TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
31 MARCH 2021
Company registration number 04536120
Registered charity number 1097542
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Contents
Pages
Reference and Administrative Details
Chair's report
Trustees. Annual Report
3-12
Report of the Independent Auditor
13-17
statement of Financial Activities
18
Balance Sheet
19
Cash Flow Statement
20
Notes to the financial statements
The following pages do not form part of the Financial Statements
Detailed Statement of Financial Activities
33-34
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
REFERENCE and ADMINISTRATIVE DETAILS
YEAR ENDED 31 MARCH 2021
Tobacco Factory Arts Trust is a company limited by guarantee.
Registered Company number
04536120 (England and Wales)
Registered Charity number
1097542
Working name
Tobacco Factory Theatres
Registered office and Principal
Address
The Tobacco Factory
Raleigh Road
Southville
Bristol BS3 ITF
Patron
Mrs Mary Prior CVO MBE
Trustees
Sarah Smith (Chair)
Joseph Bell
Mike Forrest
Ewen Macgregor
Mark Panay
Christelle Pellecuer
Matthew Penneycard
The trustees are also the directors and members of the company.
Senior Management team
Mike Tweddle- Artistic DirectorlCEO
David Dewhurst- Executive Director
Auditor
Burton Sweet Limited,
Chartered Accountants
The Clock Tower
5 Farleigh Court. Old Weston Road
Flax Bourton
Bristol, BS48 IUR
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Chairfs Report
When I was writing my report for lastyear's document in November 2020, we were
anticipating the first show at the theatre since the start of lockdown in March
2020. We welcomed Daniel Kitson to the theatre for a very successful streamed
show which sold out to local, national and international audiences. We were
looking forward to delivering some more streamed and outdoor shows at the end
of2020.then reopening in earnest before Easter2021. However. aswe all know. the
government announced further lockdowns in response to an increase in cases of
Covid. Throughout this year, therefore, we were unable to welcome audiences in
person. and instead we developed a range of ways to reach over 10,000 audience
and workshop participants through online and outdoor activity.
As I reported lastyear.we had spent a lot of energy securingthe financial future of
the company. We have good reason to be very grateful for the response from our
supporters and audiences.we had not expected to be so successful in shoring up
the theatres. financial position. This was helped significantly by the government
support which was available to us, including the Coronavirus Job Retention
Scheme,The Coronavirus Business Interruption Loan Scheme, the Local Business
Support Fund. and most significanly the support from the UK Government in the
form of the Culture Recovery Fund. All of this has enabled us to present a much
more secure financial position that we had thought possible.
This has only been possible through the super-human efforts of our very limited
staff team. all of whom are making every effort to ensure that everyone's safety
and comfort is safeguarded during their visits to the Tobacco Factory Theatres in
the autumn and winter.
Sarah Smith
Chair
10 November 2021
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
The trustees are pleased to present their annual report together with the
consolidated financial statements of the charity and its subsidiary for the year
ending 31 March 2021 which are also prepared to meet the requirements for a
directors. report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act
2006. the Memorandum and Articles of Association. and Accounting and
Reporting by Charities.. Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS102) leffective l January
2015).
Structure. Governance and Management
Purpose and Activities
Tobacco Factory Arts Trust (TFAT) operates under the working name of Tobacco
Factory Theatres (TFry and its principal charitable object is the advancement of
the education of the public in the appreciation and understanding of performing
and visual arts in all of their forms. TFAT achieves this objective through the
operation and management of its theatre spaces supported by its education
activiti es.
In shaping its objectives fortheyearand planning its activities,the trustees have
considered the Charity Commission guidance on public benefit. including the
guidance on public benefit and fee charging. The theatre relies on grants and the
income from fees and charges to cover its operating costs. In setting the level of
fees. charges and concessions. the trustees give careful consideration to the
accessibility of the theatre forthose on low incomes.
The strategies employed to achieve these aims and objectives are to..
present a broad range of theatre productions for the enjoyment and
education of its local community and further afield.
concentrate on involving young people in the arts to help encourage a
culture in which different age ranges play a complementary part.
offeropportunities fora broad range of peopletoget involved in arts activity
exploring their own creative powers.. and
elebrate the diversity of cultures in its society by programming
presentations by. and with artists of different cultural backgrounds.
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Constitution
Tobacco Factory Arts Trust is a company limited by guarantee and is a registered
charity. The charitable company's Memorandum and Articles of Association are
the primarygoverningdocuments ofthe company.Thetrustees ofTobacco Factory
Arts Trust are also the directors of the charitable company for the purposes of
company law.
Trustees
A list of the current trustees appears within the Reference and Administrative
detai Is on page l. They were all trustees throughout the year, except for Ewen
Macgregor, Joseph Bell and Christelle Pellecuer (all appointed on 5 August 2020).
Claudia Mcvie and Bertel Martin were also trustees for the whole of the year.
retiring on 15 April 2021 and 17 April 2021. respectively. In addition. Andrew Allan-
Jones and Anna Southall were trustees for part ofyear, retiringon 8 July 2020 and
11 November 2020. respectively.
Members. Liability
Each member of the charitable company undertakes to contribute to the assets
of the charitable company in the event of it being wound up while they are a
member. orwithin oneyearafterthey cease to be a member. such amount as may
be required, not exceeding £1 for the debts and liabilities contracted before they
ceased to be a member. The trustees are also members of the company.
Trustees, Indemnities
Professional indemnity insurance is paid on behalf of the trustees and officers.
Appointment and Induction of trustees
Members of the Board of trustees are appointed in accordance with the companls
Articles of Association and usuallyfora term of threeyears.After retiring a trustee
may seek reappointment to the Board on one further occasion. resulting in a
maximum term which each trustee may serve of sixyears.
