2023-03-31-accounts - Talawa Theatre Company Limited

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Talawa Theatre Company Limited

REPORT OF THE TRUSTEES AND

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Registered Charity No. 327362 Company No. 02005971

Talawa Theatre Company Limited

Registered Charity No. 327362

Company No. 02005971

Trustees

Elaine Rose Banton Laura Collier James Dacre Dominic Alexander Haddock Rashada Harry Irogwehi Nieros Oyegun Olivier Pierre-Noel Davinia Tomlinson Philip Raymond Turner Chante Frazer Shaniqua Marie Benjamin Diogo Alexandre Dos Santos Varela

Secretary

Sheila Poku-Dabanka Carolyn M L Forsyth

Registered Address

Fairfield Halls Park Lane Croydon CR9 1DG

Independent Examiner

Moore Kingston Smith LLP Charlotte Building 17 Gresse Street London W1T 1QL

Talawa Theatre Company Limited

Contents of the Financial Statements for the year Ended 31 March 2023

	Page
Report of the Trustees	1 - 8
Independent Examiner's Report	9
Statement of Financial Activities	10
Balance Sheet	11
Cash Flow Statement	12
Notes to the Financial Statements	13 - 24

Talawa Theatre Company Limited

TRUSTEES' REPORT

For the year ended 31 March 2023

The Trustees present their annual report together with the unaudited financial statements for the year ended 31 March 2023. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), 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 trustees who held office during the year and up to the date of signature of the financial statements were as follows:

Elaine Rose Banton (Chair of the Board)

Laura Collier

James Dacre Dominic Alexander Haddock Rashada Harry

Irogwehi Nieros Oyegun

Olivier Pierre-Noel (Interim Vice Chair) (Chair Finance sub-committee)

Davinia Tomlinson

Philip Raymond Turner Diogo Varela Chante Frazer Shaniqua Benjamin

Objectives and Activities

a. Policies and objectives

Mission

Talawa is the UK's outstanding Black British Theatre Company. Our purpose is to champion Black Excellence in theatre; to nurture talent in emerging and established artists of African or Caribbean heritage, and to tell inspirational and passionate stories reflecting Black experience through art.

Values

We are a learning and anti-racist organisation. Our core values reflect the cultural diversity inherent in British society and across the world. Our work and practices are bold, welcoming, collaborative and accessible to our artists, audiences and communities.

b. Activities for achieving objectives

Talawa's objectives during the year continued to be the promotion and advancement of theatre productions that bring the ethnically diverse Black British experience to mainstream audiences, and Participation and Learning programmes that develop ethnically diverse Black practitioners and provide outreach work in communities, schools and organisations.

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Talawa Theatre Company Limited TRUSTEES' REPORT

For the year ended 31 March 2023

c. Main activities undertaken to further the charity's purposes for the public benefit

The current activities of the company have been detailed in this report. The directors confirm that they have referred to the guidance contained in the Charity Commission's guidance on public benefit when reviewing the company’s aims and objectives and in planning future activities.

Talawa's public benefit criteria are as follows: -

Talawa is a Black British Touring theatre company that provides recognised cultural, engagement and training programmes that develop British African and Caribbean disapora arts and artists for mainstream British theatre.
It is a reliable and balanced advocate for the current issues faced by Artists from African and Caribbean Diaspora and Audiences from Africa, Caribbean diaspora and South, East and South East Asian diaspora heritages.
It is a high-profile partner for developing work with an ability to generate respect and trust within the African, Caribbean diaspora and South, East and South East Asian diaspora community.
A leading role in the arts sector advocating for anti-racism policies and practicies both on stage and off; providing bespoke training to businesses within the arts industry and other industries, focused on biases and anti racism cultural shift within organisations.

Note from the Chair

Talawa Theatre Company (TTC) continues to be the leading Black theatre company in the UK. Talawa Theatre Company's focus on creating, producing, and touring quality work that highlights Black talent, which is essential for promoting diversity and inclusion in the arts.

The Black Artistry programme dedicated to training and developing Black artists at various career stages is crucial for nurturing talent and creating opportunities within the industry. Providing both offline and online components, such as MAKE Online, showcases a forward-thinking approach to adapting to the digital age while still offering valuable networking and collaboration opportunities.

