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2021-03-31-accounts

Charity Registration No. 1121416

Company Registration No. 3591772 (England and Wales)

TALL STORIES THEATRE COMPANY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

TALL STORIES THEATRE COMPANY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Penny Daly
Steve Cowton
Annabel Arndt
James Jones
Toby Park
Rachel Tackley
Secretary Lucy Wood (Appointed 18 August 2021)
Olivia Jacobs (Up until 18 August 2021)
Charity number 1121416
Company number 3591772
Principal address Tall Stories Studio
68 Holloway Road
London
N7 8JL
Registered office Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Auditor HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Bankers Lloyds Bank Plc
1 Butler Place
Westminster
London
SW1H 0PR
Key Management Personnel Olivia Jacobs
Toby Mitchell
Lucy Wood

TALL STORIES THEATRE COMPANY LIMITED

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 22

TALL STORIES THEATRE COMPANY LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2021

INTRODUCTION

The trustees, who are also directors for the purposes of company law, present their report and the audited financial statements of the charity for the year ended 31 March 2021.

The Trustees

The trustees who served the charity during the year and up to the date of approval of the financial statements:

Penny Daly Steve Cowton Annabel Arndt James Jones Toby Park Rachel Tackley

Key Personnel

Olivia Jacobs Toby Mitchell Lucy Wood

OBJECTIVES AND ACTIVITIES

The main objective of the charity is to advance education for the public benefit by the promotion of the arts, in particular but not exclusively the art of drama. In order to achieve this objective, the charity presents a number of high quality, imaginative productions each year, which can be enjoyed by children and adults equally. These productions present old, new and timeless stories in fresh and exciting ways, touring to theatres, community venues and schools in the UK, continental Europe, North America and other countries. The charity aims to tell stories in a physical, visual style reaching as diverse an audience as possible worldwide.

Principal Activities of the Year

On 16th March, at the end of the previous financial year, theatres across the country closed their doors indefinitely because of the covid-19 pandemic. It was a hugely challenging start to 2020/21 as the charity looked to reschedule projects due to take place in the early part of the year, in the UK and across the globe; and did much scenario budgeting for the various options of dates that theatres might open once more.

It has been an extraordinary year for the charity, one of resilience and flexibility where all members of the team have pulled together to make activity happen despite the detrimental circumstances brought about by the pandemic. For the first five months of the year it was not possible for productions to be performed as per the usual business model on tour and overseas. However, the charity has maintained a high level of activity despite this through live streamed performances, digital performances, outdoor performances and continuing the renovations of the studio in Islington. In December the charity was finally able to perform in theatres again, only to be closed for the second lockdown a few weeks later.

Studio and office at Islington Central Library

The organisation had been working on a major project partnering with Islington Council to transform an under used section of Islington Central Library into a storytelling hub for the company. The project was designed by architects Haworth Tompkins (renowned for their work on theatres), with technical input and project management from Gary Beestone Events and Theatre.

As building work was allowed to continue during the early part of the pandemic, the project was completed in September 2020. The space provides the company with an administrative base, alongside a large studio space suitable for rehearsals and performances for an audience of up to 80. The development has also reinstated the original library entrance on Holloway Road as an alternative entry point to the building, and we are hoping to add a ramp sympathetic to the library’s frontage at some point to enable accessibility.

Tall Stories’ programme of work in the studio space will include free performances for Islington school groups and residents, opportunities to give local young people an insight into how a stage production is created, workshops for actors and theatre creatives, a programme of support for emerging theatre companies and storytellers, sharing of works-in-progress and preview performances of new shows.

The studio will also be available to hire by local groups and other companies as a rehearsal/preview space with technical facilities.

TALL STORIES THEATRE COMPANY LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

ACHIEVEMENTS AND PERFORMANCE

This year the company produced a variety of different projects to their usual remit of work:

The Snail and the Whale

Live Stream- October Half Term

During the October half term the company performed a run of fifteen performances in partnership with fifteen different venues to audiences around the country and the world; in total, 2775 tickets were sold. As each household bought one ticket, it is estimated that approximately 7000 people watched the show, with an average of 2.5 viewers per ticket. A new partnership was created with a company called TicketCo who managed both streaming and ticketing. The company exchanged the use of the studio for use of the production ‘Showstoppers’ streaming equipment which made finances easier for both companies. The office team were involved in the running of the production providing camera and cabling management support. The Studio space with the office on site, supported this approach and it was of great benefit having the artistic and administrative team in one place. Audience feedback was hugely positive, with many photos placed on social media of families enjoying the show from their homes.

