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2022-03-31-accounts

Charity Registration No. 1001483 Company Registration No. 02455299

TAMASHA THEATRE COMPANY LIMITED (Limited By Guarantee)

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

TAMASHA THEATRE COMPANY LIMITED

INDEX TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

PAGE
REFERENCE AND ADMINISTRATIVE INFORMATION 1
DIRECTORS' REPORT 2 - 6
STATEMENT OF DIRECTORS' RESPONSIBILITIES 7
INDEPENDENT AUDITOR'S REPORT 8 - 10
STATEMENT OF FINANCIAL ACTIVITIES 11
(INCLUDING SUMMARY INCOME AND EXPENDITURE ACCOUNT)
BALANCE SHEET 12
STATEMENT OF CASH FLOWS 13
NOTES TO THE FINANCIAL STATEMENTS 14 - 22

Page 1

TAMASHA THEATRE COMPANY LIMITED

REFERENCE AND ADMINISTRATIVE INFORMATION

COMPANY REGISTRATION NUMBER

02455299

CHARITY REGISTRATION NUMBER

1001483

STATUS

The company is a registered charity, number 1001483, and is governed by its Memorandum and Articles of Association dated 27 December 1989, as amended on 3 September 1990, 16 April 2003, 16 June 2010 and 19 April 2021.

BOARD OF DIRECTORS

Anne Torreggiani Deepa Patel (Chair) Eileen Bellot Hannah Miller Parminder Makh Raja Nadarajan (resigned 3 November 2021) Shawab Iqbal (Vice Chair) Victoria Rudolph

REGISTERED OFFICE

Tamasha Theatre Company 26 Crowndale Road London NW1 1TT

AUDITOR

Buzzacott LLP 130 Wood Street London EC2V 6DL

BANKERS

National Westminster Bank PLC Victoria Business Centre London SW1H 0HP

REPORT OF THE DIRECTORS 2021-22

TAMASHA THEATRE COMPANY LIMITED Page 2

The Directors are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the charitable company's memorandum and articles of association, applicable laws and the requirements of 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 United Kingdom and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The company is a registered charity, number 1001483, and is governed by its Memorandum and Articles of Association dated 27 December 1989, as amended on 3 September 1990, 16 April 2003, 16 June 2010 and 19 April 2021.

The Board of Directors (who are trustees) administers the charity on a voluntary basis and meets quarterly. Directors are nominated, seconded and then appointed by the Board, generally by unanimous vote. During this financial year the Board continued to undertake a rolling skills audit to ensure its members have the required skills and experience for governance of the charitable company. New Board members are supplied with an induction pack which includes a full job description and key information regarding the financial position and future programme of the company.

The Directors consider that they, together with the senior management team (noted below), comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.

The Directors of the charity receive no remuneration in connection with their duties as directors. The pay of the senior management team is reviewed annually by the Directors.

General management of the company is delegated by the Directors to the senior management team, which during the year was made up as follows:

Valerie Synmoie - Executive Director & CEO Pooja Ghai - Artistic Director (Nov-21 onwards) Fin Kennedy - Artistic Director (until Feb-22)

During the year there was a significant change to the management of the company, with the Artistic Director of seven years Fin Kennedy stepping down. At that point the Board agreed a change to the senior management structure, with the Executive Director becoming the sole CEO for the company. This provided greater stability and a stronger focus on the business for the company, which in the current economic climate was felt to be imperative to increase resilience.

At 31 March 2022, the overall Tamasha staff team consisted of: 1 Executive Director & CEO (full time), 1 Artistic Director (full time), 1 Lead Producer (full time), 1 Digital Producer (0.8 fte), 1 Assistant Producer (full time), 1 Marketing & Communications Manager (0.7 fte), 1 Finance Manager (0.3 fte), 1 Administrator (0.7 fte). Other freelancers/consultants are employed as and when required.

Risk Management

The Directors regularly assess the major risks to which the company is exposed and are satisfied that systems are in place to manage the company’s exposure to such risks. A risk assessment framework is in place and is reviewed at each Board meeting as well as being fully updated annually. Risks are rated by likelihood / impact, and control measures are in place to provide mitigation. Key risks that have been identified include:

A key element in the management of financial risk is the setting of a reserves policy and its regular review by the Directors (see page 5).