By offering a virtual hub like MAKE Online, where Black artists can connect, collaborate, and engage with industry professionals, Talawa Theatre Company is fostering a supportive community that can help elevate their careers and amplify their voices. The inclusion of paid opportunities through MAKE Online is ensuring that Black artists are compensated for their contributions.

Talawa Theatre Company is essential for creating a more diverse and representative arts landscape in the UK, and our commitment to nurturing talent through programs like Black Artistry demonstrates our dedication to fostering a more inclusive future for the theatre industry.

In November 2022, TTC status was successfully confirmed as Arts Council National portfolio organisation (NPO) was confirmed for the next three years (2026). This recognition and additional investment are a testament to TTC's significant contributions to the arts and its commitment to promoting diversity and talent within the industry.

The introduction of an 'Early Years programme', to begin in December 2023, is an exciting development that is expanding TTC's artist development and audience engagement initiatives. Focusing on the early years is not only an innovative approach but also a crucial one, as it lays the foundation for fostering a lifelong appreciation for the arts among young audiences.

Talawa Theatre Company has been incredibly active and dynamic in 2022, with a range of impactful initiatives and projects that highlight the company's dedication to promoting Black talent and enriching the arts scene in the UK.

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Talawa Theatre Company Limited

TRUSTEES' REPORT

For the year ended 31 March 2023

The pilot of the Introductory Writers Group programme nurturing emerging writers and providing them with a platform to develop their craft. Talawa Firsts New Writing festival had its 10th Birthday, continuing to deliver new work to stages across the UK. The second year of the Talawa Connects program a successful continuation of efforts to engage audiences, exploring their creativity. The beginnings of the Black Artistry Regional Hub programme, a place making iniative reaching audiences across the UK. These hubs will provide more opportunities for diverse communities to access and engage with the arts but also help in cultivating local talent, supporting and creating infrastructure and promoting cultural exchange.

The extensive touring of The Tide to outdoor festivals across the UK, bringing TTC's bringing high-quality theatre to public spaces for UK audiences. This production was free for audiences to enjoy, took TTC to towns that had never hosted our work. Continuing our digital offer the screening and launch of award-nominated productions like "Run It Back" and "A Place for We". Tales from the frontline films and Talawa stories on BBC sounds as TTC continue to embrace of digital platforms to expand the reach and sustainability of their work.

Talawa Theatre company (TTC)’s co-production model is based on working with partners, sharing the risk. Whilst this means that box office income is shared and is lower than in previous years, it also means that by sharing costs we can produce more work and tour work for longer. Additional investment is enabling TTC to lead produce its own work.

2022/2023 launch of the Black Artistry hub in Croydon. TTC leadership joined the delivery and governance Croydon team delivering London Borough of Culture (LBOC) and is holds the position of Vice Chair of the Steering Group. [The Croydon Culture Steering Group is made up of a diverse range of organisations and individuals drawn from across the borough’s cultural landscape. The steering group works in partnership with the council to develop the overall cultural strategy, while individual steering group members also support the practical delivery of multiple aspects of the programme]. TTC is LBOC delivery partner and producing two flagship projects (April 2023 - December 2023) as part of the programme.

TTC has offices and studio space in Fairfield Halls. TTC work hybridly remote and in person.

TTC continues to produce work digitally alongside its in person programme. Our audiences, participants and artists demographics support and engage in both these forums.

Achievements and performance

a. Review of activities

Context

The resumption of touring work for TTC in 2022/23 after a pause due to the Covid-19 pandemic represents a significant milestone. The challenges posed by the pandemic, including the need to halt in-person activities, affected many arts organisations and TTC was no exception. The fact that TTC was able to navigate these challenges and continue to operate without additional subsidy demonstrates resilience, adaptability, and a commitment to continuing its mission despite adversity. The impact of moving from central London, staff turnover and the expansion of the TTC team all presented some challenges. It has brought fresh perspectives and ideas to the company. As TTC resumes touring, we are working to reconnect with audiences, rebuild relationships with venues and partners. The touring aspect of the TTC's work is crucial for reaching audiences across UK.

Overall, TTC's ability to overcome the hurdles presented by the pandemic, adapt to changes in its structure and team, and recommence touring highlights the company's dedication to its mission and its determination to continue making a positive impact on the UK arts scene.

TTC productions in 2022 were recognised in various awards. A Place For We was nominated for Olivier award and won best ensemble at the Off West End awards. Run It Back was nominated Black British Award 2022.

