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 2025
TAMASHA THEATRE COMPANY LIMITED INDEX TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
| PAGE | |
|---|---|
| REFERENCE AND ADMINISTRATIVE INFORMATION | 1 |
| DIRECTORS' REPORT | 2 - 4 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES | 5 |
| INDEPENDENT EXAMINER'S REPORT | 6 |
| STATEMENT OF FINANCIAL ACTIVITIES | 7 |
| (INCLUDING SUMMARY INCOME AND EXPENDITURE ACCOUNT) | |
| BALANCE SHEET | 8 |
| STATEMENT OF CASH FLOWS | 9 |
| NOTES TO THE FINANCIAL STATEMENTS | 10 - 18 |
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
Alia Alzougbi Ama Biriwaa Ofori-Darko (appointed 3 April 2025) Deepa Patel (Chair) Eileen Bellot (resigned 3 October 2024) Jack William Sutherland Lowe (appointed 3 April 2025) Kelly Williams Mary Caws Mary Kalunga-Eade (appointed 3 April 2025) Monique Sara Sacha-Marie Baptiste-Brown (appointed 3 April 2025) Shawab Iqbal (Vice Chair) (resigned 5 December 2024) Shehani Mary Fernando (appointed 3 April 2025) Victoria Rudolph Zarah Azam
REGISTERED OFFICE
Tamasha Theatre Company 38 Mayton Street London N7 6QR
INDEPENDENT EXAMINER
Counterculture Partnership LLP 23 St Leonards Road Bexhill, East Sussex, TN40 1HH
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 2024-25
The Directors are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2025.
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, 19 April 2021 and 17 December 2024.
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 2025, the overall Tamasha staff team consisted of: 1 Executive Director & Joint CEO (full time), 1 Artistic Director & Joint CEO (full time), 1 Lead Producer (0.4 fte), 1 Digital Producer (0.5 fte), 1 Regional Associates (0.4 fte), 1 General Manager (full time), 1 Marketing & Communications Manager (0.8 fte), 1 Development Manager (0.6 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:
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High inflation and the cost-of-living crisis – although inflation has dropped significantly from more than 10% at it’s peak late in 2023, it is still above the Bank of England’s target of 2% (currently at 3.6% in the 12 months to June 2025). The impact continues to be felt, particularly through increased production and staffing costs. This is mitigated through careful budget monitoring and reducing expenditure on overheads where possible.
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Fundraising and income targets not being met – the environment for raising funds remains challenging and the costof-living crisis is impacting on ticket sales. This is mitigated through employing dedicated development staff to support fundraising efforts, ensuring all production budgets are regularly reviewed and updated, and developing different models for co-producing – eg. seeking more than one producing partner or asking for more in-kind support if there are cash constraints. * IT issues – this risk has been mitigated through migration to a cloud-based server and a comprehensive anti-virus package, as well as increased vigilance and enhanced cover with our IT service providers. * Cyber security - this risk has been mitigated by taking out cyber insurance cover and increased vigilance by the team. 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).
TAMASHA THEATRE COMPANY LIMITED Page 3
REPORT OF THE DIRECTORS 2024-25
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
2024-25 has been another successful year for the company, despite the impact of being on standstill core funding for fifteen years, which it is estimated by Artquest, amounts to a 58% cut in the value of funding since 2010.
PRODUCTIONS
Oranges & Stones by Mojisola Adebayo and Ashtar Theatre, Palestine. We presented this award-winning play without words, told solely through physical action and original music that conveys a moving image of occupation and settlement in Palestine spanning over 75 years, playing to sell-out audiences in London at Theatro Technis and the Liverpool Arab Arts Festival.
Wolves on Road by Beru Tessema, co-produced with The Bush Theatre. This production exploring the impact of crypto-currency within London’s diasporic communities played for four weeks at The Bush and reached c.4,000 audiences during the run.
DEVELOPING ARTISTS
SHIFT – our ambitious new intervention to support Global Majority writers across the UK, in partnership with Belgrade Theatre and Bristol Old Vic. The R&D for SHIFT included 3 roundtables across the UK, engaging global majority artists and producers in dialogue to uncover needs, aspirations and concerns prior to delivery. Activity will include establishing regionally based dramaturgical support hubs for artists and venues; professional development support for artists and seed commissions for the creation of new work.