Trustees are invited to join the Board when it is felt that they will add to the range
of skills and experience necessary for the management and promotion of the
Trust's activities. New trustees are introduced to the staff and functions of the
trust at informal meetings.
Policies and Procedures Adopted forthe Induction and Training of Trustees
The training and induction provided for new trustees will depend on theirexisting
experience. Where necessary induction will provide training on charity and
educational legal and financial matters. All newtrustees will be given a tourof the
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Theatres and the chance to meet with staff. All trustees are provided with copies
of policies. procedures. minutes. accounts. budgets. plans and other documents
that they will need to undertake their role as trustees. As there will normally only
be two or three new trustees a year. induction will be done informally and will be
tailored specifically to the individual.
Organisational Structure
The management structure consists of two levels: the trustees and the senior
management team. The aim of the management structure is to devolve
responsibility and encourage involvement in decision making at all levels.
Nominated trustees are appointed at meeting of the TFAT board of trustees. The
composition of the board is specified in the Articles of Association, which are
available for inspection at the registered office.
The trustees are responsible for setting policies. adoptingthe budget. monitoring
financial performance against the budget and making major decisions about the
company's strategic direction including its programme. the development of the
theatres. and the welfare of staff. The Board meets bi-monthly.
Dayto day management is delegated to the senior management team.
Volunteers
TFAT has a core pool of supportive volunteers who assist in the theatre. front of
house. and in many other ways. Other volunteers who have less time to offer also
represent a great asset and support for the work of the Theatre. TFAT welcomes
applications from people who wish to volunteer.
Pay policy for senior staff
None of the trustees receive remuneration or other benefit from their work with
the charity. Anyconnection between a trusteeorseniormanagerofthe charitywith
a production company or contracted freelancers must be disclosed to the Board
in the same way as any other contractual relationship with a related party. Details
of trustees. expenses and related party transactions are disclosed in notes 10 and
20 of the accounts
The remuneration of all staff. permanent and casual. is reviewed annually by the
HR group (two trustees plus the Chief Executive). The review considers a number
of factors including the TFAT'S financial position. changes in the responsibilities
of the post holders, general inflation rate and pay rates for similar positions in
other organisations.
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Risk management
The trustees have a risk management strategy which comprises..
an annual reviewof the principal risks and uncertaintiesthatthecharity
and its subsidiary face..
the establishment of policies. systems and procedures to mitigate
those risks identified in the annual review. and
the implementation of procedures designed to minimise or manage any
potential impact on the charity should those risks materialise.
This work has identified that financial sustainability is the major financial risk
for the charity. A key element in the management of financial risk is a regular
review of available liquid funds to settle debts as they fall due. and active
managementof trade debtors and creditors balances to ensure sufficientworking
capital by the Trust. The impact of non-liquidity would be to reduce significantly
the opportunities forTFTto put on shows orotherwise meet its charitable aims.
Attention has also been focussed on non-financial risks arising from fire. health
and safety of artists and audience, management of performing rights and food
hygiene. These risks are managed by ensuri ng accreditation is up to date. having
robust policies and procedures in place and regular awareness training for staff
working in these operational areas.
Review of the year
Achievements and Performances
TFT supported and presented more than 150 performances by seven visiting or
associate companies. The programme included artists from across Europe. and
reached more than 6000 audience members around the world.
Due to the national lockdowns, it was not possible to open performance spaces to
live audiences. and instead work was presented to audiencese via fourformats-
l) live-streamed
2) pre-filmed broadcast
3) socially distanced travellingoutdoortheatre
4) telephone-based live performance
The shows were..
Dot. Dot. Dot. by Daniel Kitson- Gomedy / new writing- live-streamed
Kneejerk by Laura Lexx- comedy" live-streamed
Best of BE Festival (2 shows) by BE Festival - international visual theatre. live-
streamed & pre-filmed
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Is IhisA Good Iiine?by Out of Chaos- newwriting: live telephone show
BS3Santa-family Christmas show.. travelling outdoortheatre
Fatherxmas-by Pins and Needles and Lyric Hammersmith; pre-filmed broadcast
-I've seen D8niel every time he comes to New York and was so h3PPy to be 8b/e to
see him again during Covid. Thankyou for having brought him into our homes"
"Just Wanted to Say I thought it was a great show. quite bri1118nt. poignant. huge
in scope whilst being apparently focussed on the smallest details of life,
comp/ete/y real. I'd notpreviously he8rd of Daniel Kitson but wi// definitely watch
out for him in future."
audience feedback emails, Dot. Dot. Dot.
-The astonishingly accomplished Stscey Ghent is a Foley artist extr8ordinBire as
we// as singing andplayinga variety of instruments. Raymond Briggs, Father
Christm3S IS 3 wonderfu/piece of the8tric81 Christmas m3gic.~
Bristol 24-7
review of Father Christmas
-Ihanks so much for the visit. Santa and Elf were bri//iant and made us all smile.
A wonderful time was had by the entire streetl What a lovely evening."
"It re811y was f8ntastic. We loved itl Some much needed Christmas magic."
audience review. BS3 Santa
Productions
A new family show, The Snow Queen, was co-produced in partnership with New
International Encounter and Cambridge Junction. The piece will eventually be
staged in Bristol overchristmas 2022. but it began its life in December 2020 as a
film, shot in and around Cambridge. It was broadcast to over 5000 audience
members between December and February,
"In times like ours. we need some theatre magic with a little seriousness.. This
Snow Queen is just the ticket" The Stage
"Fun, eccentric and entertaining" Cambridge Independent
"This warm-hearted production is just the online ticket to warm up the
frostiest of hearts.- The Cambridge Critique
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Artist support and professional development
TFT was proud to work in partnership with The Cube Microplex to raise and
administerthe Gane Trust Hardship Fund forartists and arts workers living in the
Bristol area. The priority was to offer some monetary support to those who lost
work and income and were without a significant safety net. By the end of the
project we had provided £65,000 to artists and arts- workers in Bristol, giving 130
people a bursary of £500 each.