The Tide, rescheduled from 2020 due to Covid-19, had its full tour in Summer 2022.

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Talawa Theatre Company Limited

TRUSTEES' REPORT

For the year ended 31 March 2023

In a moment of remembrance we celebrated the life of Mona Hammond who died on 5 July 2022, one of TTC founders in celebration of her life in October 2022.

On 4 November 2022 Talawa Theatre Company resecured National Portfolio funding for the next 3 years (2023 - 2026) with an additional investment to support core costs and targeted production activity related to early years (EY) provision. With the provision, some digital activity is permitted connected to the EY programme.

Piloting year begins Black Artistry Hub Programme

(8 May 2022 - 31 March 2023)

Series of meet the Talawa team, meeting artists, idea exchange and workshops at Birmingham Hippodrome, beginning the relationship to development Midlands Black Artistry hub.

Talawa Firsts

(6 June - 17 June 2022)

Important year marking the 10th anniversity of this Festival of new work. It continues to present the best of upcoming and diverse talent to producers and opens up opportunities and activities in theatre, television and film, driving diversity in the arts and the arts workforce. Talawa’s aim is to kick start careers and create community of artists who — with our support — will become the next generation to influence the future of British theatre.

The festival moved into June 2022. We worked with 4 writers and 4 directors on brand new work, culuminating in 2 double bill performances. We live streamed Talawa Firsts, to see if producers would still be interested in this option post covid.

The Tide

(July 2022 - September 2022)

The Tide was co-created by writer Ryan Calais Cameron and choreographer Jade Hackett. The Tide is supported by the Without Walls Consortium, is commissioned by Brighton Festival and Greenwich+Docklands International Festival, and is Talawa's first show created exclusively for outdoor performance. The Tide was the first touring show post pandemic for TTC. The outdoor play toured to 8 festivals across England: Basingstoke, Poole, Grimsby, Skegness, Croydon Carnival, Birmingham Weekender, GDIF and Leicester. The show was seen by 3000 people and was non ticketed free for audiences to see, playing in outdoor public spaces.

Talawa Connects

(July 2022 - October 2022)

Talawa connects giving audiences, creatives, and the wider Croydon Community a chance to explore the many paths to creativity and theatre. We collaborate with professionals who have found their place as creatives in unusual ways. Artists ran vogue, activism, poetry and well being workshops.

Run It Back

(12-30 September 2022 )

Run It Back was conceived and directed by Coral Messam, created with Gail Babb, and co-devised by TYPT:18. The production was filmed during the run in September 2021 and digitally released to be seen by UK audiences for a limited time period. This offer was due to being unable to tour the production due to pandemic in 2020 and 2021. Nominated for a Black British Theatre award for Best Dance production.

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Talawa Theatre Company Limited

TRUSTEES' REPORT

For the year ended 31 March 2023

A Place For We

(September 2022- September 2027 on digitial theatre platform)

A co-production between The Park Theatre and TTC. This was cancelled due to Covid-19 and produced in autumn 2021. It was filmed by Black Apron productions and is on hosted Digital Theatre platform until September 2027. This production was a critical success and was nominated for a Olivier award and won an Off West End award for best ensemble.

Talawa stories

(on BBC sounds until 2026)

Talawa stories is a series of three half an hour plays by emerging Black British Writers and Directors, a co-production between TTC on their 35th anniversary next year, and Feral Inc Productions. This has been commission by BBC Radio 4. Talawa’s New Work Producer and a freelancer dramaturg will identify and support six new writers to work on half hour scripts over the course of a six week development programme this autumn, with the aim of commissioning three scripts to be made for the series.

The 3 writers picked for broadcast and their pieces were: Running With Lions by Sian Carter, directed by Michael Buffong; NSA by Charles Entsie, directed by Jade Lewis; Precious Little Things by Roberta Livingston, directed by Anastasia Osei-Kuffour.

Transmission dates of 7/14/21st May 2021. We received audiences of 2.4 million listeners and was critically successful. TTC has been recommissioned for Talawa stories series 2.