"SHIFT is committed to crucial work in our industry – work that needs to take time and have the right support and partners to be effective, long-lasting and genuinely game-changing. This is an opportunity for us to work collectively, to lookatour organisationalprocesses andhow we cultivate a space whereglobal-majority artists can do their bestwork, celebrate the culturallens andlivedexperiences they wishto explore – andhave the right dramaturgicalsupport to do so”. Pooja Ghai Artistic Director, Tamasha
Creative Wellbeing Lab – a year-long paid professional development programme for 11 global majority theatremakers wanting to developing their practice and skills in working in mental wellbeing settings. The Programme was delivered in partnership with Creative Health Camden and Kings College London. “I am a performer, voice practitioner, and now – thanks to the Creative Wellbeing Labs – can confidently say, a wellbeing practitioner. This Labhas been suchan incredible experience that has redefined how I see myself, my work, andthe worldaroundme.” Cassie Bradley, CWL participant 2025
Digital Labs – Following on from the programme in 23-24, a commission was awarded to writer Erinn Dhesi to advance XR integration in their original piece #REACTION which explored child protection within the digital age. The development is being supported by the British Film Institute Early Development Fund, and we are aiming to move towards full production in 2026-27.
Digital Producer traineeships – we devised and delivered a new support programme for 5 global majority early career producers wanting to develop their skills and experience of digital producing. A paid six-month traineeship allowed the participants to gain on the job experience and tutoring from industry professionals.
Alongside these strategic programmes we provided 38 paid opportunities to freelance artists, and support and mentoring for a further c.50 artist 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:
· Commission and develop new writing that provokes debate, ideas, passion and laughter;
· Produce and co-produce productions and take them to a national and international audience; and
· Nurture artistic talent and innovative practice through our Developing Artists programme.
The beneficiaries of Tamasha’s work are:
· The general public, as all performances are widely advertised and reviewed; and · Writers, actors, directors and all theatre professionals, to whom Tamasha offers opportunities through our Developing Artists programme, and professional productions.
TAMASHA THEATRE COMPANY LIMITED Page 4 REPORT OF THE DIRECTORS 2024-25
FINANCIAL REVIEW
The Arts Council England (ACE) grant for the year ended 31 March 2025 was £320,251 and specifically funded Tamasha to produce and tour a programme of theatre nationally.
ACE recently confirmed funding for an extension to the current NPO period, taking confirmed funds to end of 2026-27, with a potential second extension year (2027-28) to be confirmed.
Tamasha continues to work towards consolidating and diversifying income, however this continues to be challenging, given high levels of competition for funds, the continued impact of above 2% inflation over the past 12 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.
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: · allow for wind-up procedures to be dutifully completed should the organisation have to close. This includes meeting statutory and contractual liabilities such as redundancy pay, liabilities to creditors and commitments under leases. · meet unexpected costs including breakdown and replacement of essential office equipment; staff cover for illness, maternity leave, parental leave; and legal costs defending Tamasha’s interest. · provide continuity during periods of funding volatility. The funding context in which Tamasha operates is fluid and as a small organisation, the charity can be particularly vulnerable. · avoid redundancies caused by temporary financial crisis, thereby minimising staff recruitment, training, induction and marketing costs incurred upon recovery. · complete all committed projects and continue to provide an effective and quality service to our stakeholders.
- provide working capital to cover any cash flow gaps for example when funding is paid in arrears.
· finance the strategically planned future growth of the organisation. Our funds are allocated in 3 different ways: · Restricted funds. This relates to unspent money from restricted grants. The donor has specified what the money must be spent on, and the trustees do not have the power to spend the money on anything else. · Unrestricted funds. This is money that can be spent on anything which furthers the objectives of the charity. · Designated funds. When part of an unrestricted fund is allocated for a particular project, it may be designated as a separate fund. Tamasha defines reserves as unrestricted general funds. Excluded are restricted funds, designated funds and the value of fixed assets. This is sometimes also referred to as “free reserves”.
