Company No. 01509049 Charlty No. 280885 Thaatro Technls Company Llmlted Report and Accounts For the year ended 31 March 2024 26 Crowndalo Road Camden Town London NW1 1 Theatro Technls Company Limited Limited by Guarantee Charlty Contents Page Legal and administrative infomiab'on Trustees. report Independent examiner's Teport ststement ol financial activities Balance sheét Notes to the accounts 10-12 Thèatro Technh Company Llmlted Legal and Administrative Inforniation For the year ended 31 March 2024 Charfty Nam• Theatro Te¢hn5s Company Limit8d Charlty rnylstratlon number 280885 Company roglstratlon number 01￿)￿9 Roglstered offl¢• and op•r4tiMs addr•ss 26 Crw)dale Road. Camden Town, L(￿dOn NW11 Dlr•¢tors (frusto•s) Christos Aradides Steve Constsnilne Lucy Christofi Marllyn Panayi Andreas Gavrielides Michael Constantine Panos Savvtdes Constantine Lours Ck)rota Krimmel Socr•tary George Eugenlou Ind•pendent Examlner Idget Kalloushl ACIE IndepeTrJent Examln G Linden Road London N10 3DH Bank•r8 Lloyds TSB 160 Camden Flgh Streèt. London NW1 ONE Theatro TeGhnls C￿npanY Llmlted Trustrees. Report For tho year ended 31 Ma￿h 2024 CHAIR'S THANKS The year 23f24 8aw l￿ solid.fy our positton as a le>Jiry wxJwerKlent theatre in London. Our commrtmenl to our cx)mmunities of independent artist arKI to the people who arKI work in our neighbourhood runs through the core of our cryanisation. Both face relontless economic chaleng8s. And in tum we must be abk to adapt and stay ￿SlI1ent. Our ambition to build an ea8t wing. increase our footpi.nt by a third, building our secondary in￿me, add ￿paCty to our ath'vity arKI reimaging the publK space around us is the key our fLrture for generations to come. us sM)ukler to shoulder with the ambitions of the KNI9 Cross and Scmers Town regeneration. My ￿ncere thanks go to all the staff rnembe￿ led with great sknll by Creative Director Kerry Kyriacos Michael MBE, and his small part-tirne tewn of dedirAted fraelance Staff. Thanks also go lo my fellow trustees. who ¢ontinu8 to offer their exFertise, knowledge. and energies voluntarily to support and develop our operation. We are most gratsful to all those sutwt work with us, including the CDntinued support of our anchor tenants over this pertcxJ.' The Gale Ttteatre, Tamasha Theatre Company, MENA ARTS UK. Scene and Heard and Kyriacos and Company, fundern, trusts and foundations and indiv￿ual don￿5. Finally, thjr audiences and us8rB are critscal to our 8UG¢e88. arvj we greatly appreciate ttpir C4)ntinuing SUPFQrt and en9agoment. Dr Marilyn Panayi Chair OBJECTS AND ACTivrriES The obje¢ts oi Tre*ro Technis are.. VISION 1. Shape a bold. pionoering and relevant cr8ativ8 v151on fof ihe p8op58 CO London and beyond. building on Ihe values of Theatro Tethnis (Tt) and George Eugenioii 2. Create. programme and commlssion an artistic prDgr8mme of wOrld￿asS theatre. 3. Develop and nurture diverne talent, partbcularly from ethnically dlversa communities induding Cypriots and other Global Majority artlsts. 4. Ensure that we are a s8Ctor-l&ading ¢entre for a communty of partlclpants, artist5 and eudip.nces interestèd in the wkjer diaspoTa. 5. Consolthte our Fosilion as a key cultural venue in Camden and London, providlng OPPOflunilies for otfser Thealre and Perlorffting Arts Companies wth similar valu89. 6. Champion exceptK)nal creative learning, artist de￿9pment. community engegement progrnmme3 and perfonnance opp(Kiunities. 7. Engage, grow and inspire audiences. 8. Nurture partners and fur￿e[S to invest in our work. MANAGEMENf VALUES l. Provide inspiratiorol leade￿Ip that ￿1￿JS to Ilfe the ￿mpanY'S ambitions. 2. Advocate the work of Th at ev￿ OPP￿tun￿. 3. Create a balanced kyogramme that delivots both artisti(￿llY and financially to 8nsure TT is a viable and sustainable buslness the fuiuTe. 4. Create and over3ee the implementaion of strategr plan, iTxAuding any Capitsl developments. S. Ov8rseeing annual budgets, ensuring that income targets are met. costs controlled, and opportunrtles maxlmized. 