Docusign Envelope ID: F095DA85-7882-4C10-A891-EFA8FD992552
Company number 04048571 Charity number 1149372
Dreamthinkspeak
(Limited by Guarantee)
Report and Financial Statements
for the year ended 31 March 2024
Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH
Docusign Envelope ID: F095DA85-7882-4C10-A891-EFA8FD992552
Dreamthinkspeak
(Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities (including Income and Expenditure Account) | 8 - 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 - 21 |
Docusign Envelope ID: F095DA85-7882-4C10-A891-EFA8FD992552
Dreamthinkspeak
(Limited by Guarantee)
Reference and Administrative Details
Constitution
The charitable company is a private company limited by guarantee registered in EW - England and Wales, company number 04048571 incorporated under the Companies Act and its governing document is the Memorandum and Articles of Association. The Company is a registered charity, number 1149372.
Directors and trustees
The directors of the charitable company ("the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.
Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings.
The trustees throughout the year and since the year end, were :
Tristan Sharps Simon Bruce (Chair) Christopher Geoffrey Wilson Judith Hibberd Charlene Salter resigned 4 April 2023
Chief executive/day to day management
Tristan Sharps
Independent Examiners
Breckman & Company Ltd, Chartered Certified Accountants, 49 South Molton Street, London W1K 5LH.
Bankers
NatWest, 42 London Road, Brighton, East Sussex BN1 4LL.
Solicitors
Lawson Lewis Blakers, 11 Hyde Gardens, Eastbourne, East Sussex BN21 4PP.
Registered office and operation address
Flat 2, 79 Rose Hill Terrace, Brighton, East Sussex, BN1 4JL.
Name
"DTS" is the name used by dreamthinkspeak.
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Dreamthinkspeak
(Limited by Guarantee)
Trustees' Report
The trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2024 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
The reference and administrative details set out on page 1 forms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association 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).
Objectives and activities
The promotion of the arts for the public benefit in particular, but not exclusively, the art of drama in such parts of the United Kingdom or the world the Trustees see fit.
In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’.
dreamthinkspeak was founded in Brighton in 1999 by artistic director Tristan Sharps, a nationally and internationally respected exponent of site-responsive performance in non-theatre settings.
The work interweaves live performance with a wide range of media and new technologies to create mesmerizing journeys through a variety of sites that are visually layered, challenging and popular with audiences wherever they are performed.
The company is committed to developing these pioneering and ambitious creations by engaging with diverse collaborators from a wide range of backgrounds and locations, delivering this work across an evolving network of local, national and international platforms, expanding the breadth and number of audiences and participants upon whom the work has such a transformative impact.
In creating work, dreamthinkspeak is committed to developing arts opportunities for people and places with the least engagement. Our work offers wide-ranging employment, participation and work experience opportunities for professionals, students, and volunteers.
In production periods, skilled personnel are broken down into separate departments, each with an experienced head and team of professionals. These departments include performance, audience management, carpentry, metal work, model-making, scenic art, fabrics, graphics, stage management, lighting, sound and video. Within each department, there are a variety of opportunities for volunteer involvement. Entry levels for participants into each department are flexible, allowing the more skilled to be given complex tasks, while the less confident can learn new skills and be given achievable tasks that genuinely help the production and boost their confidence.
Our large-scale projects require significant lead-in time for dreaming, planning and delivery. Significant time spent on these three phases guarantees the quality of the work. Our productions do not tour in a conventional sense. It is not about the number of places reached, but numbers of participants and audiences reached, the number of people employed and the richness of this engagement for all involved.
Over the past 10 years the company has been increasingly experimenting with and interrogating a range of New Technologies. This interrogation often takes the form of a critical dialogue with technology, exploring how it both connects and disconnects us from both ourselves and each other.
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Dreamthinkspeak
(Limited by Guarantee)
Trustees' Report
Collaboration and resource-sharing now underpins all our partnerships and creative output. The impact of working with learning disabled artists over the past 5 years, coupled with experimentation in new technologies, will inform our programme over the next 3-5 year period.
