## **TIATA FAHODZI LIMITED** **(A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL)** **REPORT AND FINANCIAL STATEMENTS** **31ST MARCH 2026** **REGISTERED NUMBER: 03440596** **CHARITY NUMBER: 1108416** ## **Frank Lachman** **Chartered Accountant 31 Fairview Way Edgware Middlesex HA8 8JE** ## **TIATA FAHODZI LIMITED** ## **(A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL)** ## **FINANCIAL STATEMENTS** ## **for the year ended 31st March 2026** ||**Pages**| |---|---| |**CONTENTS**|| |**Legal & Administrative Information**|**1**| |**Report of the Committee of Management**|**2 - 9**| |**Independent examiner's report to the members**|**10**| |**Statement of financial activities**|**11**| |**Balance sheet**|**12**| |**Notes to the financial statements**|**13 - 16**| **TIATA FAHODZI LIMITED** ## **(A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL)** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ||**31ST MARCH 2026**|| |---|---|---| |**Company Registered Number**||| ||**03440596**|| |**Registered Charity Number**||| ||**1108416**|| |**Registered Office**||| ||**31 Fairview Way**|| ||**Edgware**|| ||**Middlesex**|| ||**HA8 8JE**|| |**Examiner**||| ||**Frank Lachman**|| ||**Chartered Accountant**|| ||**31 Fairview Way**|| ||**Edgware**|| ||**Middlesex**|| ||**HA8 8JE**|| |**Directors and Trustees**||| ||**Edward Thomas Kemp**|| ||**Mwizakunyuma Mkandawire**|**Resigned 30th September 2025**| ||**Adebo Adebayo**|| ||**Alisha Artry**|| ||**Sherma Alexandrine Polidore-Perrins**|| ||**Dinah Amy Rockson**|| ||**Caroline Frances Routledge Hinds**|| ||**Samantha Louise Willbourne**|**Resigned 20th May 2025**| ||**Emma Delserieys**|**Appointed 27th January 2026**| ||**Ryanna Jordan Ekanem**|**Appointed 27th January 2026**| ||**Sarita Evelyn James**|**Appointed 27th January 2026**| |**Patrons**||| ||**Jocelyn Jee Esien**|| ||**Lenny Henry**|| ||**Jenny Jules**|| ||**Hugh Quarshie**|| ||**Danny Sapani**|| ||**Olivette Otele**|| |**Bankers**||| ||**CAF Bank**|| ||**25 Kings Hill Avenue**|| ||**Kings Hill**|| ||**West Malling**|| ||**Kent**|| ||**ME19 4JQ**|| |**Investment Managers**||| ||**CCLA Investment Management Limited**|| ||**One Angel Lane**|| ||**London**|| ||**EC4R 3AB**|| Page 1 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL) DIRECTORS' AND TRUSTEES' REPORT** ## **for the year ended 31st March 2026** ## **Report of the Trustees** The trustees present their report and financial statements for the year ending 31st March 2026. The Statutory information on page 1 forms part of this Report. ## **Structure, governance and management** The Charity was incorporated under the Companies Act 1985 as a company limited by guarantee on 26th September 1997, and its objects and regulations are governed by its Articles of Association following adoption on 11th May 2022. **Company number 3440596.** The guarantees of individual members are limited to £1. The Company is a registered charity. **Charity number 1108416.** ## **The company directors and charity trustees as of the date of this Report.** Edward Thomas Kemp Alisha Artry Adebo Adebayo Emma Delserieys Caroline Frances Routledge Hinds Ryanna Jordan Ekanem Sherma Alexandrine Polidore-Perrins Sarita Evelyn James Dinah Amy Rockson The changes in company directors are shown on page 1 to these accounts. ## **Directors' responsibilities** Company Law which is also applicable to charitable companies in England and Wales requires the directors, who are also trustees of the company, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the results of the company for that period. In preparing those financial statements, the directors/trustees are required to: - select suitable accounting policies and then apply them consistently; - ● ● observe the methods and principles in the Charities SORP; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors/trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Disclosure of information to examiner** So far as each director at the date of approval of this report is aware: - there is no relevant audit information of which the company's examiner is unaware; and - the directors have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the auditors are aware of that information. ## **Principal activity and charitable objects** To advance education for the public benefit by the promotion of the arts, in particular but not exclusively the art of drama. ## **Membership** The membership of the organisation is now limited to board members only. The current membership of the company is the company directors/charity trustees as listed above. The trustees have no other interests in the company. All directors are members of the company and guarantee to contribute to the assets of the company in the event of it being wound up such amounts as may be required not exceeding £1. Page 2 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL) DIRECTORS' AND TRUSTEES' REPORT (continued) for the year ended 31st March 2026** ## **Public benefit** In shaping the Charity, the trustees have considered the Charity Commissions Guidance on public benefit. (Section 4 Charities Act 2006). The trustees consider that it is appropriate to prepare these accounts on a going concern basis. They are confident that the charity will be able to continue for at least 12 months from the date of this report. ## **Legal and administrative details** ## **Registered Office** 31 Fairview Way, Edgware, Middlesex HA8 8JE ## **Professional