Registered number: 02848282 Charity number: 1032846 THE CUSTOMS HOUSE TRUST LIMITED (A Company Limlted by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) CONTENTS Page Reference and Adminlstratlve Details ol the Charltable Company, its Trustees and Advlsers Trustees, Report Independent Auditors. Report on the Financial Statement8 Con801idated Statement of Flnanclal Activitie8 3-17 22 Consolidated Balance Sheet 23-24 Charltable Company Balance Sheet Consolidated Statoment of Cash Flows 25-26 27 Notos to the Financial Statements 28-53
THE CUSTOMS HOUSE TRUST LIMITED (A Company LIMlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees S J Mitchell, Chair (appointed as Chair 25 Novembèr 2024) M Fay {resigned 25 November 2024) S Anderson lappolnted 30 December 2024, reslgned 14 October 20251 L G Barrett (reslgned 21 December 20251 S Corpe {8ppolnt8d 30 December 2024, resigned 30 June 2025) E Czestochowski K C Dawes l Farrar (resigned 1 December 20251 S Finnon (resigned 25 November 2024) A Jackson {appointed 30 D8cgmber 20241 J Laverick (appointed 30 December 2024, r8slgned 23 November 20251 M Patterson (resigned 6 September 2025) A Plouvlez C N Simmons Ire81gned 25 Novèmber 2024) P G White (appointed 30 Dacembar 2024, resigned 19 December 2025) V C Wlgglns (resigned 25 November 2024} D Young lappoinled 28 Aprll 20251 Company reglstered number 02848282 Charfty reglstered numbor 1032846 Regi8tered offlco The Customs House Mill Dam South Shields Tyne & Wear NE33 1ES Company socrgt?ry K Anders Chlef exa¢utlve officer K Anders (appointed 8s Joint CEO 1 Aprll 2024, appolnted as CEO 30 September 2024) F Martln {appolnted as Joint CEO 1 Aprll 2024, resignad as Joint CEO 30 September 20241 Independent audltor8 Clive Owen LLP Chartered Accountants and Statutory Auditors 140 Coniscliff8 Road Darlington Co Durham DL3 7RT Banker8 HSBC Bank PIC 110 Grey Slreet Newcastle upon Tyne NE14AD Page 1
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Solicitors PGS Law Chambers 22 Denmark Centre Law Court, Fowler St South Shields NE33 2LR Page 2
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statements of the Charitable Company for the period 1 April 2024 to 31 March 2025. The Annual Report serves the Purposes of both Trustees, r8POrt and a directors, report under company law. The Trustees confim that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard spplicab18 in the UK and Republic of Ireland (FRS1021 (effecti've 1 January 2019). Since the group and the Charitable Company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectlvos and activities Pollcles and objectlves In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running Charity IPB2)'. The Customs House Trust Limited relies on income from fees and charges from the public to cover its operating costs, together with grants from public and private trusts and organisations. The Trustees give careful consideration to the pricing structure ol the fees for those on low incomes in the local and wider community. The Customs House Trust Limited is a registered Charity and a company Ilmlted by guarantee. It has a wholly owned trading subsidiary, The Customs House Green Room Limited. The Trust has aims. The first relates to cultural activity, the second to managing cultural buildings and specifically the Customs House.. 1. To promote, maintsin, improve, and advance the knowledge, understanding, and appreciation of the arts and popular culture among the inhabitants of the borough of South Tyneside and its neighbourhood, 2. To establish and to secure the estsblishment of centres for the arts and popular culture throughout the borough of South Tyneside and, in particular, at the old Customs House building, Mill Dam, South Shields and to equip, maintsin, manage, and market the same, together with related capital projects within the Mill Dam area of South Shields. Page 3
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objective8 and actlvltles (continued) strategles for achigving objectlves At The Customs House, we are proud to deliver a broad, balanced, and sustainable programme of high-quality arts and cultural activitie5 that serve all members of our community. Over the past year, we have continued to deepen the reach and impact of our work, building stronger partnerships, expanding our audience base, and Increasing awareness of our mission to make the arts accessible, relevant, and inclusive. Our approach is rooted in the belief that great art should nol only be for communities but created with them. Co creation is central to our practice. By working closely with people from across South Tyneside, including those from som8 of the Borough's most marginalised and "left behind" neighbourhoods, we are helping to redefine what art means locally, and empowering communities to shape and share their own stories. Addressing Inoquallty through Participation Increasing engagement In arts participation remalns one of our highest prloritle8, Particularly in area8 faclng significant social and economic challenges. We understand the structur81 barriers that often prevent access to culture, 8nd we actively design our programmes and pricing strategies to reduce these g8PS. Our Creative Engagement team plays a vital role In this work. With additlonal funding from th8 Sir James Knott Trust from February 2024, we've been able to enhance our capacity to engage more me8ningfully with underrepresented communities. We continue to Use audience data and local insights to ensure our offer 18 genuinely Inclusive and relevant. This year, we have expanded our outreach efforts in the most deprived wards of South Tyneside, working in schools, community centres, and with grassroots organisations to create pathways to engage in the arts for people of all ages and backgrounds. Following successful delivery in 2022 and 2023, The Customs House has 8g8in been provided grant funding from South Tyneside Council to co-ordinate free holiday 8Ctivity and food provision IHAF) for children and young people entitled to benefit-related free school meals, In 202412025 we provided 1440 places for young people and their families to 8ttend our venue for a meal and access to physical activities and either a visit to our cinema. pantomime, non-verbal theatre show, or musical productlon. This is an increase of 300 pl8ces more than the previous year. Equallty, Diversity and Incluslon EDI remains the foundation of our values and practices. Our EDI Strategy guides us in recognising, respecting, and celebrsting difference. In 2024, we introduced several initiatives aimed at reaching underserved groups. including enhanced programming and partnershlps that reflect the diversity of our local population. We also worked closely with local organisation Tailored Leisure to carry out a full access audit of our building and services. The findings are already informing our fulure plans, ensuring that acce5sibilily is embedded in both our physical infrastructure and programme delivery. Page 4
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantég) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectlves and actlvlties (continued) Creatlve Excellence Through Partnorship Our programming has been further strengthened by collaborations with leading national organisations such as Boundless Theatre, Northern Broadsides, Blackpool Grand, and Barnsley Civic theatres. These partnerships bring new creative energy to South Tyneside and provide local audiences and artists with access to nationally slgnificant work. We are also playing an active role in shaping the region's cultural future through the South Tyneside Cultural Partnership Group and the Local Cultur81 Education Partnership, ensuring that the voice of our community remains central to all decision-making, In April 2023, we began the first year of our new National Portfolio Organisation funding programme under Arts Council England's Let's Create strategy. Our annual funding increased from £104,000 in 2023 to £204,000, enabling us to broaden our programme, deliver more ambitious community engagement. and invest in essential staff capacity. Our business model is driven by a clear plan that aligns with both our charitable objectives and the goals of our major funders.. Arts Council England and South Tyneside Council through their Let's Create and Making Waves strategies, respectively. As a cultural cornerstone, The Customs House plays 8 Plvotal role in South Tyneside's creative life. Our in- house and partnership-led work is designed not jusl lo entertain, but to empower. We aim to create meaningful, Shared experiences that reflect the hop8s, identities, and creativity of the people who live here. Together with our community, we are co-creating a richer cultural future, one where everyone can see themselves represented, heard, and celebrated through the arts. Support for Emerglng Talent Nurturing emerging creatives is a Strategic focus. We've introduced new policies to support sector entry and talent development, ensuring opportunities are accessible regardless of age, gender, or ethniclty. Efforts to connect with younger and more diverse audiences have been incre8sed. Our expanded family programming, especially in theatre and in-house pantomime productions, has resulted in notable growth in our family audiences. Page 5