USA Digital Tour January to March 2021

Holden Arts, the company’s American tour bookers, booked a fantastic digital tour of The Snail and the Whale across the USA which ran initially from January to March 2021, but was then extended into the early part of 2021/22. Filmed during the live streamed shows of October 2020, the company produced a full length and episodic recording of the show. Alongside this, a package for venues including preand post- show content explaining a little about what went into making the show, plus some themed craft activities from the cast and an activity pack was created. Hugely positive feedback was received from venues and it was a much welcomed initiative during this time for school children who had no access to cultural activity during the pandemic.

The Gruffalo

Live Streamed shows with The Lowry, Christmas 2020

After the company was unable to go ahead with live performances of The Gruffalo at The Lowry for Christmas 2020, it was decided an alternative option would be to build on the success of The Snail and the Whale – Live Streamed with 6 live streamed performances of The Gruffalo . Two were for schools, with one shown for free to 200 schools in Islington and Salford, and the other broadcast to an estimated 22,700 students around the country. Of the 4 public performances, the company played to an estimated audience of 5,500 (assuming 2.5 viewers per ticket).

The Gruffalo – Watch at Home; Christmas 2020 and February 2021 with the Rose, Kingston

Although initially committed to releasing only live content, in person or streamed in the UK, the company had a rethink when the third lockdown meant it was not possible to perform live and were unable to live stream over much of Christmas. After the cancellation of The Gruffalo’s Child at Alexandra Palace, it was decided that a recording of The Gruffalo would be released for a limited period. The company released the recording again through Rose Kingston for 3 weeks in February in lieu of a cancelled run of The Gruffalo’s Child which had been scheduled for February half term, hoping to reach out to their committed family audience. This was produced alongside a captioned stream with a BSL introduction. The company was pleased to be able to continue to offer some access provision during this time.

Germany

The charity continues to work with Junges Theatre Bonn on a German language Gruffalo; touring in theatre performances were not possible through the pandemic, so JTB ran a limited run of ‘drive in’ and picnic performances of The Gruffalo over the summer which were very popular with local families.

The Gruffalo’s Child

Christmas 2020 at Alexandra Palace

The run of The Gruffalo’s Child was sadly cancelled after 12 out of a planned 41 performances due to government restrictions. Before cancellation, this tour had sold 8322 tickets, indicating that the public were keen to return to the theatre. Performances at Alexandra Palace worked well, with their large theatre, entrance hall and ample parking perfect for social distancing. The company had a successful run of The Gruffalo at Ally Pally in August 2022, and hopes to continue the relationship with the venue in the future.

TALL STORIES THEATRE COMPANY LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Room on the Broom

Australia

We continue to work with CDP Theatre Producers on Room on the Broom , which toured in Autumn 2020. Due to restrictions being very different to the UK, the Australian production was able to get up and running and performed at socially distanced capacities in the Autumn.

Lockdown Projects

Whilst theatres were closed the company ran a number of activities to keep freelance actors and creatives who regularly work with the charity engaged and inspired. These consisted of weekly warm-ups which ran every Monday morning online, free weekly online workshops delivered by industry professionals, as well as twelve weeks of an online story telling project called Tales of Light where performers recorded a story to be delivered online.

The company did its utmost to continue output as much as possible through the pandemic. However, with a team of seven permanent staff it was necessary to use the Government’s furlough scheme, which enabled the charity to retain all staff and to pay them 80% of their salary.

Future plans for 2021-22 & 2022-23

Inspired by JTB in Germany, the company has formed a new partnership with Brand Events and toured The Gruffalo around the UK during May & June 2021 playing outside, drive-in performances. The aim was to provide families with some much-needed cultural activity after such a long period of closure of all arts based buildings. The charity also remounted a tour of The Snail and the Whale throughout the spring and summer of 2021 to venues across the country.