6. Build prcmluctive exlemal parlnerships ￿ stake1K>Ide￿. ￿tential fvnders and cL)- 7. Secure funding from Arts Council England and other funders. including trusts and foundations. Corp￿18 partnership5 and indivKluals thal can suprA)rt th8 artistic vIS￿n. 8, Be an effectlve ambassatlor for values, methoxlolDgy and pknn8ering WO￿ in the ￿der arts landscape locally, nationalty, and intemats'onally. 9. Ensure exceptiona g￿1 governanc8. incl￿j1ng but not limited to charity law5. PUBUC BENEFrr Theatro Technis is a theatre ar￿ arts t￿ ro(*ed wi ts ne￿hbouttrt)od In north London. Our woduang arKI presentiro programme brros people togetr*r and reilects the vlbranl cufiural aivèrslty, fjaenlty and experi8n¢*6 of the peo￿ and communitie8 in our neighbourhood. We wholeheartedly ￿lIeVe in Im￿rtanCe and power of the art8 in people's lives. Our events prc¥note comfflunity cohesion, ￿nnect peop16, and inspire loy. We incubate local creative talent to syxNt and I￿atrOm7 the nèxt generation of thverBe artists who are contributing to the broader arts ecology and the UK as an innovative sector. We also prioritise workiNJ with nèw and emerging companies vhlo want to lyeak int¢ the main8tr0gm and 8ee us as a stepping stone. We als0 focus on writiro and new voices. Small-$calè, grassrools venue5 like ryjrs, are perfectty p05ition8d to engage support people in their INe8 or careers, and our th'rect rA)nnethffi to the local c¥eatives that come through our spac6B gives us a unique insight into the￿ needs. In 23124, we hoste(1 54 producbons and evants. working wtth 38 differènt ¢ompeni&8 and Individual artists. We manw to keep our lick8t prtC88 accessibl8 and luw. wrth an average of £12, and we sold ovor 5280 tick6ts. Makj'ng our averago cap*y Stay 6teaily and grow to 82% on average. We actively respmd to the 8Sprati￿￿. demands, ar￿ th*nges of wthirKJ in one of tho largest social housin9 estates. some￿ T(wi. ThTrB ts most clearly explair￿d by highlighting examws of how w• ar• •mbadd8d wrthin our communty. induding our work wrth Dldoaf artists and audlances, womèn's groups, and Quéer practltioners. Once ￿Ja￿, we celebrated our commitment to emerging artists tlyough our inv¢)Ivement with the Camden Fring8 Festival and our in our faurKlations and history with our 3rtn(Jal Cypr(Js Week Festival. which 8howca8ed the new work of ow fwrmler. George Eu9eniou. Other examples indude our orooing partnwship with s￿ne and Hewd, vtslt Ug three tlmes a year, showcasing th6 short new F4ay8 by children from the Somers Ttrwn estatès. Trustees have paid du8 attention to the guidance of th8 Charity Commission in en8uring that all of these activrttes are undertaken for the wblic bemfit an¢Yor prewing the charity for rts primary a¢Xivrtte8. ACHIEVEMEKf AND PERFORIAANCE The key achievements in 2023r24 have been". New International Collaboratk>n wlth a tW(￿Week Shubbak F•stival This brought dNers8 intemational artists to LoThJon audEnces and enhanced ow fole as a hub for cross-cultural exthange. Growth of Camden Frlnge at Th•atro T•chni# to two w￿kS, with over half the perfomances ￿achIng sold-out status. refiecting strong communty interest and incr83sed audi8ncs erwm8nt. Brassic FM and Hot In H•r•. by Th• Gato Theatre We continued to partner wTrth thern. suppcrting ¢xntinuing our commitment to PTesents'ng (h'ver5e arKI intemaional wo(k exploriThJ da&s. poverty, and dinate change. World-class wast￿nd progrnmmiry wlth the musical Kiln This groundbreaking new musiGal utilised our facilities to ts full capacty. A we5t-end C8St of a large band achieved nine c£Jnse(xrtive 8elk)ut ￿rf0￿nan[￿. 