The PDF link that DaveReidUK gives is very good. Not just because it explains the timing of thrust reduction but neatly covers the transition between 'intial climb' and 'climb to altitude' phases of the flight. Retracting the flaps whilst the engines are pulled back a little, helps reduce the noise of that action - as heard on the ground.
One other thing about the noise abatement action depends on where on the aircraft you are sitting. Because the aircraft nose is lowered, for flap retraction, if you are forward of the point of rotation your seat will go down! Not far but it does. In the same way that if, for example, you are sitting near the back of an A340-600, when the nose lifts - you will go down before you go up!