Tales from the Frontline

(on YouTube)

The pandemic has had a starkly divergent impact on communities; Black people are four times more likely to die from Covid-19, according to Office of National Statistics figures in May 2020 for England and Wales. While in November 2020, the Joint Committee on Human Rights report “Black People, Racism and Human Rights”, concluded that the Government must urgently take action to protect the human rights of Black people across many areas, including healthcare. The Tales from the Front Line interviews were a space for the Black workers to share their experiences, their concerns and their hopes for the future. Black artists and creatives have then used the testimonies to create six dramatised pieces of work using music, movement, photography and soundscapes to convey the story. These were released episodically, with the first two films (part 1 & 2) being made available on 30 November 2020 and parts 3 & 4 released 11 February The final series of films part 5: Primary School teacher and part 6 Breather were released in 27 April 2021. These films continue to be watched by national and international viewers on youtube.

Our aim was to document and celebrate the contribution of Black workers during the crisis, to create a lasting historical record.

Black Artistry Regional Hub programme

Throughout the year we ran the various strands of the BAH programme, engaging Black artists across the UK. In all we engaged with 110 artists across the year.

Studio Firsts (which used to be run 3 times a year with some financial support) didn't operate during 2021/2022, instead we offered rehearsals or research & development space in the new Talawa studio at Fairfield Halls. Studio Firsts returned in Autumn 2022.

Talawa Firsts

Talawa Firsts showcases new writing and theatre-making by Black British artists and creatives, alongside skills-sharing, mentoring and learning events.

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Talawa Theatre Company Limited

TRUSTEES' REPORT

For the year ended 31 March 2023

Script Reading Service

The service aims to read scripts from emerging Black writers and give them critical feedback and development support on their work. This free-to-use service attracted 220 writers between January 2021 and March 2023.

Talawa New work programme

Bernie Grant Arts Centre & GDIF are new commissioners for Talawa's new work programme.

The programme aims to bring onboard partner companies, commission new artists, and put together a programme of activities to support their development and establish these artists within the industry.

MAKE Online

We launched MAKE online, a resource for Black artists across the UK during the year. As at 31 March 2022, there were 1,115 registrants, of which 215 identified themselves as organisations or individuals from the wider industry and the remainding 900 identified as artists. We believe that MAKE Online is a unique space for Black artists in the UK, and that it is beginning to change the industry.

TYPT (returned September 2021 - April 2022)

TYPT is Talawa’s flagship programme for emerging Black theatre makers. A team of emerging artists aged 18-25 will work with established artists to create a brand new show, in Talawa Studio. The programme is now running from September 2021 to April 2022, culminating in Rehearsed reading, film monologues and dualogues.

Financial Review

a. Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. Reserves Policy

Free reserves comprise unrestricted funds excluding designated funds and amounts invested in fixed assets. The level of free reserves held at 31 March 2023 was £158,551 (2022: £246,772). This is considered appropriate for the current level of activity taking into account the designation of funds below.

At 31 March 2023 the directors designated £159,000 of the general fund as follows:

• A designated minimum reserve of £121,000 is to cover the costs of salaries and overheads for a three-month period and a reserve of £38,000 for artistic reserves. The operation/reserves have increased to keep up with increase staffing costs.

*Please note reserves policy will be updated each year, ensuring we are not holding too much or too little for our current programme and operational needs.

c. Current year results

Talawa has been awarded funding of £448,407 for the year ended 31 March 2023. The company will received a 56% uplift in ACE funding for the financial years 2024-2026, to support its Talawa development programme nationally.

The company's total reserves increased by £13,032 for the year ended 31 March 2023 (increased by £14,048 for the year ended 31 March 2022) as follows: -

The net deficit for the year on company operations recognised within unrestricted reserves was: £76,968 (2022: £5,152) within restricted: surplus of £90,000 (2022: £19,200)

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Talawa Theatre Company Limited

TRUSTEES' REPORT

For the year ended 31 March 2023

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Trust deed and is a registered charity - number 327362.

b. Method of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision making

The Chair of the Board continues to successfully lead the company.

d. Risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate all exposure to the major risks.

Plans for future development

a. Future developments

London Borough of Culture Croydon

(April 2023 - March 2024)

Talawa is a key delivery partner for LBoC. TTC to produce two flagship events which includes producing a new piece on Samuel Coleridge Taylor and a co-creative participation project and public exhibitions Our Croydon.

Black Joy Season (sustain)

Funding for Black Joy season was secured from National Lottery Project grant. The season will run from Autumn 2024 to Spring 2025.

Black Joy season is a new partnership between The Belgrade and TTC. We are producing two pieces of work, Play On and untitled studio commission, along with seed commission, associates and trainee programe. These shows will tour the UK and be part of Black artistry regional hub offering.

