OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

Charity registration number 273418

Company registration number 1301049 (England and Wales)

SPARE TYRE THEATRE COMPANY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

SPARE TYRE THEATRE COMPANY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Alexandra Jones Sarah Dean Chirag Patel Hope Ward-Brown Katharine Welford Secretary Rebecca Manson Jones Charity number 273418 Company number 1301049 Registered office The Albany Douglas Way London SE8 4AG Independent examiner* Tom Wilcox Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW

SPARE TYRE THEATRE COMPANY LIMITED

CONTENTS

Page
Trustees' report 1 - 10
Statement of trustees' responsibilities 11
Independent examiner's report 12
Statement of financial activities 13 - 14
Balance sheet 15
Notes to the financial statements 16 - 25

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

Objectives and activities

The trustees confirm that they have complied with their duty to have due regard to the guidance, as laid out by the Charity Commission, on public benefit when reviewing the charity's aims and objectives, planning future activities and in the exercising of powers.

The objects of the company are:

Spare Tyre is a leading UK participatory arts company. Spare Tyre’s work exists to engage those least engaged in arts and cultural activity. We produce multisensory, accessible and inclusive touring theatre and participatory arts activities locally, nationally and internationally.

Our Mission

Spare Tyre is one of the UK’s leading participatory theatre companies. We are artist, disability and female led. We make inclusive arts and theatre productions, experiences and projects in arts venues and non-traditional arts spaces including online and hybrid works, with people that are under-represented in arts and culture and society’s wider decision making. Built on more than 40 years’ experience, our work is participatory, collaborative, immersive, taboo-busting and above all responsive to the passions and talents of the people who make it.

2023-2024 Overview and Highlights

The past year has seen a lot of change within the company. We have said goodbye to interim post-holders, welcomed new and returning team members, celebrated the achievements of our participants and embarked on a series of ambitious and rewarding projects and productions.

Our current creative partnerships are with groups supporting:

This year we:

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Team Changes

Following the departure of Executive Director John Holmes in September 2022, interim cover was provided on a freelance basis by Keith Jeffrey until May 2023, and Rachel Harris until August 2023. Amanda Castro joined the team as permanent Executive Producer, a new role, in September 2023 (with the intention that the post-holder progresses to Co-CEO after one year).

Rose Chorlton, General Manager, returned from maternity leave in September 2023. Adam Line’s contract was extended as maternity cover for four days per week until August with Claude Graham providing support 1 day a week. Claude Graham also continued to work regularly as a freelance producer for the company until December 2023. Janine Rennie provided freelance bookkeeping support from June 2023 to March 2024.

Programme

On the Beach (Summer 2023 & Spring 2024)

"To see the impact the show had on the audience was so inspiring [...] this is obviously such a valuable initiative for patients and carers." – Audience feedback

In July 2023, we debuted our latest participatory sensory show, On The Beach in care settings and community venues across the London Borough of Havering (Greater London NE), in partnership with Queen's Theatre Hornchurch and Havering Changing.

Made for older people living with dementia and their carers, this touring sensory show explored the myth and magic of the beach, and its rich history as a working space, with all the stories and practical skills from net-mending to boatbuilding, varnishing, fish mongering, sail-mending, knitting and gutting. Performances were deliberately for small audiences of a maximum of 8 people with dementia plus their carers, to allow for the maximum level of care, attention and engagement with our audiences. We ran a series of creative workshops that used the sensory techniques explored in the show to engage participants in creativity and reminiscence, as well as staff training and artist training workshops, sharing these techniques to build confidence in carers, professionals and artists in running these types of activities themselves.

In Spring 2024, we followed this hyperlocal tour with a national tour, with performances in care homes in greater London (South East) as well as visiting coastal areas across the country, including MAST Studios Southampton (where we are an Associate Company). In the following financial year (2024/2025) we completed the tour with performances and workshops at Hoxton Hall, Stephen Joseph Theatre in Scarborough, The Seagull Lowestoft and as part of the Norfolk and Norwich Festival. The second tour allowed us to expand upon our hub model of creating and touring work, building crucial partnerships with venues across the country that will last into future projects and productions.