Feedback fmm reciplents."
.1 can now pay for this months. rent and bills. as well as essentials. It's a huge
weight off, to be able to continue to have a home, live, create and look for work
for another month.. Movement creative working in theatre & fi Im
'Financial support is vital in this moment for artists from working-class
backgrounds. like myself. who have no financial safety net and are unable to
rely on family for financial support. It will mean I don't have to leave the
industry (in the immediate future at least) that I have worked so hard to be
part of for a very long time." Theatre maker, writer, performer & facilitator
'1 am currently stranded abroad, and this grant will help me to get home. It
feels like a vote of confidence in Bristol's arts community, which we
desperately need., Theatre maker. director and movement director. performer.
physical comedian and clown
Free rehearsal space and mentoring was offered local artists. supporting them as
they embarked on the development of new projects and ideas. Artists included
Bristol-based theatre makerJenny Davies,who wrote. Getting into the Spielman
Theatre allowed me to test my ideas out and explore the form of my project,
which broadly looks at how learning an artist's biography- their background
and influences- can change the way we perceive the art they create. I was able
to ask the big questions at the heart of the project and it was fantasti¢ to be
able to really explore them within a safe environment. It also gave me access
to the wonderful spaces within the building. which after lockdown was a gift. I
was buzzing with excitement about just being able to make something and it
ended up being one of the most useful research and development processes
I've donelg
Twelve online masterclasses were offered to local professional artists on a pay
what you choose basis. They were led by renowned artists such as Katy Stephens,
Heather Williams. Laila Diallo. Annie Pui Ling Lok. Chris Swain. Ad Infinitum and
Josie Dale-Jones.
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
The new partnership with Bristol School of Acting. to host a twoyear BA Degree in
acting for Stage and Screen, has been confirmed and announced. Recruitment of
the first intake took place during the year, with 19 students selected from a
national spread of applicants. Their training began in September 2021. The
partnership represents a major new artistic collaboration, as well as a significant
stabilising income stream.
Community engagement
We were able to deliver several comrnunity engagement projects. despite the
lockdown and ourfinancial challenges..
The Factory Singers a 60-strong weekly community choir. with members
aged from their 20s to their70s. meeting and rehearsing on Zoom
YTM Perform.. a group of 10 14-19 year olds who met on Zoom to connect and
support one another. and write material for a short film IheLitt/e Ihings.
Profile and Audience Development
The number of people experiencing theatre through our programme in
2020-21 was 11,984
Staffing
The financial crisis ensuing from Covid-19 required a reduction of staffing costs
by 65/ between the beginning and end of this year. This resulted in fewer
redundancies than expected. thanks to the generosity and dedication of our staff
team.all of whom agreed to reduce theirworkinghours until thetheatre's financial
sustainability could be re-established.
At the end of the year our Director of Get Involved. Bryony Roberts. left the
organisation to take upthe role of Head of ProgrammingatWeTheCurious. Bryony
spearheaded the development of our Children and Young People's department,
which evolved underherstewardship into a departmentthatengaged people ofall
ages i n l ife-enri c hi ng creative activity.
Environmental Sustainability
Over the past year TFT has gathered information on the following areas and its
Environmental Action Plan puts methods in place to reduce the carbon impact
from them..
Travel (audience. staff and touring)
Movingtowards becoming a paperless company
Waste and recycling (including from producing and tours)
Equipment and energy usage.
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
In 2020120 TFfs carbon footprint decreased by over 20/0 and it has been pleasing
to see how the recent capital project has played a part in this.
Improvements to equipment and the introduction of low energy lighting across
public spaces and light sensors has seen a reduction in ourenergy use.
Additionally the recent office redesign allowed the replacement and
reconfiguration of ageing IT infrastructure and equipment. allowing for more
productive and flexible working for all theatre staff.
This has led to a reduction in printing, less travelling to meetings, higher levels of
productivity and has allowed the full staff team to seamlesslytransiton to remote
working during the Covid-19 pandemic. As we continue to endorse and enjoy the
environmental benefits that this brings, we intend, as we gradually welcome staff
back into the office. to use the reconfiguration to its full extent and work towards
a paperless off ice.
We have continued to recycle sets from in-house productions as much as
possible, and regularly review suppliers across all departments in orderto ensure
that our needs are being met by local. environmentally responsible companies
where possible.
Financial Review
Total income for the year was £1.066.000 (2020 - £1,752.000). representing a
decrease of 39/..This decrease primarilycomprise a significantcollapse in earned
income to £19.000 (2020 - £1.346.000) as a consequence of government rules and
guidelines requiring the theatre to be closed for the whole of the year. This was
partially offset by an significant increase of163°A in grants. gifts and donations to
£1.035,000 (2020 - £393,000).
As a result of the prolonged closure of the theatres, earned income (box office and
bar takings etc.) for the year represented 2.9/. (2020 - 74.9/.) of overall income at
£31.000 (2020- £1.459.000).
Against this, developing general development income (grants and donations)
continued to be challenging. Nevertheless,£rants and donations increased by21/,
to £272.000 (2020- £225.000).
Operati ng costs were well controlled, falling to £812,000 (2020- £1,900.000) which
reflects the continued tight control over expenditure which has been maintained
in what has proved to be a difficult time forthe sector.
Consequently. general (non-designated) funds increased to £213.000 from a
deficit of £45.000.
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Going concern
The trustees are of the view that the government funding. as described in the
chair's report, has secured the immediate future of TFAT for the next 12 to 18
months and that on this basis the charity is a going concern.
