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← Thinktank Theatre (Streatham Space Project)

2024-03-31-accounts

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Thinktank Theatre (Streatham Space Project)

Charitable Incorporated Organisation (CIO)

CONTENTS Page
Reference and Administrative Details 1
Trustees’ Report (including Chair’s 2-8
Report)
Independent Examiner’s Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Accounts 12-16
Statement of Income & Expenditure 17-18

Page 1

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Reference and administrative information for the year ended 31 March 2024

Registered Charity Number 1172475
Registered Office Unit 4
142-170 Streatham Hill
London SW2 4RU
Trustees Trustees in office from 1 April 2023 to the date of this report are as
follows:
Brian Harris (Chair)
Kate Anderson
Edua Effiom (from 1 July 2024)
Jennifer Grainger
Jayson Harris
Lucy Knight (resigned 27 November 2023)
Karen Di Lorenzo
David Money
Kane Moore (resigned 1 June 2024)
Yassine Senghor
Independent Examiner Bridget Kalloushi
ACIE
6 Linden Road
London N10 3DH
Bank NatWest
Norbury Branch
1393 London Road
London SW16 4AL
HSBC
Peckham Branch
Rye Lane
London SE15 5ET

ThinkTank Theatre (Streatham Space Project)

Charitable Incorporated Organisation (CIO)

CHAIR’S THANKS

In this document we report on a year in which we continued to recover from the closures forced upon us by COVID pandemic, but found ourselves still some way from returning to a new normal. Artists are still struggling and new work is hard to find, audiences have still not returned to previous levels and increasing costs have impacted on all aspects of our operation. Despite this we are reporting on a successful, exciting and adventurous year to March 31 2024, with new approaches to programme development. My sincere thanks go to all the staff members lead with great skill by the Creative Director and Executive Director, particularly our new Creative Director Natasha Brown who joined us in the year. Thanks also go to my fellow directors who continue to offer their expertise, knowledge and energies, on a voluntary basis, to support and develop our operation

We are most grateful to all those that supported us during the financial year; organisations, funders, trusts and foundations and individual donors. Our audiences and users/hirers who are critical to our success and we greatly appreciate their continuing support and engagement.

Since the end of the 2023/24 financial year, the organisation has faced serious financial challenges and we have had to significantly scale back our operations while we stabilise our finances. We remain committed to providing a welcoming arts venue for people in Streatham and the surrounding area, and are working to establish a sustainable business model for the future.

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Brian Harris Chair

2

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Report of the Trustees

OBJECTS AND ACTIVITIES

The objects of the CIO are:

To promote, maintain, improve and advance education in and appreciation of the arts in all forms among the people of Streatham and the surrounding area.

  1. To promote for the benefit of the inhabitants of Streatham and the surrounding area the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life of the said inhabitants.

Nothing in this constitution shall authorise an application of the property of the CIO for purposes which are not charitable.

The three main activities of the charity during this year continued to be to:

  1. Celebrate our community and their stories through creative events

  2. We provided a varied and affordable performance programme across theatre, music, spoken word, visual arts and comedy that allowed cultural exchange and brought our community together.

2. Empower young people through access to creative opportunities

3. To be a springboard and laboratory for emerging creatives to take risks –

3

Page 4

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Report of the Trustees (cont’d)

PUBLIC BENEFIT

Streatham Space Project is a theatre and multi-arts centre rooted in its neighbourhood in south London. The high-quality and affordable cultural and creative programme we offered during 2023/24 brought people together and reflected the vibrant cultural diversity, identity and experiences of the people and communities in our neighbourhood. We wholeheartedly believe in the importance and power of the arts in people’s lives. Our events aimed to promote community cohesion, connect people, and inspire joy.

We incubated local creative talent to support and platform the next generation of south London artists contributing to the wider arts ecology and the UK as a creative community. Small scale, grassroots venues, like us, are perfectly positioned to engage and support people in their lives or careers and our direct connection to the local creatives that come through our spaces gives us a unique insight into their needs.