Across both tours, we offered 22 performances, 20 workshops and reached a total of 294 participants living with dementia and 44 additional audience members including professional and family carers. (Note: these figures do not include performances and workshops that have fallen into the 24/25 financial year).

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Credits (for both tours):

Alongside our Spring tour of On the Beach we ran a series of Sensory Café sessions for people living with dementia and their carers at Hoxton Hall and the nearby Mary Seacole Nursing Home, in partnership with Hoxton Hall and funded by Hackney Housing. These sessions targeted specific deprived wards within Hackney. The Sensory Café project represented a positive development in our ongoing collaborations with Hoxton Hall following our Revue & Rendezvous event (see below).

Revue & Rendezvous (November 2023)

“I LOVED the mix of performances and the ability to chat to people” “More more more! This could be a regular thing” - Audience feedback

In November 2023 we ran a special one-off celebration event in recognition of the 20-year anniversary of three longstanding Spare Tyre participants: Chirag Patel (current trustee), David Munns (associate artist) and Ellie Mason (associate artist).

The evening took the form of a cabaret event and featured performances from all three participants, alongside interactive installations, exhibitions, and activities, compered by Ada Campe, and was a fitting tribute to the talent and dedication of our participants.

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Overall there were 8 participants and 22 audience members for this event. The event was shared online via Zoom with Ali Newton the visual artist attending remotely.

Ghyama Arts! (September – December 2023)

“I can’t emphasize this enough – without Spare Tyre we would not get this immersive interaction nor would our service users be able to experience this sort of artistic experience anywhere else.” - Feedback, BPCA

Ghyama Arts! (meaning ‘awesome arts’ in Bengali) is a collaboration with St Margaret’s House and the Bangladeshi Parents and Carers Association (BPCA) in Tower Hamlets, a family led charity supporting adults with multiple and complex disabilities. This was the fourth year of operation funded by the City Bridge Trust.

We ran regular weekly workshops for two participant groups from BPCA, encompassing sensory techniques, movement and storytelling. Participating Artists: Yolande Bramble-Carter, Sophie Holland, Jazmin Qunta, Abdul Sabir. We were able to continue to develop Bengali speaking Abdul Sabir’s facilitating experience.

In numbers:

Covid Café & Shielders' Stage

“Long Covid is such a desperately lonely experience and this is the first time in a year I didn't feel alone.” – Participant feedback

Covid Café is our programme of online creative workshops for people living with Long Covid and other long term health conditions.

We ran 4 online sessions during this time (completing a project that had begun in the previous financial year), working with 14 participants. The second thread of funding allowed us to offer a connected series alongside the previously established drop-ins.

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Shielders' Stage was an extension of Covid Café, developed in response to feedback received from participants. It provided an online showcase of work by artists and participants at home, otherwise excluded from the arts due to disability: health conditions, caring responsibilities or geography. Events featured creative work in a variety of disciplines short plays, music and visual arts.

Two Shielders’ Stage events took place in May and September 2023, featuring 5 participants and reaching an estimated audience of 110. 100% of contributors were disabled or had a long-term health condition. Participating Artists and Support Workers: Laura Rees, Monique Jackson, Rebecca Manson Jones, Lara Marshall, Sophie Holland.

The Kinder Producing Model

The Kinder Producing Model embodies and enacts Spare Tyre’s commitment to inclusive, ethical practice across all our projects and productions. Our aspiration is to ensure that the level of inclusion and flexibility we espouse as a hallmark of quality in our participant-focused work is extended to our rehearsals, touring, production, and governance practices. We’ve committed to putting our values into practice with tangible changes to our working practices and project planning so that our work is kinder to the people we work with and for.

Actions implemented as part of the Kinder Producing Model in the past year included:

The Artistic Director continued to adapt her way of working in response to being one of the many thousands of people living with Long Covid. Her lived experience of dynamic disability continued to inform the discussions and actions within the company. During the year, she agreed with the Board of Trustees a new working system allowing her to work a nine-day fortnight.