Reserves Policy
The Charity's reserves policy is to hold three months, worth of non-attributable
overhead expenditure as defined by internal management accounts in liquid
unrestricted funds (i.e. free reserves). Current projections suggest that this is
about £129,000. At 31 March 2021 free reserves totalled £130.000 12020- deficit of
£142.000).
Plans for future periods
As referred to the chair's report on p2. the focus for trustees and senior
management has been on maintaining the financial stability of the organisaton.
Very few shows have been staged during the last 17 months, but, having worked
hard to make the theatre space covid-safe. plans are underway to deliver a full
programme duringthe remainderof2021-22, in accordancewith thegovernment's
"Road Map".
Trustees responsibi l ities in relation to the f i nancia I statements
The trustees (who are also directors of Tobacco Factory Arts Trust for the purposes
of company law) are responsible for preparing the Trustees, Report and the
financial statements in accordance with applicable law and United Kingdom
Accounting standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each
financial yearwhich give a true and fairviewof the state of affairs of the charitable
company and of the incoming resources and application of resources, including
the income and expenditure, of the charitable company for that period. In
preparingthese financial statements. the trustees are required to-
select suitable accounting policies and then apply them consistently;
make judgments and estimates that are reasonable and prudent,.
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the charitable company will continue in
business.
The trustees are responsible for keeping proper accounting records that disclose
with reasonable accuracy at any time the financial position of the charitable
company and enable them to ensure that the financial statements comply with
TOBACCO FACTORY ARTS TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
the Companies Act 2006. They are also responsible for safeguardingthe assets of
the charitable company and hence for taking reasonable steps forthe prevention
and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate
and financial information included on the charitable company's website.
Legislation in the United Kingdom governing the preparation and dissemination
of financial statements may differ from legislation in otherjurisdictions.
Statement as to disclosure to our auditors
In so far as the trustees are aware at the time of approving our trustees, annual
report:
there is no relevant information. being information needed by the auditor
in connection with their report, of which the group auditor is unaware, and
the trustees, having made enquiries of fellow directors and the group
auditor that they ought individually have taken. have each taken all steps
that helshe is obliged to take as a director in order to make themselves
aware of any relevant audit information and to establish that the auditor is
aware of that information.
By order of the board of trustees
Sarah Smith
Chair
Date 10 November 2021
THANK YOU
In one of the most challenging years in our history. we would not be here without
the dedication and support of so many businesess, trusts and individuals that
have given us theirtime and support this year. Our heartfelt thanks go toyou all.
Thank you also to Arts Council England and to Bristol City Council for their
ongoing investment into ourwork annually.
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TOBACCO FACTORY ARTS TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TOBACCO FACTORY ARTS TRUST
(LIMITED BY GUARANTEE)
YEAR ENDED 31 MARCH 2021
Opinion
We have audited the financial statements of Tobacco Factory Arts Trust Ithe
-charity-) for the year ended 31 March 2021 which comprise the Statement of
Financial Activities, the Balance Sheet. the Cash Flow Statement and notes to the
financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting standards, including Financial
Reporting standard 102: The Financial Reporting standard applicable in the UK
and Republic of Ireland (United Kingdom GenerallyAccepted Accounting Practice).
This report is made solely to the Charity's members. as a body. in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been
undertaken so thatwe might state to the Charity's members those matterswe are
required to state in them in an auditor's 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 Charity's members as a body. for our audit work. for this
report. or for the opinions we have formed.
In our opinion. the financial statements:
give a true and fair view of the state of the Charity's affairs as at 31 March
2021 and of its income and expenditure forthe yearthen ended:
have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice.
have been prepared in accordance with the requirements of the Companies
Act 2006.
Basis for opinion
We conducted out audit in accordance with international Standards in Auditing
(UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards
are furtherdescribed in the Auditor's responsibilities forthe audit of the financial
statements section ofour report. We are independent ofthecharity in accordance
with the ethical requirements that are relevant to our audit of the financial
statements in the UK. including the FRC'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 basis for our opinion.
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TOBACCO FACTORY ARTS TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TOBACCO FACTORY ARTS TRUST
(LIMITED BY GUARANTEE)
YEAR ENDED 31 MARCH 2021
Conclusions relating to going concern
In auditingthe financial statements, we have concluded that the directors, use of
the going concern basis of accounting in the preparation of the financial
statements is appropriate.
Based on the work we have performed. we have not identified any material
uncertainties relatingto events orconditionsthat. individually orcollectively. may
cast significant doubt on the charity's ability to continue as a going concern for a
period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going
concern are descri bed i n the releva nt secti ons of th is report.
Other information
The trustees are responsible for the other information. The other information
comprises the information included in the annual report otherthan the financial
statements and out auditor's report thereon. Our opinion on the financial
statements 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.
In connection with our audit of the financial statements. 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 audit or othenmise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements,
we are required to determine whether there is a material misstatement in the
financial statements or a material misstatement of the other information.
based. on the work we have performed. we conclude that there is a material
misstatement of this other information.we are required to report the fact.
We have nothingto report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the trustees. report (incorporating the strategic
report and the directors. report) forthe financialyearforwhich the financial
statements are prepared is consistent with the financial statements.. and
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TOBACCO FACTORY ARTS TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TOBACCO FACTORY ARTS TRUST
(LIMITED BY GUARANTEE)
YEAR ENDED 31 MARCH 2021
the trustees, report (i ncorporati ng the strategic report and the d i rectors,
report) have been prepared in accordance with applicable law
requirements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which
the Companies Act 2006 requires us to report toyou if. in our opinion..
sufficient accounting records have not been kept..
the financial statements are not in agreement with the accounting records
and returns..
certain disclosures of trustees. remuneration specified by law are not
made,. or
we have not obtained all the information and explanations necessary for
the purposes of our audit.
