OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-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 2023

TAMASHA THEATRE COMPANY LIMITED

INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

PAGE
REFERENCE AND ADMINISTRATIVE INFORMATION 1
DIRECTORS' REPORT 2 - 4
STATEMENT OF DIRECTORS' RESPONSIBILITIES 5
INDEPENDENT AUDITOR'S REPORT 6 - 8
STATEMENT OF FINANCIAL ACTIVITIES 9
(INCLUDING SUMMARY INCOME AND EXPENDITURE ACCOUNT)
BALANCE SHEET 10
STATEMENT OF CASH FLOWS 11
NOTES TO THE FINANCIAL STATEMENTS 12 - 20

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 (resigned 20 March 2023) 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 169 Victoria Street London SW1E 5NA

TAMASHA THEATRE COMPANY LIMITED Page 2

REPORT OF THE DIRECTORS 2022-23

The Directors are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2023.

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

At 31 March 2023, the overall Tamasha staff team consisted of: 1 Executive Director & CEO (full time), 1 Artistic Director (full time), 1 Lead Producer (0.8 fte), 1 Digital Producer (0.6 fte), 1 Assistant Producer (full time), 1 Marketing & Communications Manager (full time), 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

TAMASHA THEATRE COMPANY LIMITED

REPORT OF THE DIRECTORS 2022-23

OBJECTIVES AND ACTIVITIES

Our 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 ethnically diverse backgrounds.

The company’s activities typically include: producing and touring high quality productions; commissioning new scripts for future production; running our Developing Artists programme - a programme of professional development initiatives whose key beneficiaries are Global Majority (ethnically diverse) writers, directors, designers, actors and other theatremakers; delivering a digital programme to increase engagement through new forms; and outreach and participatory activity to key audience groups, including young people.

ACHIEVEMENTS AND PERFORMANCE

2022-23 was the first full programme of work under the artistic leadership of Pooja Ghai, who joined Tamasha in late 2021, and led the development of a number of new high-profile partnerships and productions. Key activities included:

Lotus Beauty by Satinder Chohan, produced by Hampstead Theatre, in association with Tamasha, the show sold out and received strong audience and critical acclaim .

Hakawatis by Hannah Khalil, co-produced with The Globe in December 2022, played to packed houses at the Sam Wanamaker Playhouse as part of The Globe’s Winter season.

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.

Hear Me Now volume II – Tamasha supported the second publication providing a unique collection of over 100 brand new audition monologues written by and for actors and writers who are from the global majority and who are deaf and disabled from the global majority.

Come Through festival – a four day showcase of new writing by the ten writers from our Playwrights programme, with pieces directed by the ten directors from our Directors programme, hosted at Theatro Technis and Birmingham Old Rep.

Tell Dem 2 – a new season of our talk show style podcast programme, co-produced with The Roundhouse.

Life in a Goldfish Bowl – in partnership with Loughborough University, this was a commissioned artistic response to the BBC archives, and was one of several projects marking the BBC’s 100th birthday, funded by Arts and Humanities Research Council.

Our Developing Artists programme continued to provide support and training to early career Global Majority artists. Over the year we estimate that we provided employment opportunities for over 95 freelance artists.

Audience Reach and Engagement

As with many other theatre organisations we have found that audience levels have still not returned to pre-pandemic levels, potentially due to both some level of caution amongst audiences but also of the cost-of-living crisis impacting on ticket sales. Despite this audience figures for our two live productions were relatively good, with both Lotus Beauty and Hakawatis selling out in the final weeks of performances. Combined audience figures for both reached over 7,800.

For new digital products we reached c.550 people, and overall digital engagement for all activity was maintained at c.5,000 over the year.

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:

Page 4

TAMASHA THEATRE COMPANY LIMITED

REPORT OF THE DIRECTORS 2022-23

FINANCIAL REVIEW

The Arts Council England (ACE) grant for the year ended 31 March 2023 was £320,251 and specifically funded Tamasha to produce and tour a programme of theatre nationally and in London.