Plans for a new show The Smeds and the Smoos had to be postponed during lockdown, but the show was created in the autumn of 2021, and it opened at Rose Theatre Kingston during the October half term. It then went on a short tour and is currently enjoying a Christmas run at Curve, Leicester. Due to the significant financial loss of 2020/21 and the projected loss of 2021/22, the company is setting up as strong a year as possible in 2022/23; tour-booking the flagship productions into the best possible venues.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Tall Stories Theatre Company Limited was incorporated on 2 July 1998 as a company limited by guarantee and is governed by its Memorandum and Articles of Association, as amended by special resolution on 20 June 2007. On 30 October 2007, the company was registered as a charity with the Charities Commission.

Trustee Induction and Training New Trustees

New Trustees are briefed on their legal obligations under Charity and Company Law, the content of the Articles and Memorandum of Association, the committee and decision-making processes, and recent financial performance of the charity. They are also given a Trustee pack at the start of their term, laying out their responsibilities and the company’s terms and conditions.

All Trustees are given a copy of the annual budgets and profit and loss reports on all projects, as well as a summary of forthcoming plans. All appropriate papers relevant to the discussion points on the meeting agenda are circulated to all board members ahead of each board meeting.

All Trustees are encouraged to see performances throughout the year and are invited to shows on a regular basis.

Trustees and Organisation

The Articles of Association require that a minimum of three Trustees will serve at any one time, up to a maximum of seven. The power of appointing Trustees rests with the Trustees in office. The Trustees, who meet quarterly, administer the charity with the day-to-day running being carried out by the Artistic Directors Olivia Jacobs and Toby Mitchell and Executive Director Lucy Wood and four office staff, currently consisting of Creative Programme Manager Natalia Scorer, Finance Officer Sheila McClenaghan, Production Co-ordinator Harriet Billington and Production Assistant Robyn Wilson.

TALL STORIES THEATRE COMPANY LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees are also in charge of setting the pay of the senior staff. All salaries are reviewed annually and normally increased in accordance with average earnings and inflation. In view of the nature of the charity, the directors benchmark against pay levels in other theatre companies or venues of a similar scale.

Risk Management

The trustees have a risk management strategy which comprises: an annual review of the principal risks and uncertainties that the charity faces; the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and the implementation of procedures designed to minimize or manage any potential impact on the charity should those risks materialise.

The Trustees constantly consider and monitor the major risks to which the charity is exposed, especially those relating to the operations and finances of the charity. Once a risk has been identified and assessed, controls are established to mitigate the risk and it is included in the annual review. The Trustees are satisfied that the systems in place are suitable to mitigate the majority of the risks faced by the charity.

The main risks the charity faces are currently risks arising from the Covid-19 pandemic such as theatres being closed for long periods, employees becoming unwell, and loss of earnings from projects being cancelled at short notice. Risks that also apply are management of performing rights, health and safety of artists and audience in the UK and overseas, and changes in long-term administrative staff.

The risks related to Covid-19 are managed by policies and procedures being kept up to date, reviewing risk assessments regularly, responding to the guidelines laid out by the government/industry bodies, adapting and providing back up plans for all projects. The company manages other risks by planning ahead, ensuring accreditation is up to date and re-evaluating training for staff working in these operational areas.

A combined Directors’ Report and Trustees’ Report has been prepared to meet company law requirements.

FINANCIAL REVIEW FOR 2020-2021

Due to the pandemic and theatres being closed for the majority of the year, the charity ended the year with a deficit of £229,778 (2020: surplus of £194,745). The income for the financial year was £293,588 (2020: £2,187,925), with expenditure of £523,366 (2020: £1,993,180).

Despite the pandemic and the need to use reserves for survival, the company still maintains a strong level of reserves which have reduced from £1,574,072 in March 2020 to £1,344,294 at 31 March 2021. The charity has sufficient funds to cover its expenditure for a period of more than six months. These reserves will also enable the company to bridge the gap between the spending and receiving of income during the pandemic and to continue to operate during any continued instability.