Page 3

REPORT OF THE DIRECTORS 2021-22

OBJECTIVES AND ACTIVITIES

During the year the company updated its Objects and the new Objects are to advance the arts for the public benefit, primarily by the promotion of the art of drama, with a particular focus on supporting talent development, diversity and leadership in the arts.

The main areas of activity are the creation of theatrical productions for presentation and touring in the UK, and supporting the development of emerging theatre practitioners from Global Majority (ethnically diverse) backgrounds.

The company’s activities typically include: rehearsing, producing and touring high quality theatrical productions; commissioning new scripts for future production; running Tamasha Developing Artists (TDA) - a programme of professional development initiatives whose key beneficiaries are ethnically diverse writers, directors, designers, actors and other theatre-makers; delivering outreach and participatory activity to key audience groups, including young people.

ACHIEVEMENTS AND PERFORMANCE

During 2021-22 Tamasha was able to resume much of our regular programme of activities, though the continuing impact of the Covid-19 Pandemic meant that a high level of our output remained online rather than live events. Key activities included:

10 Nights by Shahid Iqbal Khan – our first live production since 2019, produced with Graeae and the Bush Theatre. The production played for 4 weeks and received great audience and critical acclaim.

"A slow-burning, smartly written character study" **** The Stage

Stranger in A Strange Place by Mel Pennant – a moving new audio drama commissioned by The National Archives, exploring repatriation of people from the British West Indies in 1920s Liverpool. We held a one off online listening event for this production, which reached over 330 people.

“Firstly, that was amazing. Thankyou to everyone involved. I can only imagine how emotional it is to explore these stories and share them widely” Audience feedback 2021

As part of our digital programme Tamasha also supported a number of new audio plays and podcasts through two projects:

The Waves – co-produced by Holy Mountain, a series of five audio dramas exploring the so-called “culture wars”, aired through local community radio stations across the country.

Out of the Woods – co-produced by Miran Hadzic and Intent New Theatre, Kosovo, a series new audio dramas showcase a new generation of writers from The Balkans.

The Power of Persuasion podcast series – taking our 2018 sell-out production Does My Bomb Look Big In This by Nyla Levy as the starting point, we created an audio version of the play along with a podcast series and workshop resources, looking at some of the themes of the play for a schools audience.

The end of the year saw us going into production for a new play - Lotus Beauty by Satinder Chohan , produced by Hampstead Theatre, in association with Tamasha. We were also about to launch our latest digital project 10,000 Heartbeats: an immersive walking tour of Liverpool’s Chinatown, co-produced with Coney, in partnership with Liverpool Everyman & Playhouse Theatre and Unity Theatre.

Our Tamasha Developing Artists programme continued to provide support and training to early career Global Majority artists. During the year we provided sustained year long support for 31 artists through the 3 core programmes for writers, directors and producers, alongside other developmental opportunities.

Over the year we estimate that we provided employment opportunities for over 80 freelance artists. We also recently moved our office space to 26 Crowndale (formerly Theatro Technis), and we are hoping the venue provides us with further dedicated space for our Developing Artists work, alongside community outreach and engagement.

TAMASHA THEATRE COMPANY LIMITED

REPORT OF THE DIRECTORS 2021-22

Page 4

Audience Reach and Engagement

We were able to produce live theatre in 2021-22 and whilst live audiences figures were relatively low compared to prepandemic levels, this marked a major step forward in terms of returning to work in theatre spaces again. Audiences for our production 10 Nights at The Bush reached over 1,500, which equates to over 60% of capacity. Overall digital engagement was c.5,000 over the year, which shows good growth on the previous year (from approx. 1,000 in 202021, excluding 20,000 for an online stream).

During the year we undertook some audience research to better profile our existing audiences, and this forms a strong basis upon which to articulate our renewed audience development and outreach strategies for 2022-23 onwards.

Public benefit statement

In planning the year’s activities and setting objectives, the Directors have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging.

The strategies employed to achieve Tamasha’s aims and objectives are:

The beneficiaries of Tamasha’s work are:

TAMASHA THEATRE COMPANY LIMITED

REPORT OF THE DIRECTORS 2021-22

Page 5

FINANCIAL REVIEW

The Arts Council England (ACE) grant for the year ended 31 March 2022 was £320,251 and specifically funded Tamasha to produce and tour a programme of theatre nationally and in London.