We programmed to engage our local audiences from a range of cultural backgrounds, with 40% living within 3 miles. These include price-conscious families, young adults passionate about spoken word and new music, south London theatre and comedy enthusiasts looking for quality provision, and people from a wide range of cultural backgrounds looking for content that is made by and for them.

ACHIEVEMENT AND PERFORMANCE

In 23/24 we supported 984 artists, hosted 9,396 audiences and 916 audiences accessed our free events. Selected highlights around different strands of our mission are outlined below:

Page 5

ThinkTank Theatre (Streatham Space Project)

Charitable Incorporated Organisation (CIO)

Report of the Trustees (cont’d)

In all these the trustees have paid due attention to the guidance of the Charity Commission in ensuring that all of these activities are undertaken for the public benefit and/or preparing the charity for undertaking its primary activities all of which are for the public benefit.

FUNDRAISING ACTIVITIES

In this year we were fortunate to continue attract significant grants from both public bodies and from trusts and foundations. The key grants were:

FINANCIAL REVIEW

Results for the year

The financial model for ThinkTank Theatre is to achieve at least a break-even position on activities or programme that is undertaken. Any surplus income from ticket sales, hires or activities will be used to build up reserves in line with the reserves policy, and to further the charity’s aims and objectives.

The rising costs of all goods and services has continued to impact on our operation and on our communities, lowering their disposable income. Audience behaviour is unpredictable, and attendance remains lower than it was pre-COVID resulting in lower audience numbers than we predicted.

Page 6

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Report of the Trustees (cont’d)

In the year 2023-24 income was £276,363 of which £235,439 was unrestricted and £40,924 restricted. In comparison in the year 2022-23 income was £313,767 of which £194,662 was unrestricted and £119,105 restricted

Expenditure in 2023-24 was £336,291 of which £223,599 was unrestricted and £112,692 restricted. In comparison, in the year 2022-23 expenditure was £309,485 of which £262,148 was unrestricted and £47,337 restricted.

The detailed figures are included in the financial statements. At the year ended 31 March 2024 the charity held general funds of £18,749 (31/3/2023: £6,909) and £0 in restricted funds (31/3/2023 (£71,768). Total funds held at the 31[st] March 2023 were £18,749. (31/3/2023: £78,677).

Reserves policy

The CIO has set the intention to work towards building a reserves equivalent to 3 months operations.

This would amount to £55k, to include:

a) One month’s salaries

Our reserves position at 31 March 2024 was general fund £18,749 (2023 £6,909) restricted funds £0, (2023: £71,768), total funds held £18,749 (2023: £78,677). This was below our targeted reserves position.

Post balance sheet event

At the end of the financial year, our projected income and expenditure for 2024/25 was targeted to generate a breakeven outturn for the year. However, during the course of the first quarter of 2024/25 we were unsuccessful in a series of grant applications, and income from our trading activities was below targets. This meant that in July 2024 we had to take the painful decision to reduce our staffing team and scale back our programme of activities to ensure we could remain financially viable. From October 2024 we have been operating a limited programme of community activities while continuing to provide lettings to locals and other users with a part-time staffing team.

Going Concern

In July 2024 the Trustees reviewed projected income and available net reserves. Our assessment was that there was a risk that future income would not be sufficient to cover planned expenditure. Trustees therefore decided to pause the planned programme of activities to focus on income generation and cost restructuring, including redundancies among the permanent staff team. Trustees are currently seeking to establish a viable business model to allow the organisation to return to full operations in the future.

Trustees have discussed the position with the independent examiner; their opinion is that, based on the information available to them at the point of signing of this document, Thinktank theatre has the capacity to return to a trading surplus. The cost cutting decisions taken in July 2024 mean that it remains solvent.

Page 7

ThinkTank Theatre (Streatham Space Project)

Charitable Incorporated Organisation (CIO)

Report of the Trustees (cont’d)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity was established in 2017 and is controlled by its governing document, a constitution.

Charity constitution

Streatham Space Project is constituted as a Charitable Incorporated Organisation (CIO).

Recruitment and appointment of new trustees

The charity is governed by its board of trustees who are appointed under the terms of the constitution. The Board must consist of at least five but no more than fifteen trustees.