It is likely that the company will experience major losses due to the pandemic for the next financial year also, and these reserves will assist the company by making up the shortfall in planned income and allow the company to be able to respond to opportunities that may arise throughout the year. The company is likely to need its reserves to survive the following financial year(s) and retain its staff so that it can reemerge from the pandemic as quickly as possible.

RELATED PARTIES AND CO-OPERATION WITH OTHER ORGANISATIONS

None of the company’s trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee and senior employee of the charity with a production company, contracted actor, performer or exhibitor must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year, the company has used the composers Jolly Good Tunes [trading as Shock Productions Ltd] as composers on a number of productions. Olivia Jacobs, Artistic Director of Tall Stories, is married to Jon Fiber, Director of Jolly Good Tunes.

PUBLIC BENEFIT

The charity confirms that the Trustees have considered the Charity Commission's guidance on public benefit and the charity has complied with their duty as dictated by the Charities Act. The company tours on the large and small-scale to bring high quality drama to audiences from all walks of life at affordable ticket prices.

TALL STORIES THEATRE COMPANY LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

AUDITORS

A resolution to re-appoint HW Fisher LLP as auditors for the ensuing year will be proposed at the Annual General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Signed by order of the trustees

PJ Daly

Penny Daly Chair of Trustees Dated ............................... 20 Dec 2021

TALL STORIES THEATRE COMPANY LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2021

The trustees, who are also the directors of Tall Stories Theatre Company Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TALL STORIES THEATRE COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF TALL STORIES THEATRE COMPANY LIMITED

Opinion

We have audited the financial statements of Tall Stories Theatre Company Limited (the ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and , except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors ' r eport included within the trustees' r eport.

TALL STORIES THEATRE COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF TALL STORIES THEATRE COMPANY LIMITED

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

TALL STORIES THEATRE COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF TALL STORIES THEATRE COMPANY LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor ' s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sailesh P Mehta

Sailesh Mehta (Senior Statutory Auditor) for and on behalf of HW Fisher LLP

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom

......................... 20 Dec 2021

TALL STORIES THEATRE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes £ £
Income and endowments from:
Theatre productions 3 218,373 2,102,090
Other trading activities 4 4,419 80,215
Investments 5 1,997 4,206
Other income 6 68,799 1,414
Total income 293,588 2,187,925
Expenditure on:
Raising funds 7 1,731 48,848
Theatre productions 8 521,635 1,944,332
Total resources expended 523,366 1,993,180
Net (expenditure)/income for the year/
Net movement in funds (229,778) 194,745
Fund balances at 1 April 2020 1,574,072 1,379,327
Fund balances at 31 March 2021 1,344,294 1,574,072

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

TALL STORIES THEATRE COMPANY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
29,750
283,065
949,576
1,262,391
(202,688)		 £
284,591
1,059,703
1,344,294
1,344,294
1,344,294		 2020
£
27,401
440,868
1,445,741
1,914,010
(363,809)		 £
23,871
1,550,201
1,574,072
1,574,072
1,574,072

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

20 Dec 2021

The financial statements were approved by the Trustees on .........................

.............................. PJ Daly Penny Daly Trustee

Company Registration No. 3591772

TALL STORIES THEATRE COMPANY LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from operations
18
Investing activities
Purchase of tangible fixed assets
Interest received
Net cash (used in)/generated from investing
activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
(277,540)
1,997		 £
(220,622)
(275,543)
(496,165)
1,445,741
949,576		 2020
£
(4,090)
4,206		 £
267,898
116
268,014
1,177,727
1,445,741

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Tall Stories Theatre Company Limited is a an incorporated charity limited by guarantee incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The Covid-19 outbreak has caused major disruption to the charity’s activities throughout 2020 and is likely to have an impact on the following year. The recent outbreak of the Omicron variant has not affected the productions that are on currently to date but it is a fast changing situation. It is likely that sales will be slower than usual during the months ahead as confidence in booking theatre declines whilst the variant is a concern. Notwithstanding the significant challenges that lie ahead for the organisation, the Trustees have reasonable expectation that the charity can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.