The Directors review the level of freely available reserves annually. The Directors consider the most appropriate level of free reserves to be 3-6 months of full operating and programme costs budgeted for the year ahead. This would be approximately £171,000 - £341,000 calculated on forecasted expenditure for 2025-26. Actual free reserves as of 31st March 2025 were approximately £253,000 thereby falling within the desired range. 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: * STARS – a remount of our sell-out 2023 production by award-winning Mojisola Adebayo, co-produced by Brixton House. * Tamasha Tales – a new initiative that will commission artists to explore how myths and folklore from diasporic traditions have influenced and shaped contemporary story-telling. Two commissions will be realised in 25-26, with a further two planned for the following year. * 35th anniversary programme – a range of events and activities to celebrate Tamasha’s 35th anniversary, which is a landmark moment for the company – very few Global Majority-led arts organisations have reached this milestone. The programme includes the launch of our Archives at Bishopsgate Institute, alongside new podcast celebrating the past, present and future of the company. * R&D for a number of new commissions and projects – including work on a planned mid-scale show for 26-27. By order of the Directors:
Deepa Patel Director Date: 12/10/2025
Page 5
TAMASHA THEATRE COMPANY LIMITED
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in 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 (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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:
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so far as the Director is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the Director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.
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 Director Date: 12/10/2025
TAMASHA THEATRE COMPANY LIMITED
Page 6
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF TAMASHA THEATRE COMPANY LIMITED
I report to the trustees on my examination of the financial statements of Tamasha Theatre Company Limited (the charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow Member of the Association of Charity Independent Examiners, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Tom Wilcox
Counterculture Partnership LLP 23 St Leonards Road East Sussex TN40 1HH
Date: 13 October 2025
TAMASHA THEATRE COMPANY LIMITED
Page 7
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2025
| NOTES INCOME: Donations Income from charitable activities: Performance and related income 2 Grant income 3 Investment income Rental income TOTAL INCOME EXPENDITURE: Charitable activities Production costs 4 TOTAL EXPENDITURE 6 Fund balances brought forward at 1 April 2024 NET (EXPENDITURE) INCOME AND NET MOVEMENT IN FUNDS Fund balances carried forward at 31 March 2025 RECONCILIATION OF FUNDS: |
Restricted Unrestricted Total Funds Funds Funds 2025 2025 2025 £ £ £ 0 6,274 6,274 0 37,733 37,733 156,866 370,251 527,117 0 12,542 12,542 0 17,519 17,519 156,866 444,319 601,185 107,790 433,771 541,561 107,790 433,771 541,561 49,076 10,548 59,624 82,492 253,117 335,609 131,568 263,665 395,233 |
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 0 0 0 179,116 429,161 608,277 108,567 446,366 554,933 108,567 446,366 554,933 70,549 (17,205) 53,344 11,943 270,322 282,265 82,492 253,117 335,609 |
|---|---|---|
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.
Page 8
TAMASHA THEATRE COMPANY LIMITED
BALANCE SHEET
AT 31 MARCH 2025
| NOTES | 2025 | 2024 | 2024 | ||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Tangible assets | 8 | 714 | 1,697 | ||
| CURRENT ASSETS | |||||
| Debtors | 9 | 11,852 | 10,462 | ||
| Cash at bank and in hand | 553,576 | 521,327 | |||
| LIABILITIES | 565,428 | 531,789 | |||
| Creditors: Amounts falling due within one year | 10 | (170,909) | (197,877) | ||
| NET CURRENT ASSETS | 394,519 | 333,912 | |||
| TOTAL NET ASSETS | 395,233 | 335,609 | |||
| THE FUNDS OF THE CHARITY | |||||
| Restricted funds | 19 | 131,568 | 82,492 | ||
| Unrestricted general funds | |||||
| Designated funds | 20 | 10,000 | 10,000 | ||
| General fund | 253,665 | 243,117 | |||
| 263,665 | 253,117 | ||||
| TOTAL CHARITY FUNDS | 395,233 | 335,609 |
The financial statements were approved by the Board of Directors on 12/10/2025
Deepa Patel Director
Tamasha Theatre Company Limited Company Registration Number: 02455299 (England and Wales)
Page 9
TAMASHA THEATRE COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
| NOTES 2025 £ CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities A 32,249 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 32,249 CASH AND CASH EQUIVALENTS AT 1 APRIL 2024 B 521,327 CASH AND CASH EQUIVALENTS AT 31 MARCH 2025 B 553,576 |
2024 £ 102,515 0 0 102,515 418,812 521,327 |
|---|---|
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
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 B. Cash at bank and in hand Total cash and cash equivalents ANALYSIS OF CASH AND CASH EQUIVALENTS |
2025 £ 59,624 238 745 (1,390) (26,968) 32,249 2025 £ 553,576 553,576 |
2024 £ 53,344 565 186 36,293 12,127 102,515 2024 £ 521,327 521,327 |
|---|---|---|
The charity has no debt.