New trustees are proposed by serving trustees and elected with a majority vote by the existing trustees. Proposed trustees are invited to meet with the chair, Creative Director and Executive Director and to observe a quarterly meeting. If, after this, potential trustees wish to serve on the board, the existing trustees will then decide whether or not to invite them to become a trustee. The trustees are also the members of the CIO.

When considering appointing new trustees, the Board has regard both to the charity’s need for any specialist skills and to the diversity of the Board’s membership.

Induction and training of new trustees

Newly appointed trustees undergo an induction process including briefing them on their responsibilities as trustees, decision-making processes, the charity’s governing document, the strategic plan and recent financial performance, and the latest set of the accounts of the charity.

Organisational structure

The board of trustees meets at least four times a year. During these meetings, all matters regarding the management and the furtherance of the organisation's charitable aims and objectives are discussed and decided upon. A Finance and General Purposes Sub Committee has also been established.

Decision making

Decisions are reached by consensus or, when necessary, by majority vote among the (at minimum) two voting members attending.

Risk management

The trustees have a duty to identify and review the risks to which the organisation is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees’ risk management strategy comprises of a comprehensive budgeting and planning system with an annual budget; regular meeting of the Finance Subcommittee; monthly review of the management accounts vs budget.

Page 8

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Report of the Trustees (cont’d)

The Trustees have identified and reviewed the major risks to which the charity is exposed on a regular basis. Particular risks that are being regularly monitored include:

Mitigations Include:

The Trustees feel that this approach allowed them time to identify the future financial risks and to reduce activity and financial commitments accordingly; the financial position remains fragile, and the Trustees are working closely with the interim management team to monitor and manage the position.

The financial statements comply with current statutory requirements, the charity's trust deed and the statement of Recommended Practice - Accounting and Reporting by charities: SORP applicable to charities preparing their accounts in accordance with FRS 02.

Independent Examiner

A resolution proposing that Bridget Kalloushi ACIE be appointed as independent examiner of the charity has been put to the members and approved.

The report was approved by the board on 3 February 2025 and was signed on its behalf by:

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……………………….. ………………………..

Brian Harris Karen Di Lorenzo Chair of Trustees Trustee

Page 9

ThinkTank Theatre (Streatham Space Project)

Charitable Incorporated Organisation (CIO)

Report of the Independent

Examiner

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Page 10

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Statement of Financial Activities - Analysis of Income

Notes
Income and Endowment from
Donations Grants
2a
Charitable Activities
2b
Fundraising activities
2c
Other incoming resources
2d
Total incoming resources
Expenditure on
Fundraising activities
Charitable activities
3
Total resources expended
Net Income/Expenditure
Before transfer
From designated fund
Net movement in funds
Reconciliation of funds
Total funds brought forward at 31 March 2023
Total funds carried forward at 31 March 2024		 General Fund
Designated
Fund
Restricted
Fund
2024 Total
£
£
£
£
58,066
40,924
98,990
158,431
158,431
17,843
17,843
1,099
1,099
235,439
0
40,924
276,363
0
0
223,599
112,692
336,291
223,599
0
112,692
336,291
11,840
0
(71,768)
(59,928)
11,840
0
(71,768)
(59,928)
6,909
0
71,768
78,677
18,749
0
0
18,749
1 April 2023 - 31 March 2024		 General Fund
Designated
Fund
Restricted
Fund
2023 Total
£
£
£
£
21,032
119,105
140,137
151,393
151,393
17,117
17,117
5,120
5,120
1 April 2022 - 31 March 2023
194,662
0
119,105
313,767
262,148
47,337
309,485
262,148
0
47,337
309,485
(67,486)
0
71,768
4,282
(67,486)
0
71,768
4,282
74,395
74,395
6,909
0
71,768
78,677

Page 11

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Balance Sheet
Notes
Fixed Assets
Tangible Assets
7
Current Assets
Stocks
Debtors
10
Cash at bank and on deposit
Current Liabilities
Amounts falling due within one year
11
Net current assets
Net assets
Funds
General Funds
Designated Fund
Restricted Funds
Total Funds
12		 2024
£
425
425
0
19,174
53,448
72,622
(54,298)
18,324
18,749
18,749
0
0
18,749		 2023
£
425
425
0
77,393
64,098
141,491
(63,239)
78,252
78,677
6,909
0
71,768
78,677

