**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**|**2-4**|
|**Report)**||
|**Statement of Financial Activities**|**5**|
|**Balance Sheet**|**6**|
|**Notes to the Accounts**|**7-10**|
Page 1
## **ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)**
## **Reference and administrative information for the period ended 15 May 2026**
Registered Charity Number 1172475 Registered Office 16 Louvaine Road London SW11 2AQ Trustees Trustees in office from 1 April 2025 to the date of this report are as follows: Brian Harris (Chair) Kate Anderson Edua Effiom Jennifer Grainger Jayson Harris Karen Di Lorenzo David Money Yassine Senghor Bank NatWest Norbury Branch 1393 London Road London SW16 4AL
Page 2
## **ThinkTank Theatre (Streatham Space Project)**
## **Charitable Incorporated Organisation (CIO)**
## **CHAIR’S REPORT AND THANKS**
In our report of 2024/25 we reported on the decision of the Board to start the process to wind down the operation, with the intention of ceasing trading from April 2025. We relinquished the lease on the Streatham Space Project building from May 2025, and ceased activities from this point. Since then we have undertaken the remainder of the winding up processes, closing the trading company, cancelling contracts and services and collecting funds owed to the Charity by HMRC. These tasks have been led by Karen Di Lorenzo (Chair of Finance) and we are especially grateful for her efforts.
It is of course sad and disappointing, for all, that this is our final report and that we were not able to continue the valuable work of the charity and keep the building operating and the programmes in place. We were faced with the increasing costs of running the building and employing the staff, increasing difficulties in finding affordable exciting programme and most significantly increasing difficulties in attracting funding and other support from trusts and foundations, sponsors and the local authority.
As this is our final report its worth looking back at the very considerable cultural and community success of the project. Many sectors of the local communities were engaged in our programmes and used the building including schools, young people, the elderly and most of the diverse communities of this part of London. As a result of our programmes, performances, workshops and exhibitions, and especially our offer of space and resources , there are numbers of performers, theatre and dance companies, musicians and visual artists who have gone on to a very successful career.
Throughout our operation we have been fortunate in having a very strong board of trustees who have freely given of their time and expertise. I’m most grateful to them all, past and present. We have also benefitted from excellent paid staff and we are most grateful for all that they contributed to the project and wish them well in their on-going arts careers.
From the outset in 2017 our operating model was dependent on fundraising especially from trusts and foundations and until last year we had an outstanding track-record in attracting considerable sums from these sources. We are most grateful to all those that supported the operation and programme. Local business and individuals were key supporters and we thank them for their engagement over the 9 years. It is unfortunate that Lambeth Council were never able to offer continuing revenue funding; although their project funding and use of the building was helpful it never provided the solid base needed.
We have worked hard during this closing down period to ensure we meet all of the debts and other responsibilities and this we have achieved.
The building owners and the Council are currently looking for new operators for the centre (via a tendering process) and we offer our best wishes to whoever takes it on.
Brian Harris MBE, Chair of Trustees
Page 3
## **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.
As outlined above and as reported in our 2024/25 report, in 2025 the charity recognised that it was not a going concern and therefore ceased trading from April 2025.
During the period of this report the charity relinquished the lease on its building in May 2025 and made the last member of staff redundant in May 2025. Trustees have used the remainder of the period to realise maximum benefits for the charity from the remaining assets, including seeking and receiving refunds from HMRC to cover maternity pay, and to settle remaining creditors.
The charity has zero net assets at the time of writing and intends to formally wind down as an entity as soon as possible. In taking these decisions, Trustees have had due regard to guidance on public benefit published by the Commission.
## **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.
Page 4
## **ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)**
## **Report of the Trustees (cont’d)**
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.
## **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.
The Trustees identified and reviewed the major risks to which the charity is exposed on a regular basis.
## **Financial reporting**
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. As the charity’s turnover in 2025/26 was under £10,000, Trustees have not requested that there be an independent examination of the charity’s accounts.
The report was approved by the board on 1 June 2026 and was signed on its behalf by:
………………………..