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Other work – Advisory Group & Evaluation

We held two periods of reflection on the artistic quality and impact of our recent projects: in April we evaluated Ghyama! Covid Café and Lewisham Mencap projects, and in July we evaluated the first tour of On The Beach. Evaluation is intrinsic to our practice in sharing knowledge and discoveries, confronting and acknowledging challenges and areas to improve. These sessions were led by the Artistic Director and involved all artists involved in the projects.

We developed a method of interactive workshop to enable our participants to give us feedback direct and unfiltered by their support workers, as well as asking support workers and partners to comment on our work together.

Artist and Sector Development

“Your insight and extensive experience as a cultural practitioner, as well as your lived experience, played a huge part in making this a successful event…thank you for your support in providing safe and inclusive spaces to design a better London for everyone” – Sadiq Khan, Mayor of London, following the ‘London Health Creative City’ event

Spare Tyre continues to be actively engaged in the sector at large, contributing to and moving discussions forward on best practice. In the past year this has included:

On the Beach recruitment for our Spring 2024 tour led to paid opportunities for four new creative freelancers, two of whom are from global majority and all of whom were female or non-binary. Two students from Goldsmiths University underwent placements with us; both were female, one is from the global majority, and one is disabled.

We offered ongoing artistic support throughout the year for Associate Artists David Munns and Lisa Muten.

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

Income increased this year at £293,593 (2023 - £270,563), and expenditure also increased at £296,361 (2023 - £282,825). This is due to increased activity, in particular our production, On the Beach.

We end the year with a small deficit of £2,768, a smaller deficit than the previous year (2023 - £12,262) and in line with expectations, as we continue to spend down our designated funds.

Income from grants and donations was higher than the previous year at £57,000 (2023 - £44,750), mainly due to a number of grants from the Morris Beneficent Trust towards our production On the Beach. Income from other trading activities decreased to £53,789 (2023 - £72,085) as staff capacity was focused on delivery of On the Beach.

Reserves (Total Funds) consist of free reserves, restricted and designated funds. Reserves have decreased slightly, standing at £144,455 at the year-end (2023 - £147,223). The financial position at year-end revealed by the Balance Sheet shows net current assets or working capital of £144,455 (2023 - £147,223). The net book value of tangible fixed assets held, all of which are used directly for charitable purposes, amounted to £1,272 (2023 - £2).

Going concern

The trustees confirm that in their opinion it is appropriate to prepare these accounts on a going concern basis. The trustees also confirm that in their opinion the charity will be able to continue to operate for at least 12 months from the date of this report.

Reserves policy

The Trustees have had regard to the liquidity requirements of operating the company and have established a reserves policy (see below).

The Trustees have established the level of reserves (that is those funds that are freely available) to maintain adequate working capital. Reserves are needed to bridge the funding gaps between spending on projects and receiving resources, or to mitigate against unexpected and temporary drops in income. The trustees have examined the charity’s requirement for reserves in light of the main risks to the organisation. It is the aim of the Trustees to build the level of reserves so that they equate to a minimum of three months of running costs. In addition, the Trustees may identify Designated Funds to assist long-term planning for the company.

At the year end, financial statements showed reserves of £144,455 (2023 - £147,223) of which £15,000 are restricted and £1,272 in tangible fixed assets. In addition, the Trustees have set aside designated funds totaling £44,000 (2023 - £54,000). This is an Artistic Purposes fund, for specific projects or to support forthcoming projects.

The unrestricted funds not designated or invested in tangible fixed assets is £84,183 (2023 - £85,749). This level of reserves provides Spare Tyre with just over 3 month’s running costs, in line with our policy.

Funders

In 23/24, Spare Tyre is grateful to receive funding from the following supporters and co-producers:

Risk Management

The management team undertakes a robust process of business risk assessment at regular intervals and reports any identified risks to the board of trustees at trustee meetings. The board monitors, reviews and manages these risks as appropriate.