Tamasha continues to work towards consolidating and diversifying income, however this has been more challenging than ever given the ongoing impact of the Pandemic, on our earned income targets in particular. We were successfully able to bring in additional recovery funds during the year to mitigate some of this loss, and continued to benefit from support from a major Trust & Foundation towards our digital programme delivery. We also received a one off special grant from the Kusuma Trust, in recognition of the value of our work as nominated by one of their members of staff.

We have continued to work with a freelance development consultant to support us in identifying additional potential income streams, and we currently have pending applications to two Trusts & Foundations. We are additionally working on a new individual giving scheme which we anticipate coming on stream in late 2022 and running over the next couple of years in the lead up to the company’s 35th anniversary year in 2025.

Investment Policy

It is the view of the Directors that resources expended in appointing an investment manager or setting up administrative procedures to manage investment are not justified given the level of income that would be generated from the current free reserves that Tamasha holds.

Tamasha is not reliant on generating income through investments in order to continue achieving the objectives described in its constitution.

This investment policy is reviewed annually by the Directors in liaison with the auditors and in accordance with the advice of relevant governing bodies such as the Charity Commission.

Reserves Policy

The purpose of this policy is to ensure that Tamasha is able to act in the interests of its charitable purposes and its beneficiaries, as well as protecting and safeguarding its assets and ensuring that due diligence is undertaken in complying with current legislation and good practice guidance. Reserves are kept to enable the company to:

· Meet its contractual obligations – including the completion of committed projects and agreed services, and committed administrative costs;

· Provide funds to specific projects to enable these projects to be undertaken at short notice, as appropriate; and

· Finance the strategically planned future growth of the organisation.

As of 31 March 2022 designated funds stood at £60,000, ring-fenced specifically to support our digital programme developments, new commissions, and increasing capacity in fundraising, This leaves free reserves of £304,000.

The Directors review the level of freely available reserves annually. The Directors consider that the most appropriate level of free reserves for the coming year would be approximately £305,000 (“free reserves”), calculated on budgeted expenditure during 2022-23, to cover 6 months of full operating and programme costs, including the delivery of committed projects. We believe this level is justified on the basis of the current economic downturn, alongside the size of the organisation and the complex nature of our programme. The level established will enable the company to honour its commitments, and potential liabilities, and to mitigate against any risks or impact on beneficiaries, staff and volunteers in the event of unplanned closure caused by circumstances beyond our control, or in the event of failure to meet fundraising / income targets.

Page 6

TAMASHA THEATRE COMPANY LIMITED

REPORT OF THE DIRECTORS 2021-22

PLANS FOR FUTURE PERIODS

Whilst there is still some uncertainty on whether the pandemic will continue to impact on live work, particularly as we move into the autumn / winter of 2022, we have a full and exciting programme planned over the next year, with some contingency built in in case we need to adapt to changing circumstances. The programme includes:

Snapshot of upcoming TDA projects in 2022-23:

We have consolidated our programme for the year and streamlined activity into four distinct strands: our Playwrights programme, Directors programme, our Producers First initiative, for early career producers, and our associate companies support programme.

By order of the Directors:

Deepa Patel Shawab Iqbal Director Director Date: 26/09/2022 Date: 26/09/2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES

Page 7

The Directors (who are also trustees of Tamasha Theatre Company Limited for the purposes of charity law) are responsible for preparing the Directors’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.

In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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 the prevention and detection of fraud and other irregularities.

Each of the Directors confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The Directors are responsible for the maintenance and integrity of financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By order of the Directors:

Deepa Patel Shawab Iqbal Director Director Date: 26/09/2022 Date: 26/09/2022

INDEPENDENT AUDITOR'S REPORT

Page 8

ON THE AUDITED FINANCIAL STATEMENTS TO THE MEMBERS OF

TAMASHA THEATRE COMPANY LIMITED

Independent auditor’s report to the members of Tamasha Theatre Company Limited

Opinion

We have audited the financial statements of Tamasha Theatre Company Limited (the ‘charitable company’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, and statement of cash flows and the notes to the financial statements. 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).