TAMASHA THEATRE COMPANY LIMITED
Page 10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 2025.
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 11
TAMASHA THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
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TAMASHA THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
| 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 - Strategic 13 John Ellerman 14 Backstage Trust 17 Paul Hamlyn Foundation 18 Baring Foundation 19 Esmee Fairbairn Foundation 20 British Council 21 Total Funds |
Restricted funds £ 0 0 0 0 Restricted funds £ 0 18,000 0 0 100,000 22,866 11,000 5,000 156,866 |
Unrestricted funds £ 12,139 24,669 925 37,733 Unrestricted funds £ 320,251 0 0 0 0 50,000 0 370,251 |
Total funds 2025 £ 12,139 24,669 925 37,733 Total funds 2025 £ 320,251 18,000 0 0 100,000 22,866 61,000 5,000 527,117 |
Restricted funds £ 0 0 0 0 Restricted funds £ 0 0 26,250 25,000 105,000 22,866 0 0 179,116 |
Unrestricted funds £ 40,024 47,911 15,520 103,455 Unrestricted funds £ 320,251 0 0 0 0 0 0 0 320,251 |
Total funds 2024 £ 40,024 47,911 15,520 103,455 Total funds 2024 £ 320,251 0 26,250 25,000 105,000 22,866 0 0 499,367 |
|---|---|---|---|---|---|---|
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TAMASHA THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
| 4. PRODUCTION COSTS Direct costs: Production costs Production wages (including employers' NI & Pension) Production fees Tamasha Developing Artists (incl. wages) Tamasha Digital (incl. wages) Project Specific Staff Marketing Research and development Support costs: Salaries (including employers' NI & Pension) Depreciation 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 2025 2025 2025 £ £ £ 0 43,552 43,552 0 57,968 57,968 0 10,612 10,612 62,900 35 62,935 6,000 21,130 27,130 0 65,414 65,414 0 52,942 52,942 351 4,788 5,139 69,251 256,441 325,692 13,899 92,848 106,747 0 238 238 5,113 15,025 20,138 0 54,217 54,217 19,527 11,733 31,260 0 3,269 3,269 38,539 177,330 215,869 107,790 433,771 541,561 NT PERSONNEL |
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 2025 2024 £ £ 158,809 134,460 144,784 137,233 4,203 3,709 14,008 11,782 321,804 287,184 |
|---|---|---|
No employee earned more than £60,000 per annum during the year ended 31 March 2025 (2024 - None).
Staff Costs include £118,905 for contracted staff (2024 - £98,883).
The average number of employees during the year ended 31 March 2025, expressed as full time equivalents and including freelance staff, is 5.5 (2024 - 5.8). Average headcount was 9 (2024 - 9). 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 £120,802 (2024 - £116,409).