We are currently based in Brighton & Hove but are currently scoping sites for a new base to in the Adur area and Newhaven areas, increasing our activites across the SE coast and investing in local communities across the next 3 – 5-year period as well as delivering nationally and internationally.
Transition Funding
This was our first year outside of the NPO system. During the period of DTS being an NPO, we found amount of funding we received was challenging for us considering the artistic ambition and scale of our productions and the onus to regularly produce new work, even when the conditions to deliver were not conducive. Our projects require sufficient lead-in time for development, planning and delivery and time spent on these three phases re-enforces the quality of the work. Outside of the NPO system, we can produce new work when there is the need and the optimum conditions, leading to fewer pieces that are better resourced and higher in quality.
In the 2023/24 period, ACE awarded dreamthinkspeak £88,295 in Transition Funds to help pave the way towards a new leaner and more sustainable core model. In particular, this funding has allowed us the space and time to explore new work in the digital realm and develop international opportunities for future projects.
Achievements in 2023/24
After a busy period of project delivery across 2021 – 2023, the period 2023/24 was earmarked to continue our period of research and development, supported by our Transition Funding.
Three projects have been developed over this period. Projects 1 and 2 are collaborations which have both a national and international focus, whilst project 3 is a UK collaboration with Brighton-based Carousel. All three projects will be ready for production in 2024/25, 2025/26, 2026/27.
Project 1 will be a major new project for us. It will explore new accessible ways of creating, presenting and viewing live performance and digital content. It builds on our Unreal City project, extending our current collaboration with talented Learning-Disabled artists and projecting this onto a national and international stage. The technology and the collaborations are ambitious and have profited from significant development time over the past 12.
Project 2 is less digitally focused and more analogue in design. It will be a live performance installation piece, created using only recycled materials. This is a collaboration with an internationally renowned artist, and we are exploring an international premier, with a view to re-creating the project in the UK in future.
Project 3, Postcards from our Seaside Town, a collaboration with Carousel, has continued its’ development through an ongoing series of workshops along the South Coast. The project will continue to develop over the 2024/25 period, with a view to presentation in 2025/26.
Development and Plans for Future Periods
The projects in current development will be ready for presentation in the next 3-year period and have benefited from more extensive research and development time. Alongside creative R&D, we have been cultivating partners in the UK and beyond to host these ambitious productions and discussing with Arts Council England potential funding models for the work.
We have also been recently successful in a bid for funding from Innovate UK for more in-depth R&D on Project 1 (as yet untitled), allowing us to further push the nascent technology we are developing with our partners into new territory. The scope of the award includes significant support from Innovate UK networks to further exploit and maximise the project’s potential.
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Dreamthinkspeak
(Limited by Guarantee)
Trustees' Report
Announcements will be made as all projects comes into final production.
We are also reigniting our board development plans to better reflect the work we are creating and the people we are collaborating with. We anticipate two new board members in the 2024/25 period, developing the diversity and technological expertise of our board.
Environmental Sustainability
At core our carbon footprint continues to remain negligible. We have recently reduced this further by vacating our large warehouse space in the North-West of England. Previously, we used the warehouse to store a wide range of equipment and materials that could be recycled for use across all of our creative output. On balance, with more emphasis on Research & Development, coupled with longer gestation times between new productions, the vacating of our warehouse will decrease our overall carbon footprint.
Our core structures are negligible and sustainable. We have one full-time staff member and one parttime staff member, with minimal requirements for core organizational resources, including office-space and power. Key administrative and filing systems are electronically accessible.
Our carbon footprint grows during project delivery and our Environmental Policies are geared towards minimizing our footprint during these periods. We have always been mindful of consumption and waste in the planning and management of our creative output. We have an integrated recycling policy that minimises waste during the fit-up, performance and de-rig of our large-scale productions. We have implemented a system for measuring more fully our impact so we can further improve our environmental performance and reduce our footprint.
As pivot more towards blending live performance with digital technology, we are working with Innovate UK Immersive Tech Network to explore new and effective ways of measuring and reducing our impact in this area.
Financial Review
Our reserves balance at 31 March 2024 is £219,978.