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 2022 and of its income and expenditure for the year then ended;

 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

 have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor’s 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 UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors’ 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 Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report and financial statements. 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.

Page 9

INDEPENDENT AUDITOR'S REPORT

ON THE AUDITED FINANCIAL STATEMENTS TO THE MEMBERS OF

TAMASHA THEATRE COMPANY LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

 the Directors’ report has been prepared in accordance with applicable legal requirements

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

 the financial statements are not in agreement with the accounting records and returns; or

 the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a strategic report.

Responsibilities of Directors

As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; and

 we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011), Companies Act 2006 and those that relate to data protection (General Data Protection Regulation).

INDEPENDENT AUDITOR'S REPORT

ON THE AUDITED FINANCIAL STATEMENTS TO THE MEMBERS OF

Page 10

TAMASHA THEATRE COMPANY LIMITED

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

 performed analytical procedures to identify any unusual or unexpected relationships;

 tested journal entries to identify unusual transactions; and

 assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 agreeing financial statement disclosures to underlying supporting documentation;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Katharine Patel (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 25 October 2022

Page 11

TAMASHA THEATRE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2022

NOTES
INCOME:
Donations
Income from charitable activities:
Performance and related income
2
Grant income
3
TOTAL INCOME
EXPENDITURE:
Charitable activities
Production costs
4
TOTAL EXPENDITURE
6
Fund balances brought forward at 1 April 2021
NET (EXPENDITURE) INCOME AND
NET MOVEMENT IN FUNDS
Fund balances carried forward at
31 March 2022
RECONCILIATION OF FUNDS:		 Restricted
Unrestricted
Total
Funds
Funds
Funds
2022
2022
2022
£
£
£
0
232
232
4,564
45,805
50,369
87,004
337,664
424,668
91,568
383,701
475,269
114,496
363,746
478,242
114,496
363,746
478,242
(22,928)
19,955
(2,973)
22,928
344,864
367,792
0
364,819
364,819		 Restricted
Unrestricted
Total
Funds
Funds
Funds
2021
2021
2021
£
£
£
0
1,568
1,568
0
35,902
35,902
35,698
361,754
397,452
35,698
399,224
434,922
60,325
294,976
355,301
60,325
294,976
355,301
(24,627)
104,248
79,621
47,555
240,616
288,171
22,928
344,864
367,792

All of the charity's activities derived from continuing operations during the above two financial periods. The charity has no recognised gains and losses other than those shown above.

TAMASHA THEATRE COMPANY LIMITED

Page 12

BALANCE SHEET

AT 31 MARCH 2022

NOTES
£
£
FIXED ASSETS
Tangible assets
8
4,371
CURRENT ASSETS
Debtors
9
5,272
Cash at bank and in hand
400,698
405,970
LIABILITIES
Creditors: Amounts falling due within one year
10
(45,522)
NET CURRENT ASSETS
360,448
TOTAL NET ASSETS
364,819
THE FUNDS OF THE CHARITY
Restricted funds
18
0
Unrestricted general funds
Designated funds
19
60,000
General fund
304,819
364,819
TOTAL CHARITY FUNDS
364,819
2022		 £
£
4,850
15,537
389,485
405,022
(42,080)
362,942
367,792
22,928
95,000
249,864
344,864
367,792
2021

The financial statements were approved by the Board of Directors on 26/09/2022

Deepa Patel Director

Shawab Iqbal Director

Tamasha Theatre Company Limited Company Registration Number: 02455299 (England and Wales)

Page 13

TAMASHA THEATRE COMPANY LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES
2022
£
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities
A
12,337
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
(1,124)
Net cash used in investing activities
(1,124)
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
11,213
CASH AND CASH EQUIVALENTS AT 1 APRIL 2021
B
389,485
CASH AND CASH EQUIVALENTS AT 31 MARCH 2022
B
400,698		 2021
£
89,775
(1,768)
(1,768)
88,007
301,478
389,485

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

A. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Loss on disposal of fixed assets
Decrease in debtors
Increase (Decrease) in creditors
Net cash provided by operating activities
B.
Cash at bank and in hand
Total cash and cash equivalents
ANALYSIS OF CASH AND CASH EQUIVALENTS		 2022
£
(2,973)
1,083
520
10,265
3,442
12,337
2022
£
400,698
400,698		 2021
£
79,621
1,027
1,201
54,247
(46,321)
89,775
2021
£
389,485
389,485

TAMASHA THEATRE COMPANY LIMITED

Page 14

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 March 2022.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the Directors and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include estimating the useful economic life of tangible fixed assets, and estimating future income and expenditure for the purposes of assessing going concern.