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectlves and actlvltles (continued) Talént Devèlopment- Children and Young People The Customs House Young Performers Company, established in January 2022 for young peopl8 aged 8-18, h88 grown year on year. From April 2024, we have delivered 34 training sessions within term time. The Young Performers Company offers training to young peopl8 in dance, drama and singing and they have produced Bhows, performed in our main auditorium this year, one being a pantomime (Sleeping Beauty) and the other a Musical Theatre Gala Show (Something About This Night). To ensure this is a programrne which is accessible for all, we offer 100kn of total places as fully or part fundéd. In September 2024, we introduced our Junior Young Performers Company for ages 5+ We also introduced LAMDA training sessions and group singing lessons to allow for further development and achievement of accredited qualifications. Our Young people's work continued over the summer months wlth the Customs House Summer School, an annual 3-week intensive programme of musical theatre training, culminating in 6 performances in our main auéitorium. The Produclion for summer 2024 was The Addams Family, involving 40 participants age 8-18 from across the northeast. Our Youth Theatre continued to provide a Junior and Senior group, delivering 34 sessions over the year to 50 young people. The group delivered productions within the year so students could showcase their talent in the main auditorium. In 2024-2025, Youth Theatre performed 'The Periodicals, through The National Theatre Connections Festival and 'We're Not Moving, through the Positive Stories Through Negative Times programme with Wonderfools. Capltal Investment Thanks to grant funding from BIFFA award, received in 2022, we were able to install a fully retract8ble seating unit in our main 8uditorium in January 2024. This has given us greater flexibiliiy in how we deliver our creative programme and events. In April 2024 we were able lo offer our first music gig with stsnding capacity. Since that time, we have been able to offer more standing music events and a number of events with interchangeable seating arrangements such as dance conventions and awards evenings, In 2022, we secured funding from SUEZ Communities Fund to restore the South Shields coat of arms to the original front of the Customs House building. The coat of amis displayed on the Customs House was the crest for the Borough of South Shields from 1850 up until the 1970s when the Borough of South Tyneside was established with its own crest. Designed by Shields poet and artist, Robinson Elliott, it features the motto of courage, humanity and commerce. We were able to complete this project in August 2024. Thanks to this funding, we have been able to maintain an important part of our town's heritage. Envlronmental Responsibility Our comm itment tc environmental sustainability has resulted in us building upon last years, bronze accreditation and this year achieving silver accreditstion as part of the Investors in the Environment Award. We were also fortunate to receive 8 Sustainable transport award at the Investors in the Environment Awards 2024. Page 6
THE CUSTOMS HOUSE TRUST LIMITED IA Company Limited by Guarantge) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectives and activitie8 {¢ontinued) Communlty Support and Fundraising We are very grateful to receive support from South Tyneside Council, Arts Council England, Hays Travel and Colmans. In 2024125, we have been supported by our 700 Frlends Members, comprising of single, jolnt and family memberships. We also receive regular donations from our Custodians and players of Unity Lottery. Funding from Trusts and Foundations received in the year stsnds at £78,428. Diversification of income (Events and Hlre8) During the ye8r, there were 716 event hires for weddings, celebrations, conferences, community groups and rehearsals. Thi5 is a notable increase on the 233 from the previous year. Page 7
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limitgd by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objoctiv•$ and a¢tivitie8 {continued) Actlvltle8 undertaken to achi8V8 objectives THEATRE & CINEMA In 2024-25, The Customs House presented shows in the main auditorium in a range of art fomis such as children's theatre, music, comedy, tribute acts, new writing, muslcal theatre and dance, The total number of tickets sold at TCH in 24125 decreased from 110,327 to 95,187, with box office also decreasing from £1.803,905 to £1,493,402. It is import8nt to note that the financial year 23124 included additional specific celebratory events which did not fom part of the programme in 24125. These events resulted in an additional income in 23124 of £105,744, Ticket yield has marginally increased from £14.53 to £15.45. A notable trend was the continued drive towards online purchases which now accounts for 83°h of our total ticket sales. The Customs House presented 338 performances during 24125. These include 130 performances from visiting production companies and 208 performances of our own shows, produced in house. Of our own theatre productions, 194 performances were directed toward Children and Young people and family audiences. Ticket sales for our annual pantomime were lower than the prevlous year at 25,506 compared with 30,662 for Aladdin in 23124, however this was a result of a reduction in school bookings which represented 4000 tickets as a result of significantly increased transport C08ts and pressure on school budgets. The under-sevens Christmas show, produced by Tree Stump Theatre (The Sorcerer's Suitcase), had an audience of 3442 which was slighlly down on the previous year of 4061. Cinema programming has been a challenge, as it is across the sector, with a reduction in available product and changes in audience behaviours wilh the increased availability of home streaming. While we have been able to increase the number of screenings available to 693 from 664 the previous year, ticket sales have declined slighlly to 19,263 tlckets sold during 202412025 which is a decline of 860 tickets a¢rgs3 lhe year. This translates fr9m an gverggo of 30 ti¢kets sold per screening the previous year to an everage of 27 tickets per screening this year. While this this is only a small reduction in sales, in order to diversify, we are considering alternative strategies of utilisation of our studio space. In February 2023, following a collaborative project with Beacon Films, we introduced our first relaxed cinema screenings. Relaxed screenings have continued throughout 2024-2025 and are now part of our monthly pro9ramme. Continuing inflationary pressures throughout the period has created a challenging environment for maintaining consumer engagement and financial stability resulting in poorer trading conditions and slower growth than anticipated. Our focus for 25126 lies within a comprehensive review of our programme together with robust audience development and marketing Strategies, combined with further plans for diversification of income. Page 8
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantse) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Oblectlves and activities (continued) Volunteers The Trust continues to be thankful to those who make a regular effort to support our work. This includes a range of teams who undertake litter picking, stewarding and our 'Takeover' delivery team, all of whom give so generously of their time. We also provide a significant number of annual and weekly work experience placement opportuniti8S to secondary schools and co51eges across the northeast. Main activities undertakon to further the Charitable Company's purposes for the publlc boneflt We have conlinued to offer a broad range of arts and cultural activities to the people of South Tyneside throughout the year. The Customs House commi88ioned a piece of theatre without words for Under 7s, which was an adaption of The Owl and the Pussycat, which was perfomed at the venue, and across South Tyneside's schools. The Trust has maintained The Customs House and its associated buildings which are of significant importance in the history of South Tyneside. It has continued to be available for engagement in cultural pursuits for 323 days of the year. The Trust programmed live theatre, cinema, gallery exhibitions and hosted many corporate and private event bookings. The Trust worked to offer opportunities for residents to engage in the arts including Yotjth Theatre, Young Performers Company, Summer School, Community Choir, Big Band, Ukuleles, 8nd weekly art classes, We worked in partnership with many organisations including Schools, Colleges, Young Carers Association, South Tyneside Participation Team, Compact for Racial Equality in South Tyneside (CREST), Hindu Nari Sangh, Bright Futures, Billon Hall, Hebburn Helps, Hospitality and Hope, Happy at Home, The Cultural Spring and Age Concem South Tyneside to ensure our programme was accessible to all and enh8nced the Trust's reach, Achlevem•nts and perfomiance Main achlevements of the Charltable Company Creative Engagement The Customs House delivers a dynamic, artistically rich programme that nurtures talent, champions new voices, and connects communities through meaningful cultural experiences. Rcoted in our charitable aims and supported by Arts Council England and South Tyneside Council, our work is distinguished by artistic excellence, innovation, and commitment to inclusivity across South Tyneside. Youthled Talent Development & Partlclpatlon We continue to be a leading incubator of emerglng talent through structured pathways in theatre, writing and performance,, Youth Theatre & Young Performers.. 127 children and young people engaged regularly" 63 % of YT Seniors and 51 % of YT Juniors from protected characteristic groups. 18 high-quality performances delivered. Summer School & Bespoke Development.. 36 participants immersed in intensive training, supported by emerging assistant facilitators aged 21 and under, including via the Holiday Activity Fund. Bursaries.. Funded access for three young people with capacity for mor8, reinforcing our inclusive ethos. Page 9