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

After completing our Spring tour of On the Beach at the end of May 2024, we plan to focus the rest of 2024-2025 on a period of reflection, partnership building and new work and project development, with the aim of building into longer and more in-depth projects in 2025-2026 and further into 2026-2027, which will include celebrations for Spare Tyre’s 50th anniversary.

New Work Development

This year will see us conclude our tour of On the Beach, which ends at the end of May 2024.

In the year ahead we will continue to develop Associate Artist Lisa Muten, supporting her to write an Arts Council England National Lottery Project Grant application towards further development of her show What Will Happen To the Cat? This research & development week is scheduled to take place in Autumn 2024/Spring 2025.

Based on true events, this poignant, funny and sometimes shocking show is intended to engage families with an experience of dementia and to raise awareness and campaign against elder abuse.

Following the success of On the Beach we will be developing a new touring piece co-created with and for people living with dementia and their carers. We have already secured some funding for this research and development to take place over a week in Spring 2025. We are currently in talks with Stephen Joseph Theatre in Scarborough to offer in kind support.

Kinder Producing Model

Following the conclusion of our tour of On the Beach, we will enter a period of feedback, evaluation and reflection on the Kinder Producing practices implemented during the tour. We will examine the challenges and successes of this method and ways we can further develop and improve upon this model.

By the end of the year, our aim is to formalize our practices in a written document that we will share widely among the wider sector, calling for positive change in the way that all arts companies create and tour work.

Participatory Projects

We will continue to engage participant groups in creative sensory workshops and activities under the umbrella project ‘It All Makes Sensory’, with BPCA Newham, Redbridge Carers Support Service, Stanley Arts, and Hoxton Hall.

Other ongoing projects include:

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Safeguarding

Spare Tyre embraces embedding safeguarding through all our practices.

The existing safeguarding policy and code of conduct were updated in 20/21 by our Designated Safeguarding Lead, Rebecca Manson Jones and in 2022/23 with Safeguarding Lead trustee, Katie Welford. They are reviewed annually. All Trustees take online Safeguarding training, and all freelances are inducted in Safeguarding and our code of conduct.

Our Safeguarding policy interacts with our GDPR, Dignity At Work and Social Media policies in particular.

Fair pay

Spare Tyre remained a London Living Wage employer. In 21-22, we became an ITC/ Equity Ethical Manager and now pay the roles covered by this agreement the suggested rates of ITC/ Equity minimum +15%.

Climate Emergency

Spare Tyre works with Julie’s Bicycle to monitor its carbon footprint, including touring and use of materials. We committed to the stipulations of the Green Book with our own digest made available to all designers and creative leads, and a commitment to working within it included in all contracts. We have a “check before you buy” policy to ensure duplicate materials are not ordered. The company is a signatory to the Culture Declares movement to declare the climate and ecological emergency.

Structure, governance and management

Spare Tyre Theatre Company Ltd is a company limited by guarantee governed by its Memorandum and Articles of Association dated 3 March 1977. There are currently 6 members of the company each of whom agree to contribute £1 in the event of the company winding up.

The Company’s name was changed by Special Resolution on 31 March 1979. The Memorandum and Articles of Association were amended by Special Resolution on 28 July 2009.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Alexandra Jones Sarah Dean Chirag Patel Hope Ward-Brown Katharine Welford*

*Denotes co-Chair on rotating basis.

No directors received any emoluments for so acting during the year.

Team Members

Rebecca Manson Jones - Artistic Director/ CEO Amanda Castro - Executive Producer, appointed September 2023 Rose Chorlton - General Manager, returned from maternity leave September 2023 Adam Line – General Manager (part-time) until August 2023 (maternity cover) Keith Jeffrey - Interim Executive Director (freelance, part time) until May 2023 Rachel Harris - Interim Executive Producer (freelance, part time) until August 2023 Claude Graham - Freelance Producer (part time) until December 2023 Janine Rennie – Freelance Bookkeeper August 2023 – March 2024

SPARE TYRE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Recruitment and appointment of trustees

The membership of the Board is regularly reviewed to ensure that members reflect the skills and expertise deemed necessary, as well as the communities and interests of the groups with which the company works. Recruitment is through open call-outs and through encouraging ex-participants and related individuals to become involved.