During the year we submitted our application for the Arts Council England 2023-2026 National Portfolio Organisation Programme and were successful. We will continue to receive funding at the same level for the next three years.

Tamasha continues to work towards consolidating and diversifying income, however this has been more challenging than ever given demand and competition for funds, and the cost of living crisis which affects our earned income targets in particular. We continued to benefit from support from a major Trust & Foundation towards our digital programme delivery and received one off project grants from The National Lottery Community Fund and The Shaffer Foundation.

We continued to work with a freelance development consultant to support us in identifying additional potential income streams, and secured support from three further Trusts & Foundations to begin in the next financial year. We are additionally working on a new individual giving scheme 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.

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 £239,000 (“free reserves”), calculated on forecasted expenditure during 2023-24, to cover 4 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.

PLANS FOR FUTURE PERIODS

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 Developing Artists projects in 2023-24:

We are in the process of re-developing our Developing Artists programme with a view to increasing regional engagement, with support from a new grant received from the Paul Hamlyn Foundation, which will enable us to nurture and support writers and theatre-makers in three regional hub locations, and grow audiences for new work over the next three years.

By order of the Directors:

Deepa Patel Shawab Iqbal Director Director Date: 25/09/2023 Date: 25/09/2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES

Page 5

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: 25/09/2023 Date: 25/09/2023

INDEPENDENT AUDITOR'S REPORT

Page 6

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 2023 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 2023 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 7

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 8

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:10 October 2023

Page 9

TAMASHA THEATRE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2023

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 2022
NET (EXPENDITURE) INCOME AND
NET MOVEMENT IN FUNDS
Fund balances carried forward at
31 March 2023
RECONCILIATION OF FUNDS:		 Restricted
Unrestricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
0
872
872
0
81,332
81,332
50,993
320,761
371,754
50,993
402,965
453,958
39,050
497,462
536,512
39,050
497,462
536,512
11,943
(94,497)
(82,554)
0
364,819
364,819
11,943
270,322
282,265		 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

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 10

BALANCE SHEET

AT 31 MARCH 2023

NOTES
£
£
FIXED ASSETS
Tangible assets
8
2,448
CURRENT ASSETS
Debtors
9
46,755
Cash at bank and in hand
418,812
465,567
LIABILITIES
Creditors: Amounts falling due within one year
10
(185,750)
NET CURRENT ASSETS
279,817
TOTAL NET ASSETS
282,265
THE FUNDS OF THE CHARITY
Restricted funds
19
11,943
Unrestricted general funds
Designated funds
20
20,000
General fund
250,322
270,322
TOTAL CHARITY FUNDS
282,265
2023		 £
£
4,371
5,272
400,698
405,970
(45,522)
360,448
364,819
0
60,000
304,819
364,819
364,819
2022

The financial statements were approved by the Board of Directors on 25/09/2023

Deepa Patel Director

Shawab Iqbal Director

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

Page 11

TAMASHA THEATRE COMPANY LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

NOTES
2023
£
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities
A
18,539
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
(425)
Net cash used in investing activities
(425)
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
18,114
CASH AND CASH EQUIVALENTS AT 1 APRIL 2022
B
400,698
CASH AND CASH EQUIVALENTS AT 31 MARCH 2023
B
418,812		 2022
£
12,337
(1,124)
(1,124)
11,213
389,485
400,698

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

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
(Increase)/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		 2023
£
(82,554)
675
1,673
(41,483)
140,228
18,539
2023
£
418,812
418,812		 2022
£
(2,973)
1,083
520
10,265
3,442
12,337
2022
£
400,698
400,698

TAMASHA THEATRE COMPANY LIMITED

Page 12

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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 2023.

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 13

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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.