Advisors** Frank S Lachman FCA, 31 Fairview Way, Edgware, Middlesex HA8 8JE ## **Bankers** CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ. ## **Investment Managers** CCLA Investment Management Limited, One Angel Lane, London EC4R 3AB The accounts comply with the current statutory requirements and with the Articles of Association dated 11th May 2022. ## **Management** ## **Staffing** The Charity is run by the Artistic Director & CEO and governed by the Board of Trustees who are also Directors under company law. Staffing as of 31 March 2026 Artistic Director & CEO (Employee) Interim Executive Producer (Freelance) Finance Manager (Freelance) General Manager (Employee) Executive Assistant (Freelance) Producer (Freelance) Production Assistant (Trainee) ## **VISION & MISSION** ## **Vision** tiata fahodzi is a black-led, artist centred British African heritage / Black British theatre company that is driven to support global majority artists historically excluded. We create a home where artists and audiences can belong, whilst still being fearless risk-takers in our productions and projects. ## **Mission** **bold.** tiata fahodzi is artist-led, making theatre at odds with tradition and producing creative projects celebrating BritishAfrican heritage and global majority artists historically excluded. tiata fahodzi’s work is driven by social purpose and the need for justice, existing to push form, spark conversation, disrupt inequitable norms and motivate debate. Page 3 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL) DIRECTORS' AND TRUSTEES' REPORT (continued) for the year ended 31st March 2026** **brilliant.** tiata fahodzi are fearless risk-takers, cultivating a restorative and healing space within the arts sector, building a home where both artists and audiences can belong, where we can collaborate, celebrate, partner and co-produce to ask big questions and find solutions to forge a radical future. **futures.** tiata fahodzi envisions a genuinely equitable society for all, empowering artists at all stages of their careers and providing a home, where artists and audiences are cultivated and nurtured, feeling free and supported to connect and create with endless imaginations. ## **REVIEW OF THE YEAR Summary** This year we continued to realise our strategy of compassionate disruption, pushing boundaries in a way that is dynamic yet kind, empathetic and yet still driven towards progress. We were delighted to be recognised in The Stage 100 2026 list for another successful year of performance and advocacy which resulted in support for 55 artists and 360 audiences and participants reached across the country. Alongside this we publicly launched our rebrand with a new look and website sharing a clear and cohesive story of who we are and cementing a new sense of belonging in the theatre industry. Since our rebrand went live in September 2025, our profile activity is up 138% and profile visits are up 104%, with 76% of views coming from non-followers.. Our work was made possible by continued funding from Arts Council England and Esmée Fairbairn Foundation, as well as Watford Borough Council who provide an affordable office space and home for the company within Watford Library. It is through the sustained belief and trust of our partners that we can continue the vital work we do championing and supporting British African heritage / Black British artists. We welcomed new funding from the Mo Siewcharran Fund and National Theatre Studio, and new partnerships with the Central School of Speech and Drama and Opera Europa amongst others. We are immensely grateful to our audiences, communities and donors who support the company’s work. ## **Programme** ## **Triple Bill: Everywhere** Our year began with a national tour of our Triple Bill of plays by emerging writers to studios and reimagined theatre spaces, including in Prescot, Newcastle, Nottingham, Lincoln, Sheffield, Coventry, Bristol and Weston-Super-Mare, instigating conversations and curiosity between artists and audiences around the meaning of belonging everywhere. By touring to community spaces, we were able to develop relationships with new audiences and reached a total of 340 audiences across 8 performances. As part of our continuing Artist Village initiative bringing together our artist and audience development strands, we recruited a community activator to ensure we expanded our reach to those who need our work the most. Below is a snapshot of reviews/audience feedback for the production: _“Triple Bill: Everywhere is a very engaging, thought-provoking theatre experience. It has an original voice with a British African heritage slant. The Tanya Moiseiwitsch Playhouse is the perfect venue to experience the plays – up close and intimate.”_ The Reviews Hub _“I would recommend this play to anyone with an interest in connection, belonging and humanity. It shines a great spotlight on the underrepresented roles within society and the typical daily lives of people which are often under-sung.”_ Forge Press _“Fresh, funny, touching and engaging, these stories are indeed everywhere in Britain today.”