets of figures, but find that a simple set of geometric shapes in a variety of coloured felt work really well, especially with the young kids, who can direct you in which shape to use and have no trouble with a rectangle being the flock of sheep.