Reserves Policy
The company relies on project funding from grant-aiding bodies supplemented by its generation of income from performances, commissions, fundraising and donations. The policy is to maintain a level of free reserves that would sustain its operation over a three-month period. At 1 April 2024 this is budgeted to be £26,500.
Restricted Funds and Designated Funds
The company does not currently have any Restricted Funds.
Our Designated Reserves are: £193,298 to support further project activity planned from 2024 – 2027.
Risk Management
Financial controls are in place at operational and board level. Budgets are set and approved by the board who also receive quarterly management accounts. Our financial manager, an experienced accountant and bookkeeper, manages ongoing accounts.
Our independent examiners are Breckman & Company Ltd, the recognised leading chartered certified accountancy firm in the specialised field of accountancy for theatrical organisations of all types and sizes.
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Docusign Envelope ID: F095DA85-7882-4C10-A891-EFA8FD992552
Dreamthinkspeak
(Limited by Guarantee)
Trustees' Report
We have full Employers Liability insurance. Core company costs are carefully managed, and project costs are always shared with commissioning partners to mitigate potential financial risks.
Our core structures are minimal and appropriately costed. This allows us to maximize finance for our artistic output: In production years our core costs usually represent 10-15% of total turnover.
As a charity we get 80% business rate relief, which makes our occupation of disused sites more attractive to property owners and relieves us of potentially large rental fees.
Box office income can be significant for our large-scale output, which often attracts large audience numbers. This impacts positively on the commissioning fees for our work, allowing us to maintain and develop the ambition of our programme.
As a streamlined core with resources geared towards our creative activities, financial risk increases in periods of project delivery and requires management specific to each project.
Our work operates at very high levels of artistic and technical skill yet remains tightly budgeted relative to scale. We have considerable experience of creating these projects and drawing together a large and appropriately skilled workforce to build bespoke installations to a high specification.
Our core reserves policy is to maintain as minimum a level that would sustain our operation over a 3- month period, approximately £26,500. This figure reflects the relatively low risk of our streamlined core structures. We have built-up financial reserves to develop our major projects in the 2024 - 2027 period.
Structure, governance and management
dreamthinkspeak is a charitable company and Limited by Guarantee, governed by its Memorandum and Articles of Association dated 7 August 2000, amended on 27 September 2012. It is registered as a charity with the Charity Commission.
The charity’s Board meets on a quarterly basis to review the previous quarter and to make decisions on future matters. All key decisions on company matters are made by the Trustees and remuneration of key personnel is set at board level.
The company has a streamlined and sustainable board structure and management core, which comprises Artistic Director and Financial Manager, with project-based production support. This allows us to keep core costs to a minimum and dedicate maximum revenue towards the creative output that fulfills our core objectives of creating artistic productions for the public benefit.
This rationalised and sustainable structure ensures greater operational efficiency and flexibility, clearer lines of communication and greater value for money, maximising revenue for our output.
Related Parties
None of our trustees receive remuneration or other benefit for their role of trustee. Any connection between a trustee with a co-producer, contracted actor or other worker must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party.
The Artistic Director is a Trustee of the charity, and for his work as Artistic Director of DTS he received a salary of £51,250 in 2023/24.
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Dreamthinkspeak
(Limited by Guarantee)
Trustees' Report
Small company exemptions
This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.