TAMASHA THEATRE COMPANY LIMITED
Page 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
| 6. NET MOVEMENT IN FUNDS | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| This is stated after charging: | ||
| Operating lease charges | 41,837 | 28,800 |
| Depreciation | 238 | 565 |
| Independent Examiners / Auditor's remuneration: | ||
| Independent Examination / Statutory Audit | 3,269 | 8,915 |
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 2024 | 3,317 |
| Additions | 0 |
| Disposals | (1,768) |
| At 31 March 2025 | 1,549 |
| Depreciation: | |
| At 1 April 2024 | 1,620 |
| Charge for the year | 238 |
| Disposals | (1,023) |
| At 31 March 2025 | 835 |
| Net book value: | |
| At 31 March 2025 | 714 |
| At 1 April 2024 | 1,697 |
TAMASHA THEATRE COMPANY LIMITED
Page 15
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
| 9. DEBTORS Accrued Income Prepayments Lease Deposit VAT recoverable |
2025 £ 4,931 122 6,600 199 11,852 |
2024 £ 499 0 7,200 2,763 10,462 |
|---|---|---|
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Deferred Income Other creditors and accruals Taxation and Social Security |
2025 £ 150,000 15,686 5,223 170,909 |
2024 £ 160,000 33,677 4,200 197,877 |
|---|---|---|
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 (2024: £nil).
Page 16
TAMASHA THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
| 13. GRANT RECEIVED - Arts Council Eng Funding brought forward Funding received in the year Project costs Indirect costs Funding carried forward at 31 March 2025 14. GRANT RECEIVED - John Ellerman Funding brought forward Funding received in the year Project costs Indirect costs Funding carried forward at 31 March 2025 15. GRANT RECEIVED - National Lottery Funding brought forward Funding received in the year Project costs Indirect costs Funding carried forward at 31 March 2025 16. GRANT RECEIVED - The Shaffer Fou Funding brought forward Funding received in the year Project costs Indirect costs Funding carried forward at 31 March 2025 17. GRANT RECEIVED - Backstage Trust Funding brought forward Funding received in the year Project costs Indirect costs Funding carried forward at 31 March 2025 Grant received to support Executive Director Grant received to support Tamasha's digital Grant received to support 'STARS: An Afrofu Grant received to commission Tamasha Dev Grant received to support fundraising costs. |
land Strategic 2025 Funding £ 0 18,000 18,000 2025 Funding £ 0 0 0 Community Fund 2025 Funding £ 0 0 0 ndation 2025 Funding £ 351 0 351 2025 Funding £ 8,635 0 8,635 s of Colour Network programme. turist Space Odyss eloping Artist - play |
2025 2024 Amount Spent Funding £ £ 0 0 (16,027) 0 (16,027) 0 1,973 2025 2024 Amount Spent Funding £ £ 0 26,250 0 0 0 26,250 0 2025 2024 Amount Spent Funding £ £ 5,943 0 0 0 0 5,943 0 2025 2024 Amount Spent Funding £ £ 6,000 0 (351) 0 (351) 6,000 0 2025 2024 Amount Spent Funding £ £ 0 25,000 (8,635) 0 (8,635) 25,000 0 ey' outreach programme. wright Melina Namdar. |
2024 Amount Spent £ 0 0 0 0 2024 Amount Spent £ (18,455) (7,795) (26,250) 0 2024 Amount Spent £ (5,943) 0 (5,943) 0 2024 Amount Spent £ (5,649) 0 (5,649) 351 2024 Amount Spent £ (16,365) 0 (16,365) 8,635 |
|---|---|---|---|
Page 17
TAMASHA THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
| 18. GRANT RECEIVED - Paul Hamlyn Fou Funding brought forward Funding received in the year Project costs Indirect costs Funding carried forward at 31 March 2025 19. GRANT RECEIVED - Baring Foundati Funding brought forward Funding received in the year Project costs Indirect costs Funding carried forward at 31 March 2025 20. GRANT RECEIVED - Esmee Fairbairn Funding brought forward Funding received in the year Project costs Indirect costs Funding carried forward at 31 March 2025 21. GRANT RECEIVED - British Council Funding brought forward Funding received in the year Project costs Indirect costs Funding carried forward at 31 March 2025 22. RESTRICTED FUNDS Arts Council England Strategic John Ellerman National Lottery Community Fund The Shaffer Foundation Backstage Trust Paul Hamlyn Foundation Baring Foundation Esmee Fairbairn Foundation British Council John Ellerman National Lottery Community Fund The Shaffer Foundation Backstage Trust Paul Hamlyn Foundation Baring Foundation Grant received to support City as Stage prog Grant received for Tamasha's new regional p Grant received for an arts and mental health Grant received to support fundraising costs. |