Organisational Management

The trustees are responsible for overall governance of the Company. Artistic policy, day-to-day operational matters, and implementation of policies are delegated to the Artistic Director (CEO) and Executive Producer.

The trustees meet on a quarterly basis to discuss and ratify strategy. The trustees receive and review reports from staff including management accounts, policy papers and new opportunities.

The trustees may form subcommittees or working groups as and when necessary to undertake specific duties delegated by the Board such as personnel or finance.

Business Planning & Financial Management

Spare Tyre operates on a three-year planning model. A review of key staff and trustee roles and responsibilities is undertaken annually to ensure a dynamic framework for the future delivery of projects. The Company is a National Portfolio Organisation (NPO) of Arts Council England, and raises additional funding from trusts and foundations, individual and corporate donors, and community fundraising activities. It earns modest income by charging for some workshops and training and selling tickets for performances.

The trustees' report was approved by the Board of Trustees.

..............................

Dawn Davis

Chair

Date: .............................................

SPARE TYRE THEATRE COMPANY LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024

Company Law which is also applicable to charitable companies in England and Wales requires the directors, who are also trustees of the company, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the results of the company for that year.

In preparing those financial statements, the directors/trustees are required to:

The directors/trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with company law, as the company's directors we certify that:

SPARE TYRE THEATRE COMPANY LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SPARE TYRE THEATRE COMPANY LIMITED

I report to the trustees on my examination of the financial statements of Spare Tyre Theatre Company Limited (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow Member of the Association of Charity Independent Examiners, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Tom Wilcox Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW

Dated: .........................

SPARE TYRE THEATRE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
155,089
-
24,466
Charitable activities
4
95,789
-
15,000
Investments
5
3,249
-
-
Total income
254,127
-
39,466
Expenditure on:
Charitable activities
6
264,421
10,000
21,940
Total expenditure
264,421
10,000
21,940
Net income/(expenditure)
(10,294)
(10,000)
17,526
Transfers between funds
10,000
-
(10,000)
Net movement in funds
7
(294)
(10,000)
7,526
Reconciliation of funds:
Fund balances at 1 April 2023
85,749
54,000
7,474
Fund balances at 31 March 2024
85,455
44,000
15,000		 Total
2024
£
179,555
110,789
3,249
293,593
296,361
296,361
(2,768)
-
(2,768)
147,223
144,455

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SPARE TYRE THEATRE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Prior financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
2023
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
153,728
-
-
Charitable activities
4
83,935
-
32,900
Total income
237,663
-
32,900
Expenditure on:
Charitable activities
6
256,820
-
26,005
Total expenditure
256,820
-
26,005
Net income/(expenditure)
(19,157)
-
6,895
Transfers between funds
(579)
-
579
Net movement in funds
7
(19,736)
-
7,474
Reconciliation of funds:
Fund balances at 1 April 2022
105,485
54,000
-
Fund balances at 31 March 2023
85,749
54,000
7,474		 Total
2023
£
153,728
116,835
270,563
282,825
282,825
(12,262)
-
(12,262)
159,485
147,223

SPARE TYRE THEATRE COMPANY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the charity
Restricted income funds
14
Unrestricted funds - general
Unrestricted funds - Designated
15		 2024
£
10,898
149,115
160,013
(16,830)		 £
1,272
143,183
144,455
144,455
15,000
85,455
44,000
144,455		 2023
£
19,221
163,943
183,164
(35,943)		 £
2
147,221
147,223
147,223
7,474
85,749
54,000
147,223

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

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

..............................

Dawn Davis

Chair

Company registration number 1301049 (England and Wales)

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Spare Tyre Theatre Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Albany, Douglas Way, London, SE8 4AG.