The organisation has sufficient cash and reserves to continue for at least that period pending future income and the Trustees will take steps to reduce costs if required to do so.

1.3 Charitable funds

Unrestricted funds comprise those which the charity is free to use for any purpose in furtherance of its charitable objectives and which the trustees may appropriate to reserves for internally designated purposes.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Theatre productions income is income from running shows and is recognised when the performance takes place.

Income from the sale of merchandise is income derived from merchandise related to the shows and is recognised at the point of sale.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Resources expended

All expenditure is accounted for on an accruals basis as a liability is incurred. All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource.

Charitable activity costs comprise those cost s incurred by the charity in the performance of its productions. It include s both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Allocation of support costs

All support costs have been allocated to the one charitable activity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Islington Studio 5% Straight line Equipment 33% Straight line Fixtures and fittings - Lighting 10% Straight line Fixtures and fittings - Seating and Sound System 7% Straight line Fixtures and fittings 33% Straight line Motor vehicles 17% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct purchasing costs.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks .

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are recognised on the statement of financial activities.

1.14 Taxation

The charity is not liable to direct taxation on its income as it falls within the various exemptions available to registered charities. The charity is registered for value added tax (VAT) and therefore charges output tax on income where applicable, and reclaims input tax it suffers on its purchases. Income and expenditure in the accounts is therefore shown exclusive of VAT.

1.15 Pensions

Employees of the company and self-employed actors are entitled to join a defined contribution workplace pension scheme.

Contributions made for the accounting period are treated as an expense and were £10,259 (2020: £25,854).

1.16 Government grants

Government grants are accounted for under the accrual model and are recognised at the fair value of the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants were received under the Coronavirus Job Retention Scheme designed to compensate for staff costs. Amounts received or receivable are recognised in the statement of financial activities over the same period as the costs to which they relate.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no judgement or estimates included that would be critical to the financial statements.

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

3 Theatre productions
2021 2020
£ £
Theatre productions 218,373 2,102,090
4 Other trading activities
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Income from sale of merchandise 4,419 80,215
5 Investments
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Interest receivable 1,997 4,206
6 Other income
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Other income 68,799 1,414

Other income includes amounts received under the Coronavirus Job Retention Scheme as a government grant of £68,645 (2020: £nil).

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

7 Raising funds

8 Trading costs
Purchase of merchandise for sale
Theatre productions
Employment costs
Travel & subsistence
Rehearsal costs
Physical production costs
Theatre fees
Royalties payable
Profit distribution
Marketing
Share of support costs (see note 9)
Share of governance costs (see note 9)		 2021
£
1,731
1,731
2021
£
57,422
7,419
-
7,098
7,498
47,236
7,249
16,880
150,802
357,155
13,678
521,635		 2020
£
48,848
48,848
2020
£
428,040
165,398
18,627
84,019
66,253
290,114
228,193
216,956
1,497,600
433,275
13,457
1,944,332

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

9 Support costs

Support costs
Governance
costs
£
£
Staff costs
243,702
-
Depreciation
16,820
-
Office staff travel and
subsistence
5,493
-
Motor expenses
8,186
-
Insurance
9,819
-
Head office costs
17,241
-
Other support costs
5,679
-
Legal & professional costs
24,500
-
Show management fees
-
-
Storage costs
25,715
-
Audit fees
-
11,750
Accountancy
-
1,928
357,155
13,678
Analysed between
Charitable activities
357,155
13,678		 2021
Support costs
Governance
costs
£
£
£
243,702
269,351
-
16,820
8,896
-
5,493
14,015
-
8,186
10,009
-
9,819
5,141
-
17,241
46,972
-
5,679
10,698
-
24,500
11,025
-
-
37,300
-
25,715
19,868
-
11,750
-
10,500
1,928
-
2,957
370,833
433,275
13,457
370,833
433,275
13,457		 2020
£
269,351
8,896
14,015
10,009
5,141
46,972
10,698
11,025
37,300
19,868
10,500
2,957
446,732
446,732

All support and governance costs have been allocated to the charity's one charitable activity. As the trading activity is incidental to the charitable activity, only trivial amounts of support and government costs would be attributable to it.