Assessment of going concern

The Directors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Directors have made this assessment in respect to a period of at least one year from the date of approval of these financial statements.

The Directors of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Directors are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Key risks the company is exposed to are detailed on page 2 and the Directors consider and seek to mitigate against the impact of these on an ongoing basis. The Directors do not believe these risks cast significant doubt on the ability of the charity to continue as a going concern.

Page 15

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, grant income, performance income and interest receivable.

• Grants and donations, are recognised when the charity has confirmation of both the amount and settlement date. In the event of grants or donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a grant is subject to conditions that require a level of performance 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 those conditions will be fulfilled in the reporting period.

• Coronavirus Job Retention Scheme grants are credited to the statement of financial activities when the charitable company has entitlement to the income and when the amount receivable has been quantified.

• Income from project and performance fees and ticket sales is recognised when the event has taken place, and it is probable that the income will be received. Income is deferred when fees are received in advance for productions to be held in future accounting periods.

• Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is stated inclusive of irrecoverable VAT and is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings.

Tangible fixed assets

Expenditure on the purchase and replacement of fixtures, fittings and equipment costing more than £250 is capitalised and depreciated at 25% on a reducing balance basis.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

Unrestricted general funds represent those monies which are freely available for application towards achieving any

charitable purpose that falls within the charity’s charitable objects.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Page 16

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2. PERFORMANCE AND RELATED INCOME
Performance income
Theatre Tax relief
Other performance related income
Total Funds
3. GRANT INCOME
NOTES
Arts Council England - Core grant
Arts Council England - CRF grant
17
London Community Response Fund
15
John Ellerman
16
Kusama Trust
HMRC Job Retention Scheme
LB Tower Hamlets Additional Restrictions
Total Funds		 Restricted
funds
£
0
0
4,564
4,564
Restricted
funds
£
0
52,004
0
35,000
0
0
0
87,004		 Unrestricted
funds
£
25,847
12,169
7,789
45,805
Unrestricted
funds
£
320,251
0
0
0
10,000
7,413
0
337,664		 Total funds
2022
£
25,847
12,169
12,353
50,369
Total funds
2022
£
320,251
52,004
0
35,000
10,000
7,413
0
424,668		 Restricted
funds
£
0
0
0
0
Restricted
funds
£
0
0
26,948
8,750
0
0
0
35,698		 Unrestricted
funds
£
15,196
15,955
4,751
35,902
Unrestricted
funds
£
320,251
0
0
0
0
36,503
5,000
361,754		 Total funds
2021
£
15,196
15,955
4,751
35,902
Total funds
2021
£
320,251
0
26,948
8,750
0
36,503
5,000
397,452

Page 17

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

4. PRODUCTION COSTS
Direct costs:
Production costs
Production wages (including employers' NI)
Production fees
Tamasha Developing Artists (incl. wages)
Tamasha Digital (incl. wages)
Project Specific Staff
Marketing
Research and development
Support costs:
Salaries (including employers' NI)
Depreciation
Other office expenses
Premises costs
Other costs
Auditor's remuneration
Total funds
5. STAFF COSTS AND REMUNERATION OF KEY MANAGEME
Production wages
Administration salaries and contract staff costs
Pension costs
Employers' NI		 Restricted
Unrestricted
funds
funds
Total
2022
2022
2022
£
£
£
8,977
16,397
25,374
3,524
76,672
80,196
0
5,065
5,065
9,207
41,787
50,994
41,633
242
41,875
0
35,360
35,360
0
12,860
12,860
0
2,294
2,294
63,341
190,677
254,018
30,111
114,782
144,893
0
1,083
1,083
4,524
19,409
23,933
0
27,282
27,282
16,520
3,528
20,048
0
6,985
6,985
51,155
173,069
224,224
114,496
363,746
478,242
NT PERSONNEL		 Restricted
Unrestricted
funds
funds
Total
2021
2021
2021
£
£
£
17,035
5,796
22,831
0
49,862
49,862
0
1,128
1,128
23,697
20,478
44,175
3,750
497
4,247
0
36,794
36,794
1,000
5,333
6,333
0
0
0
45,482
119,888
165,370
14,843
117,043
131,886
0
1,027
1,027
0
15,192
15,192
0
36,476
36,476
0
0
0
0
5,350
5,350
14,843
175,088
189,931
60,325
294,976
355,301
2022
2021
£
£
146,784
107,923
137,056
125,906
4,868
3,217
17,458
9,246
306,166
246,292