1.1 Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

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.

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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment 20% on straight line basis Computer and touring equipment over 3 years

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 the statement of financial activities.

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 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 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.

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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 payments 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

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

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
1,443
-
Arts Council England
153,646
24,466
155,089
24,466		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
1,443
82
-
178,112
153,646
-
179,555
153,728
-		 Total
2023
£
82
153,646
153,728

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4 Income from charitable activities

Restricted Unrestricted
Funds
Funds
2024
2024
£
£
Morris Beneficent Trust
-
42,000
Sport London
-
-
Lee Charity of William
Hatcliffe
-
-
Garfield Weston
Foundation
-
-
Deferred Grants carried
forward
-
-
Deferred Grants brought
forward
15,000
-
15,000
42,000
Fees, commissions, hires &
misc income
-
53,789
15,000
95,789
Deferred Grants Brought
Forward
Morris Beneficent Trust
-
-
Eastwind fund
15,000
-
London Borough of Lewisham
-
-
15,000
-
Deferred Grants Carried
Forward
Eastwind fund
-
-
-
-		 Total
Restricted Unrestricted
Funds
Funds
2024
2023
2023
£
£
£
42,000
3,750
-
-
6,000
-
-
-
2,500
-
-
15,000
-
(15,000)
-
15,000
30,500
2,000
57,000
25,250
19,500
53,789
7,650
64,435
110,789
32,900
83,935
-
15,500
-
15,000
15,000
-
-
-
2,000
15,000
30,500
2,000
-
15,000
-
-
15,000
-		 Total
2023
£
3,750
6,000
2,500
15,000
(15,000)
32,500
44,750
72,085
116,835
15,500
15,000
2,000
32,500
15,000
15,000

5 Income from investments

Interest receivable

Unrestricted Unrestricted
funds funds
2024 2023
£ £
3,249 -

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6
Expenditure on charitable activities
Support Charitable
Charitable CharitableGovernance
costs
activity
activity
activity
costs
Unrestricted RestrictedUnrestrictedDesignatedUnrestricted
2024
2024
2024
2024
2024
£
£
£
£
£
Salaries and fees
145,374
-
-
-
-
Depreciation
638
-
-
-
-
Artists' and creative
fees
-
14,721
47,881
10,000
-
Travel and
subsistence
expenses
-
-
678
-
200
Production costs
5,669
-
12,072
-
-
Studio and venue
hire
-
-
1,535
-
-
Marketing
-
-
320
-
-
Documentation and
evaluation
-
-
1,937
-
-
Access
3,538
7,143
-
-
-
Administration and
other fees
114
76
-
-
-
Staff pension
contributions
6,534
-
-
-
-
Rent and storage
18,302
-
2,405
-
-
Telephone
435
-
-
-
-
Insurance
1,596
-
-
-
-
Postage, stationery
and IT costs
5,208
-
-
-
-
Subscriptions
1,667
-
-
-
-
Sundry expenses
148
-
-
-
-
Research and
conferences
104
-
240
-
-
Recruitment, training
and welfare
3,636
-
358
-
-
Bank charges
-
-
-
-
325
Board development,
travel and meetings
-
-
-
-
-
Legal and
professional
-
-
-
-
1,706
Independent
examination
-
-
-
-
1,800
192,964
21,940
67,426
10,000
4,031
Share of support and governance costs
Support
192,964
-
-
-
-
Governance costs
-
-
-
-
4,031
192,964
-
-
-
4,031
Analysis by
fund
Unrestricted funds
192,964
-
67,426
-
4,031		 Total
2024
£
145,374
638
72,602
878
17,741
1,535
320
1,937
10,681
190
6,534
20,707
435
1,596
5,208
1,667
148
344
3,994
325
-
1,706
1,800
296,361
192,964
4,031
196,995
264,421		 Total
2023
£
139,027
1,115
80,028
2,399
6,117
3,337
562
2,934
4,033
6,688
5,640
17,144
676
1,492
5,475
1,259
152
178
2,466
281
309
13
1,500
282,825
181,403
3,218
184,621
256,820