The auditors received £11,750 (2020: £10,500) for audit fees and £1,928 (2020: £2,957) for other accountancy services.

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration , benefits or reimbursed expenses from the charity during the year (2020: 3 trustees were reimbursed a total of £ 252 expense s).

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

11 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees
The average monthly number of employees during the year was:
Self-employed actors and production staff
Administrative staff
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
1
7
8
2021
£
273,766
17,099
10,259
301,124		 2020
Number
13
7
20
2020
£
650,554
20,983
25,854
697,391

The average number of employees during the year is calculated on the basis of full-time equivalents.

T otal staff costs include the cost for employed administrative staff of £243,702 (2020: £269,351) and self-employed actors and production staff of £57,422 (2020: £428,040).

During the year key management personnel, which comprise of 2 artistic directors and 1 executive director, received total employee benefits of £149,622 (2020: £157,752).

There were no employees whose annual remuneration was £60,000 or more (2020: none).

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

12
Tangible fixed assets
Islington Studio
Equipment
Fixtures and
fittings
Motor vehicles
£
£
£
£
Cost
At 1 April 2020
-
14,173
834
36,111
Additions
172,384
3,446
101,710
-
Disposals
-
(676)
(834)
-
At 31 March 2021
172,384
16,943
101,710
36,111
Depreciation and impairment
At 1 April 2020
-
11,192
765
15,290
Depreciation charged in the year
4,310
2,191
4,303
6,016
Eliminated in respect of disposals
-
(676)
(834)
-
At 31 March 2021
4,310
12,707
4,234
21,306
Carrying amount
At 31 March 2021
168,074
4,236
97,476
14,805
At 31 March 2020
-
2,981
69
20,821
13
Stocks
2021
£
Goods for resale
29,750
14
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
3,975
Other debtors
7,848
Prepayments and accrued income
271,242
283,065		 Total
£
51,118
277,540
(1,510)
327,148
27,247
16,820
(1,510)
42,557
284,591
23,871
2020
£
27,401
2020
£
244,278
20,311
176,279
440,868

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2021
£
5,754
11,775
1,207
183,952
202,688		 2020
£
62,583
114,034
2,662
184,530
363,809

The income deferred in the current year is £nil (2020: £3,214) with amounts released in the year of £3,214. This was deferred in the prior year as income was received for shows held in the current year.

16 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

2021 2020
£ £
Within one year - 7,283

The lease payments recognised as an expense in the year was £7,283 (2020: £21,447).

17 Related party transactions

During the year ended 31 March 2021 the following three key management personnel received royalties:

2021 2020
£ £
Olivia Jacobs 6,207 27,258
Toby Mitchell 6,207 27,258
Lucy Wood - 8,309

The Charity uses Shock Productions Limited as composers and sound engineers in some of the productions. One of the directors of Shock Productions Limited is married to one of the key personnel of the charity. The value of services and royalties provided by Shock Productions Limited during the year to the charity amounted to £8,159 (2020: £46,062). At the year end, a balance of £nil (2020: £228) was outstanding to Shock Productions Limited.

The partner of one of the key management personnel of the charity was employed by Tall Stories as Company Stage Manager and payments of £nil (2020: £10,472) was made to her during the year.

TALL STORIES THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

18
Cash generated from operations
2021
£
(Deficit)/surpus for the year
(229,778)
Adjustments for:
Investment income recognised in statement of financial activities
(1,997)
Depreciation and impairment of tangible fixed assets
16,820
Movements in working capital:
(Increase) in stocks
(2,349)
Decrease in debtors
157,803
(Decrease) in creditors
(161,121)
Cash (absorbed by)/generated from operations
(220,622)
19
Analysis of changes in net funds
The charity had no debt during the year.		 2020
£
194,745
(4,206)
8,896
(9,386)
128,704
(50,855)
267,898

Issuer

HW Fisher

Document generated Mon, 20th Dec 2021 11:22:54 UTC

Document fingerprint 5a5620ec026b65c143a092d8323162c7

Parties involved with this document

Document processed

Party + Fingerprint

Mon, 20th Dec 2021 11:40:14 UTC Mon, 20th Dec 2021 14:13:15 UTC Mon, 20th Dec 2021 19:01:47 UTC