Responsi bil ities of trustees
As expla i ned more fu I ly i n the trustees. responsi bi l ities statement. the tru stees
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 they
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 responsible for assessing
the Charity's ability to continue as a going concern, disclosing, as applicable,
matters related to goingconcern and usingthegoingconcern basis of accounting
unless thetrustees either intend to liquidate the Charityorto cease operations. or
have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whetherdue to fraud
or error. and to issue an auditoffs 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 always detect a material
misstatementwhen it exists. Misstatements can arise from fraud orerror 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 ofthese
financial statements.
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TOBACCO FACTORY ARTS TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TOBACCO FACTORY ARTS TRUST
(LIMITED BY GUARANTEE)
YEAR ENDED 31 MARCH 2021
Our approach to identifying and assessing the risks of material misstatement in
respect of irregularities. including fraud and non-compliance with laws and
regulations, was as follows:
the engagement partner ensured that the engagement team collectively
had the appropriate competence, capabilities and skills to identify or
recognise non-compliance with applicable laws and regulations.
we identified the laws and regulations applicable to the charity through
discussions with directors and other Management, and from our
knowledge and experience ofthe sector:
we focused on specific laws and regulations which we considered may have
a direct material effect on the financial statements of the operations of the
company, includingthe Companies Act 2006. taxation legislation and data
protection, anti-bribery, employment, environmental and health and safety
legislation..
we assessed the extent of compliance with the laws and regulations
identified above through makingenquiries of managementand inspecting
legal correspondence. and
identified laws and regulations were communicated within the audit team
regularly and the team remained alert to instances of non-compliance
through the audiL
We assessed the suscepti bi l ity of the cha rity's f i na nci a I statements to materia I
misstatement, including obtaining an understanding of how fraud might occur,
by:
making enquiries of management as to where they considered there was
susceptibility to fraud. their knowledge of actual. suspected and alleged
fraud.,
considering the internal controls in place to mitigate risks of fraud and
non-compliance with laws and regulations. and
understanding the design of the charity's remuneration policies.
To address the risk of fraud through management bias and override of controls,
we:
performed analytical procedures to identify any unusual or unexpected
relationships.
tested journal entries to identify unusual transactions-
assessed whetherjudgements and assumptions made in determining the
accounting estimates set out in the accounting policies were indicative of
potential bias.. and
16
TOBACCO FACTORY ARTS TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TOBACCO FACTORY ARTS TRUST
(LIMITED BY GUARANTEE)
YEAR ENDED 31 MARCH 2021
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and
regulations. we designed procedures which included. but were not limited to..
agreeing financial statement disclosures to underlying supporting
documentation-
reading the minutes of meetings of those charged with governance.
enquiring of management as to actual and potential litigation and claims,.
and
reviewing correspondence with HMRC. relevant regulators and the
company's legal advisors.
There are inherent limitations in our audit procedures described above. The more
removed that laws and regulations are from financial transactions. the less likely
it is that we would become aware of non-compliance. Auditing standards also
limit the audit procedures required to identify non-compliance with laws and
regulations to enquiry of the directors and other management and the inspection
of regulatory and legal correspondence, if any.
Material misstatements that arise dueto fraud can be harderto detectthan those
that arise from error as they may involve deliberate concealment orcollusion.
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.org.u k1apblscopelprivate.cfm
This description forms part of our
auditorfs report.
Neil Kingston FCA (Senior Statutory Auditor)
For and on behalf of Burton Sweet Limited
Statutory Auditor
The Clock Tower
5 Farleigh Court
Old Weston Road
Flax Bourton
Bristol BS48 IUR
Date: ...........-......-...-........
## **TOBACCO FACTORY ARTS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account)**
## **YEAR ENDED 31 MARCH 2021**
|**Note**
**Income from voluntary sources:**
Donations and gifts
**2**
**Income from charitable activities**
**3**
**Investment and other income:**
Other trading income
**4**
**Total income**
**Expenditure on raising funds**
Fundraising and publicity costs
**5**
**Costs of charitable activities**
**6,7**
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
**18**
**Net movement in funds**
**Total funds at 1 April 2020**
**18**
**Total funds at 31 March 2021**
**18**|**General**
**Designated**
**Funds**
**Funds**
**£'000**
**£'000**
908
-
19
-
12
-
939
-
56
3
613
66
669
69
270
(69)
(12)
12
258
(57)
(45)
632
213
575
**Unrestricted**|**Restricted**
**Funds**
**£'000**
127
-
-
127
1
73
74
53
-
53
-
53|**Total**
**Funds**
**2021**
**£'000**
1,035
19
12
1,066
60
752
812
254
-
254
587
841|Total
Funds
2020
£'000
393
1,346
13
1,752
186
1,714
1,900
(148)
-
(148)
735
587|
|---|---|---|---|---|
The designated fund relates to capital improvements which are not free funds of the Charity.