_ Rotherham Advertiser Page 4 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL) DIRECTORS' AND TRUSTEES' REPORT (continued) for the year ended 31st March 2026** The plays commissioned and performed were interlinked by their socio-political themes exploring race, class, and genderbased prejudice and discrimination, each short play explored a distinct topic and setting: GESTATIONS by acclaimed actor, writer, poet, and theatre practitioner Yusra Warsama, finds women on a maternity ward in a hospital in the near future. On the verge of motherhood, they contemplate the class and race-based prejudices facing both themselves and their unborn children in the face of an uncertain world and future. Y-TEPHRA by Magero – award-nominated spoken word artist, writer and co-founder of ‘The Brotherhood Creative Collective’ – is set in an escape room and sees three siblings search for freedom not just from the game they find themselves in, but also from their fractured family dynamics. APPROACH by Anyebe Godwin explores the challenges and intricacies of dealing with local authorities, whilst trying to keep a grip on reality and personal relationships. It takes a difficult but truthful look at how the system and institutions disproportionately affect and harm those who need help the most. Anyebe’s acting credits include The Empress and Falkland Sound with the RSC; he has trained with Soho Writer’s lab, Hightide Writer’s Collective, and Young Vic Neighbourhood Voices. These 3 commissions helped us further our commitment to raising the voices of, supporting and investing in British African artists at different stages of their careers. ## **Untitled Black Opera R&D** We commenced the research and development phase of a new opera project based on the Greek tragedy ‘Orpheus and Eurydice’ in a bid to expand what opera can be and who it can be for. Our CEO Chinonyerem Odimba noted “ _our contemporary Untitled Black opera is a shining example of redefining the process of making work by bringing together a group of mid-career or established creatives to dream together towards a new opera production, with a research and development process running from June 2025 – followed by plans to fully produce the opera in 2027/2028. Alongside this, the company will also be looking at what we have to offer to audience development thinking for a theatrical form that is desperately in need of diverse audiences.”_ We engaged 18 global majority artists/creatives as well as experienced dramaturgs, to help shape the project and bring the innovative approach to the making of opera alive. This involved an initial meetings phase running from June 2025 to January 2026, followed by a making week at National Theatre Studios in February 2026. The year was also spent securing vital partnerships with Birmingham Opera Company, National Opera Studio and National Theatre Studio, as well as international connections with Fedora and Opera Europa. ## **R.U.D.E (Remember U Disrupt Everything) Seed Commissions** We launched our new commissioning scheme allowing 4 British African heritage / Black British writers the opportunity to think about their next big play and generate new material with no enforced expectations. The commissioned writers in our 2025/26 cohort are: Lettie Precious. A writer from Sheffield currently living in London. Their first full length play, THIS IS US, has been developed with the support of the National Theatre Studio. Short plays include MY WHITE BEST FRIEND at the Royal Court Theatre in 2020 and THE GREY AREA as part of ‘Queer Upstairs’ at the Royal Court in 2019. They have also had other short plays presented by Theatre Royal Stratford East, Jermyn St Theatre, Theatre503, Theatre Centre and Fuel. Malaika Kegode. An award-winning writer, performer, theatre-maker and creative producer based in Bristol. Her work is focused on uplifting and celebrating the overlooked and misunderstood. She is especially passionate about challenging common narratives about working-class and rural communities through stories told across mixed disciplines. Page 5 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL) DIRECTORS' AND TRUSTEES' REPORT (continued) for the year ended 31st March 2026** Mandla x. A Zimbabwean-born writer and performer whose work takes many forms - poetry, theatre/performance art, lyrics, cabaret, film and dramaturgy. often drawing from internal intersectional existence, the artist is heavily concerned with attempting to communicate the many sensations of being a person. Tonderai Munyevu. An award-winning writer and director. His creative credits include Mama Goose (Theatre Royal Stratford East), Mansfield Park (Watermill Theatre/Two Gents), Mugabe, My Dad and Me (York Theatre Royal / ETT), The Moors (Tara Arts / Two Gents), The Last Chihoro (BBC Radio 4), and Blaccine: First Dose (Stockroom / Pitlochry Festival Theatre). He was a salaried writer at Stockroom and a Creative Associate at tiata fahodzi. He is currently under commission to the RSC and Brixton House. We’ve invited them all to spend time dreaming, researching and writing about the one play they’ve always wanted to write. A play that they see in alignment with tiata fahodzi and our work, a play that tells their story in a way that feels like it expands their horizons as an artist. ## **PlayLab** With the generous support of Esmée Fairbairn Foundation, we were able to work with Zoo Co, known champions of creative access working with deaf and disabled artists as leaders on every project, and the appointed Access Leads for This is Croydon, London Borough of Culture 2023-24. With their support and guidance, we were able to interrogate our processes and work around disability and access. We also sought feedback and engaged in conversation with artists on what they valued from a development programme. When