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guaranteg) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Achievements and perfonnance (contlnued) Celebratlng New Wrlting & Regional Stories Our investment in new writing supports fresh, authentic voices from the Northeast and beyond.. PLAY 4.. Premiered in October 2024 with works from five regional writers, 600/0 new to The Customs House. Directed by early-career artist Natasha Haws and performed by first-time TCH actors. Peter Lathan Prize awarded to Owen Saunders, now developing work with local young people to embed lived experience into regional storytelling. Life in a Northèrn Town (LIANT).. A regional new writing initiative amplifying under-represènted voices with rehearsed readings, mentorship by Northem Broadsides and future programming opportunities, The Takeover Fe8tlval 2024 Our ftagship youth-led festiv81, planned and delivered by a diverse cohort of 1>18-ye3r-0lds, featured: A brand-new debut play from our Young Writer in Residence. Breakover lin partnership with Just Jam and Bad Taste Cru), Pay What You Decide workshops, and a large-scale Esports cinema tournament. Engagement of 281 young creatives (23% new to TCH),. 18 paid opportunities for under-25s; and generous support from the Chloe and Liam Together Forever Trust, Futurè Crnatlvas Platfomi This multi-strand programme ch8mpion3 emerging talent in four exciting formats.. Grow With The Floor Vol. 3.. The r8glon's only all-styles hlp-hop jam for under-255, promotlng crossover ¢ngagem¢nt through dance and urban culture, Customize (MC Nights): Co-curated Makina and electronic music open-mic event8, provlding a platform for local MC5 and DJS. Monalogue Slam.. A high-profile performance opportunity judged by agents and Artistic Directors, spotlighting young acting talent from across the region. Only The Beginning... A major co-production with Thick Skin Theatre Company based in Wigan, this physical theatre work lebrated the resilience of young women in football. Performed at The Customs House and toured to non-traditional venues across the borough, the piece received exceptional audience and critical acclaim. A p8ssionate, funny, and poignant tribute... ????"_ Theatre and Tonic Flrst Play Club (FPC) Building on the momentum of This is Makinal FPC enable8 emerging creatives to earn their first professional theatre credit, fusing bold storytelling with authentic regional voices. In 2024, we commissioned and co-produced A Class Feeling, the debut play by Christina Berriman Dawson (Writer of the Year, Northeast Culture Awards). This el8Ctrifying piece explores grief, masculinity and class identity through a hyperlocal lens, wilh Makina muslc at its heart. 81ending raw drama with high-energy gig-theatre, the play struck a powerful chord with audience6 and critics alike.. "Punchy and defiant... A Class Feeling explore5 60cial deprivation and cl888 warfare in an enthralling gig- theatre format, combining original tracks and local MC legends with deeply grounded drama... a splendid attack on the 'chav' label... layered with depth and complexity... Bold, loud and enthralling, A Class Feeling certainly delivered on ils name." NARC Magazine Set in South Shields and perfomied by an outstanding local Cast, the production was praised for its emotional nuance, cultural authenticity, and radical empathy, a shining example of The Customs House's commitment to telling stories with and for the communities we serve. Page 10
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfomiance (contlnued) Cultural Infrastructure & Regional Collaboration W6 havè strengthèned our creative partnerships with nationally significant organisations including Northern Broadsides, Thick Skin, Barnsley Civic, Blackpool Grand, and Halifax Square Chapel, enabling regional work to reach broader audiences while supporting artist development. Arts & Wellbelng Our targeted arts-for-health iniliatives identify and respond to unmet needs through creative engagement. Projects to date include: Weekly sessions for asylum-seeking men (Chill and Chat) including guitar tuition and photography. Creative activities for young women (Bright Futures), including choir, drama and visual arts. 8AME and refugee family engagement in partnership with CREST, including subsidised access to theatre. February half-term HAF provision for 23 children and their mothers combining arts, food and theatre. Widenlng Partlclpatlon Our inclusive ctrproduction A World Away, created with Squiggle Productions, toured to flve venues, including three schools with the highest levels of English as an Additional Language, offering a wordless performance tsilored for early ye8rs, Dldeaf children, and EAL families. The piece reached a combined audience of 950. This year's work reflects our sustsined commltment to hlgh-quallty arts programming that celebrates local culture, invests in future generations, and ensures everyone In South Tyneslde has access to transformative creative experiences. Flnanclal revlew Golng concorn After making appropriate enquiries, the Trustees have a re8sonable expectation that the Charitabl8 Company has adequate resources to continue in operatlonal existence for the foreseeable future. For this reason, they continue to adopt the going concern ba818 in preparing the financial statements. Further details regarding the adoption of the going Concern basis can be found in the accounting policies. Reserrfes pollcy The Board of Trustees, aim is to maintain a balance of total reserves in excess of £500,000 and free reserves In excess of £150,000 to ensure the normal running of the business in adverse economic conditions. At 31 March 2025 year end resee$ totalled £656,254 (2024.. £759,665), of which £130,000 is designated (2024.. £130,000), £194,141 is reslricted {2024. £92,718) and £332,113 is unrestricted (2024- £538,947). After a number of loss making years in succession, current reserves values have fallen below the policy target levels, however, the Board is confident that The Customs House will improve performance sufficiently, after recovery from the pandemic to restore free reserves to the policy levels. The amount of tsngible fixed assets stood at £337,668 at 31 March 2025 (of which £337,668 was unrestricted). Page11
THE CUSTOMS HOUSE TRUST LIMITED {A Company Limitod by Guaranteo) TRUSTEES, REPORT (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2025 Principal risks and uncertainties The Trust maintains a risk register that identifies the major risks the charity faces. Monthly reviews monitor risks and controls used to mitigate them and suggests how the Trust would respond should any of the risks materialise. In South Tyneside, a region with high levels of social and economic deprivation and a number of left-behind n&ighbourhoods, we face unique challenges in the current economic climate. The rise in cost of living, inflation, and the financial strain of global ev8nts hav8 had a disproportionate impact on the area, where many households are living in poverty. For a large proportion of the local community, spènding on discretionary activities such as arts engagement is often out of reach. Inflation has driven up our operating costs, from production expenses and staffing to utilities and general overheads, forcing us to consider ticket price increases in an effort to cover these rising costs. However, given that South Tyneside is home to some of the most economically challenged areas in the country, raising ticket prices is not always a fessible option. Many people in our community are already facing the impact of reduced disposable income and may be unable to justify spending on cultural experiences. Moreover, the rise in transport costs has compounded these difficulties, particularly for schools and community groups who traditionally engage with our programmes. In an area where engagement in the arts is typically low, schools have historically been a key source of audience development. Many schools in South Tyneside have utilised theatre visits as part of their educational offering, giving children the opportunity to experience live performance and foster an appreciation for the arts. However, as fuel prices increase and school budgets tighten, the cost of transport has b8come a major barrier to these trips. This loss of school engagement, which traditionally represents 8 substantial portion of audience8 (especially during the Christmas period), limits our ability to build early connections with younger audiences and reduces ticket sales, further hampering our financial sustainability. Additionally, it presents a long-term challenge.. wlthoul fostering an early love for theatre and the arts in the younger generation, we risk a future where cultural participation continues to decline in these communities, Given these challenges, The Custom8 House must balance lh8 need to increase revenue through tlcket sales with the responsibility of keeping the arts 8ccessible to all, especially in an area where ecanomic hardship and cultural disengagement are already prevalent. These conditions make it clear that simply raising prices to cover costs is not a sustainable solution. We must find innovative ways to engage with our community, increase participation, and maintsin affordable access to the arts for South Tyneside residents while driving diversification of income to support our core activities. Buying habits have changed since the pandemic and a reduction in available disposable income has resulted in a ch811enging trading environment. The Trust continues to monitor this situation and respond to changes in audiences through its audience development, pricing and marketing strategies. The age of the building, it8 grade11 listed statu8, the increasing maint8nance and repairs required draws heavily on our resources. However, applicalians for capital funding have been made to several Trusts and Foundations to enable replacement and refurbishment of buildings and equipment and extensive works will be undertaken as part of South Tyne5ide Council's investment in our building and the redevelopment of the town cenlre. Reduction of public sector funding remains a risk. However, our two main partners remain committed to the Trust. Page 12