TFAT has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the Charity are classed as continuing
**The notes on pages 21 to 31 form part of these financial statements (See Note 8 for fund accounting comparative figures)**
18
## **TOBACCO FACTORY ARTS TRUST**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2021**
## **Company Number: 04536120**
|**Note**
**Fixed assets**
Tangible assets
**13**
Investments
**14**
**Current assets**
Stock
**15**
Debtors
**16**
Cash at bank
**Creditors: amounts falling due**
**within one year**
**17**
**Net current (liabilities)/assets**
**Total assets less current liabilities**
**Creditors: amounts falling due**
**within one year**
**17**
**Net assets**
**Funds**
**Unrestricted funds**
General funds
**19**
Designated funds
**19**
Restricted funds
**19**|**2021**
**£'000**
658
-
658
1
40
545
586
(240)
346
1,004
(163)
841
213
575
53
841|**2020**
**£'000**
729
-
729
4
48
73
125
(267)
(142)
587
-
587
(45)
632
-
587|
|---|---|---|
These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
These financial statements were approved by the trustees on …................... and are signed on their behalf by:
Sarah Smith Trustee
**The notes on pages 21 to 31 form part of these financial statements**
19
## **TOBACCO FACTORY ARTS TRUST**
## **CASHFLOW STATEMENT**
## **YEAR ENDED 31 MARCH 2021**
|**Notes**
**Net cash inflow from operating activities**
**A**
**Cash flows from investing activities**
- Payments for tangible fixed assets
**Net cash outflow for the year**
**B**
**Notes to the Cashflow Statement**
**A. Reconciliation of net movement in funds to net cash inflow from operating activities**
Statement of Financial Activities: Net movement in funds
Depreciation
(Decrease)/Increase in creditors: Due within one year
(Decrease)/Increase in creditors: Due after more than one year
Decrease/(Increase) in debtors
Decrease/(Increase) in stock
**Net cash inflow from operating activities**
**B.**
**Analysis of changes in cash flow during the year**
**2021**
**£**
Cash at bank and in hand
545
545
**2020**
**£**
Cash at bank and in hand
73
73
**C.**
**Analysis of changes in net debt**
**At**
**Cash**
**01-Apr-2020**
**flows**
**£'000**
**£'000**
**Cash and cash equivalents**
Cash
73
472
**Total**
73
472|**2021**
**£**
**507**
(35)
**472**
254
106
(27)
163
8
3
**507**
2020
£
73
73
2019
£
106
106
**Non cash**
**flows**
**£'000**
-
-|2020
£
**(19)**
(14)
**(33)**
(148)
105
(16)
-
40
-
**(19)**
Change
472
472
Change
(33)
(33)
**At**
**31-Mar-2021**
**£'000**
545
545|
|---|---|---|
## **D. Cashflow restrictions**
Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own Objects, except on special authority. In practice, this restriction has not had any effect on group cashflows for the year.
**The notes on pages 21 to 31 form part of these financial statements**
20
**TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **1 Accounting policies**
## **Basis of preparing the financial statements**
The financial statements have been prepared on a going concern basis which assumes that TFAT will continue in operational existence for the foreseeable future. The validity of this assumption depends on the raising of sufficient financial support from third parties. The financial statements do not include any adjustments that would result if insufficient funds were received.
Along with other similar charities and organisations, the COVID-19 pandemic after the year end has brought many uncertainties to the global economy. The impact of this on the charity is highlighted in further detail within the Trustees' annual report. Notwithstanding these uncertainties, the Trustees have chosen to prepare the financial statements on a going concern basis given the careful planning of the Trustees and use of government grant schemes since the year d
TFAT is a public benefit entity.
## **Consolidation**
These financial statements do not incorporate the financial statements of TFAT's subsidiary, TFAT Trading Limited, as it is immaterial within the context of TFAT's operations. The trading subsidiary became dormant during the year.
## **Accounting convention**
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, and in accordance with Financial Reporting Standard FRS102, the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities based thereon SORP (FRS102).
## **Income recognition**
## Charitable trading activities
Income from theatre admission fees is included in income in the period in which the relevant production takes place. Income from ticket sales in advance of productions is deferred and released in the period in which the production falls.
## Donations and grants
Income from donations and grants, including capital grants, is included as soon as legal entitlement arises, their amount is known with sufficient reliability and their economic benefit is probable, except as follows:
When donors specify that donations and grants given to TFAT must be used in future accounting periods, the income is deferred until those periods.
When donors impose conditions which have to be fulfilled before TFAT becomes entitled to use such income, the income is deferred and not included until the pre-conditions for use have been met.
When donors specify that donations and grants are for particular restricted purposes, which do not amount to preconditions regarding entitlement, this income is included in restricted funds when receivable.
Gifts in kind are recognised at fair value for tangible assets or for services and facilities their estimated value to TFAT, in both cases at date of gift.
## Interest receivable
Interest is included when receivable.
## **Expenditure**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. All expenditure includes irrecoverable VAT where applicable. Charitable activity costs include governance costs, which are those incurred in the governance of TFAT and its assets and are primarily associated with constitutional and statutory requirements.
Raising funds comprise the costs associated with attracting voluntary income.
21
**TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **1 Accounting policies (continued)**
## **Tangible fixed assets**
Tangible fixed assets are stated in the balance sheet at cost (except where stated otherwise) less depreciation, subject to impairment review annually, and calculated at rates intended to write off the excess of the cost over the anticipated residual value (estimated by reference to current market prices) of individual assets over their estimated useful lives.
## **Tangible fixed assets - Depreciation**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated economic life.
Leasehold property improvements - over the term of the lease Lighting and Theatre - 20% on cost Fixtures and Fittings - 20% on cost Office Equipment - 20% on cost
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking accounts of any discounts due.
## **Cash at Bank & in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **Creditors and Provisions**
Creditors and provisions are recognised where TFAT has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
## **Financial Instruments**
TFAT only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate using the effective interest method.
## **Pensions**
TFAT operates a defined contributions pension scheme. The assets of the scheme are held separately from those of TFAT and are independently administered. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.
## **Fund accounting**
TFAT has various types of funds for which it is responsible, and which require separate disclosure. These are as follows:
## Restricted Funds
Restricted funds may only be used for particular restricted purposes within the objects of TFAT. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## Unrestricted Funds
Unrestricted funds are those which are expendable at the discretion of trustees in furtherance of the objects of TFAT. Those funds earmarked for particular projects are designated as separate funds. However, trustees' discretion to apply such funds is not legally restricted.
