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2024-03-31-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 2024

TAMASHA THEATRE COMPANY LIMITED

INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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

TAMASHA THEATRE COMPANY LIMITED REFERENCE AND ADMINISTRATIVE INFORMATION

Page 1

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

Alia Alzougbi (appointed 20 November 2023) Anne Torreggiani (resigned 20 November 2023) Deepa Patel (Chair) Eileen Bellot Hannah Miller (resigned 20 November 2023) Kelly Williams (appointed 20 November 2023) Mary Caws (appointed 20 November 2023) Shawab Iqbal (Vice Chair) Shyama Perera (appointed 20 November 2023, resigned 8 February 2024) Victoria Rudolph Zarah Azam (appointed 20 November 2023)

REGISTERED OFFICE

Tamasha Theatre Company 38 Mayton Street London N7 6QR

AUDITOR

Buzzacott LLP 130 Wood Street London EC2V 6DL

BANKERS

National Westminster Bank PLC 169 Victoria Street London SW1E 5NA Unity Trust Bank PLC Four Brindleyplace Birmingham B1 2JB

TAMASHA THEATRE COMPANY LIMITED Page 2

REPORT OF THE DIRECTORS 2023-24

The Directors are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2024.

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 & Joint CEO Pooja Ghai - Artistic Director & Joint CEO

At 31 March 2024, the overall Tamasha staff team consisted of: 1 Executive Director & Joint CEO (full time), 1 Artistic Director & Joint CEO (full time), 1 Lead Producer (0.6 fte), 2 Regional Associates (0.8 fte), 1 General Manager (full time), 1 Marketing & Communications Manager (0.7 fte) and 1 Finance Manager (0.3 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 2023-24

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

2023-24 was another successful year for the company, including our first tour since the Covid Pandemic in 2020. Key activities included:

STARS by Mojisola Adebayo – co-produced with the ICA, which opened at the ICA in April 2024 to high acclaim and won an OFFIES award for Best New Play. The show toured to five other venues during May and June 2024, reaching an overall audience of 4,000 across the country.

"a joy: funny, imaginative, pointedly political about female sexual pleasure and empowerment…grounded by Debra Michaels’s triumphal central performance” The Times *

Great Expectations by Tanika Gupta – co-produced with Manchester Royal Exchange and directed by our Artistic Director Pooja Ghai, the production played for four weeks in Manchester, again receiving high critical acclaim.

"Tanika Gupta brings authority and nuance to her adaptation" The Guardian ****

Through our Digital Programme we developed a number of new products, including a new audio drama, commissioned by The National Archives to mark the 75th anniversary of the Empire Windrush crossing – A Story Told Three Times And Still Unfinished by Mel Pennant. We also released a third season of our popular talk show style podcast programme Tell Dem , co-produced with The Roundhouse. Later in the year we produced the third instalment of our Ends & Tales– a series of immersive walking smart phone adventures, inspired by the untold stories and histories around us, produced in partnership with Coney. This instalment Duppy Hunter took place in St Pauls, Bristol in association with Trinity Community Arts.

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 100 freelance artists.

Audience Reach and Engagement

The theatre sector is still not seeing audiences returning to the levels seen pre-pandemic, and many venues are still reporting significantly lower ticket sales since Covid-19, potentially due to both some level of caution amongst audiences but also to the ongoing impact of the cost-of-living crisis.

Despite this, sales for our two main productions during the year were reasonable, with audiences for STARS reaching just over 4,000 in total, and Great Expectations achieving over 10,000 across the run. As noted, the critical and audience responses for both were strong, and we directly engaged an additional 472 people through community and schools creative projects related to both.

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 2023-24

FINANCIAL REVIEW

The Arts Council England (ACE) grant for the year ended 31 March 2024 was £320,251 and specifically funded Tamasha to produce and tour a programme of theatre nationally and in London.

During the year ACE confirmed that all existing National Portfolio Organisation grant funded organisations would be able to apply for funding for an additional year in the current cycle, taking confirmed funding to the end of the 2026-27 year. The application process will commence in autumn 2024, and it has been indicated that this will be a light touch process.