New commissions

(Spring 2025)

New baby show co-commission and production with Unicorn Theatre, tour UK thoroughout 2025. (Summer 2025)

A brand new outdoor installation and performance piece with Greenwich + Docklands International Festival.

MAKE rebranded Black Artistry programme

(Ongoing)

BA and Make Online will continue in earnest, presenting various strands including MAKE Online, the Script reading service and Studio Firsts.

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Talawa Theatre Company Limited

TRUSTEES' REPORT For the year ended 31 March 2023

Statement of Trustees' Responsibilities

The trustees (who are also directors of Talawa Theatre Company for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and
explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable
company will continue in business.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on and signed on their behalf by: 18.12.23

Elaine Banton Chair

Type text here

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Talawa Theatre Company Limited

Independent Examiner's Report to the Trustees of Talawa Theatre Company For the year ended 31 March 2023

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’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 a member of the ICAEW, 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:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102).

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 accounts to be reached.

Mark Twum-Ampofo ACA, Partner, Independent Examiner

For and on behalf of Moore Kingston Smith LLP, Chartered Accountants

Charlotte Building 17 Gresse Street London W1T 1QL

21 December 2023

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Talawa Theatre Company Limited

STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2023

(Incorporating Income and Expenditure Account)

Note
Income from:
Donations & legacies
2
Charitable activities
3
Other charitable trading activities
4
Investments
5
Total Income
Expenditure on:
Charitable activities
6,7
Total Expenditure
Net Income
Transfers between funds
13,14
Net movement in funds
Fund balances at 31st March 2022
Fund balances at 31st March 2023
13,14

Unrestricted
Restricted
Total
Total
Funds
Funds
2023
2022
£
£
£
£
470,067
183,495
653,562
621,841
30,373
19,242
49,615
40,188
30,411
-
30,411
66,372
1,847
-
1,847
50
532,698
202,737
735,435
728,451
(609,666)
(112,737)
(722,403)
(714,403)
(609,666)
(112,737)
(722,403)
(714,403)
(76,968)
90,000
13,032
14,048
-
-
-
-
(76,968)
90,000
13,032
14,048
408,407
35,000
443,407
429,359
331,439
125,000
456,439
443,407

All disclosures relate only to continuing operations.

There are no recognised gains or losses other than the net incoming resources for the year.

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Talawa Theatre Company Limited

BALANCE SHEET

as at 31 March 2023

Note
£
£
Fixed Assets
Tangible assets
10
13,888
13,888
CURRENT ASSETS
Debtors
11
154,709
Cash on short term deposit at bank and in hand
330,115
484,824
CREDITORS:Amounts falling due
within one year
12
(42,273)
NET CURRENT ASSETS
442,551
TOTAL ASSETS LESS CURRENT LIABILITIES
456,439
TOTAL NET ASSETS
456,439
Charity Funds
Restricted Funds
125,000
Unrestricted Funds
14
331,439
TOTAL FUNDS
456,439
2023

£
£
2,635
2,635
21,722
490,656
512,378
(71,606)
440,772
443,407
443,407
35,000
408,407
443,407
2022

For the year ended 31 March 2023 the charity was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts.

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

The financial statement were approved by the Trustees and authorised for issue on and were signed on their behalf by:

Olivier Pierre-Noel

Vice-Chair and Chair of Finance Subcommittee Company No. 02005971

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Talawa Theatre Company Limited

CASH FLOW STATEMENT

For the year ended 31 March 2023

Note £ £ Cash flows from operating activities Cash generated from operations 20 (149,685) (149,685) Cash flows from investing activities Purchase of tangible fixed assets (12,703) Interest received 1,847 (10,856) Change in cash in the reporting period (160,541) Cash at the beginning of the reporting period 490,656 Cash at the end of the reporting period 330,115 2023	£ £ 57,362 57,362 - 50 50 57,412 433,244 490,656 2022

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Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

1. ACCOUNTING POLICIES

1.1 Accounting convention

Basis of Preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), published in January 2019. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP published in January 2019), the Companies Act 2006 and the Charities Act 2011.

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

1.2 Going Concern Basis

The financial statements have been prepared on a going concern basis. Talawa is an Arts Council National Portfolio Organisation and had funding confirmed for the period 1 April 2022 to 31 March 2026.