22
## **TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **1 Accounting policies (continued)**
## Designated Funds
TFAT may at its discretion set aside funds for specific purposes, which would otherwise form part of the general reserves of the organisation.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **2 Donations and gifts**
|Grants and donations
Arts Council Emergency Funding
Arts Council Cultural Recovery Funding
Arts Council National Portfolio Organisations
Bristol City Council Openness Funding
Bristol City Council COVID19 Grant
Coronavirus Job Retention Scheme
Gifts in kind
_Grants from public bodies_|**Unrestricted**
**Funds**
**£'000**
145
150
202
61
30
25
225
70
908|**Restricted**
**Funds**
**£'000**
127
-
-
-
-
-
-
-
127|
**Total Funds**
**2021**
**£'000**
272
150
202
61
30
25
225
70
1,035|Total Funds
2020
£'000
225
-
-
60
38
-
-
70
393|
|---|---|---|---|---|
All donations and gifts from 2020 were unrestricted except for £80,000 of restricted grants and donations.
## **3 Income from charitable activities**
|Operation of theatre
Income from productions
Theatre hire and events
Provision of services
Education project income
Theatre tax credit|**Unrestricted**
**Funds**
**£'000**
13
4
-
2
-
19|
**Restricted**
**Funds**
**£'000**
-
-
-
-
-
-|
**Total Funds**
**2021**
**£'000**
13
4
-
2
-
19|Total Funds
2020
£'000
1,162
88
57
5
34
1,346|
|---|---|---|---|---|
All income from charitable activities in 2020 was unrestricted.
## **4 Other trading income**
|Solar panel and other income
Technical services|**Unrestricted**
**Funds**
**£'000**
12
-
12|
**Restricted**
**Funds**
**£'000**
-
-
-|
**Total Funds**
**2021**
**£'000**
12
-
12|Total Funds
2020
£'000
10
3
13|
|---|---|---|---|---|
All other trading income from 2020 was unrestricted.
23
**TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
|**5**
**Fundraising and publicity costs**
Staff costs
Marketing
Depreciation
Travel, subsistence and entertainment
Printing, postage and stationery
Light and heat
Other property costs|**General**
**Designated**
**Funds**
**Funds**
**£'000**
**£'000**
29
-
20
-
2
3
-
-
-
-
-
-
5
-
56
3
**Unrestricted**|**Restricted**
**Funds**
**£'000**
1
-
-
-
-
-
-
1|**Total**
**Funds**
**2021**
**£'000**
30
20
5
-
-
-
5
60|Total
Funds
2020
£'000
85
87
5
1
2
1
5
186|
|---|---|---|---|---|
All fundraising and publicity costs from 2020 were unrestricted general funds except for £2,000 of restricted marketing costs and £3,000 of designated depreciation costs.
## **6 Charitable activities costs**
|Operation of theatre
**Note 7**
Cost of visiting productions
Box office costs
Education project costs
Artist support
**Prior year comparatives**
Operation of theatre
**Note 7**
Cost of visiting productions
Box office costs
Education project costs
Programmes|**Direct**
**Cost**
**£'000**
325
19
5
5
65
419
**Direct**
**Cost**
**£'000**
692
550
38
57
2
1,339|**Support**
**Costs**
**£'000**
258
-
1
-
-
259
**Support**
**Costs**
**£'000**
284
-
2
-
-
286|**Total**
**2021**
**£'000**
583
19
6
5
65
678
**Total**
**2020**
**£'000**
976
550
40
57
2
1,625|
|---|---|---|---|
24
## **TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
- **7 Costs of theatre operations**
|Staff costs
Operation of theatre
Depreciation
Printing, postage and stationery
Sundries
Professional fees
Insurance
Light and heat
Property costs
Telephone and fax
Bank charges
**Prior year comparatives**
Staff costs
Operation of theatre
Depreciation
Travel, subsistence and entertainment
Printing, postage and stationery
Sundries
Professional fees
Insurance
Light and heat
Property costs
Telephone and fax
Bank charges|**General**
**Designated**
**Funds**
**Funds**
**£'000**
**£'000**
363
-
27
-
35
66
6
-
6
-
9
-
7
-
4
-
122
-
3
-
1
-
583
66
**General**
**Designated**
**Funds**
**Funds**
**£'000**
**£'000**
510
-
230
-
37
63
14
-
22
-
13
-
7
-
6
-
13
-
121
-
1
-
2
-
976
63
**Unrestricted**
**Unrestricted**|**Restricted**
**Funds**
**£'000**
8
-
-
-
-
-
-
-
-
-
-
8
**Total**
**Restricted**
**Funds**
**£'000**
11
13
-
1
1
-
-
-
-
-
-
-
26|**Total**
**Funds**
**2021**
**£'000**
371
27
101
6
6
9
7
4
122
3
1
657
**Total**
**Funds**
**2020**
**£'000**
521
243
100
15
23
13
7
6
13
121
1
2
1,065|
|---|---|---|---|
25
## **TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
|**8**
**Statement of Financial Activities prior year comparative figures**
**General**
**Designated**
**Funds**
**Funds**
**£'000**
**£'000**
**Income from voluntary sources:**
Donations and gifts
313
-
**Income from charitable activities:**
1,346
-
**Investment and other income:**
Other trading income
13
-
**Total income**
1,672
-
**Expenditure on raising funds**
Fundraising and publicity costs
181
3
Cost of charitable activities
1,568
63
**Total expenditure**
1,749
66
**Net income/(expenditure)**
(77)
(66)
**Transfers between funds**
(19)
14
**Net movement in funds**
(96)
(52)
51
684
**Total funds at 31 March 2020**
(45)
632
**9**
**Net Income/(expenditure)**
**This is stated after charging:**
Depreciation - owned assets
Audit fees
**Unrestricted**
**Total funds at 1 April 2019**|**Restricted**
**Funds**
**£'000**
80
-
-
80
2
83
85
(5)
5
-
-
-
**2021**
**£'000**
106
9|**Total**
**Funds**
**2020**
**£'000**
393
1,346
13
1,752
186
1,714
1,900
(148)
-
(148)
735
587
2020
£'000
105
5|
|---|---|---|
## **10 Trustees' remuneration and benefits**
Trustees received no remuneration or other benefits from the company or its subsidiary during the year (2020: £Nil).