Brian Harris Chair of Trustees
……………………….. Karen Di Lorenzo Trustee
Page 5
0
## **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
**Total resources expended**
3
**Net Income/Expenditure**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward at 31 March 2025
Total funds carried forward at 31 March 2026|General Fund
Designated
Fund
Restricted
Fund
2024 Total
General Fund
Designated
Fund
Restricted
Fund
2024 Total
£
£
£
£
£
£
£
£
101
0
0
101
18,852
41,250
60,102
0
0
0
0
101,182
101,182
3,965
0
0
3,965
8,923
8,923
152
0
0
152
763
763
4,217
0
0
4,217
0
129,720
0
41,250
170,970
0
0
0
0
0
0
7,038
0
0
7,038
145,648
41,250
186,898
7,038
0
0
7,038
0
145,648
0
41,250
186,898
(2,820)
0
0
(2,820)
(15,928)
0
0
(15,928)
(2,820)
0
0
(2,820)
(15,928)
0
0
(15,928)
2,821
0
0
2,821
18,749
0
0
18,749
0
0
0
0
2,821
0
0
2,821
1 April 2025 - 15 May 2026
1 April 2024 - 31 March 2025|General Fund
Designated
Fund
Restricted
Fund
2024 Total
General Fund
Designated
Fund
Restricted
Fund
2024 Total
£
£
£
£
£
£
£
£
101
0
0
101
18,852
41,250
60,102
0
0
0
0
101,182
101,182
3,965
0
0
3,965
8,923
8,923
152
0
0
152
763
763
4,217
0
0
4,217
0
129,720
0
41,250
170,970
0
0
0
0
0
0
7,038
0
0
7,038
145,648
41,250
186,898
7,038
0
0
7,038
0
145,648
0
41,250
186,898
(2,820)
0
0
(2,820)
(15,928)
0
0
(15,928)
(2,820)
0
0
(2,820)
(15,928)
0
0
(15,928)
2,821
0
0
2,821
18,749
0
0
18,749
0
0
0
0
2,821
0
0
2,821
1 April 2025 - 15 May 2026
1 April 2024 - 31 March 2025|
|---|---|---|
||||
|||(15,928)
0
0
(15,928)|
||||
|||(15,928)
0
0
(15,928)|
|||18,749
0
0
18,749|
|||2,821
0
0
2,821|
Page 6
1
## **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|15-May-26
£
0
0
0
0
0
0
0
0
0
0
0
0
0|31-Mar-25
£
0|
|---|---|---|
|||0
0
8,189
4,099|
|||12,287
(9,466)
2,821|
|||2,821|
|||2,821
0
0|
|||2,821|
The notes on pages 7-11 form part of these accounts
Approved on behalf of the Trustees by:
Brian Harris
Chair of Trustees
Karen Di Lorenzo
Trustee
Date: 2 June 2026
Page 7
**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:
- Theatre fixtures and fittings over 5 years
- Equipment is written off over 3 years
## **d) 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 income is considered probable
- The amount can be reliably measured
- Income from performance fees is included in the Financial Statements for the period in which the relevant performance takes place
- Grants for core activities are included in the year to which they relate
- Grants from Trusts and Donors are recognised as income in the SOFA in the year in which they are received. Any income that is received for projects undertaken in future periods is carried forward as a restricted fund
- The income and expenditure account recognises the income applicable to the year’s activities
- Interest receivable is included when received by the Charity
## **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:
- Unrestricted General Funds – these are unrestricted funds of the charity which cab be used in accordance with the charitable objects at the discretion of the trustees.
Page 8
## **ThinkTank Theatre (Streatham Space Project)**
## **Charitable Incorporated Organisation (CIO)**
## **Notes to the Accounts (cont’d)**
- Restricted funds – these are funds that can be used for particular purposes within the object of the Charity. Restrictions are when specified by the donor or when the 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.
## **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) Cash at bank and in hand
- ii) Cash at bank and in hand includes cash and short term highly liquid investments with a maturity of three months or less from the date of acquisition or the opening of the deposit or similar account.