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financlal risk management objectives and policie8 The Trust established a risk register that identifies the major risks the Charitable Company faces. Monthly reviews monitor risks and controls used to mitigate them and suggests how the Trust would respond should any of the risks materi81ise. The age of the building and its increasing maintenance and repairs draws heavily on our resources. Loss of public sector funding has r8mained 8 risk. However, our partners remain committed to the Trust. Prlncipal fundlng The Customs House places grest value on the financial support provided by Arts Council England and South Tyneside Council which enables us to deliver our strategic aims. The Customs House has received further NPO Arts Council funding confirmed until 31 March 2026. In March 2025, ACE shared that they are in discussions with Government about extending the current Portfolio lo 31 March 2028. The outcome of those discussions is expected lo be delivered afler the ACE spending review which will take place on 11 June 2025 and will cover all Government spending from 2026. This means that ACE now expecl to confirm our membership of the Portfolio for 2026127, and continued funding for this period, as soon as possible 8fter the Spending Review. FollDwing the conclusion of the Spending Review, ACE will have more detailed conversations with Government lo confimi funding levels for 2026127 8nd formallse plans for the proposed second year of the extension for 2027128. The timeline for these discussions will be subject to the outcome of the settlement., we expect to be updated as these conver88tions develop after June 2025. Structure, govemanco and management Con8titutlon Th6 Cu81oms House Trust Limited is registered as a Charitable company limited by guarantee and was set up by a Trust deed and is governed by its Memorandum and Articles of Association dated 7 November 2006. The directors of the charitable company (the Charity) are its trustees for the purposes of Charity law. The company is limited by guarantee. The trustees have no shareholding, but each undertake to subscribe an amount not exceeding £1 in the event of winding up. Method8 of appolntmant or electlon of Trustee8 The man8gement of the Group and the Charitsble Company is the responsibility of the Tru8t808 who are elected and co-opted under the terms of the Trust deed. Page 13
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmited by Guarantee) TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Structurei governance and management (continued) Organisational structure and decislon-maklng pollci88 All strategic decisions are made at Board level. An annual budget is set and reviewed by the full Board. Day to day operational issues are delegated to the Chief Executive Officer. The Trust's terms allow for up to 15 Trustees with a minimum of 11. The current Board consists of 13 Trustees, of which 7 are to be formally appointed at the Board meeting on 30 January 2026 and actioned on Companies House. The maximum term for Trustees is six years, however they are eligible for reappointment at the end of the 8ix years. New Board Members to be formally appointed: MFay R Spencer MBE D Cottam Rord Cllr J Carter Cllr J Taylor T Hall (Director of Public Health) The Arts Council and South Tyn8side CounGiI are observers on the Board. The Board meets every six weeks except In December and meatings are attended by the senior executive leam. There are currently four 8ub committees reporting to the Board.. Finance, Staffing and Audit Marketing and Programming Creative Engagement Equality, Diversity and Inclusivity A summary of the committee purposes are glven below. in ta In 8ndA di Monitors and reviews the Trusts financial performance. Discusses staffing issue8, audit findings and meets monthly. Membership comprises six Trustee members, the Chair of the Trust plus Chief Executive Officer, Head Df Audiences, Communications & Development and Finance Manager. Minutes are circulated to the full Board and a verbal report is given each month, Monthly management accounts are also forwarded to key funding partners. Marketin an rammin Monitors, reviews, and informs the Trust's programmed ev6nts and develops and oversees delivery of a marketing strategy, meeting monthly. Membership comprises three Trustees together with the Head of Audiences, Communications & Development, Marketing Manager, Programming & Audience Development Manager, and Chief Executive Officer. Minutes are circulated to the full Board and a verbal update given at Board meetings. Creative En ement Monitors, reviews and inform5 the Trust's cultur81 development programmes, meeting quarterly. Membership comprises three Trustees together with the Chief Executive Officer, Deputy Director of Creative Engagement, and tnembers of the Creative Engagement team. Minutes are circulated to the full Board and a verbal update given at Board meetings. E ualit Diversi and Inclusivi Monitors, reviews and informs the Trust against the Trust policy and procedures. Membership comprises three Trustees together wilh. the Chief Executive Officer and the Operations Manager. Minutes are circulated to the full Board and a verbal update given at B08rd meetings. Other subcommittees may be formed at the Board's discretion to oversee specific special projects. Page 14
THE CUSTOPIIS HOUSE TRUST LIMITED (A Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and managament (continued) Pollcies adopted for the Induction and training of Trustee8 Th8 Board of Trustees is composed of up to 15 memb8rs, with a minimum of 11, including one representative selected by the Local Authority. Th& charity's Terms of Reference clearly outline the roles, responsibilities, and tenure of all board members. Our goal is to maintsin a diverse and skilled board that aligns with the charity's mission and objectives while also reflecting the community we serve. Trustees are recruited through an open and transparent process, advertised across multiple channels tc ensure broad accessibility. Prospective trustees are invited to meet with the Chair and other selected board members to discuss their potential contribution. Individuals who demonstrate the skills and experience aligned with the charity's needs are then invited to attend a full Board of Trustees meeting. Following this, new trustees are formally appointed through a majority vote. The Board meets monthly to review the charlty's operations, financial matters, and overall perfomiance. Additionally, one or Mo Away Days are held annually. These Away Days provide valuable opportunllies for trustee training, updates on the charity's work, and discussions on strategic policy decisions to guide the organisation's future direction. Pay pollcy for key management personnel The Board {who are the directors and Trustees of the Trust) determine the pay of senior slaff. The Chief Executive Officer has delegated aulhority for the management of personnel and for directing, controlling, running and operating Ihe charlty on a day today basls wilhin the framework established the Strategic Plan and the Artides of th¢ Trust. All Trustp¢¥ give their time freely and no Trustee r¢¢eived remuneration in the year, Detsil of trustees, expenses and related party trans8Ctions are disclosed in note 13 and 28 to the accounts. The pay of senior stsff 18 reviewed on a timely basis. Rolated party relatlon8hlps The chariiy has a wholly owned subsidiary. The Customs House Green Room Limited, a Gompany registered In England and Wales. The principal activities of The Customs House Green Room Limited during the year were to run the restaurant and bar and to provide catering for events and ¢onforencès at 9r on behalf of the Customs House. Directors of this company are the Chair of the Finance and The Chief Executive Officer. See note 28 for details of transactions with related parties, including Trustees and Key Management Personnel. Tru8tee8' Indemnitles The liability of the members (who are also trustees) is limited. Every member of the Trust has undertaken to contribute and amount not exceeding £1 to the assets of the Trust in the event of it being wound up while helshe is a m¢mber or within one year after helshe ceases to bg a memb?r. The Charity has made third parly indemnity provisions for the benefit of its Trustees during the year. The provisions remain in force at the reporting period end. Page15