Tamasha continues to work towards consolidating and diversifying income, however this continues to be challenging, given high levels of competition for funds, the impact of high inflation over the past 18 months, and the ongoing cost of living crisis which affects our earned income targets in particular.

We have continued to work with a freelance development consultant, to support us in identifying additional potential income streams, and secured a new three-year grant towards core costs during the year. We are additionally working on a fundraising campaign to mark 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. We have however changed our bank account during the year, and our new provider offers higher interest on an easy access reserve account. 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;

· 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 £259,000 (“free reserves”), calculated on forecasted expenditure during 2024-25, to cover 4 months of full operating and programme costs, including the delivery of committed projects. Actual free reserves as at 31st March 2024 were approximately £243,000, £16k below the level we would like to hold. 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 2024-25:

By order of the Directors:

Deepa Patel Shawab Iqbal Shawab Iqbal Director Director Director Date: 03/10/2024 Date: 03/10/2024 Date: 03/10/2024

Page 5

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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 Shawab Iqbal Director Director Director Date: 03/10/2024 Date: 03/10/2024 Date: 03/10/2024

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 2024 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 2024 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;

 enquiring of management as to actual and potential litigation and claims.

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: 24 October 2024

Page 9

TAMASHA THEATRE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2024

NOTES
INCOME:
Donations
Income from charitable activities:
Performance and related income
2
Grant income
3
Investment income
TOTAL INCOME
EXPENDITURE:
Charitable activities
Production costs
4
TOTAL EXPENDITURE
6
Fund balances brought forward at 1 April 2023
NET (EXPENDITURE) INCOME AND
NET MOVEMENT IN FUNDS
Fund balances carried forward at
31 March 2024
RECONCILIATION OF FUNDS:		 Restricted
Unrestricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
0
135
135
0
103,455
103,455
179,116
320,251
499,367
0
5,320
5,320
179,116
429,161
608,277
108,567
446,366
554,933
108,567
446,366
554,933
70,549
(17,205)
53,344
11,943
270,322
282,265
82,492
253,117
335,609		 Restricted
Unrestricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
0
872
872
0
79,689
79,689
50,993
320,761
371,754
0
1,643
1,643
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

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 2024

NOTES 2024 2023 2023
£ £ £ £
FIXED ASSETS
Tangible assets 8 1,697 2,448
CURRENT ASSETS
Debtors 9 10,462 46,755
Cash at bank and in hand 521,327 418,812
LIABILITIES 531,789 465,567
Creditors: Amounts falling due within one year 10 (197,877) (185,750)
NET CURRENT ASSETS 333,912 279,817
TOTAL NET ASSETS 335,609 282,265
THE FUNDS OF THE CHARITY
Restricted funds 19 82,492 11,943
Unrestricted general funds
Designated funds 20 10,000 20,000
General fund 243,117 250,322
253,117 270,322
TOTAL CHARITY FUNDS 335,609 282,265

The financial statements were approved by the Board of Directors on 03/10/2024

Deepa Patel Director

Shawab Iqbal Shawab Iqbal Director Director

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

Page 11

TAMASHA THEATRE COMPANY LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

NOTES
2024
£
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities
A
102,515
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
0
Net cash used in investing activities
0
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
102,515
CASH AND CASH EQUIVALENTS AT 1 APRIL 2023
B
418,812
CASH AND CASH EQUIVALENTS AT 31 MARCH 2024
B
521,327		 2023
£
18,539
(425)
(425)
18,114
400,698
418,812

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

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/(Increase) in debtors
Increase in creditors
Net cash provided by operating activities
Cash at bank and in hand
Total cash and cash equivalents
ANALYSIS OF CASH AND CASH EQUIVALENTS		 2024
£
53,344
565
186
36,293
12,127
102,515
2024
£
521,327
521,327		 2023
£
(82,554)
675
1,673
(41,483)
140,228
18,539
2023
£
418,812
418,812

B. ANALYSIS OF CASH AND CASH EQUIVALENTS

The charity has no debt.

TAMASHA THEATRE COMPANY LIMITED

Page 12

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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 2024.