This report was approved by the Board of Trustees on 29 November and signed on its behalf by
Simon Bruce Trustee
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Independent Examiner's Report to the Trustees of Dreamthinkspeak
I report on the accounts of the charity for the year ended 31 March 2024, which are set out on pages 8 to 21.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:
ꞏ examine the accounts under section 145 of the 2011 Act;
ꞏ follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and
ꞏ state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
- which gives me reasonable cause to believe that in, any material respect, the requirements: ꞏ to keep accounting records in accordance with section 386 of the Companies Act 2006; and
ꞏ to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Richard Nelson FCCA Breckman & Company Ltd Chartered Certified Accountants
49 South Molton Street London W1K 5LH
29 November 2024
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Dreamthinkspeak
(Limited by Guarantee)
Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 March 2024
| Unrestricted Restricted funds funds Notes £ £ Income and endowments from: 2 Donations and legacies - page 9 409 Charitable activities: Theatre - page 9 1,761 88,295 Investments 4,488 - Other - page 9 3 5,377 - Total 12,035 88,295 Expenditure on: Charitable activities: Theatre - page 10 69,433 88,295 Total 69,433 88,295 Net income / (expenditure): 4 ) (57,398 - Reconciliation of funds: Total funds brought forward 277,196 - Total funds carried forward 13 219,798 - |
2024 Unrestricted Restricted Total funds funds £ £ £ 409 155,154 90,056 75,152 164,000 4,488 600 - 5,377 86,594 - 100,330 317,500 164,000 157,728 326,846 164,000 157,728 326,846 164,000 ) (57,398 ) (9,346 - 277,196 286,542 - 219,798 277,196 - |
2023 Total £ 155,154 239,152 600 86,594 481,500 490,846 490,846 ) (9,346 286,542 277,196 |
|---|---|---|
The notes on pages 13 to 21 form an integral part of these financial statements.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
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Dreamthinkspeak
(Limited by Guarantee)
Year ended 31 March 2024
| Income from donations and legacies Grants Arts Council England - NPO Donations Memberships/donations Gift Aid tax reclaimed Income from charitable activities Theatre Theatre income Talks/workshop income Box office income Other income Project specific funding Grants Brighton Dome & Festival Arts Council England - Transition Fund Other Theatre Tax Relief (TTR) Sundry income |
2024 £ - - 132 277 409 1,667 - 94 1,761 - 88,295 88,295 - 5,377 5,377 |
2023 £ 153,704 |
|---|---|---|
| 153,704 1,148 302 |
||
| 155,154 | ||
| 208 69,944 5,000 |
||
| 75,152 | ||
| 164,000 - |
||
| 164,000 | ||
| 85,614 980 |
||
| 85,614 |
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Docusign Envelope ID: F095DA85-7882-4C10-A891-EFA8FD992552
Dreamthinkspeak
(Limited by Guarantee)
Year ended 31 March 2024
| Expenditure on charitable activities Theatre Production/project costs Salaries/fees Running costs Travel/freight Film costs Design/set/props Costumes Technical equipment Marketing Venue support services Get out/other costs Support costs - page 11 Governance costs - page 11 |
2024 £ 6,850 - 7 - - - - - - 158 7,015 145,713 5,000 157,728 |
2023 £ 254,071 9,460 11,439 4,349 15,332 3,687 48,502 7,272 32,249 4,707 |
|---|---|---|
| 391,068 96,278 3,500 |
||
| 490,846 |
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Docusign Envelope ID: F095DA85-7882-4C10-A891-EFA8FD992552
Dreamthinkspeak
(Limited by Guarantee)
Year ended 31 March 2024
| Support and governance costs Support costs Office overheads Rent/premises/storage costs Light/heat Insurance Repairs/maintenance Depreciation of computer equipment Administration costs Salaries/social security costs Fees Staff pension costs IT/phone communication Travel/transport Printing/postage/stationery Advertising Subscriptions Sundries Professional/financial Legal/professional Bookkeeping/consultancy Bank charges Governance costs Accountancy/consultancy |
2024 £ 33,844 228 2,579 33 652 57,379 11,561 1,301 2,095 7,624 424 8,115 226 - 13 19,500 139 5,000 |
£ 37,336 88,725 19,652 145,713 5,000 150,713 |
2023 £ 14,566 160 3,638 - 653 47,161 4,730 1,163 1,663 1,391 353 - 1,013 132 13 19,500 142 3,500 |
£ 19,017 57,606 19,655 |
|---|---|---|---|---|
| 96,278 3,500 |
||||
| 99,778 |
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Dreamthinkspeak
(Limited by Guarantee)
Balance Sheet 31 March 2024
| 2024 | 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||||
| Fixed assets | |||||||||
| Tangible assets | 9 | 17 | 848 | ||||||
| Current assets | |||||||||
| Debtors | 10 | 23,392 | 132,929 | ||||||
| Cash at bank and in hand | 218,671 | 147,435 | |||||||
| 242,063 | 280,364 | ||||||||
| Liabilities | |||||||||
| Creditors: amounts falling | |||||||||
| due within one year | 11 | ) (22,282 |
) (4,016 |
||||||
| Net current assets | 219,781 | 276,348 | |||||||
| Total assets less current | |||||||||
| liabilities | 219,798 | 277,196 | |||||||
| The funds of the charity | |||||||||
| Unrestricted funds | 13 | ||||||||
| General fund | 26,500 | 31,300 | |||||||
| Designated funds | 193,298 | 245,896 | |||||||
| 219,798 | 277,196 |
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees on 29 November 2024 and signed on its behalf by
Simon Bruce (Chair) Tristan Sharps Trustee Trustee
The notes on pages 13 to 21 form an integral part of these financial statements.