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Plans for future periods This year, we have elected a new Chair and Vice Chair and welcomed five new board members, each of whom has brought a wealth of expertise in key areas such as finance, capital projects, communications, business planning and strategy. Their diverse skill set has been an incredible addition to the team and has complemented the already extensive range of skills on the board. Our existing trustees bring significant experience in areas such as finance, marketing, equality, diversity and inclusion, and the arts and education. Together, this diverse expertise creates a powerful and well-rounded board, capable of providing strong leadership, guidance and governance, as we work towards fulfilling the charity's mission and objectives. Strateglc Development and Funding Th8 relocation of South Tyneside College to the town centre, coupled with the development of new student accommodation nearby. represents a significanl opportunity for increased foolfall and greater community engagement. Additionally, the ongoing Riverside housing development al Holbom, which will add 250 new homes over the next five years, and which will bring a riverside w81kway to our venue, is set to further enhance the area, This growth 1$ expected to significantly benefit The Customs House, attracting more visitors and fostering stronger connections with the local community... In addition, we are delighted to receive funding from South Tyneside Council, through their Successful bid to the Government's Levelling Up Fund, for the extensive refurtiishment of The Customs House. This funding will allow us to upgrade our facilities, improving our ability to support existing operations while also enhancing our capacity to generate secondary income through a stronger food, beverage, and events offering. This renewal of our physical infrastructure will not only support our core activities as a combined Arts Centre but will also allow us to deliver a better overall experience for our visitors. In addition, the investment from Arts Council England'8 Capital Investment Fund, will enable us to enhance our venue's facilities in a sustainable and incluslve way. Planned upgrades include replacing the stage lighting, main auditorium lighting and theatre rigging equipment, improving accessibility in public areas, and installing equipment lo offer captioned performances, furthering our commitment to accessibility for 811. As an existing National Portfolio Organisatlon (NPOI with Arts Council England, The Customs House remains deeply committed to working with our communities to deliver co.created art that aligns with the Let's Create strategy. We will continue to collaborate closely with local resSdents, ensurlng that our artlstic offerings reflect their voices and aspirations, fostering a sense of ownership and connection to the work we create together. The Trust IS 81so an active member of the Steering Group within South Tyneside'g Cultural Partnership, In the year ahead, we will continue to work alongside our partners to facilitate the delivery of South Tyneside's Cultural Strategy, Making Waves. Through this collaboration, we aim to enhance the cultural landscape of the Borough, creating opportunities for shared cultural experiences that resonate with diverse communitie5 and support the sustainable growth of the local arts scene. Page 16
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDEO 31 MARCH 2025 Statemant of Trustee8' responslbilitie The Trustees (who are also the directors of the Charitable Company for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial , Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charitable Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 1021; make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures dis¢lo8ed and explained in the financial statements., prepare the financial statements on the going Concern basis unlegs It Is inappropriate to presume that the Group will continue In business. The Trustee8 are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charitable Company and enable them to ensure that the financial staternents comply with the Companles Act 2006, They are also responsible for safeguarding the assets of the Group and Ihe Charitable Company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of Informatlon to audltors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. Audltors The auditors, Clive Owen LLP, have indicated their willingness to continue in office. The designated Trustèes will propose a motion reappointing the auditors at a meets'ng of the Trustees. Approved by order of the members of the board of Trustees on their behalf by.. 30 and signed on S J Mitchell Chair Page 17
THE CUSTOMS HOUSE TRUST LIMITED IA Company Llmlt8d by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CUSTOMS HOUSE TRUST LIMITED Opinion We have audited the financial statements of The Customs House Trust Limited (the 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charitable Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting f ramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reportin9 Stsndard applicab18 in the UK and Rewiblic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of Ihe Group's and of the parent charitable company's affairs as at 31 March 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirement8 of the Companies Act 2006 and the Charities Act2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UKI (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements sectlon of our report. We are independent of the Group in accordance with the ethical requirements Ihat are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basts for our opinion. Conclu81on8 relating to golng concern In auditing the financial statements, we have concluded that the Trustee6' use of the going concern basis of accountlng in the preparation of the financial siatements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least tMelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 18
THE CUSTOMS HOUSE TRUST LIMITED IA Company Llmlted by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CUSTOMS HOUSE TRUST LIMITED (CONTINUED) other Information The other information comprises the infomation included in the Annual Report other than the financia statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial ststements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be malerially misstated. If we identify such material incon81Stencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report In this regard, Opinion on other matters pr88cribed by the Companle8 Act 2006 In our opinion, b8sed on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for whlch the financial st8tements are prepared is consisten with the financial statements. the Trustees, R8POrt has been prepared in accordance with applicable legal requlrements. Mattors on which we are requlred to report by excoptlon We have nothing to report In respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinian.. the Information given in the Trustees, Report is inconsistent in any material respect with the financial statements., or the parent charit8ble company has not kept sufficient accounting records; or the parent charitable company financial statemenls are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audlt. Ro8ponsibllitie8 of Tru8t6•8 As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who gre also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsibl8 for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 19
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlt•d by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CUSTOMS HOUSE TRUST LIMITED {CONTINUED) Audltors. responslbilities for the audlt of the flnancial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or heving effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will afways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregul8ritie8, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our audit must be alert to the risk of manipulation of the flnancial statements and seek to understsnd the incentives and opportunities for management to achieve this. We undertake the following procedures to identify and respond to these risks of non-compliance.. Understanding the key legal and regulatory frameworks that are applicable to the Group. We communicated identified laws and regulations throughout the audit team and remained alert to any indicators of non- compliance throughout the audit, We determined the most significant of these to be Charity law, company law, taxation law, UK GAAP, he81th and safety, and GDPR. Enquiry of Trustees 8nd management as to pollcies and procedures to ensure compliance and any known instances of non-compliance. Review of board minutes and correspondence wlth regulators. Enquiry of Trustees and management as to areas of the financial statements susceptible to fraud and how these risks are managed. Challenging management on key estimates, assumptions and judgements made In the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies. Identifying and testing unusual journal entries, with a particular focus on manual journal entrie8. Through these procedures, we did not become aware of actual or suspected non-compliance. We planned and performed our audit in accordance with auditing standards but owing to the inherent limitstions of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the acccunts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not delecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or . uklauditorsres Auditors, Report. onsibilities. This description forms part of our Page 20