No employee earned more than £60,000 per annum during the year ended 31 March 2022 (2021 - None).

The average number of employees during the year ended 31 March 2022, expressed as full time equivalents and including freelance staff, is 6.6 (2021 - 5.9). Average headcount was 8.25 (2021 - 8.25). These figures do not include actors although their costs are included in the production wages total above.

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the Executive Director & CEO and Artistic Director. The total remuneration (including taxable benefits) of the key management personnel for the year was £125,136 (2021 - £95,469).

Page 18

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

6. NET MOVEMENT IN FUNDS 2022 2021
£ £
This is stated after charging:
Operating lease charges 17,489 25,522
Depreciation 1,083 1,027
Auditor's remuneration 6,985 5,350

7. TAXATION

The company is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

8. TANGIBLE FIXED ASSETS
8. TANGIBLE FIXED ASSETS Fixtures,
Fittings &
Equipment
£
Cost:
At 1 April 2021 10,787
Additions 1,124
Disposals (1,524)
At 31 March 2022 10,387
Depreciation:
At 1 April 2021 5,937
Charge for the year 1,083
Disposals (1,004)
At 31 March 2022 6,016
Net book value:
At 31 March 2022 4,371
At 1 April 2021 4,850

TAMASHA THEATRE COMPANY LIMITED

Page 19

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

9. DEBTORS
Other debtors
Accrued Income		 2022
£
0
5,272
5,272		 2021
£
955
14,582
15,537

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors and accruals
Deferred Income
Taxation and Social Security		 2022
£
19,102
26,250
170
45,522		 2021
£
12,297
26,250
3,533
42,080

11. LEGAL STATUS OF THE CHARITY

The company is limited by guarantee and therefore has no share capital. In the event of the company being wound up every member undertakes to contribute to the assets of the company, during the time he/she is a member or within one year afterwards, such amount as may be required not exceeding £1.

12. DIRECTORS

No Director was paid any remuneration or reimbursed for expenses during the year (2021: £nil).

Page 20

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

13. GRANT RECEIVED - AMAL/SAID FOUNDATION

2022
Funding
£
Funding brought forward
8,721
Funding received in the year
4,564
Project costs
Indirect costs
13,285
Funding carried forward at 31 March 2022
14. GRANT RECEIVED - Tamasha Developing Artists
2022
Funding
£
Funding brought forward
9,207
Funding received in the year
0
Project costs
Indirect costs
9,207
Funding carried forward at 31 March 2022
A grant from the Amal/Said Foundation to support a schools tou
'The Power of Persuasion' podcast.
Grants from Andrew Lloyd Webber & Garfield Weston to suppo		 2022
2021
2021
Amount Spent
Funding
Amount Spent
£
£
£
14,651
0
(3,165)
(5,930)
(10,120)
0

(13,285)
14,651
(5,930)
0
8,721
2022
2021
2021
Amount Spent
Funding
Amount Spent
£
£
£

32,904

0
(9,207)
(21,958)
0
(1,739)

(9,207)
32,904
(23,697)
0
9,207
r of 'Does My Bomb Look Big In This' and creation of
rt Tamasha's Developing Artists - Playwrights

15. GRANT RECEIVED - LCRF

London Community Response Fund grant received to support Tamasha 'Delivering Differently' during the Covid-19 pandemic.