3h24 was £175.462 of whKh £175.462 was unrestricted and £NIL restricted. In comparison, in tho year 2022-23 exKth¥iture was £144,048 of which £144,048 was unrestricted and £NIL r8Stricted. The detailed figures are wicluded in the financial statements. Al 31 March 2024 the charty held a gèneral filnd of £340,617 and a restricted fuTrJ of £NIL Total fijnds hekl at the 31 March 2023 were £130.146. Golng Concern The budgets and CUT￿nI rnonagement accotmrts for 2024-25 havè been reviewed by the Trustees and Independent examiner. with modellK)g caffied i)ut to Include a wd ￿rmanCe. arKI Ihe latest set of ac¢ounts of the charity. Organlsallonal 8tnKtur8 The board of trustees meets at least fwr times a year. Dur￿￿ the￿ me&ting8, all matters regarding the management and furtherartce of tl* organimtion's tharitable aims and 0￿.e¢lIveS are diswssed and decided w. A and General Purposes Executive Taam has also been established. D%lslon maklng Deusions are readwd by consensus or, when r￿CeSSary. ty majLty vote or quorum of members attending. Rlsk management The trustees have a duty to identrfy and review the Tisks to which the organÈsation is exposed and to ensure approprTrate corrtrols are in place to provide reasonabl8 assurance against fraud and error. The Trustees, risk management strat￿Y compiises of a compr8h8nsiv6 budgeting and planning system wrth an annual b{￿et", regular meeting of the Finance team.. monthly review of the management accoun15 vs budget The Trustees havè identified and reviewed the major rvsks to which the Ghai?ty is exposed on a regular basis. Risks that are being regularfy monrtored indude.. Reduced incoTT7e due lo aud￿nCelhirer apFetite due to the Cost-of-Liviw cnsis Reliance on Private Hires aclmty. Reliance on SUGGessful fvndraisirwJ and pthlic subsidy and the increa$ingly eAmpetiti've market Lack of touring theatre product Personrel capacity and w•lkboing Mitigalions Include.. Cautr'ous Ixjdgeting around in¢ome targels Regular review of management accourts vs budget Offering in-kind support with rehearsal space and h8lp wilh luThling applications ft)r theatre makers nurturing creatKJn of artBtic product Developing a robust furKlraising F4an covering both core and projects Tha Trustees are satisfiad that systems are In place to mthgato th8 charity's 8xpo$ure to the major risks. Company policies and procedures are dosely Monito￿d. A key element in the managemenl of financial risk is the setting of a reserves policy and its wular ￿vIeW. The Trustees foster an environment in ¥thich the team are able to take aPFYopriate artistic riJk8 as p8rt of the development and inrnvation of new artistic approache8. The financial statemerts comply with al￿ent statutory rewirements, the charrty's meMorar￿uM of assOc￿tion. Accountmg and Reporting by charrtigs: SORP applicable to chatrlies preparin9 their accounts in accordan￿ with FRS 02. Independent Examlner A ￿$OlUtiOn proposing that Bwrdget Kalloushi ACIE be appointed as ind8peThJent oxaminer of the charity has been put to the members and approved. The report was approved by the tM)ard on 28 November 2024 arrfl was s19r￿d on its behall by Dr Marityn Panayi Chair of TTUStees Thealro Technlg Compary Llmited Independont Examlnerfs report to the trustees of Theatro T•this Compary Llmlted For th• year endgd 31 March 2024 I retMNt on the accounts of the (x4npany for the year ended 31 March 2024 set out on pag8S 8 and 12. Ro3P•Ctlve rnsponslblllU¢s of trusle¢s and oxamlner Thew trustees (who aro the directors of the ¢cry)any for Purp￿s of oJmpany18w) are resFrf)nSIt￿e for the proparatKJn of the Accounts. The trustaes consider Ihat an audit is not required for this year under sedion 144 of the Charities Act 2011 (the 2011 Act) and thal an Independent examinatson is needed. It is my r8sFrf)nslbility to: Examine the accounts undef serAK)n 145 of the 2011 ACL To fdk)w ihe procedure8 lald down in th8 general Dlrections given by the Charty Commission urKler section 145(5)(b) crf the 2011 Act. and To state whethcr matters have come to my attention. Basle of Ind•p•ndgnt Ex4mlnor's slatem•nt My 8xaminatlon was ￿rrIed out in ar£(￿dance ￿1th the general diroct￿S givan by th Ch8rlty Commlssion. An examination includes a revlew of the actounting records kept by tho charity and a wmparfson of the accounts presented wlth those records. It also includes conslderation of any unugU81 itèms or disc1c￿UreS in the aCco￿t5 and soeklng oxplanations from you as trustees cOn￿m￿)g any such matters. The pro¢8dur8s undertaken do not provide all tha ovKlencè that V￿uld bo r8quired ￿ an a￿lt 8nd consequently no op1n1￿ Is given as to whether the accounts presenl a Irue arKI fair vÉew' and he report Is Mmtted to those