• 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 14

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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
16
John Ellerman
15
National Lottery Community Fund
17
The Shaffer Foundation
18
Kusama Trust
HMRC Job Retention Scheme
LB Tower Hamlets COVID-19 Additional Relief Fund
Total Funds		 Restricted
funds
£
0
0
0
0
Restricted
funds
£
0
0
35,000
9,993
6,000
0
0

0
50,993		 Unrestricted
funds
£
41,266
10,292
29,774
81,332
Unrestricted
funds
£
320,251
0
0
0
0
0
0
510
320,761		 Total funds
2023
£
41,266
10,292
29,774
81,332
Total funds
2023
£
320,251
0
35,000
9,993
6,000
0
0
510
371,754		 Restricted
funds
£
0
0
4,564
4,564
Restricted
funds
£
0
52,004
35,000
0
0
0
0
0
87,004		 Unrestricted
funds
£
25,847
12,169
7,789
45,805
Unrestricted
funds
£
320,251
0
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
35,000
0
0
10,000
7,413
0
424,668

Page 15

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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
2023
2023
2023
£
£
£
4,050
55,530
59,580
0
55,200
55,200
0
4,491
4,491
0
71,647
71,647
35,000
22,975
57,975
0
47,055
47,055
0
54,020
54,020
0
11,829
11,829
39,050
322,747
361,797
0
105,002
105,002
0
675
675
0
15,105
15,105
0
40,495
40,495
0
7,553
7,553
0
5,885
5,885
0
174,715
174,715
39,050
497,462
536,512
NT PERSONNEL		 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
2023
2022
£
£
140,699
146,784
140,761
137,056
5,170
4,868
17,048
17,458
303,678
306,166

No employee earned more than £60,000 per annum during the year ended 31 March 2023 (2022 - None).

The average number of employees during the year ended 31 March 2023, expressed as full time equivalents and including freelance staff, is 6.4 (2022 - 6.6). Average headcount was 8 (2022 - 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 £110,884 (2022 - £125,136).

Page 16

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

6. NET MOVEMENT IN FUNDS 2023 2022
£ £
This is stated after charging:
Operating lease charges 28,500 17,489
Depreciation 675 1,083
Auditor's remuneration:
Statutory Audit 5,885 5,985
Other assurance 0 1,000

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 Fixtures,
Fittings &
Equipment
£
Cost:
At 1 April 2022 10,387
Additions 425
Disposals (7,054)
At 31 March 2023 3,758
Depreciation:
At 1 April 2022 6,016
Charge for the year 675
Disposals (5,381)
At 31 March 2023 1,310
Net book value:
At 31 March 2023 2,448
At 1 April 2022 4,371

TAMASHA THEATRE COMPANY LIMITED

Page 17

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

9. DEBTORS
Accrued Income
Prepayments
Lease Deposit
VAT recoverable		 2023
£
28,977
7,469
7,200
3,109
46,755		 2022
£
5,272
0
0
0
5,272

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Deferred Income
Other creditors and accruals
Taxation and Social Security		 2023
£
154,116
26,639
4,995
185,750		 2022
£
26,250
19,102
170
45,522

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 (2022: £nil).

Page 18

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

13. GRANT RECEIVED - AMAL/SAID FOUNDATION

2023
Funding
£
Funding brought forward
0
Funding received in the year
0
Project costs
Indirect costs
0
Funding carried forward at 31 March 2023
14. GRANT RECEIVED - Tamasha Developing Artists
2023
Funding
£
Funding brought forward
0
Funding received in the year
0
Project costs
Indirect costs
0
Funding carried forward at 31 March 2023
15. GRANT RECEIVED - John Ellerman
2023
Funding
£
Funding brought forward
0
Funding received in the year
35,000
Project costs
Indirect costs
35,000
Funding carried forward at 31 March 2023
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
Grant received to support Tamasha's new digital programme.		 2023
2022
2022
Amount Spent
Funding
Amount Spent
£
£
£

8,721

4,564
0
(3,165)
0
(10,120)

0
13,285
(13,285)
0
0
2023
2022
2022
Amount Spent
Funding
Amount Spent
£
£
£

9,207

0
0
(9,207)
0
0

0
9,207
(9,207)
0
0
2023
2022
2022
Amount Spent
Funding
Amount Spent
£
£
£

5,000

35,000
(33,521)
(11,014)
(1,479)
(28,986)