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 2024

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 2024

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
John Ellerman
13
National Lottery Community Fund
14
The Shaffer Foundation
15
Backstage Trust
16
Paul Hamlyn Foundation
17
Baring Foundation
18
LB Tower Hamlets COVID-19 Additional Relief Fund
Total Funds		 Restricted
funds
£
0
0
0
0
Restricted
funds
£
0
26,250
0
0
25,000
105,000
22,866

0
179,116		 Unrestricted
funds
£
40,024
47,911
15,520
103,455
Unrestricted
funds
£
320,251
0
0
0
0
0
0
320,251		 Total funds
2024
£
40,024
47,911
15,520
103,455
Total funds
2024
£
320,251
26,250
0
0
25,000
105,000
22,866
0
499,367		 Restricted
funds
£
0
0
0
0
Restricted
funds
£
0
35,000
9,993
6,000
0
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
35,000
9,993
6,000
0
0
0
510
371,754

Page 15

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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
Pension costs
Employers' NI		 Restricted
Unrestricted
funds
funds
Total
2024
2024
2024
£
£
£
5,943
85,610
91,553
0
83,224
83,224
0
9,224
9,224
54,360
17,465
71,825
26,250
9,379
35,629
0
28,194
28,194
0
53,624
53,624
5,649
8,981
14,630
92,202
295,701
387,903
14,175
85,851
100,026
0
565
565
1,740
12,466
14,206
0
31,464
31,464
450
11,404
11,854
0
8,915
8,915
16,365
150,665
167,030
108,567
446,366
554,933
NT PERSONNEL		 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
2024
2023
£
£
134,460
140,699
137,233
140,761
3,709
5,170
11,782
17,048
287,184
303,678

No employee earned more than £60,000 per annum during the year ended 31 March 2024 (2023 - None).

Staff Costs include £98,883 for contracted staff (2023 - £60,865).

The average number of employees during the year ended 31 March 2024, expressed as full time equivalents and including freelance staff, is 5.8 (2023 - 6.4). Average headcount was 9 (2023 - 8). 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 & Joint CEO and Artistic Director & Joint CEO. The total remuneration (including taxable benefits) of the key management personnel for the year was £116,409 (2023 - £110,884).

Page 16

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

6. NET MOVEMENT IN FUNDS 2024 2023
£ £
This is stated after charging:
Operating lease charges 28,800 28,500
Depreciation 565 675
Auditor's remuneration:
Statutory Audit 8,915 5,885

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 2023 3,758
Additions 0
Disposals (441)
At 31 March 2024 3,317
Depreciation:
At 1 April 2023 1,310
Charge for the year 565
Disposals (255)
At 31 March 2024 1,620
Net book value:
At 31 March 2024 1,697
At 1 April 2023 2,448

TAMASHA THEATRE COMPANY LIMITED

Page 17

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

9. DEBTORS
Accrued Income
Prepayments
Lease Deposit
VAT recoverable		 2024
£
499
0
7,200
2,763
10,462		 2023
£
28,977
7,469
7,200
3,109
46,755

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Deferred Income
Other creditors and accruals
Taxation and Social Security		 2024
£
160,000
33,677
4,200
197,877		 2023
£
154,116
26,639
4,995
185,750

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 (2023: £nil).

Page 18

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

13. GRANT RECEIVED - John Ellerman

2024
2024
2023
Funding
Amount Spent
Funding
£
£
£
Funding brought forward
0
0
Funding received in the year
26,250
35,000
Project costs
(18,455)
Indirect costs
(7,795)
26,250
(26,250)
35,000
Funding carried forward at 31 March 2024
0
14. GRANT RECEIVED - National Lottery Community Fund
2024
2024
2023
Funding
Amount Spent
Funding
£
£
£
Funding brought forward
5,943
0
Funding received in the year
0
9,993
Project costs
(5,943)
Indirect costs
0
5,943
(5,943)
9,993
Funding carried forward at 31 March 2024
0
15. GRANT RECEIVED - The Shaffer Foundation
2024
2024
2023
Funding
Amount Spent
Funding
£
£
£
Funding brought forward
6,000
0
Funding received in the year
0
6,000
Project costs
(5,649)
Indirect costs
0
6,000
(5,649)
6,000
Funding carried forward at 31 March 2024
351
16. GRANT RECEIVED - Backstage Trust
2024
2024
2023
Funding
Amount Spent
Funding
£
£
£
Funding brought forward
0
0
Funding received in the year
25,000
0
Project costs
(16,365)
Indirect costs
0
25,000
(16,365)
0
Funding carried forward at 31 March 2024
8,635
Grant received to support Tamasha's new digital programme.
Grant received to support 'STARS: An Afrofuturist Space Odyssey' outreach programme.
Grant received to commission Tamasha Developing Artist - playwright Melina Namdar.
Grant received to support fundraising costs.		 2023
Amount Spent
£