surveyed by tiata fahozi, 78.6% of artists said they valued “financial support or paid time, clear career pathways or commissions, access to venues/platforms”. A need to maintain connection was also evidenced with one survey participant noting about other pre-existing development programmes “there was next to no follow up and the programme leaders didn’t seem interested in what happened to anyone afterwards”. Bringing together and reflecting on our learnings over the year, we reimagined our processes and PlayLab offering, leading to a call out for a new cohort of 6 artist and creative associates to join the company for a yearlong attachment. The structure of our PlayLab programme is unique because there is no fixed, pre-determined outcome. Instead, it’s a curated space that allows the cohort to focus on themselves, their work and their practice. It offers support dramaturgically, pastorally and financially without any strings or conditions. It de-centres the idea of an end show/product or expectation. This freedom allows the artists to truly explore what being an ‘artist’ means to them and finding their place within that. This approach to carefocused development allows creatives to foster their own ambitions and build careers beyond their time as part of the PlayLab cohort, whilst remaining in contact with tiata fahodzi. ## **Staying Power** We piloted our Staying Power scheme, a free-to-access opportunity for Global Majority Artistic Leaders to think about finding longevity and sustainability in their careers, discuss the social impact of their work, and ensure they have support for their own safety and well-being. We nurtured a network of 12 leaders through a series of 6 (2 in 2025/26 and 4 in 2026/27) open conversations in ‘salon’ style spaces. The outcomes included meaningful connections, peer-to-peer sharing and support, improved care and wellbeing for people in their positions. The final stage of the pilot will be to present and share our findings in a report along with a set of recommendations for the wider industry. Page 6 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL) DIRECTORS' AND TRUSTEES' REPORT (continued) for the year ended 31st March 2026** ## **Creative Access / Mo Siewcharran traineeship** We were delighted to be one of only five organisations receiving a share of the Mo Siewcharran fund this year. The fund’s mission is to help young people from Black, Asian and ethnically diverse backgrounds pursue careers in publishing, music and theatre. With the grant award we were able to offer a six-month paid Production Assistant traineeship to Joyce Mukoko-Kunda, who also benefited from a full programme of support from Creative Access, the UK's leading diversity, equity and inclusion social enterprise. Joyce was mentored by our CEO & Artistic Director and gained knowledge and experience of R&D / pre-production, supporting artists, project and event planning, budgets, contracts, marketing and press. We also provided Anti Racism & Allyship and Carbon Literacy training. Joyce reflected “ _I’ve had a great time learning about the company, exploring its archives, and watching the staff do all they can to ensure that every production and project is up to standard. I also got to experience a fun rehearsal day for Mama Goose at Stratford East, and an interesting week helping out during the R&D week for our upcoming opera project, which was my first experience of the workshop stages of creating a theatre production. It’s been a great six months at tiata fahodzi, and I’m grateful to the tf team and Creative Access for giving me the space to step into the theatre industry and develop as I have.”_ Our CEO & Artistic Director shared “ _We are all about bringing new diverse talent into the industry and being able to provide a young future theatre maker with an insight into how we work is an absolute joy_ .” John Seaton the founder of the Mo Siewcharran fund noted “ _It seems almost incredible that the interconnected concepts of equality, diversity and inclusion should be under any sort of threat. With a little hint of defiance, I will say they provide the mainspring of the Mo Siewcharran Fund. It is hugely exciting to welcome five companies, two in publishing, two in theatre and one in dance, who share these values so strongly. I look forward to working with them. It is a permanent joy to work with Creative Access who make all this happen_ .” ## **Watford at our heart** As part of the Watford Fringe in July 2025 we hosted a screening of the live capture recording of cheeky little brown at The Pumphouse Arts Centre, followed by a panel discussion with actor Nicole Sawyer and the team at Black Apron Entertainment. The event was catered for by a local business underscoring our commitment to working with the local community. Our CEO & Artistic Director Chinonyerem Odimba, continued to sit on the Watford Cultural Leaders panel offering critical advice and insight around the cultural landscape, and this year we also participated in the council’s application to the Windrush Legacy Celebrations for 2026. ## **Governance and Management** Our Co-Chairs, Debo Adebayo and Edward Kemp, continued to lead on governance and the six members of the Board met formally each quarter throughout the year. They were supported by the Finance & Resources Subcommittee, which scrutinises financial management and policies, processes and controls related to fundraising and personnel at quarterly