matters set out in the statement bdow. Indopondgnl Examln•r'8 st•t•ment In connection with my examinalion. no matter has c(￿0 ￿ my attention to indbcate thal.. accounting records have not been keFI in accordan￿ wilh section 386 of tho Companw Act 2006.. the accounls do not ￿ with such records: where accounts are prepared on an accurate basls. whether they fail to comply wilh relevant accounting fequirements under secllon 396 of the Companies Act 2006, or are not consistent with Ihe Charilies SORP IFRS102}: any matter which Ihe ekwniner l)elieves *￿Id be drawn lo Ihe attention of the re8der to galn a proper understanding of the accounts. Bridget Kalk)ushi ACIE Indapendent Examiner 6 Linden Road Lond￿ N10 3DH 28 Novomber 2024 Th•atro T8chnl$ Company Limit Statemont of Flnanclal Actlvltles (Indudlng Incom• and Expendlture AGwunt) For th• year ended 31 March 2024 Total Funds Total Funds Unrestricted Unrestrl¢tsd 2024 2023 INCOME Donations and grants 20.556 5.000 charitab￿ activities= Theatr0 hires Letung of off￿ space Other Income Over-provision of ¢redit( Total Incomè 127,146 66.500 2.440 82.774 66,500 13.649 385 933 167 923 EXPENDITURE Charitable activities Total expendtti¥e 175462 144 048 Net Income and net movement in lunés for the year 31 Mafch 2024 210.471 23,875 RECONCILIATION OF FUNDS Total funds brought forward at 31 M*ch 2023 Total funds earrth forward at 31 March 2024 Nel inr>)me is also net income for Companies Act purposes APPROPRIATION ACCOUNT Accumulated surplus at 1 April 2023 Ex¢e&8 of income over expenditure for the year ended 31 March 2024 Transfer trom long-temi obltgation Balance sheet at 31 Marth 2024 130.146 106.271 41,180 169.291 340,617 23,875 Theatro Technls Cc4npany Llrntted Balance Sheet For the year ended 31 March 2024 Note 2024 2023 Fixed assels Freehold building Furniture. fittings and 8quipThnl Total fixed ass8ls 298,331 252,082 300 037 Current assets Stock Cash at bank and in hand Total current assets 5.000 fA,367 67,706 Crodllors: Amounts falllng duo wilhin Net current assets Totsl assets less ¢urr8nt liabilitt6S 340.617 299.437 Credltors.. Amounts falllng due aftw more Ihan one ye3r Total net assets Funds Unrestrlcted lunds Tot81 charfly funds al 31 March 2024 40 13 The dtrertors are &￿￿8r1e&l that thè tsjmpany Is entlt*d to exèmption from the requirement to obtain an audrt under ￿tIOn 477 of the Companies AGI 2006 and that members have not require(I the C(ynp￿y to obtsin an audii in ac(thanc8 with settN)n 476 of the Act. The dir8Ctors acknowledge their ￿ponsibIlItIeS for complying with the requirement5 of the Companies Ad 2006 with r6spect to accounting records and the preparation of accounts. The accounts have been prepared in a(￿￿rdance with tho prowsions in Part 15 of tha Companles Act 2006 applic8ble to companw siibloct to the small CDmpani8s' regime. Approved by the dlrectors on 28 November 2024 and stgned on their behatf by Marltyn Panayl Oiredor Theatro TKhTds Company Llrnlied Notss to the Accounts For the year ended 31 March 2024 1. Accountlng Wkles Basls of accounting The accounts (financial slatam8nts) have been prepared in accordance with Accounting and Reporting by Ch8riti8s." Statement of Recommended Practice applicable to charities preparifvJ their accounts in accordance with the FKwncial Rewrb"ng Standard applicable in the UK and Republic of Ire18nd (FRS 102) (effeclive 1January 2015)- {Charities SORP (FRS 102)), Ihe Financial Reporting Stsndard apt4i¢able in Ihe UK and Republlc of Ireland IFRS 1021 and the Companies A¢X 2006. The ¢*arty IX*nststutes a public benefrt entity as defined by FRS 102. The accounts havè been prepwed on 3 going cOr￿M basis as the trustees belteve that no material uricertainties exist. The trustees have consldered the level of funds held and the expected level of incom8 and axpenditrJ￿ for hvelve month$ from authorising the58 accounts and have decided Ihat the charity is able to ¢>Jnt1rn￿ as 8 golng concem. Income recognltlon All income is recognlsed once the charlty has entthmentto tn6 income, thtsye is sufficlent certainty of receipt and so ti is probable th81 the income WN be received, and the amount of incorne receiv8ble Gan be rneasLSred reliably. Ex￿ndIt￿re rarJ4nltlon Expénditure is rwnised once there is a legal or c))nstruckn obllg8tk)n to m8ke a Payment lo a Ihlrij paty. It is probable thot a settlement wlll be required and the 8mount of the obllgalion can be measure(I reliabty. Fund a¢¢ountlng Restrictod funds ar8 inc(yning resources. which are to be used for speofK purposes as laid down by tt)e donor. Exp8ndrtur8 which mèèts thw uiteria is charged lo the fund. un￿striCted lunds ar8 grants, th￿1￿?