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CUSTOMS HOUSE TRUST LIMITED ICONTINUED) Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body, for our audit work, for this report, or for the opinions we have formed. Chrlstopher Beaumont BA(Hon8) 8FP FCA DChA (Senlor Statutory Audltor) for and on behalf of Cllv• Owen LLP Chartered Accountants and Statutory Auditors 140 Coniscliffe Road Darlington Co Durham DL3 7RT Date: Clive Owen LLP are eligible to act as auditors in tenns of section 1212 of the Companies Act 2006. Page 21
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmltod by Guarantse) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 NIARCH 2025 Unrestrlctad funds 2025 Restrlcted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities Other trading activities Investments Other income 607,605 1,420,313 1,009,809 5,380 17,234 141,820 15,000 649,425 1,435,313 1,009,809 5,380 17,234 688,992 1,425,346 849, T90 521 16,311 Total incom• 2,960,341 156,820 3,117,161 2, 980,960 Exp8ndlture on: Raising funds Charitsble activities 212,057 2,952,311 212,057 3,007,708 217,553 2,874, 178 10 55,397 Total expenditure 3,164,388 65,397 3,219,765 3,091,737 Net {expendlture)Ilncome belore taxation Taxation (204.027 (807) 101,423 .(102,6041 (807) (110,771) 240 Net movement In fund8 (204,834 101,423 (103,411) (110,531) Reconcillation of funds: Total funds brought forward Net movement in funds 686,947 (204,834) 92,718 01,423 769,665 (103,411) 870, 196 (110,531) Total funds carrlod fonNard 462,113 194,141 666,254 759,665 Page 22
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02848282 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets 15 337.668 358, 076 337,668 Current assets 358, 076 Stocks Debtors Cash at bank and in hand 17 18 12,065 220,282 809,273 11,998 231,330 803,276 1,041,620 1,046,604 Current Ilablllti88 Creditors: amounts falling due within one year 19 (721,740) {644, 528) Nat current a88ets 319,880 402,076 Total a8set8 less current Ilabllltle8 Provisions for liabilities 857,548 {1,294) 760, 152 (487) Total net a8set• 656,264 759, 665 Charfty fund8 Restricted funds Unrestricted funds 21 21 194,141 462,113 92,718 666,947 Total funds 666,254 759, 665 The Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2008. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required In accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the reqLFirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entitie8 subject to the small companies regime. Page 23
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) REGISTERED NUMBER.. 02848282 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by.. iL. S J Mitchel Chair The notes on pages 28 to 53 form part of these financial statements. Page 24
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarant•o) REGISTERED NUMBER: 02848282 CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Not8 Flxed assets Tangible assets Investments 15 16 332,492 100 356, 129 100 332,592 356,229 Current assets Debtors Cash at bank and in hand 18 205,172 760,004 490,506 489,376 965,176 979,882 Current Ilabllitle8 Creditors.. amounts falling due within one year 19 (670,697) (620.902) Net current a88et8 294,479 358,98Q Total assets less current Ilabllltlès 627,071 715,209 Total net assots 627,071 715,209 Charity funds Restricted funds Unrestricted funds 21 21 194,141 432,930 92,718 622,491 Total funds 627,071 715,209 The Charitable Companvs net movement in funds for the year was £(88,138) (2024 - £(121,470)). The Charitable Company was entitled to exemption from audit under sectlon 477 of the Companles Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011, The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial slaternents, The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. Page 25
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) REGISTERED NUMBER: 02848282 CHARITABLE COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financia statements were approved and authorised for issue by the Trustees and signed on their behalf by.. on S J Mltchell Chair The notes on pages 28 to 53 form part of these financial statements. Page 26
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limlted by Guaranteg) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activitle8 Net cash used in operating activities (note 23) 41,830 {208,239) Cash flow8 from Investlng activitles Purchase of tangible fixed assets 135,833) (47,053J Net cash us•d in Investlng activltlè8 (35,833) (47,053) Cash flows from flnanclng actlvitles Net ca8h provlded by flnancing actlvltle8 Changa In ca8h and cash equlvalent8 in the year Cash and cash equlvalents at the beginning of the year 5,997 803,276 (255,292) 1, 058, 568 Cash and cash equivalents at the end of the year 809,273 803,276 The notes on pages 28 to 53 form part of these financlal statements Page 27
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Information The Customs House Trust Limited is a private company limited by guarantee incorporated In Engaldn and Wales. The registered offlce is The Customs House, Mill Dam, South Shields, Tyn6 and Wear, NE33 1ES. The charitable companws principal activities are disclosed in the Trustees, Report. Accountlng pollcle8 2.1 8a8is of preparatlon of flnanclal statoments The financial statements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Ststement 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Customs House Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and li8bilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. In accordance with FRS 102, the Charity has taken advantage of the expemptlons from the following disclosure requirements in relation to the Charity's own accounts. Disclosure is still presented on a consolidated basis. Section 11 '8asic Financial Instruments, category of financial instrument Section 33 'Related P8rty Disclosures, . Compensation for key management personnel. Interest incomelexpense and net gainllosses for each The Charitable Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial statements. The Consolidated Stslement of Financial Activities {SOFA) and Consclidated Balance Sheet consolidate the financial statements of the Charitable Company 8nd its subsidiary undertaking. The results of the subsidiary are consolidated on a liné by line basis, 2.2 Going concern FRS 102 requires that, if appropriate, the charitable company's financial statements are prepared on the going concern basis, which means that the organisation is able lo operate for the foreseeable fulure on the basis of known and porjected resources. Budgets and cash flow forecasts have been prepared to March 2027 based on prudent assumptions which show the group will have sufficient funds and cash to continue to op8rate for the next 12 months. On that basis, the Trustees believe that the Charitable Copmany is well placed to manage its risks successfully and thus have adopted the going concern basis of accounting, Page 28
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 Accountlng pollcles (continued) 2.3 Income All income is recognised once the Charitable 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. Grants are included in the Consolidated Statement of Fin8ncial Activities based on when performance obligations have been met. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as def8rred income. Where entitlement occurs before income is received, the income is accrued. Income from trading activities is recognlsed as earned as the related goods and services are provided. Income from charitable activities relating to events is recognised on delivery of the performance. Income is deferred when theatre or cinema sale8 are received or invoiced in advance of the perfomances or event to which they relate. Grant income included in this category provides funding to support perfomiance activities as is recognised where there is entitlement, certainty of roceipt and the amount can be measured with sufficient reliability, Other income from charitable activities is recognised as earned, as the related services are provided. Grant income included in thS category provides funding to support education activities and ig recognised where there is entitlement, certainty of receipt and the amount can be measured wrth sufficient reliability. 2.4 Exp•ndlture Expenditure is recognised once there is a leg81 or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefils will be requir6d in settlement and the amount of Ihe 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 allocaled on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Resources expended are included in the Statement of Flnancial Activities on an accrua18 ba818 inclusive of irrecoverable VAT. Govemanc8 Costs include 8udit and accountancy fees, along with professional indemnily insurance. 2.5 Interest recoivable Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by the Group. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 29
THE CUSTOMS HOUSE TRUST LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (continued) 2.6 Taxatlon The Charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of Ihe Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charitable Company is potentially exempt from taxation in respect of income or capit81 gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.7 Tanglble fixed assets and depraciation Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tanglble fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed 8gset8 le8S their residual value over thelr estimated useful lives. Depreciation is provided on the followlng bases.. Long-lerm leasehold property Fixtures and fitts'ngs 50 years, straight line 3 or 10 years, straight line Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Financial Activities. 2.8 Inve8tmant8 Fixed asset investments are a form of financial instrument and are Inltlslly recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented 83 'Gainsl{Losses) on investments, in the Consolidated Statement of Financlal Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.9 Stocks Stocks are valued on a first in first out basis and stated at the lower of cost and net realisable value after making due allowance for ob501ete and slow-moving Stocks, 2.10 Debtor8 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. 2.11 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 acquisits'on or opening of the deposit or similar account. Page 30