meetings. Additional subcommittees mirroring Arts Council England’s Investment Principles – Ambition & Quality, Dynamism, Environmental Responsibility, and Inclusivity & Relevance also met during the year to ensure our strategic planning and delivery of outcomes align with ACE principles. The company continues to be led by our CEO & Artistic Director, Chinonyerem Odimba, whose leadership and management not only ensures we have an exciting artistic vision but enhances the profile of the company through her campaigning on industry-wide issues and leverages her networks to realise the company’s ambitions. Page 7 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL) DIRECTORS' AND TRUSTEES' REPORT (continued) for the year ended 31st March 2026** The following policies, which are regularly reviewed and updated, are in place to ensure good governance and managementAppraisal and Performance; Bullying and Harassment; Child Protection and Safeguarding; Climate Justice; Conflict of Interest; Digital; Dignity at Work; Disciplinary; Ethical Fundraising; Equality; Diversity and Inclusion; Environmental Protection; Financial; Grievance; Health and Safety; Holiday and Time off in Lieu; Maternity, Paternity and Shared Parental Leave; Mental Health and Wellbeing; Privacy; Public Interest Disclosure (whistleblowing); Sickness and Absence; UKGDPR / Data; Working Values. ## **FINANCIAL REVIEW** tiata fahodzi is an Arts Council England National Portfolio Organisation (ACE NPO) and receives the majority (80% in 2025/26, 77% in 2024/25) of its income from ACE. ACE NPO funding has been confirmed for 2026/27 and given the programme extension for a further year to March 2028 we benefit from some financial certainty. We were encouraged to receive a 5% uplift for our 2026/27 grant in recognition of the effect the high inflation rates of recent years have had on the real terms value of our grant. Additionally, we secured new funding from the Mo Siewcharran Fund and National Theatre Studios and continue to develop and diversify other sources of income. Income of £426,630 in 2025/26 was 6% lower than the previous year (£453,935 in 2024/25) mainly driven by a higher Theatre Tax Relief claim in the previous year. Expenditure this year was also 6% lower at £307,372 (£327,773 in 2024/25) as we focussed on the research and development of our new Untitled Black Opera project. The surplus for the year will be carried forward with designations made to support investment in productions, notably two upcoming productions and the next phase of our Untitled Black Opera project. At year end, the company’s reserves are showing £547,689, of which £66,143 is restricted, £278,500 is designated and £203,046 is unrestricted. Trustees have designated £200,000 to fund productions considering the ambitious nature of our artistic programme, increasing competition for funds, co-producer and venue risk aversion, rising costs of making work and higher marketing spends; £30,000 to support digital which is a strategic priority for us as a non-venue based company; and a further £48,500 is held against risks identified as high and medium after mitigation on the company’s risk register. ## **RISK** The board reviews its risk register quarterly, taking a pro-active approach to mitigating risks which includes holding a designated reserve against risks still identified as high or medium post mitigation. Governance and Staffing is a key area of risk as the talent drain affecting the theatre industry continues. This makes recruitment and retention challenging, in turn resulting in existing trustees and staff being stretched beyond capacity and putting the delivery of our programme and activities at risk. We mitigate against this by regular review of our work schedule to identify priorities and adjustments to deliverables as required. A designated reserve of £5,000 is held to cover the cost of bringing in a freelance producer to support programme delivery. Lack of success in fundraising, and specifically the loss of Arts Council England funding, pose risks which are being mitigated by ensuring a strong coherent case for support is constructed. A clear fundraising strategy is in place which seeks to diversify income streams to allow the company to remain agile in a challenging environment. The strategy is resourced with a new Development Lead who is developing our relationships with new and existing funders. A designated reserve of £4,000 is held to cover the cost of bringing in additional expertise as well as a further £12,500 (representing 25% of our 2026/27 Trusts & Foundations target) is held to allow some activities to take place on a smaller scale should we be unsuccessful with our fundraising. Geo-Political risks such as the Far-Right protests targeting those from Global Majority and migrant backgrounds pose a security risk to our artists, colleagues and audiences. We monitor the evolving political landscape and for public facing events undertake scenario planning, risk assess the impact on artists and audiences and explore what adjustments to events and security measures are appropriate, taking advice from external agencies where necessary. We hold a designated reserve of £10,000 to cover the cost of any adjustments needed for our public events during 2026/27. Page 8 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL) DIRECTORS' AND TRUSTEES' REPORT (continued) for the year ended 31st March 2026** The war in the Middle East is having a