The company has unrestricted net assets of £331,439, of which £159,000 has been designated. The directors consider that the company's reserves will be sufficient to cover deficits that may result from unanticipated costs of projects.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 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 the 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 allocated on the portion of the assets used.

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Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2023

1. ACCOUNTING POLICIES (continued)

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Support costs are allocated on a percentage basis as detailed in note 7.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

1.5 Tangible Fixed Assets

All assets costing more than £500 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporation income and expenditure account.

Tangible fixed assets are carried at cost, net of depreciation and any provisions for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Office equipment 3 - 5 years straight line basis Fixtures and Fittings 10 years straight line basis

1.6 Interest Receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.

1.10 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 14

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2023

1. ACCOUNTING POLICIES (continued)

1.11 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. Income from donations and legacies

Arts Council England grant
Talawa Firsts Funding
Martin Bowley Foundation Grant
John Ellerman Foundation
Croyden Culture Relief Fund Grant
Foundation Roi Baudouin - TYPT
Run It Back Grant Income
Arts Countil Grant - Creative Hub Funding
Total grants
Donations
Total donations and legacies
Total 2022

Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
448,407
448,407
448,407
35,000
35,000
35,000
5,000
-
5,000
3,500
-
120,000
120,000
-
6,400
-
6,400
-
6,978
7,500
14,478
7,478
-
7,995
7,995
107,374
-
13,000
13,000
7,000
466,785
183,495
650,280
608,759
3,282
-
3,282
13,082
470,067
183,495
653,562
621,841
473,489
148,352
621,841

Page 15

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

3. Income from charitable activities

Box office income
Participating projects
Total 2022
come from other charitable trading activities
Income from theatre tax relief
Income from unconscious bias training
Administration Income
King Lear
Studio Hire
Speaking Engagement Income
Total 2022
estment income
Investment income
Total 2022

Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
30,211
8,742
38,953
18,850
162
10,500
10,662
21,338
30,373
19,242
49,615
40,188
21,479
18,709
40,188
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
10,911
-
10,911
-
17,340
-
17,340
66,214
-
-
-
158
938
-
938
-
1,147
-
1,147
-
75
-
75
-
30,411
-
30,411
66,372
66,372
-
66,372
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
1,847
-
1,847
50
50
-
50

4. Income from other charitable trading activities

5. Investment income

Page 16

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

6. Direct costs
Administrative, training and
staff costs Direct
Hospitality
Projects and Performance costs
Workshops
Writers commission
Reading service and Talawa
First play
Wages and salaries Direct
At 31 March 2022
7. Support costs
Administrative, training and
staff costs
Printing, postage and stationery
Computer supplies
Legal and professional
Cleaning and security
Sundry expenses
Subscriptions
Rent and rates
Insurances
Wages and salaries
Depreciation
At 31 March 2022

Total
Total
Production Education
Artistic
Literary Marketing
2023
2022
£
£
£
£
£
£
£
22,509
6,253
10,004
6,253
5,002
50,021
34,901
-
-
-
-
-
-
271
92,490
25,692
41,107
25,692
20,553
205,534
236,906
5,070
1,408
2,253
1,408
1,127
11,266
25,206
3,491
970
1,551
970
776
7,758
4,000
8,784
2,440
3,904
2,440
1,952
19,520
19,216
116,349
32,319
51,711
32,319
25,855
258,553
238,743
248,693
69,082
110,530
69,082
55,265
552,652
559,243
251,658
69,906
111,848
69,906
55,925
559,243
Total
Total
Production Education
Artistic
Literary Marketing
2023
2022
£
£
£
£
£
£
£
2,987
830
1,327
830
664
6,638
5,560
1,877
521
834
521
417
4,170
2,092
6,014
1,671
2,673
1,671
1,336
13,365
14,584
6,999
1,944
3,111
1,944
1,556
15,554
10,368
915
254
407
254
204
2,034
1,597
3,545
985
1,576
985
788
7,879
8,982
1,122
312
499
312
249
2,494
1,974
18,000
5,000
8,000
5,000
4,000
40,000
34,294
2,333
648
1,037
648
518
5,184
6,456
31,942
8,873
14,197
8,873
7,098
70,983
66,377
652
181
290
181
146
1,450
2,876
76,386
21,219
33,951
21,219
16,976
169,751
155,160
69,819
19,397
31,031
19,397
15,516
155,160