Penelope Daly - Signer (b57f96aebaf6714bbc31e1054aae808e) Sailesh Mehta - Signer (67438d606b6b13582c117f9a03cfefad) Sheila McClenaghan - Signer (fcadf13d0d7ca400d0a5c7faf4b85aaf)

Audit history log

Date

Action

Mon, 20th Dec 2021 19:01:47 UTC Mon, 20th Dec 2021 19:01:47 UTC Mon, 20th Dec 2021 19:00:16 UTC Mon, 20th Dec 2021 18:58:33 UTC Mon, 20th Dec 2021 18:57:44 UTC Mon, 20th Dec 2021 18:56:42 UTC Mon, 20th Dec 2021 14:14:06 UTC Mon, 20th Dec 2021 14:14:06 UTC Mon, 20th Dec 2021 14:13:15 UTC Mon, 20th Dec 2021 14:13:15 UTC

Mon, 20th Dec 2021 14:13:15 UTC Mon, 20th Dec 2021 14:12:50 UTC Mon, 20th Dec 2021 14:12:44 UTC Mon, 20th Dec 2021 11:49:28 UTC Mon, 20th Dec 2021 11:40:15 UTC Mon, 20th Dec 2021 11:40:14 UTC

Mon, 20th Dec 2021 11:40:14 UTC

The envelope has been signed by all parties. (77.97.37.61) Sheila McClenaghan signed the envelope. (77.97.37.61) Sheila McClenaghan viewed the envelope. (77.97.37.61) Sheila McClenaghan viewed the envelope. (77.97.37.61) Sheila McClenaghan opened the document email. (77.97.37.61) Sheila McClenaghan opened the document email. (77.97.37.61) Sailesh Mehta opened the document email. (217.207.100.70) Sailesh Mehta opened the document email. (217.207.100.70) Document emailed to sheila@tallstories.org.uk (52.56.155.60) Sent the envelope to Sheila McClenaghan (sheila@tallstories.org.uk) for signing. (217.207.100.70)

Sailesh Mehta signed the envelope. (217.207.100.70) Sailesh Mehta viewed the envelope. (217.207.100.70) Sailesh Mehta viewed the envelope. (139.28.121.76) Penelope Daly opened the document email. (109.157.38.208) Document emailed to smehta@hwfisher.co.uk (13.40.88.23) Sent the envelope to Sailesh Mehta (smehta@hwfisher.co.uk) for signing. (109.157.38.208)

Penelope Daly signed the envelope. (109.157.38.208)

Mon, 20th Dec 2021 11:38:11 UTC Mon, 20th Dec 2021 11:38:01 UTC Mon, 20th Dec 2021 11:28:18 UTC Mon, 20th Dec 2021 11:28:18 UTC

Mon, 20th Dec 2021 11:26:04 UTC Mon, 20th Dec 2021 11:26:04 UTC Mon, 20th Dec 2021 11:26:04 UTC Mon, 20th Dec 2021 11:24:16 UTC

Mon, 20th Dec 2021 11:24:11 UTC

Mon, 20th Dec 2021 11:24:07 UTC Mon, 20th Dec 2021 11:22:54 UTC

Penelope Daly viewed the envelope. (109.157.38.208) Penelope Daly opened the document email. (109.157.38.208) Document emailed to penny@dalyenterprise.org (13.40.75.79) Sent the envelope to Penelope Daly (penny@dalyenterprise.org) for

signing. (217.207.100.70) Sheila McClenaghan has been assigned to this envelope (217.207.100.70) Sailesh Mehta has been assigned to this envelope (217.207.100.70) Penelope Daly has been assigned to this envelope (217.207.100.70) Document generated with fingerprint e437be8a7ddcb920af37dde9969594d5 (217.207.100.70)

Document generated with fingerprint 4f55b871ccd7c4e38ee3cad36609a126 (217.207.100.70) Document generated with fingerprint 5a5620ec026b65c143a092d8323162c7 (217.207.100.70) Envelope generated by Kim Liu (217.207.100.70)