ndation 2025 Funding £ 63,276 100,000 163,276 on 2025 Funding £ 10,230 22,866 33,096 Foundation 2025 Funding £ 0 11,000 11,000 2025 Funding £ 0 5,000 5,000 NOTES 13 14 15 16 17 18 19 20 21 NOTES 14 15 16 17 18 19 ramme. rogramme to decol developing artists p |
2025 2024 Amount Spent Funding £ £ 0 105,000 (45,340) (5,300) (50,640) 105,000 112,636 2025 2024 Amount Spent Funding £ £ 0 22,866 (16,659) (5,366) (22,025) 22,866 11,071 2025 2024 Amount Spent Funding £ £ 0 0 (5,113) 0 (5,113) 0 5,887 2025 2024 Amount Spent Funding £ £ 0 0 (902) (4,098) (5,000) 0 0 At 1 April Income 2024 £ £ 0 18,000 0 0 0 0 351 0 8,635 0 63,276 100,000 10,230 22,866 0 11,000 0 5,000 82,492 156,866 At 1 April Income 2023 £ £ 0 26,250 5,943 0 6,000 0 0 25,000 0 105,000 0 22,866 11,943 179,116 onise dramaturgy (SHIFT). rogramme (Creative Wellbring Labs). |
2024 Amount Spent £ (5,449) (36,275) (41,724) 63,276 2024 Amount Spent £ (7,770) (4,866) (12,636) 10,230 2024 Amount Spent £ 0 0 0 0 2024 Amount Spent £ 0 0 0 0 Expenditure At 31 March 2025 £ £ (16,027) 1,973 0 0 0 0 (351) 0 (8,635) 0 (50,640) 112,636 (22,025) 11,071 (5,113) 5,887 (5,000) 0 (107,790) 131,568 Expenditure At 31 March 2024 £ £ (26,250) 0 (5,943) 0 (5,649) 351 (16,365) 8,635 (41,724) 63,276 (12,636) 10,230 (108,567) 82,492 |
|---|---|---|---|
Details of restricted funds are also found in Notes 13 to 21.
Page 18
TAMASHA THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
----- Start of picture text -----
FOR THE YEAR ENDED 31 MARCH 2025
23. DESIGNATED FUNDS
At 1 April New Utilised At 31 March
2024 designations 2025
£ £ £ £
New commissions and R&D 10,000 4,788 (4,788) 10,000
10,000 4,788 (4,788) 10,000
At 1 April New Utilised At 31 March
2023 designations 2024
£ £ £ £
New commissions and R&D 20,000 (1,019) (8,981) 10,000
20,000 (1,019) (8,981) 10,000
Funds have been designated to support new commissions and R&D during 2025-26.
24. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Restricted Designated Unrestricted Total
funds funds general
funds
2025 2025 2025 2025
£ £ £ £
Fund balances at 31 March 2025 are represented by:
Tangible fixed assets 0 0 714 714
Current assets 131,568 10,000 423,860 565,428
Current liabilities 0 0 (170,909) (170,909)
131,568 10,000 253,665 395,233
Restricted Designated Unrestricted Total
funds funds general
funds
2024 2024 2024 2024
£ £ £ £
Fund balances at 31 March 2024 are represented by:
Tangible fixed assets 0 0 1,697 1,697
Current assets 82,492 10,000 439,297 531,789
Current liabilities 0 0 (197,877) (197,877)
82,492 10,000 243,117 335,609
25. OPERATING LEASE COMMITMENTS
The future minimum commitments in respect to non-cancellable operating leases for the charity's property are:
2025 2024
£ £
Within one year 10,275 14,400
10,275 14,400
----- End of picture text -----
A three year commercial lease agreement (cancellable with three months notice) was signed on 24 June 2024.
----- Start of picture text -----
26. RELATED PARTY TRANSACTIONS
----- End of picture text -----
Alia Alzougbi is the Artistic Director & CEO of Shubbak Festival. Tamasha received performance income of £3,350 from Shubbak Festival in order to co-produce Oranges & Stones during the year. There were no outstanding balances as at 31 March 2025. There were no related party transactions in 2024 and no outstanding balances as at 31 March 2024.