(35,000)
40,000
(40,000)
0
0
r of 'Does My Bomb Look Big In This' and creation of
rt Tamasha's Developing Artists - Playwrights

Page 19

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

16. GRANT RECEIVED - Arts Council England
2023
2023
2022
Funding
Amount Spent
Funding
£
£
£
Funding brought forward
0
0
Funding received in the year
0
52,004
Project costs
0
Indirect costs
0
0
0
52,004
Funding carried forward at 31 March 2023
0
17. GRANT RECEIVED - National Lottery Community Fund
2023
2023
2022
Funding
Amount Spent
Funding
£
£
£
Funding brought forward
0
0
Funding received in the year
9,993
0
Project costs
(4,050)
Indirect costs
0
9,993
(4,050)
0
Funding carried forward at 31 March 2023
5,943
18. GRANT RECEIVED - The Shaffer Foundation
2023
2023
2022
Funding
Amount Spent
Funding
£
£
£
Funding brought forward
0
0
Funding received in the year
6,000
0
Project costs
0
Indirect costs
0
6,000
0
0
Funding carried forward at 31 March 2023
6,000
19. RESTRICTED FUNDS
At 1 April
Income
NOTES
2022
£
£
Amal/Said Foundation - DMBLBIT & POP
13
0
0
TDA Playwrights
14
0
0
John Ellerman
15
0
35,000
ACE - Culture Recovery Fund
16
0
0
National Lottery Community Fund
17
0
9,993
The Shaffer Foundation
18
0
6,000
0
50,993
At 1 April
Income
NOTES
2021
£
£
Amal/Said Foundation - DMBLBIT & POP
13
8,721
4,564
TDA Playwrights
14
9,207
0
John Ellerman
15
5,000
35,000
ACE - Culture Recovery Fund
16
0
52,004
22,928
91,568
Culture Recovery Grant received from Arts Council England.
Grant received to support 'STARS: An Afrofuturist Space Odyssey' outreach programme.
Grant received to commission a Tamasha Developing Artist - playwright Melina Namdar.		 2022
Amount Spent
£


(18,720)
(33,284)

(52,004)
0
2022
Amount Spent
£


0
0

0
0
2022
Amount Spent
£


0
0

0
0
Expenditure
At 31 March
2023
£
£

0
0

0
0

(35,000)
0

0
0

(4,050)
5,943

0
6,000

(39,050)
11,943
Expenditure
At 31 March
2022
£
£

(13,285)
0

(9,207)
0

(40,000)
0

(52,004)
0

(114,496)
0

Details of restricted funds are also found in Notes 13 to 18.

Page 20

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

20. DESIGNATED FUNDS

New digital developments
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
2022
designations
2023
£
£
£
£
10,000
0
(10,000)
0
30,000
(1,887)
(8,113)
20,000
20,000
(2,500)
(17,500)
0
60,000
(4,387)
(35,613)
20,000
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

Funds have been designated towards a number of key areas to support our work during 2023-24.

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 March 2023 are represented by:
Tangible fixed assets
Current assets
Current liabilities
Fund balances at 31 March 2022 are represented by:
Tangible fixed assets
Current assets
Current liabilities		 Restricted
Designated
Unrestricted
Total
funds
funds
general
funds
2023
2023
2023
2023
£
£
£
£
0
0
2,448
2,448
11,943
20,000
433,624
465,567
0
0
(185,750)
(185,750)
11,943
20,000
250,322
282,265
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

22. OPERATING LEASE COMMITMENTS

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

Within one year 2023
£
14,400
14,400		 2022
£
0
0

A new three year tenancy agreement cancellable with 6 months notice was signed on 1 May 2022.

23. RELATED PARTY TRANSACTIONS

Anne Torregiani is Chief Executive of The Audience Agency. Tamasha paid £3,300 (2022: £13,575) for rent to The Audience Agency during the year. There were no outstanding balances at 31 March 2023 (2022: £ nil)