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Dreamthinkspeak
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2024
1. Accounting policies
1.1. Basis of preparing the financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (issued October 2019) 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) - (Charities SORP (FRS 102)) and the Companies Act 2006.
The charity 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 note(s).
1.2. Going Concern
Previously the charity was dependent on the continued support of grant aiding bodies. Whilst this will continue to be an important source of future funding, we will diversify potential funding streams through developing our core work internationally and our digital-focused work through the commercial sector. The trustees believe that the charity will continue to receive this support and accordingly consider that it is appropriate to prepare the financial statements on the going concern basis.
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Dreamthinkspeak
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2024
1.3. Incoming resources
All incoming resources are included in the Statement of Financial Activities when:
-
the charity is legally entitled to the funds
-
any performance conditions attached to the income have been met or are fully within the control of the charity
-
there is sufficient certainty that receipt of the income is considered probable
-
the amount can be reliably measured
- Donations and legacies
Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows:
-
when donors specify that grants/donations given to the charity must be used in future accounting periods, the income is deferred until those periods
-
when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use are met.
- Charitable activities
Theatrical income - income from box office, performance fees and sundry other theatrical income is included in incoming resources in the period in which the relevant show takes place.
Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
- Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
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Dreamthinkspeak
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2024
1.4. Expenditure
All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:
-
there is a legal or constructive obligation to make a payment
-
it is probable that settlement will be required
-
the amount of the obligation can be measured reliably
- Costs of raising funds
Costs incurred in attracting donations, and those incurred in trading activities that raise funds.
- Charitable activities
Theatre production costs - costs incurred in production and running of productions toured in the year.
- Support costs
The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to theatre production costs.
- Governance costs
Costs associated with the constitutional and statutory requirements of the charity.
1.5. Fund accounting
Funds held by the charity are either:
-
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
-
Designated funds - these are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
-
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
1.6. Tangible fixed assets and depreciation
Individual fixed assets costing £250 or more are capitalised at cost.
Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
- Technical Equipment Straight line over 3 years - Computer Equipment Straight line over 3 years
1.7. Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
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Dreamthinkspeak
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2024
1.8. Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.10. Leasing
Rentals payable under operating leases are charged to the income and expenditure account on a straight line basis over the lease term.
1.11. Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value.
1.12. Significant Accounting Estimates and Judgements
In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually.
1.13. Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised as expenditure when due.
2. Incoming resources
The total incoming resources for the year have been derived from the principal activity undertaken wholly in the UK.
3. Other income
Other income includes a claim under the Theatre Tax Relief (TTR) scheme, which is available on qualifying pre-production expenditure and for sales of old equipment made in the year.
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Theatre Tax Relief | - | 85,614 |
| Sundry income | 5,377 | 980 |
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Dreamthinkspeak
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2024
| 4. | Net income/ (expenditure) for the year is | 2024 | 2023 |
|---|---|---|---|
| stated after charging: | £ | £ | |
| Depreciation of tangible fixed assets | 652 | 653 | |
| Indepedent examiner's remuneration | |||
| - independent examination | 3,000 | 2,750 | |
| - other services | 2,000 | 750 |
5. Trustees' emoluments and reimbursed expenses
Artistic Director Mr Tristan Sharps, who is a trustee of the charity, received the following during the year:
| Artistic Director's salary Pension |
2024 £ 51,250 1,301 52,551 |
2023 £ 45,000 1,163 |
|---|---|---|
| 46,163 |
The aggregated amount reimbursed to trustees during the year was £nil (2022 - £nil).