The notes on pages 12-16 form part of these accounts

The accounts were approved by the Board of Trustees on 3 February 2025 and signed on its behalf by:

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Brian Harris, Chair of Trustees

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Karen Di Lorenzo, Trustee

Page 12

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Notes to the Accounts

1 Accounting Policies

a) Basis of preparing the 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 (FRS102) (effective 1[st] January 2029) Charities SORP 102).

b) Cash Flow Statement

As a small charity, the charity is not required to prepare a cash flow statement under the exemption under SORP (FRS 102) for Charities with an income of less than £500,000.

c) Tangible assets

Individual fixed assets costing £1,000 or more are capitalised at cost. Depreciation is provided at rates calculated to write off the cost of each asset over its expected life as follows:

d) Incoming Resources

All incoming resources are included in the Statement of Financial Activities when:

e) Expenditure

As a non-company Charity expenditure is recognised on the accruals basis under SORP (FRS 102). All costs which can be directly attributable to charitable activities are allocated thereto. It is not considered that any purposes would be served in apportioning support costs to particular charitable activities as to do so would be arbitrary and could be misleading.

f) Fund accounting

Funds held by the Charity are either:

Page 13

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Notes to the Accounts (cont’d)

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

g) Taxation

The Charity is entitled to claim Theatre Tax relief. As a registered charity (1172475) it is exempt from taxation on investment income applied for charitable purposes and form taxation on capital gains. The Charity is standard rated for VAT. The VAT number is 284677355.

h) 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.

i) Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result from 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 value after allowing for any trade discount due.

j ) Financial instruments

The Charity has only financial assets and 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.

k) Significant accounting estimates and judgements

The Charity’s estimates and assumptions and based on historical experience and expectation of future events are reviewed annually. Further information about key assumptions concerning the future, and other key sources of uncertainty, are set out in the notes.

l) Pensions

The company contributes to a defined benefit contribution scheme for the benefit of its employees. Contributions payable are recognised as expenditure when due.

j) Reserves policy.

In setting the level of reserves the Trustees have considered the costs to which the Charity is committed on a continuing basis and the length of that commitment.

Page 14

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

Notes to the accounts for the year ended 31 March 2024

2 Statement of Financial Activities - Analysis of Income

aGrants and Donations
Grants for core activities - Public Bodies
Other donations/memberships
b Incoming resources from charitable activities
Charitable activities
c Other trading activities
d Other incoming resources
Sundry income
Total incoming resources		 Unrestricted
Funds
Restricted
Funds
Total 2024
40,924
40,924
58,066
58,066
58,066
40,924
98,990
158,431
158,431
158,431
0
158,431
17,843
17,843
1,099
1,099
235,439
40,924
276,363
1 April 2023-31 March 2024		 Unrestricted
Funds
Restricted
Funds
Total 2023
0
119,105
119,105
21,032
0
21,032
21,032
119,105
140,137
151,393
0
151,393
151,393
0
151,393
17,117
0
17,117
5,120
0
5,120
194,662
119,105
313,767
1 April 2022-31 March 2023		 Unrestricted
Funds
Restricted
Funds
Total 2023
0
119,105
119,105
21,032
0
21,032
21,032
119,105
140,137
151,393
0
151,393
151,393
0
151,393
17,117
0
17,117
5,120
0
5,120
194,662
119,105
313,767
1 April 2022-31 March 2023
140,137
151,393
151,393
17,117
5,120
313,767