significant impact on economies across the world and likely to affect energy prices and the cost of living in the UK, which in turn may impact on audience attendance levels. We mitigate against this by careful consideration of our audience development approaches within all new work we are producing and ways of increasing affordability where possible. We also build budgets with reduced income levels for productions to mitigate any possible losses. We hold a designated reserve of £10,000 to resource our audience development work and provide a buffer against the risk to our box office income. The mass roll-out of Generative AI and the impact it has across creative sectors - including theatre and digital work - poses risks to employment opportunities; fundraising success due to the chance of an excess of poor quality yet high quantity applications in an already constrained and uncertain landscape; and to attitudes of potential audiences to creative offerings. Led by our AD/CEO, the company signed a letter along with 30 other organisations to encourage equitable practice from the government concerning the implementation of AI and will remain proactive in discussions through the Global Majority Consortium and industry networks. This will be supported by the development of a clear AI policy within the company to outline best practice, communicating this not only to our core staff but also to any freelance workers, artists and partners we engage with. A designated reserve of £7,000, being 10% of Trusts & Foundations and Box Office Income budgeted for the coming year, is held to mitigate the impact of AI on fundraising and audiences. Contingencies are built into budgets to mitigate risks. Our policy is to hold a Production contingency equal to 10% of production budgets and a General contingency equal to 5% of total expenditure excluding the Artistic Programme. Each Artistic Programme strand has its own contingency built into its budget in line with the riskiness of the work. ## **RESERVES** The Trustees consider the minimum reserve level to be equivalent to four months’ budgeted expenditure for the year ahead, held to strengthen resilience against unforeseen events, a fall in income and any potential short-term deficits in our cash budget. This reserves policy is reviewed annually. The minimum level is currently £182,712 based on budgeted expenditure for 2026/27, compared to £203,046 held as of 31 March 2026. Where free reserves exceed the minimum reserve level, trustees may consider designating reserves for specific purposes in line with strategic priorities and to mitigate specific risks identified. ## **FUTURE PLANS** We’re excited to be producing two shows, Chewing Gum Dreams by Michaela Coel with Theatre503 and Nanny of the Maroons with Belgrade Theatre Coventry. Chewing Gum Dreams is a vital part of our contemporary canon that journeys through first love, last days of school, and the moments that shape who we become and will run in Autumn 2026. Nanny of the Maroons will open in Summer 2027 and is a new musical play co created with local communities. We’ll also continue development of our Untitled Black Opera project which we plan to produce fully in 2027/28. This coming year will also see us partnering for the first time with Shakespeare’s Globe, Fern Culture and Climate Spring on an exciting new Climate Playwriting Prize that will uncover the most exciting new plays about the climate crisis, and support them to find their audiences. We look forward to sharing the impact of these plans with you next year. Approved by the board on the 30th July 2026 and signed on their behalf by Adebo Adebayo - Director and Co-chair Adebo Adebayo Page 9 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL) DIRECTORS' AND TRUSTEES' REPORT (continued) for the year ended 31st March 2026** ## **Independent Examiner's Report on the Accounts** I report to the charity trustees on my examination of the accounts of the company for the year ended 31st March 2026 which are set out on pages 11 to 16. ## _Responsibilities and basis of report_ As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## _Independent examiner's report_ Since the company’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 member of the Institute of Chartered Accountants in England & Wales, 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: (1) accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or (2) the accounts do not accord with those accounting records; or (3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or (4) the accounts 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 accounts 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 accounts to be reached. Frank S Lachman Chartered Accountant Independent Examiner 30th July 2026 31 Fairview Way Edgware Middlesex HA8 8JE Page 10 ## **TIATA FAHODZI LIMITED** ## **(A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL)** ## **STATEMENT OF FINANCIAL ACTIVITIES Including INCOME AND EXPENDITURE ACCOUNT** ## **for the year ended 31st March 2026** |**Note**
**Income from:**
**Charitable activities**
**2**
**Expenditure on:**
**Charitable Activity Costs**
**3**
**Net income/(expenditure)**
**Total Funds brought forward**
**Transfers**
**Total Funds carried forward**
**10**|**Total**
**Funds**
**Total**
**Funds**
**Restricted Designated Unrestricted**
**2026**
**Restricted**
**Designated Unrestricted**
**2025**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
**£**
**£**
55,981