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polici88 (continued) 2.12 Llabllltles Liabilities and provisions 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 r8cognised at the amount that the Charitable Company anticipal88 it will pay to settle the debt or the amount it has r8c8ived 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. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liabilily. The unwinding of the diBcount is recognised in the Consolidated Statement of Financial Activities as a finance cost. 2.13 Doforrod taxatlon Full provlslon Is made for deferred tax assets and liabilities arising from all tlming differences beteen Ihe recognition of gains and losses in the financial statem&nts and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of th6 underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effeclive at the time the timing differences are expected to reverse. 2.14 Financial in8trument8 The Group only has financi818ssets 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 8t amortised cost using the effective interest method. 2.15 Employee beneflts The costs of short-term employee benefits are recognised as a liability and an expense, unless these costs are required to be capitalised as an intangible or tangible fixed asset. Employees are only entitled to carry forward unused holiday entitlement in exceptional circumstances, and only by agreement with management. The cost of any unused entitlement is recognised in the period in which the employee's services are required. Termination benefits Termination benefits are accounted for when the Group terminates employment. Amounts are recogni88d when the Group has communicated its plan of temination to the affected employees. 2.16 Operating leases Rentals paid under operating leases are charged to the Consolidated Statement of Financial Aclivities on a straight-line basis over the lease lerm. Page 31
THE CUSTOMS HOUSE TRUST LIPJIITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policie8 {continued) 2.17 Pen8ions The Charitable Company operates a defined contribution pension scheme. Contributions payable to the Charitsble Company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Differences between contributions payable in the year and actually paid are shown in other credilors. The assets of the scheme are held separately from those of the Charitable Comp8ny. 2.18 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group 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 15 set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions impcsed by donors or which have been raised by the Group for particular purposes. The costs of raising and admlnisterlng such funds are charged against the specific fund. The elm and use of each r8Stricted fund is set out in the notes lo the financial statements. Investment income, gains and losses 8re allocated to the appropriate fund, Crltlcal accountlng estlmatas and areas of judgement In the application of the Charitable Company's and group's accounting policies the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of certain assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the clrcumstances. Page 32
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacles Unrestrlcted Restricted funds funds 2025 2025 Total funds 2025 Grants South Tyneside Council Arts Council England <NPO) Arts Council England (Capital) Other grants 177,400 204,000 177,400 204,000 130,674 78A26 130,674 11,146 67,280 448.680 141,820 590.500 Donations 58,925 58,925 507,605 141,820 649,425 Unrestncted funds 2024 Restricted funds 2024 Total funds 2024 Grants Seuth Tyneside Council Arts Council England (NPO) Biffa Other grants 177,400 204,000 177,400 204,000 214,585 214,585 10,507 11,520 22,027 391,907 226, 105 618,012 Donations 70,980 70,980 462,887 226, 105 688, 992 Page 33
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Unrestrlct•d Rastrieted funds funds 2025 2025 Total funds 2025 Theatre Cinema Learning and Participation 1.255,097 83,933 81.283 1,266,097 83,933 96,283 15,000 1,420,313 15,000 1,435,313 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Theatre Cinema Learning and PartiClP8tion 1,256, toi 89.028 47,475 1,256,101 89,028 80,217 32, 742 1,392,604 32, 742 7,425,346 Incomo from other trading actlvltie8 Incomg from non charltable trad.lng •.¢tlvltlg8 Unre8trlcted funds 2025 Total funds 2025 Trading Income 1,009,809 1,009,809 Unrestricted funds 2024 Tolal funds 2024 Trading income 849,790 849, 790 Page 34
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment Income Unrestrict&d funds 2025 Total funds 2025 Interest receivable 5,380 5,380 Unrestricted funds 2024 Total funds 2024 Investment income 521 521 Other incomlng re80urce8 Unrastrlcted fund8 2025 Total funds 2025 Sundry receipts 17,234 17,234 Unr8stricted funds 2024 Tot81 funds 2024 Sundry receipts 16,311 16,311 Page 35
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on ralslng funds Other tradlng expenses Unre8trlcted funds 202S Total funds 2025 Trading expenses 212,057 212,057 UnrestriGted funds 2024 Total funds 2024 Trading expenses 217,553 217,553 l O. Analysls of expendlture on charltable actlvltles Summary by fund typ• Unrestricted Restrlcted funds fund8 2025 2025 Total 2025 Theatre shows Cinema Learning and Participation M8rketing CH Own Shows 2,033,898 39,849 216,439 209,386 452,739 39,859 2,073,757 39,849 231,977 209,386 452,739 15,538 2,952,311 55,397 3.007,708 Page 36
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limitad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analysis of oxpenditure on charitable actlvltles {contlnued) Summary by fund type (continued) Unrestricted funds 2024 Restricted funds 2024 Tot81 2024 Theatre shows Cinema Learning and Participation Marketing CH Own Shows 1, 783, 649 89,274 135,410 114,154 458,925 55, 686 1, 839,335 89,274 157,956 328, 688 458, 925 22,546 214,534 2,581,412 292, 766 2,874,178 Analy81$ of oxpenditure by actlvltl88 Actlvlti08 undertaken directly 2025 Support costs 2025 Total funds 2025 Theatre shows Cinema Learning and Participation Marketing CH Own Shows 798,333 39,849 231,977 209,386 452,739 1,275,424 2,073,757 39,849 231,977 209,386 452,739 1,732,284 1,275,424 3,007,708 Page 37
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysls of expenditure by activities (contlnued) Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Theatre shows Cinema Learning and Participation Marketing CH Own Shows 5SI,343 89,274 157,956 328, 688 458,925 1,307, 992 1, 839, 335 89,274 157,956 328, 688 458,925 7,566,186 1,307,992 2,874, 178 Analysls of dlrect costs Learning and Partlclpatlo Thèatre Shows 2025 Clnema 2025 Marketlng 2025 2025 Staff costs Depreciation Direct costs 215,520 64,850 517,963 39,849 231,977 209,388 798,333 39,849 231,977 209,386 CH Own Shows 2025 Total funds 2025 Staff costs Depreciation Direct costs 215,520 64,850 1,451,914 452,739 452,739 1,732,284 Page 38
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysis of expenditure by actlvltles Icontlnued) Analys18 of direct costs (continued) Theatre Shows 2024 Leaming 8nd Cinema Participation 2024 2024 Marteting 2024 staff costs Depreciation Direct costs 113,265 68,524 349, 554 89,274 157,956 328, 688 53t,343 89,274 157,956 328,688 CH Own Shows 2024 Total funds 2024 Staff costs Depreciation Direct cost5 113,265 68,524 1,384,397 458,925 458,925 1,566, 186 Page 39
THE CUSTOMS HOUSE TRUST LIMITED {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysi8 of 8xp8ndltur8 by actlvlt18s (contlnued) Analysis of support Costs Total funds 2025 Total funds 2024 Staff costs Depreciation Rent, rates and overheads Insurance Utilities Vehicles Postage, stationery & printlng Telephones Computer costs Audit and accountancy fees Consullants Subscriptions Loss on disposal Repairs and maintenance Finance charges Disallowable VAT Bad debts written off Training Sundry expenses (Profit)ILo8s on dispos81 of fixed assets Governance costs 757,988 1,986 41,440 38,633 121 ,483 240 4,958 740,533 962 74,682 33,800 110,836 90 10,003 542 88, 709 24,160 86,381 28,052 750 3,267 3,304 13,690 96, 933 54,872 31,874 391 4, 758 11,396 79,302 28,576 74,992 2,323 12,413 (10,595) 3,233 6,457 1,275,424 1,307,992 12. Audltor8' remuneratlon 2025 2024 Fees payable to the Group's auditor for the audit of the Group's annual accounts 23,600 21,350 Page 40
THE CUSTOMS HOUSE TRUST LIMITED {A Company Llmlted by Guarantag) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Staff costs Charitable Company 2025 Charitable Company 2024 Group 2025 Group 2024 Wages and salaries Social security Costs Contribution to defined contribution pension schemes 911,239 47,373 781,391 54,984 695,719 47,373 668, 12$ 54,984 14,896 17.423 14,896 17,423 973,508 853, 798 757,988 740,533 The average number ol persons employed by the Charitable Company during the year was as follows., Group 2025 No. Group 2024 No. Employees 81 59 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2025 Group 2024 No. In the band £60,001- £70,000 The total amount of employee remuneration and benefits (including employer nation81 insurance and pension contributions) received by key management personnel for their $ervices to the Charitable Company was £82,797 {2024'. £79,388). 14. Trustees. remunoratlon and expensès During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, travel expenses totalling £NIL were reimbursed or paid directly to Trustees (2024 - £1, 168 to 1 Trusteg). Page 41