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6
Expenditure on charitable activities
Unrestricted funds -
Designated
-
-
Restricted funds
-
21,940
-
192,964
21,940
67,426
7
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Examiner's fee
Depreciation of tangible fixed assets		 10,000
-
10,000		 -
-
4,031		 (Continued)
10,000
-
21,940
26,005
296,361
282,825
2024
2023
£
£
1,800
1,500
638
1,115		 (Continued)
10,000
-
21,940
26,005
296,361
282,825
2024
2023
£
£
1,800
1,500
638
1,115
282,825
2023
£
1,500
1,115

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

Management
Employees
Wages and salaries
Social security costs
Staff pension costs		 2024
Number
3
2024
£
212,617
5,359
6,534
224,510		 2023
Number
4
2023
£
213,356
5,699
5,640
224,695

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11 Tangible fixed assets

Office
equipment
Computer and
touring
equipment
£
£
Cost
At 1 April 2023
2,945
25,801
Additions
-
1,908
At 31 March 2024
2,945
27,709
Depreciation and impairment
At 1 April 2023
2,944
25,800
Depreciation charged in the year
1
637
At 31 March 2024
2,945
26,437
Carrying amount
At 31 March 2024
-
1,272
At 31 March 2023
1
1		 Total
£
28,746
1,908
30,654
28,744
638
29,382
1,272
2

12 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
4,200
2,757
3,941
10,898		 2023
£
455
2,957
15,809
19,221

13 Creditors: amounts falling due within one year

Other taxation and social security
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
8,695
-
2,394
1,861
3,880
16,830		 2023
£
30
15,000
15,120
306
5,487
35,943

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
Morris Beneficent Trust 7,474 - (7,474) - -
Eastwind Fund - 15,000 - - 15,000
Arts Council England: On the
Beach production - 24,466 (14,466) (10,000) -
7,474 39,466 (21,940) (10,000) 15,000
Previous year: At 1 April Incoming Resources Transfers At 31 March
2022 resources expended 2023
£ £ £ £ £
Sport London - 6,000 (6,000) - -
Morris Beneficent Trust - 19,250 (11,776) - 7,474
Fees, commissions. hires &
misc income - 7,650 (8,229) 579 -
- 32,900 (26,005) 579 7,474

Note to Restricted Funds

Eastwind Fund - this is a restricted to artistic, creative and participatory costs especially those that relate to the promotion and inclusion of women’s artistic and creative participation in the work of Spare Tyre, and/or to support projects at an early stage in creative development, over a minimum of 3 years.

The Project Grant and Morris Beneficent funds were towards costs related to the production and tour of On the Beach'

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Unrestricted funds - Designated

These are unrestricted funds which are material to the charity's activities. The Board of Trustees agreed to use £10,000 of our designated fund towards activity for the year.

At 1 April Resources At 31 March
2023 expended 2024
£ £ £
Creative fund 44,000 - 44,000
Innovation & Futures fund 10,000 (10,000) -
54,000 (10,000) 44,000
Previous year: At 1 April Resources At 31 March
2022 expended 2023
£ £ £
Creative fund 44,000 - 44,000
Innovation & Futures fund 10,000 - 10,000
54,000 - 54,000

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
General funds 85,749 254,127 (264,421) 10,000 85,455
Previous year: At 1 April Incoming Resources Transfers At 31 March
2022 resources expended 2023
£ £ £ £ £
General funds 105,485 237,663 (256,820) (579) 85,749

SPARE TYRE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Analysis of net assets between funds

Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
1,272
-
-
Current assets/(liabilities)
84,183
44,000
15,000
85,455
44,000
15,000
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
2023
2023
2023
£
£
£
At 31 March 2023:
Tangible assets
2
-
-
Current assets/(liabilities)
85,747
54,000
7,474
85,749
54,000
7,474		 Total
2024
£
1,272
143,183
144,455
Total
2023
£
2
147,221
147,223

18 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).