-
370,649
426,630
45,250
-
408,685
453,935| |---|---| ||**55,981**
**-**
**370,649**
**426,630**
**45,250**
**-**
**408,685**
**453,935**| ||29,224
36,447
241,701
307,372
5,864
-
321,909
327,773| ||**29,224**
**36,447**
**241,701**
**307,372**
**5,864**
**-**
**321,909**
**327,773**| ||**26,757**
**(36,447)**
**128,948**
**119,258**
**39,386**
**-**
**86,776**
**126,162**
39,386
163,750
225,295
428,431
-
60,000
242,269
302,269
-
151,197
(151,197)
-
-
103,750
(103,750)
-| ||**66,143**
**278,500**
**203,046**
**547,689**
**39,386**
**163,750**
**225,295**
**428,431**| **The notes on pages 13 to 16 form part of these accounts.** Page 11 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL)** ## **BALANCE SHEET AS AT 31st MARCH 2026** |**Note**
**£**
**£**
**£**
**Tangible Fixed Assets**
**7**
-
**Current assets**
Debtors
**8**
2,823
38,174
Investment
**6**
8,692
9,564
Cash at bank and in hand
552,766
416,208
564,281
463,946
**Creditors**: amounts falling due within one
year
**9**
16,592
35,515
**Net current (liabilities)/ assets**
547,689
**Total assets less current liabilities**
**547,689**
**Funds**
**Total Funds**
**10**
**547,689**
**2026**|**£**
-
428,431
**2025**| |---|---| ||**428,431**| ||**428,431**| For the year ended 31 March 2026 the company was entitled to exemption under section 477(2) of the Companies Act 2006. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for: i. ensuring the company keeps accounting records which comply with section 386; and ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the section 393, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company. The accounts have been prepared in accordance with the special provisions in Part 15 applicable to companies subject to the small companies’ regime under Companies Act 2006 and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. Approved by the board on 30th July 2026 and signed on their behalf by Adebo Adebayo -Director and Co-Chair Adebo Adebayo Page 12 **TIATA FAHODZI LIMITED** ## **(A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL)** ## **NOTES TO THE FINANCIAL STATEMENTS for the year to 31st March 2026** ## **1 Accounting policies** ## **(a) Financial Statements** 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2022) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Tiata Fahodzi Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. ## **(ii) Tangible Fixed Assets** Depreciation is calculated to write down the cost less estimated residual value of assets by the reducing balance method over their expected useful lives at the following rates. Furniture, fixtures and equipment 25% on reducing balance Computer equipment 100% ## **(iii) Income** Income derived from co-production agreements, performance fees and other sales is credited to the Statement of Financial Affairs (SOFA) in the period to which it relates on the basis of entitlement. Grants and donations represent amounts from individuals, corporations, trusts and other funding bodies and are credited to the SOFA in the year in which they are expended. ## **(iv) Expenditure** All expenditure is accounted for on an accruals basis. Costs are allocated to a category in the SOFA either because such costs are directly incurred in relation to such category, or because they are support costs in respect of which an apportionment has been made between the SOFA categories. Support costs consist of infrastructure costs for salaries, premises, office administration. Such costs are apportioned on a reasonable and consistent basis to the various SOFA categories with a view to determining, as accurately as possible, the total resources expended for each category. The basis of apportionment used is either a function of staff time applied to a given activity, or an estimate of the proportion of costs associated with the same, or a combination of both. Direct and Support costs are separately shown by natural classification in Note 4 to these accounts for each SOFA category of cost. |**2**
**Charitable Activities**
**Project Grants and Income**
Arts Council England - NPO
Esmee Fairbairn Foundation
Mo Siewcharran Fund
Theatre Tax Relief
Earned and other Income|**Restricted**
**Unrestricted**
**Restricted Unrestricted**
**Funds**
**Funds**
**2026**
**Funds**
**Funds**
**2025**
8,200
344,320
**352,520**
10,250
338,864
**349,114**
44,000
-
**44,000**
35,000
-
**35,000**
3,781
-
**3,781**
-
-
**-**
-
2,822
**2,822**
-
38,174
**38,174**
-
23,507
**23,507**
-
31,647
**31,647**| |---|---| ||**55,981**
**370,649**
**426,630**
**45,250**
**408,685**
**453,935**| Page 13 ## **TIATA FAHODZI LIMITED (A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL)** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2026** |**3 **|**Analysis of Charitable Activity Costs**|**Restricted**|**Unrestricted**|**2026**|**Restricted**|**Unrestricted**|**2025**| |---|---|---|---|---|---|---|---| ||Artistic Salaries|3,781|125,880|129,661|-|96,717|96,717| ||Production costs|11,559|54,913|66,472|4,614|115,639|120,253| ||Support costs (Note 4)|13,884|91,088|104,972|1,250|105,376|106,626| ||Governance costs (Note 4)|-|6,267|6,267|-|4,177|4,177| |||**29,224**|**278,148**|**307,372**|**5,864**|**321,909**|**327,773**| |||**Support**|**Governance**||**Support**|**Governance**|| |||**Costs**|**Costs**|**2026**|**Costs**|**Costs**|**2025**| |**4 **|**Analysis of Support and Governance costs**||||||| ||Other staff salaries (plus total employer's||||||| ||National