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(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2024
| 6. Staff costs and numbers Staff costs Salary costs Social security costs Pension costs |
2024 £ 51,250 5,817 1,301 58,368 |
2023 £ 45,000 1,145 1,163 |
|---|---|---|
| 47,308 |
No employee earned £60,000 or more during the year (2023 - £nil).
The key management personnel of the charity comprise the Trustees and the Senior Management Team. The total employee benefits of the key management personnel of the charity were £52,551 (2023 - £46,163).
Staff numbers
The average numbers of employees (including casual and part time staff) during the year was made up as follows:
| 2024 | 2023 | |||
|---|---|---|---|---|
| Number | Number | |||
| Support/production | 1 | 2 |
7. Pension costs
The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £1,301 (2023 - £1,163).
8. Corporation Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
18
Docusign Envelope ID: F095DA85-7882-4C10-A891-EFA8FD992552
Dreamthinkspeak
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2024
| 9. Fixed assets - tangible assets Technical Computer Equipment Equipment £ £ Cost 1 April 2023 6,016 4,350 Disposals ) (6,016 ) (2,976 31 March 2024 - 1,374 Depreciation 1 April 2023 6,016 3,502 Disposals ) (6,016 ) (2,797 Charge for year - 652 31 March 2024 - 1,357 Net book values 31 March 2024 - 17 31 March 2023 - 848 10. Debtors 2024 £ Trade debtors 5,625 Other debtors 5,671 Prepayments and accrued income 12,096 23,392 11. Creditors: amounts falling due 2024 within one year £ Trade creditors 6,648 Accruals 15,634 22,282 |
Total £ 10,366 ) (8,992 1,374 9,518 ) (8,813 652 1,357 17 848 2023 £ - 2,331 130,598 132,929 2023 £ - 4,016 4,016 |
|---|---|
19
Docusign Envelope ID: F095DA85-7882-4C10-A891-EFA8FD992552
Dreamthinkspeak
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2024
12. Limited by guarantee
The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 31 March 2024 there were 4 members.
| 13. | Unrestricted funds | Brought | Incoming | Outgoing | Transfers | Carried |
|---|---|---|---|---|---|---|
| forward | resources | resources | forward | |||
| £ | £ | £ | £ | £ | ||
| General fund | 31,300 | 12,035 | ) (69,433 |
52,598 | 26,500 | |
| Designated funds: | ||||||
| Project Fund | 245,896 | - | - | ) (52,598 |
193,298 | |
| 277,196 | 12,035 | ) (69,433 |
- | 219,798 |
Project Fund
The fund will be used for potential future unrestricted projects that the Trustees are currently researching for.
| 14. | Restricted funds | Brought | Incoming | Outgoing | Carried | ||
|---|---|---|---|---|---|---|---|
| forward | resources | resources | forward | ||||
| £ | £ | £ | £ | ||||
| Transition Fund | - | 88,295 | ) (88,295 |
- |
Transition Fund
The Transition Programme was to provide support for former National Portfolio Organisations to assist DTS to move towards a new operating and/or funding model.
20
Docusign Envelope ID: F095DA85-7882-4C10-A891-EFA8FD992552
Dreamthinkspeak
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 31 March 2024
15. Analysis of net assets between funds
| Analysis of net assets between funds | |
|---|---|
| General Designated funds funds £ £ Fund balances at 31 March 2024 are represented by: Tangible fixed assets 17 - Net current assets 26,483 193,298 26,500 193,298 |
Total £ 17 219,781 |
| 219,798 |
16. Financial commitments
At 31 March 2024 the company had total future commitments under non-cancellable operating leases as follows:
| Due: Within one year Between one and five years |
2024 £ 4,230 - 4,230 |
2023 £ 5,640 4,230 |
|---|---|---|
| 9,870 |
17. Related party transactions
There were no additional related party transactions in the year.
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