Funding brought forward
Funding received in the year
Project costs
Indirect costs
Funding carried forward at 31 March 2022		 2022
Funding
£
0
0
0		 2022
2021
Amount Spent
Funding
£
£

0

26,948
0
0

0
26,948
0		 2021
Amount Spent
£


(11,105)
(15,843)

(26,948)
0

Page 21

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

16. GRANT RECEIVED - John Ellerman
2022
Funding
£
Funding brought forward
5,000
Funding received in the year
35,000
Project costs
Indirect costs
40,000
Funding carried forward at 31 March 2022
17. Arts Council England - CRF grant
2022
Funding
£
Funding brought forward
0
Funding received in the year
52,004
Project costs
Indirect costs
52,004
Funding carried forward at 31 March 2022
18. RESTRICTED FUNDS
NOTES
Amal/Said Foundation - DMBLBIT & POP
13
TDA Playwrights
14
London Community Response Fund
15
John Ellerman
16
ACE - Culture Recovery Fund
17
NOTES
Amal/Said Foundation - DMBLBIT & POP
13
TDA Playwrights
14
London Community Response Fund
15
John Ellerman
16
Grant received to support Tamasha's new digital programme.
Culture Recovery Grant received from Arts Council England.		 2022
2021
Amount Spent
Funding
£
£

0

8,750
(11,014)
(28,986)

(40,000)
8,750
0
2022
2021
Amount Spent
Funding
£
£

0

0
(18,720)
(33,284)

(52,004)
0
0
At 1 April
Income
2021
£
£
8,721
4,564
9,207
0
0
0
5,000
35,000
0
52,004
22,928
91,568
At 1 April
Income
2020
£
£
14,651
0
32,904
0
0
26,948
0
8,750
47,555
35,698		 2021
Amount Spent
£


0
(3,750)

(3,750)
5,000
2021
Amount Spent
£


0
0

0
0
Expenditure
At 31 March
2022
£
£

(13,285)
0

(9,207)
0

0
0

(40,000)
0

(52,004)
0

(114,496)
0
Expenditure
At 31 March
2021
£
£

(5,930)
8,721

(23,697)
9,207

(26,948)
0

(3,750)
5,000

(60,325)
22,928

Details of restricted funds are also found in Notes 13 to 17.

Page 22

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

19. DESIGNATED FUNDS

New digital developments
Tamasha Developing Artists programme
Distribution R&D
New commissions and R&D
Capacity building
New digital developments
Tamasha Developing Artists programme
Distribution R&D
New commissions
Capacity building		 At 1 April
New
Utilised
At 31 March
2021
designations
2022
£
£
£
£
10,000
0
0
10,000
35,000
0
(35,000)
0
15,000
(15,000)
0
0
20,000
12,294
(2,294)
30,000
15,000
15,500
(10,500)
20,000
95,000
12,794
(47,794)
60,000
At 1 April
Undesignated
Utilised
At 31 March
2020
2021
£
£
£
£
10,209
(209)
0
10,000
0
35,000
0
35,000
0
15,000
0
15,000
0
20,000
0
20,000
0
15,000
0
15,000
10,209
84,791
0
95,000

Funds have been designated towards a number of key areas to support our work during 2022-23.

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 March 2022 are represented by:
Tangible fixed assets
Current assets
Current liabilities
Fund balances at 31 March 2021 are represented by:
Tangible fixed assets
Current assets
Current liabilities		 Restricted
Designated
Unrestricted
Total
funds
funds
general
funds
2022
2022
2022
2022
£
£
£
£
0
0
4,371
4,371
0
60,000
345,970
405,970
0
0
(45,522)
(45,522)
0
60,000
304,819
364,819
Restricted
Designated
Unrestricted
Total
funds
funds
general
funds
2021
2021
2021
2021
£
£
£
£
0
0
4,850
4,850
22,928
95,000
287,094
405,022
0
0
(42,080)
(42,080)
22,928
95,000
249,864
367,792

21. OPERATING LEASE COMMITMENTS

The future minimum commitments in respect to non-cancellable operating leases for the charity's property are:

Within one year 2022
£
0
0		 2021
£
0
0

A new three year tenancy agreement cancellable with 6 months notice was signed on 01/05/22.

22. RELATED PARTY TRANSACTIONS

Anne Torregiani is Chief Executive of The Audience Agency. Tamasha paid £13,575 (2021: none) for rent and audience reseach to The Audience Agency during the year. There were no outstanding balances at 31 March 2022 (2021: £ nil)