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limit by Guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 15. Tanglble flxed assets Group Leasehold Fixtures and improvements fitting8 Total Cost or valuatlon At 1 April 2024 Additions Disposals 299,387 18,277 (725) 643.872 17,556 (160.987) 943,259 35,833 1161,712) At 31 March 2025 316,939 500.441 817,380 Depreclatlon At 1 April 2024 Charge for the year On disposals 75,893 6,247 (251) 509.290 60.589 (172,056) 685,183 66,836 (172,307) At 31 March 2025 81,889 397,823 479,712 Net book value At 31 March 2025 235,OSO 102,618 337,668 At 31 March 2024 223,494 134,582 358, 076 Page 42
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Tanglbla flxèd asséts (contlnued) Charitable Company Leasehold Flxturos and Improvements flttlngg Total Cost or valuatlon At 1 April 2024 Additions Disposals 299,387 18,277 1725) 595.954 12,341 1160,987) 895,341 30,618 1161,712) At 31 March 2025 316,939 447.308 764,247 Depreciation At 1 April 2024 Charge for the year On disposals 7S,893 6,247 (251) 463,319 68,603 (172,066) 039,212 64,850 (172,307) At 31 March 2025 81,889 349,866 431,765 Net book valuo At 31 March 2025 235,050 97,442 332,492 At 31 March 2024 223,494 132,635 356, 729 Page 43
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Fixed asset investments Investments subsldlary companies Charltable Company Cost or valuatlon At 1 April 2024 100 At 31 March 2025 100 Net book value At 31 March 2025 100 At 31 M8rGh 2024 100 Page 44
THE CUSTOMS HOUSE TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Flxed a88et investments (continu8d) Prlnclpal sub8idlarxe8 The following was a subsldiary undertaking of the Charitsble Company: Nam Company number Registered office or princlpal Principal actlvity place of business The Customs House Green Room Limited 05812339 The Customs House, Mill Dam, The running of a cafe South Shields, Tyne & Wear, bar and the NE33 1ES organisation of events and conferences at The Customs House Class of shares Holdlng Included In con8olldatlon Ordinary loo0 Yes The financial results of the subsidiary for the year were.. Name Income Expendlture Profit for the yoar Net a8$ets The Customs House Green Room Limited 523,527 (542,061) (18,534) 26,022 17. Stocks Group 2025 Group 2024 Finished goods and goods for resale 12,065 11,998 Page 45
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Debtors Charitable Company 2025 Charitable Company 2024 Group 2025 Group 2024 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 92,408 44, 778 85,295 44, 778 259,326 70,929 56,945 66,461 53.416 186, 552 186,402 220,282 231,330 205,172 490,506 Page 46
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guaranto0) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S 19. Credltors: Amounts falling due within on8 year Charitable Company 2025 Charitable Con7pany 2024 Group 2025 Group 2024 Trade creditors Amounts owed to group undertakings Other tsxation and social security Other creditors Accruals and deferred income 119,238 106, 742 103,544 3,261 33,328 13,913 516,651 91,236 50,410 13,913 638,179 25,305 50,907 461,574 25,305 50,907 453,454 721,740 644,528 670,697 620,902 Charitable Company 2025 Charitable Con7pany 2024 Group 2026 Group 2024 Deferred income at 1 April 2024 Resources def@rred during the year Amounts released from previous periods 387,355 509, 647 438,099 387,355 (387,356) (509, 647) 387,355 431,094 (387,355) 509, 647 387,355 (509, 647) 438,099 387,355 431,094 387,355 Deferred income relates to monies received in advance for theatre shows and events taking place after the year end 31 March 2025. 20. Deferred taxatlon Group 2025 2024 At the beginning of the year Accelerated capital allowances 727 (240) 807 1,294 487 The deferred tax liability is made up as follows- Group 2025 Group 2024 Accelerated capital allowances (1,294) (487) (1,294) {487) Page 47
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds Statement of fund8 - current year Balance at 31 March 2025 Balance at 1 April 2024 Income Expendlture Unrgstrlctad funds Designated funds Designated funds 130,000 130,000 General funds General funds 536,947 2,960.341 (3,165,175) 332.113 Total Unrestrlcted funds 666,947 2.960.341 13,165,175) 462.113 Restricted fund8 Leasehold improvements Oth8r activities Garfield Weston Learning and Participation Biffa Arts Council (Capitsl) 761 11,521 46,710 10,196 23,530 1761) 11,521 18,758 9,658 23,530 130,674 11,146 15,000 (39,098) (15,538) 130,674 92,718 156,820 (65,397) 194,141 Total of funds 759,665 3,117,161 {3,220,572) 656,264 Page 48
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds (contlnued) Funds Descriptions.. Unrestricted funds - free reserves after allowing for restricted funds. Designated funds - £110.000 designated for building improvement works and £20,000 for planned drama development work. Leasehold improv8ments- funding from South Tyneside Council and Northern Rock Foundation towards the capital redevelopment. Costs incurred were capitalised and depreciation is charged annually to the fund. Other activities - monies received for ticket income and spend on the cost of various projects such as UKES. Garfield Weston - grant received to m8ke alteratlons to the bullding and pay for a ccmmunity worker. Learning and participation grants and involce income from various grant funding sources which include The Arts Council plus earned income from the Community and Education Programmes. Biffa - grants recelved towards improved staging. Arts Council England (C8pilal)- grant funding received as part of the Capital Investment Programme. Page 49
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds (contlnued) Statement of fund8 - prfor year Balance at 31 March 2024 8a18nce at l April 2023 Income Expenditure Unr8strlcted funds Designated funds Designated funds 130, 000 130, 000 General funds General funds 613,559 2, 722,173 (2, 798, 725) 536,947 Total Unrestrlcted funds 743, 559 2, 722, 113 (2, 798, 725) 666,947 Re8tricted funds Leasehold Improvements Other activities Garfield Weston Learning and Participation Biffa 56,327 (55,566) 761 11,521 46,710 10,196 23, 530 11,521 46, 780 (70) (22, 546) (214, 584) 32, 742 214,584 23,530 126, 637 258, 847 (292, 766) 92,718 Total of funds 870, 196 2,980,960 (3,091,491) 759,665 Page 50
THE CUSTOMS HOUSE TRUST LSMITED (A Company Limited by Guarant80) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Summary of funds Summary of fundB- current year Balance at 31 March 2025 Balanc8 at 1 April 2024 Income Expenditure Designated funds General funds Restricted funds 130,000 536,947 92,718 130.000 332,113 194,141 2,960,341 1S6,820 (3.165.175) (55,397) 759,665 3,117,181 <3,220,572) 656,254 Summary of funds . prlor year Balanc8 at 31 March 2024 8818nce 81 1 April 2023 Income Expenditure Designated funds General funds Restricted funds 130,000 613,559 126,6S7 q30,000 536,947 92,718 2, 722, 1 t3 (2, 798, 725) 258,847 (292, 766) 870, 196 2,980,960 (3.091.491) 759, 665 23. Analysls of net assets betWO8n fund8 Analyslg of net a88et8 between funds - current year Unre8trlcted Restrlctod funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current a56ets Creditors due within one year Provisions for li3bililies 8nd charges 337,668 847,479 (721,740) (1,294) 337,668 1,041,620 (721,740) (1,294) 194,141 Total 462,113 194,141 656.254 Page 51
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Analysls of net assets between funds (continued) Analysis of net assets between funds - prlor year Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current a88et8 Creditors due within one year Provisions for liabilities and charges 358, 076 953, 886 (644.528) (487) 358. 076 1,046,604 (644, 528) (487) 92,718 Total 92.718 666,947 759, 665 Reconciliatlon of not movamont In funds to net cash flow from operatlng actlvitSe8 Group 2025 Group 2024 Net expenditure for the year (as per Statement of Financlal Activitles) (103,411 } (110,531) Adjustments for: Depreciation charges Taxation Lossl(profit) on the sale of fixed assets Increase in stocks Decreasellincreas8) in debtors Increaselldecrease> in creditors 66,836 807 (10,595) (67) 11,048 77,212 69,485 13,69Q (999) (134,529) (45,355) Not cash provldod byl{usod In) op•ratlng actlvitles 41,830 (208,239) 25. Analysls of cash and cash equlval8nts Group 2025 Group 2024 Cash at bank and in hand 809,273 803,276 Total cash and cash equivalants 809,273 803,276 Page 52
THE CUSTOMS HOUSE TRUST LIMITED (A Company Limtted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 26. Analysls of changes In net debt At 31 Maych 2025 2024 Cash flows Cash at bank and in hand 803,276 5,997 809.273 803,276 5,997 809,273 27. Oporating leas• commitments At 31 March 2025 the Group and the Charitable Company had commitments to make future minimum lease payments und&r non-cancellable operatr'ng lease8 a8 follows.. Charftable Company 2025 Chsritable Company 2024 Group 2025 Group 2024 Not later than 1 year Later than 1 year and not18ter than 5 years 3,370 10,416 1, 700 3,370 10,415 1,700 13,786 1,700 13,785 1,700 Rolated party transactions The Charitable Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing beeen related parties and the Ch8ritable Company at 31 March 2025. Page 53