3 Statement of Financial Activities - Analysis of Expenditure

Expenditure on charitable activities comprised:
Production Costs
Premises
Office Costs
Fundraising costs
Marketing costs
Staff costs
Independent examiners fees
Bank charges
Depreciation		 Unrestricted
Funds
Restricted
Funds
Total 2024
34,767
63,997
98,764
62,399
62,399
6,543
6,543
0
0
7,366
11,198
18,564
110,478
37,497
147,975
1,500
1,500
546
546
0
0
223,599
112,692
336,290
1 April 2023-31 March 2024		 Unrestricted
Funds
Restricted
Funds
Total 2023
61,480
18,463
79,943
43,114
6,955
50,069
7,101
0
7,101
1,757
0
1,757
10,072
4,400
14,472
133,460
17,519
150,979
2,750
0
2,750
567
0
567
1,847
0
1,847
262,148
47,337
309,485
1 April 2022-31 March 2023

Page 15

ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)

4 Staff costs and numbers
Salaries
Social Security
Pension
Other costs		 2024
2024
144,966
133,470
6,261
11,426
2,508
2,670
262
3,413
153,997
150,979

The average number of full time employees during the year was 6 (2023:6)

No members of staff had emoluments in excess of £60,000 for the year (2023:0)

5 Trustees remuneration and expenses

None of the Trustees were employed during the year (2023:0) and none received expenses (2023:0)

6 Key Management Personnel

The key management personnel of the charity are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any trustee of the entity. The total employee benefits including employer pension contributions of the key management personnel amounted to £ 61,849 (2023: £63,048)

7 Fixed assets
Cost
As at 31 March 2023
Additions
At 31st March 2024
Depreciation
As at 1 April 2023
Charge during the year
Net book value as at 31 March 2024
Net book value as at 31 March 2023		 Theatre
Fixtures and
Fittings
£
8,374
0
8,374
7,949
0
7,949
425
425		 Office
Equipment
2024 Total
£
£
2,567
10,941
0
0
2,567
10,941
0
7,949
0
0
0
7,949
2,567
2,992
0
425

8 Fund Balances

a General Fund - £37,820

The surplus accumulated is in line with the Charity's policy on reserves and is retained in order to continue the development of the Charity's work (see Trustees' report).

b Restricted Fund - £0

b Restricted Fund - £0
National Lottery Project Grants
- Come Through Festival
- Development Grant		 Brought
Forward
resources
£
49,268		 Incoming
Resources
£
29,924		 Outgoing
Resources
£
(29,924)
(49,268)		 2024 Carried
Forward
£
0
0
Garfield Weston Foundation 7,500 (7,500) 0
The Foyle Foundation
In Streatham Community Events Fund
Lambeth Council Community Days		 15,000
71,768		 1,000
10,000
40,924		 (15,000)
(1,000)
(10,000)
(112,692)		 0
0
0
0

Page 16

ThinkTank Theatre (Streatham Space Project)

Charitable Incorporated Organisation (CIO)

9 Grants/Donations/memberships incoming resources

Grants

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||| |---|---| |Arts Council England, National Lottery Project Grants|29,924| |Backstage Trust|10,000| |Garfield Weston|3,750| |Postcode Lottery|25,000| |InStreatham Community Events|1,000| |Lochlands Trust|7,500| |Front Line Lambeth|250| |Lambeth Council|10,000| |87,424| |Donations/Memberships|11,566| |98,990|

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||||| |---|---|---|---| |10|Debtors|2024|2023| |£|£| |Trade debtors|7,064|30,262| |Prepayments|1,204|2,293| |Grants Due|0|27,721| |Other debtors|10,907|17,117| |19,174|77,393| |11|Creditors|2024|2023| |£|£| |Trade creditors|14,189|7,555| |VAT|2,136|8,574| |Social Security and other taxes|4,387|5,293| |Other creditors|1,256|764| |Accruals and deferred income|32,330|41,053| |54,298|63,239|

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|||||| |---|---|---|---|---| |Restricted|Unrestricted| |2024 total|2023 total| |12|Analysis of net assets between funds|Funds|funds| |£|£|£|£| |Fixed Assets|0|425|425|425| |Current assets|0|72,622|72,622|141,491| |Current liabilities|0|(54,298)|(54,298)|(63,239)| |Total Fund Balances at 31/03/2024|0|18,749|18,749|78,677| |Total Fund Balances at 31/03/2023|71,768|6,909|78,677|78,677|

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