The support costs shown above have been allocated across the Statement of Financial Activities as follows: - Production costs 45% (2022: 45%)

Education costs 12.5% (2022: 12.5%)
Artistic costs 20% (2022: 20%)
Literary costs 12.5% (2022: 12.5%)
Marketing costs 10% (2022: 10%)

Page 17

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

8. Net income/ (expenditure)

This is stated after charging:

is stated after charging:
	2023	2022
	£	£
Depreciation of tangible fixed assets:
- assets owned by charity	1,450	2,876
Independent examiner's remuneration	6,000	4,400

During the year, no Trustees received any remuneration (2022: £nil). During the year, no Trustees received any benefits in kind (2022: £nil). During the year, no Trustees received any reimbursement of expenses (2022: £nil).

9. Staff costs

Staff costs were as follows:

Wages and salaries Social security costs Other pension costs	2023 2022 £ £ 294,378 273,503 28,652 25,406 6,507 6,212 329,537 305,121

The average number of persons employed by the company during the year was as follows:

Direct charitable work Administration	2023 2022 No. No. 7 10 2 2 9 12

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel consist of the Joint Chief Executive Officers; the Artistic Director and Executive Director. Remuneration and benefits received by key management personnel amounted to £104,821 (2022: £115,649).

Page 18

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

10. Tangible Fixed Assets

Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the Year
Eliminated in respect of disposals
At 31 March 2023
Net Book Value
At 31 March 2023
At 31 March 2022
11. Debtors
Trade debtors
VAT recoverable
Other debtors
Theatre Tax Credit
12. Creditors
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income

Fixtures and
Office
Total
Fittings
Equipment
£
£
-
14,380
14,380
12,703
-
12,703
-
-
-
12,703
14,380
27,083
-
11,745
11,745
148
1,302
1,450
-
-
148
13,047
13,195
12,555
1,333
13,888
-
2,635
2,635
2023
2022
£
£
21,935
17,136
1,863
4,586
120,000
-
10,911
-
154,709
21,722
2023
2022
£
£
7,476
18,663
-
5,232
1,463
636
33,334
47,075
42,273
71,606

Page 19

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

13. Statement of funds - current year

Designated funds
Designated minimum reserve
Designated artistic reserve
General Funds
General funds
Total unrestricted funds
Restricted funds
Arts Council England Grant
John Ellerman Foundation
Foundation Roi Baudouin - TYPT
Run It Back Grant
Backstage Trust - Talawa Firsts
Talawa Stories
Mona Hammond
Stage One programme
Total restricted funds
Total of funds

Balance at
Transfers
Balance at
01/04/2022
Income Expenditure
in/out
31/03/2023
£
£
£
£
£
103,000
-
-
18,000
121,000
56,000
-
-
(18,000)
38,000
159,000
-
-
-
159,000
249,407
532,698
(609,666)
172,439
249,407
532,698
(609,666)
-
172,439
408,407
532,698
(609,666)
-
331,439
-
13,000
(13,000)
-
-
-
120,000
-
-
120,000
-
7,500
(7,500)
-
-
-
7,995
(7,995)
-
-
35,000
35,000
(70,000)
-
-
-
5,000
-
-
5,000
-
10,500
(10,500)
-
-
-
3,742
(3,742)
-
-
35,000
202,737
(112,737)
-
125,000
443,407
735,435
(722,403)
-
456,439

Page 20

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

14. Statement of funds continued - prior year

Designated funds
Designated minimum reserve
Designated artistic reserve
General Funds
General funds
Total unrestricted funds
Restricted funds
Croydon's Culture Relief Fund Grant
Noel Coward Foundation Grant
The D'Oyly Carte Charitable Trust Grant
Leche Trust Grant
Foundation Roi Baudouin - TYPT
CEZ Corporates - Run it Back
ACE - Run it Back
Backstage Trust - Talawa Firsts
Martin Bowley Charitable Trust - Talawa
Firsts
Stage One programme
Total restricted funds
Total of funds