Insurance)|53,475|-|53,475|58,313|-|58,313| ||Rent, rates, water and storage|162|-|162|3,280|-|3,280| ||Insurance|1,134|-|1,134|1,876|-|1,876| ||Travel, accommodation and subsistence|192|-|192|595|-|595| ||Office overheads and move costs|433|-|433|-|-|-| ||Printing, postage, courier and stationery|72|-|72|186|-|186| ||Telephone and internet|435|-|435|340|-|340| ||Website hosting and development|577|-|577|877|-|877| ||IT Support and Software|3,685|-|3,685|3,555|-|3,555| ||Consumable equipment|226|-|226|-|-|-| ||Development and Fundraising|9,160|-|9,160|3,982|-|3,982| ||Marketing|13,685|-|13,685|22,600|-|22,600| ||Recruitment, training and other staff costs|19,956|-|19,956|8,725|-|8,725| ||Governance and Board Development|-|2,779|2,779|-|1,153|1,153| ||Licences, memberships and subscriptions|1,780|-|1,780|2,297|-|2,297| ||Examiner's remuneration|-|2,500|2,500|-|2,500|2,500| ||Movement on Investment|-|871|871|-|437|437| ||Bank charges and other fees|-|117|117|-|87|87| |||**104,972**|**6,267**|**111,239**|**106,626**|**4,177**|**110,803**| There were no employees with emoluments above £60,000 in the year. (2025 - none) During the year the average number of employees was 4. (2025: 3) Page 14 **TIATA FAHODZI LIMITED** ## **(A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL)** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2026** ## **5 Directors and trustees' interests - Related party transactions** The total amount of donations received without conditions from trustees during the year was £74 (2025: £74). During the period, £600 (2025: £Nil) was paid to Edward Kemp, Co-Chair of the Board of Trustees, for professional dramaturg services in relation to our Untitled Opera project. These services were provided in addition to their duties as a trustee and were carried out under a formal contract of service. The Board of Trustees (with Edward Kemp withdrawing from the process) concluded that the fee was reasonable, represented value for money, and was in the best interests of the charity. At the year-end, the balance outstanding was £Nil (2025: £Nil). No trustees expenses were reimbursed (2025: £Nil). The charity also made a payment of £1,000 (2025: £Nil) to Chinonyerem Odimba, Artistic Director & Chief Executive Officer, for Librettist services in relation to our Unitled Opera project. This transaction was conducted independently of Chinonyerem Odimba's employment contract. The Board of Trustees approved the payment after determining that the services were required by the charity and were provided at a rate equivalent to a standard commercial fee. Chinonyerem Odimba was not involved in the decision-making process regarding this payment. At the year-end, the balance outstanding to Chinonyerem Odimba was £Nil (2025: £Nil)." ## **6 Investments** |Charities Ethical Investment Fund Inc.
Market Value 31.3.2026
**7**
**Tangible Fixed Assets**
**Cost**
As at 31st March 2025
Additions/disposals in year
**As at 31st March 2026**
**Depreciation**
As at 31st March 2025
Charge for year
**As at 31st March 2026**
**Net Book Value**
**As at 31st March 2026**
**As at 31st March 2025**
**8**
**Debtors**
Other debtors
Prepayments|**£8,692**
**Furniture,**
**fittings &**
**equipment**
**Computer**
**Equipment**
**Total**
999
5,211
6,210
-
-
-
999
5,211
6,210
999
5,211
6,210
-
-
-
999
5,211
6,210
**-**
**-**
**-**
**-**
**-**
**-**
**2026**
**2025**
2,823
38,174
-
-
**2,823**
**38,174**|**£8,692**
**Furniture,**
**fittings &**
**equipment**
**Computer**
**Equipment**
**Total**
999
5,211
6,210
-
-
-
999
5,211
6,210
999
5,211
6,210
-
-
-
999
5,211
6,210
**-**
**-**
**-**
**-**
**-**
**-**
**2026**
**2025**
2,823
38,174
-
-
**2,823**
**38,174**|**Total**
6,210
-| |---|---|---|---| ||999
5,211||6,210| ||999
5,211
-
-||6,210
-| ||999
5,211||6,210| ||**-**
**-**||**-**| ||**-**
**-**||**-**| ||||| |||**2,823**
**38,174**|| Page 15 ## **TIATA FAHODZI LIMITED** ## **(A COMPANY LIMITED BY GUARANTEE AND HAVING NO SHARE CAPITAL)** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2026** |**9**|**Creditors: amounts due within**|**one year**||**2026**|**2025**|| |---|---|---|---|---|---|---| ||Trade creditors|||12,072|21,006|| ||Taxes and other creditors|||1,625|3,188|| ||Accruals|||2,895|11,321|| |||||**16,592**|**35,515**|| |**10**|**Reconciliation of movements**|||||| ||**in members funds**|**Designated **|**Unrestricted**|**Restricted**|**2026**|**2025**| ||Income|-|370,649|55,981|426,630|453,935| ||Expenditure|(36,447)|(241,701)|(29,224)|(307,372)|(327,773)| ||Opening funds|163,750|225,295|39,386|428,431|302,269| ||Transfers|151,197|(151,197)|-|-|-| |||**278,500**|**203,046**|**66,143**|**547,689**|**428,431**| The above funds are represented by net current assets |**Restricted funds**
Esmee Fairbairn Foundation
Mo Siewcharran
ACE Strategic Funds|**2025**
**Received**
**Expended**
**Transfers**
**2026**
30,386
44,000
(15,499)
-
58,887
-
3,781
(3,781)
-
9,000
8,200
(9,944)
-
7,256| |---|---| ||39,386
55,981
(29,224)
-
66,143| ## **Designated funds** £200,000 has been designated to fund productions considering the ambitious nature of our artistic programme, increasing competition for funds, co-producer and venue risk aversion, rising costs of making work and higher marketing spends; £30,000 to support digital which is a strategic priority for us as a non-venue based company; and a further £48,500 is held against risks identified as high and medium after mitigation on the the company's risk register. Page 16