(33,521)
(1,479)

(35,000)
0
2023
Amount Spent
£


(4,050)
0

(4,050)
5,943
2023
Amount Spent
£


0
0

0
6,000
2023
Amount Spent
£


0
0

0
0

Page 19

TAMASHA THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

17. GRANT RECEIVED - Paul Hamlyn Foundation
2024
Funding
£
Funding brought forward
0
Funding received in the year
105,000
Project costs
Indirect costs
105,000
Funding carried forward at 31 March 2024
18. GRANT RECEIVED - Baring Foundation
2024
Funding
£
Funding brought forward
0
Funding received in the year
22,866
Project costs
Indirect costs
22,866
Funding carried forward at 31 March 2024
19. RESTRICTED FUNDS
NOTES
John Ellerman
13
National Lottery Community Fund
14
The Shaffer Foundation
15
Backstage Trust
16
Paul Hamlyn Foundation
17
Baring Foundation
18
NOTES
John Ellerman
13
National Lottery Community Fund
14
The Shaffer Foundation
15
Grant received for SHIFT - Tamasha's new regional programme
Grant received for an arts and mental health developing artists		 2024
2023
2023
Amount Spent
Funding
Amount Spent
£
£
£

0

0
(5,449)
0
(36,275)
0

(41,724)
0
0
63,276
0
2024
2023
2023
Amount Spent
Funding
Amount Spent
£
£
£

0

0
(7,770)
0
(4,866)
0

(12,636)
0
0
10,230
0
At 1 April
Income
Expenditure
At 31 March
2023
2024
£
£
£
£
0
26,250
(26,250)
0
5,943
0
(5,943)
0
6,000
0
(5,649)
351
0
25,000
(16,365)
8,635
0
105,000
(41,724)
63,276
0
22,866
(12,636)
10,230
11,943
179,116
(108,567)
82,492
At 1 April
Income
Expenditure
At 31 March
2022
2023
£
£
£
£
0
35,000
(35,000)
0
0
9,993
(4,050)
5,943
0
6,000
0
6,000
0
50,993
(39,050)
11,943
to decolonise dramaturgy.
programme (Creative Wellbring Labs).

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 2024

20. DESIGNATED FUNDS

New commissions and R&D
New digital developments
New commissions and R&D
Capacity building		 At 1 April
New
Utilised
At 31 March
2023
designations
2024
£
£
£
£
20,000
(1,019)
(8,981)
10,000
20,000
(1,019)
(8,981)
10,000
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

Funds have been designated to support new commissions and R&D during 2024-25.

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 March 2024 are represented by:
Tangible fixed assets
Current assets
Current liabilities
Fund balances at 31 March 2023 are represented by:
Tangible fixed assets
Current assets
Current liabilities		 Restricted
Designated
Unrestricted
Total
funds
funds
general
funds
2024
2024
2024
2024
£
£
£
£
0
0
1,697
1,697
82,492
10,000
439,297
531,789
0
0
(197,877)
(197,877)
82,492
10,000
243,117
335,609
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

22. OPERATING LEASE COMMITMENTS

The future minimum commitments in respect
Within one year		 to non-cancellable operating leases f
2024
£
14,400
14,400		 or the charity's property are:
2023
£
14,400
14,400

A new one year commercial lease agreement (non-cancellable) was signed on 24 June 2024.

23. RELATED PARTY TRANSACTIONS

Anne Torregiani is Chief Executive of The Audience Agency. Tamasha paid £0 (2023: £3,300) for rent to The Audience Agency during the year. There were no outstanding balances at 31 March 2024 (2023: £ nil)