Balance at
Transfers
Balance at
01/04/2021
Income Expenditure
in/out
31/03/2022
£
£
£
£
£
103,000
-
-
103,000
56,000
-
-
56,000
159,000
-
-
-
159,000
254,559
561,390
(566,542)
-
249,407
254,559
561,390
(566,542)
-
249,407
413,559
561,390
(566,542)
408,407
5,300
-
(5,300)
-
-
5,000
-
(5,000)
-
-
3,000
-
(3,000)
-
-
2,500
-
(2,500)
-
-
-
7,478
(7,478)
-
-
-
25,000
(25,000)
-
-
-
77,374
(77,374)
-
-
-
35,000
-
35,000
-
3,500
(3,500)
-
-
-
18,709
(18,709)
-
-
15,800
167,061
(147,861)
-
35,000
429,359
728,451
(714,403)
-
443,407

Croydon Culture Relief Fund

The Croydon Culture Relief fund was a programme of funding towards cultural activity during the Covid-19 pandemic. The project was Tales From the Frontline ; a series of 6 films talking about the experience of black key and frontline workers during the pandemic.

Writers' Programme

Talawa's writers' programme was supported by Noel Coward Foundation, which supported research & development and masterclasses for writers of Talawa Stories.

Young People's Theatre Programme

This was supported by Leche Trust, who fund development of young professional artists, along with the Baudouin Foundation (Black community committee fund), that support black organisations in London, and D’Oyly Carte, that funds the advancement of arts.

Page 21

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

Talawa Firsts

Martin Bowley Charitable Trust foundation and Backstage Trust funding is used to support young artists and emerging writers, performers involved in our new writing festival.

Run It Back production

Arts Council England project grant and Creative Enterprise Zone (CEZ) funded the production of Run It Back that was cancelled due the pandemic and was restaged in 2021.

Stage One Programme

Stage one programme trainee producers are attached to an organisation for a year-long programme of training and development.

Designated Minimum Reserve

The designated minimum reserve of £121,000 is to cover the costs of salaries and overheads for a three month period.

Designated Artistic Reserve

The designated artistic reserve of £38,000 is to cover any potential overspend on productions.

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Current assets Creditors due within one year ysis of net assets between funds - prior year Tangible fixed assets Current assets Creditors due within one year	Unrestricted Restricted Total funds funds funds 2023 2023 2023 £ £ £ 13,888 - 13,888 359,824 125,000 484,824 (42,273) - (42,273) 331,439 125,000 456,439 Unrestricted Restricted Total funds funds funds 2022 2022 2022 £ £ £ 2,635 - 2,635 477,378 35,000 512,378 (71,606) - (71,606) 408,407 35,000 443,407

Analysis of net assets between funds - prior year

Page 22

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

16. Analysis of cash and cash equivalents

Cash in hand Total	2023 2022 £ £ 330,115 490,656 330,115 490,656

17. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and at the balance sheet date amounts of £853 (2022: £379) were payable to the fund, which are included in creditors.

18. Operating lease commitments

At 31 March 2023 the total of the company's future minimum lease payments under non-cancellable operating leases was:

Amounts payable: Within 1 year Between 1 and 5 years Total	2023 2022 £ £ 44,836 41,200 6,571 8,033 51,407 49,233

19. Liability of members

The company is limited by guarantee and the liability of members is limited to £1 each. At 31 March 2023 there were 12 (2022: 12) members.

20. Reconciliation of group net income to net cashflow from operating activities

Net income for the reporting period Interest Income Depreciation (Decrease) / increase in provisions Decrease / (increase) in debtors (Decrease) / increase in creditors Net cash generated from operations	2023 2022 £ £ 13,032 14,048 (1,847) (50) 1,450 2,876 - - (132,987) (16,917) (29,333) 57,405 (149,685) 57,362

Page 23

Talawa Theatre Company Limited

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2023

21. Prior year Statement of Financial Activities

Income from:
Donations & legacies
Charitable activities
Other trading activities
Investments
Total Income
Expenditure on:
Charitable activities
Total Expenditure
Net Income
Transfers between funds
Net movement in funds
Fund balances at 31st March 2021
Fund balances at 31st March 2022

Unrestricted
Restricted
Total
Total
Funds
Funds
2022
2021
£
£
£
£
473,489
148,352
621,841
475,744
21,479
18,709
40,188
2,767
66,372
-
66,372
53,921
50
-
50
181
561,390
167,061
728,451
532,613
(566,542)
(147,861)
(714,403)
(459,576)
(566,542)
(147,861)
(714,403)
(459,576)
(5,152)
19,200
14,048
73,037
-
-
-
-
(5,152)
19,200
14,048
73,037
413,559
15,800
429,359
356,322
408,407
35,000
443,407
429,359

Page 24