￿$, and i)ther inoxning resourcw le￿5vable for the objects of the charty wilhout further speL)r￿d pur[￿ and arè av8llabla as general funds, Tanglble Ilxed asg0ts Dopr6clation is provided at rates c*utated to wKite off the Cost ot each asset le86 its 8Stimated r8sbJual value, over the useful euxK)mic lile of that asset a5 follows.. Furnitu￿ & equipment 15% reduang balan An assessment of ihe net r8ali5abl8 value of fr08hold buitdings at historic txjst has been undertaken. On th8 basis that fre8hold buildirvp wtll be well maintained arKI such repair Costs will be charged to the Slatemenl of Financial ActNlties, it is the view (rf the diret#ors th8t the net realisable value at histonc cost equates to cosl. Depreciab'on is chargèd on frethdd buiklings on the cost less the esb'mated residual value over 100 years. On the basis of the above rn) charge is deemed r￿Ssary. An impalrrnent reV￿W Is c8rrled out on an annual basis to assess whthr the marked value ol the buitdings is at least as much 8s the canying value in the account5. Provision 15 mad8 for any p&rmanent fall in value. io Debtors Trade and olher debt￿S are reDyJnis8d at the settlem￿1 amount due after any tr&J& olscounts offered. Prepayments we valued at the amount prepaid after takn"n9 aG¢C￿nt of any Irade discounts duè. Credftors CTeditors and provisions are recognised where the chartty h8s a wesent obligatlon resulting from a past event that will Pfobably result in trte transfer of funds to a third party and the amount due to settle the obiwlion can be measured or 85timat8d r81iably. Creditors and provisions are nornialty recogni￿1 at tslr settle￿ntaMount after allowlng for any trade dISc￿jn￿ due. 2. Expenditure on charitable actlvftles Total Funds Unrnstrfctod 2024 32.886 42.760 34.856 Total Funds Unrn5trlcted 2023 31,109 33,093 24.000 6.808 16.500 2,308 1.209 3.424 9.063 1.370 3,242 3.433 1,500 Production c&sts indudlng artist fees Front of house Management and woducing f&s Bar expenses Repalrs and maintenan( Cleaning Business and water raes InGurancg Llght and heat Firo and socurity Telephone and fax Office overheads BookkeepiTWJ fees Subscriptions and li¢•n¢e8 Governance costs - Ir￿￿ependent examwEr's fees Bank char98s and lickets ccffnmiss Other expenses Depredatlon ol fumtture and equipment 13,t340 5.295 1,305 5,954 6,467 4.890 2,535 6,512 2,164 2.500 822 3,012 300 175,462 2,500 199 3.034 351 144.048 Not oxpondltur8 for th• yoar 2024 2023 This 16 after Chargtng: Independenl examiner'5 fee Depreciation 351 staff costs and num No empk)yee received emoluments ol th￿ £60.000 per annum. No remun8ratlon was pald to the trustees and no 8xp8nsos were reiml>ur88d lo them during the year. li Tanglblo flxed assots Fumlture. fittlngs and equipment Frgehold land and bulldlngs T¢)tal Cosl At 1 April 2023 Additions- improvements As at 31 March 2024 252,082 2,006 254,088 24 Depreciation At 1 April 2023 Charg8 for the year At 31 March 2024 18.09) 89,035 300 107,084 300 Net book value At 31 March 2023 At 31 March 2024 252,082 298,331 2.006 1.706 254.088 300,037 The market value of freeho*l land and buildings is signlficanty MO￿ than tho c4rylng value and has been estimated by Ihe trustees to be over £2m. Cf•dltors: amounts falllng du• wlthln one year 2024 2023 Credltors and 8c£nJal8 23,787 22,357 Crodttors: amounts falllng du• after more than one year 2024 2023 169,291 Related party transactions There were no relaled party trarwdions In 2023r24. In 202W23 there were related party transactions of £169.291 Ise8 note under Financial Review in Trustees, Report). 12