## **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 9
## **ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)**
## **Notes to the accounts for the period ended 15 May 2026**
## 2 **Statement of Financial Activities - Analysis of Income**
|Unrestricted
Funds
Restricted
Funds
Total 2026
a**Grants and Donations**
Grants for core activities - Public Bodies
0
0
0
Grants for core activities - other Foundations and
Trusts
0
0
0
Other donations/memberships
101
101
101
0
101
b **Incoming resources from charitable activities**
Charitable activities
0
0
0
0
0
0
c **Other trading activities**
3,965
3,965
d **Other incoming resources**
Inter-company adjustments
0
0
0
Sundry income
152
0
152
**Total incoming resources**
4,217
0
4,217
`
3 **Statement of Financial Activities - Analysis of Expenditure**
Expenditure on charitable activities comprised:
Unrestricted
Funds
Restricted
Funds
Total 2026
Production Costs
0
0
Premises
888
888
Office Costs
(1,250)
(1,250)
Fundraising costs
0
0
Marketing costs
0
0
Staff costs
7,361
7,361
Independent examiners fees
0
0
Bank charges
39
39
Depreciation
0
0
7,038
0
7,038
1 April 2025-15 May 2026
1 April 2025-15 May 2026|Unrestricted
Funds
Restricted
Funds
Total 2025
15,000
15,000
6,000
26,250
32,250
12,852
12,852
18,852
41,250
60,102
101,182
0
101,182
101,182
0
101,182
8,923
8,923
0
0
0
763
0
763
129,720
41,250
170,970
Unrestricted
Funds
Restricted
Funds
Total 2025
13,296
29,219
42,515
45,262
45,262
10,172
10,172
0
0
5,302
5,302
70,808
12,031
82,838
0
0
383
383
425
425
145,648
41,250
186,898
1 April 2024-31 March 2025
1 April 2024-31 March 2025|
|---|---|
Page 10
## **ThinkTank Theatre (Streatham Space Project) Charitable Incorporated Organisation (CIO)**
## 4 **Staff costs and numbers**
|Salaries
Social Security
Pension
Other costs|2026
2025
6,626
73,791
616
3,413
118
859
0
7,361
78,062|
|---|---|
The average number of full time employees during the year was 0 (2025:3) No members of staff had emoluments in excess of £60,000 for the year (2025:0)
Staff costs include £1,685.19 statutory redundancy pay and £3,552 accumulated holiday pay due at end of employment for one member of staff.
## 5 **Trustees remuneration and expenses**
None of the Trustees were employed during the year (2025:0) and none received expenses (2025:0)
## 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. As the charity ceased operations from May 2025, the total employee benefits including employer pension contributions of the key management personnel amounted to £0 (2025: £34,285)
|7 **Fixed assets**
**Cost**
As at 31 March 2025
Additions
At 30th April 2026
**Depreciation**
As at 1 April 2025
Charge during the year
Net book value as at 30 April 2026
Net book value as at 31 March 2025|Theatre
Fixtures and
Fittings
£
8,374
0
8,374
8,374
0
8,374
0
0|Office
Equipment
2026 Total
£
£
2,567
10,941
0
0
2,567
10,941
2,567
10,941
0
2,567
10,941
0
0
0
0|
|---|---|---|
## 8 **Fund Balances**
## a **General Fund - £0**
The Charity has no general funds at year end.
b **Restricted Fund - £0**
|9 **Grants/Donations/memberships incoming resource**
**Donations/Memberships**|Brought
Forward
resources
£
0
0
**s**|Incoming
Resources
£
0|Outgoing
Resources
£
0|2025 Carried
Forward
£|
|---|---|---|---|---|
|||||0|
|||||101|
|||||101|
Page 11
## **ThinkTank Theatre (Streatham Space Project)**
## **Charitable Incorporated Organisation (CIO)**
|10 **Debtors**
Trade debtors
Prepayments
Other debtors|2026
2025
£
£
0
6,259
0
0
0
1,930
0
8,189|
|---|---|
Trade debtors at 31 March 2025 comprised a PAYE repayment due from HMRC. This was received, together with accumulated interest (£150.50) in December 2025.
Other debtors included £1,500 inter-company payment received in 2025-26 plus sundry debtors all received in year.
|11 **Creditors**
Trade creditors
VAT
Social Security and other taxes
Other creditors
Accruals and deferred income|2026
2025
£
£
0
6,896
0
856
0
725
0
123
0
866
0
9,466|
|---|---|
All creditors have been paid during the financical year.
|12 **Analysis of net assets between funds**
Fixed Assets
Current assets
Current liabilities
Total Fund Balances at 15/05/2026
Total Fund Balances at 31/03/2025|Restricted
Funds
£
0
0
0
0
0|Unrestricted
funds
£
0
0
0
0
2,821|2026 total
£
0
0
0
0
2,821|2025 total
£
0
12,287
(9,466)|
|---|---|---|---|---|
|||||2,821|
||||||
|||||2,821|