## **Trustees' expenses**
No (2020: no) trustees claimed expenses of £nil (2020: £nil) during the year ended 31 March 2021. No expenses were waived in either year.
26
## **TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **11 Staff costs and numbers**
|The aggregate payroll costs were:
Wages and salaries
Social security costs
Employers pension
Redundancy costs
No employee received emoluments of more than £60,000.|**2021**
**£'000**
378
12
9
3
402|2020
£'000
556
35
15
-
606|
|---|---|---|
The average number of employees during the year, based on headcount was 33 (2020: 42).
The senior management team salaries and employee benefits totalled £148,000 (2020: £200,000).
## **12 Taxation**
TFAT is exempt from corporation tax as all its income is charitable and applied for charitable purposes. TFAT's trading subsidiary TFAT Limited donates available profits to TFAT.
## **13 Tangible fixed assets**
## **Leasehold**
|**Property **
**Improvements**
**£'000**
**Cost**
At 1 April 2020
816
Additions
12
At 31 March 2021
828
**Depreciation**
At 1 April 2020
184
Charge for the year
69
At 31 March 2021
253
**Net book value**
At 31 March 2021
575
At 31 March 2020
632|**Lighting and**
**Theatre**
**£'000**
431
23
454
361
27
388
66
70|**Fixtures and**
**Fittings**
**£'000**
88
-
88
79
4
83
5
9|**Office**
**Equipment**
**£'000**
58
-
58
40
6
46
12
18|**Totals**
**£'000**
1,393
35
1,428
664
106
770
658
729|
|---|---|---|---|---|
27
## **TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
|**14 Fixed asset investments**
**Market value**
At 1 April 2020 & 31st March 2021
**Net book value**
At 31 March 2021
At 31 March 2020|**Shares in**
**group**
**undertakings**
**£**
100
100
100|
|---|---|
There were no investment assets outside the UK. The company's investments at the Balance Sheet date are entirely the share capital of TFAT Trading Limited
|Class of share:
**% holding**
Ordinary
100
**2021**
2020
**£**
£
Aggregate capital and reserves
4
4
The subsidiary was primarily involved in the rental and hire of studios and rooms and donated all its taxable profits to
TFAT however, it is now dormant.|Class of share:
**% holding**
Ordinary
100
**2021**
2020
**£**
£
Aggregate capital and reserves
4
4
The subsidiary was primarily involved in the rental and hire of studios and rooms and donated all its taxable profits to
TFAT however, it is now dormant.|
|---|---|
|A summary of the trading results are set out below:
Turnover
Administrative expenses
Finance costs|**2021**
2020
£
£
-
-
-
-
-
-
**TFAT Limited**|
|**Loss for the year**|-
-|
|Shareholders funds|100
100|
|**15 Stocks**
Bar stocks|**Total**
Total
**2021**
2020
**£'000**
£'000
1
4|
|**16 Debtors**
Trade debtors
Other debtors
Prepayments and accrued income|**Total**
Total
**2021**
2020
**£'000**
£'000
12
22
22
23
6
3|
||40
48|
28
## **TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **17 Creditors**
|**Creditors: amounts falling due within one year**
Trade creditors
Social security and other taxes
Other creditor
Accruals and deferred income
Loans
**Creditors: amounts falling due after more than one year**
Loans|**Total**
**2021**
**£'000**
68
1
45
104
22
240
163|Total
2020
£'000
57
16
27
167
-
267
-|
|---|---|---|
29
## **TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
|**18 Movement in funds**
**Current Year**
**Restricted funds**
Get Involved
RTYDS
Hardship fund
**Unrestricted funds**
Capital improvements - fixed assets fund
General fund
**Total funds**
**Prior Year**
**Restricted funds**
Get Involved
RTYDS
**Unrestricted funds**
Capital improvements - fixed assets fund
General fund
**Total funds**|**At**
**1 April**
**2020**
**£'000**
-
-
-
-
632
(45)
587
587
**At**
**1 April**
**2019**
**£'000**
-
-
-
684
51
735
735|**Income**
**£'000**
53
9
65
127
-
939
939
1,066
**Income**
**£'000**
71
9
80
-
1,672
1,672
1,752|**Expenditure**
**£'000**
-
(9)
(65)
(74)
(69)
(669)
(738)
(812)
**Expenditure**
**£'000**
(76)
(9)
(85)
(66)
(1,749)
(1,815)
(1,900)|**Transfers**
**£'000**
-
-
-
12
(12)
-
**Transfers**
**£'000**
5
-
5
14
(19)
(5)
-|**At**
**31 March**
**2021**
**£'000**
53
-
-
53
575
213
788
841
**At**
**31 March**
**2020**
**£'000**
-
-
-
632
(45)
587
587|
|---|---|---|---|---|---|
## Capital Improvements - fixed asset fund
This fund represents the value of significant capital improvements including the new theatre development, new seating and PV panels.
## Get Involved
This fund is for a project aimed at getting everyone involved in the theatre, from finding out about productions to taking part in workshops.
## RTYDS
The Regional Theatre Young Director's Scheme supports the employment of a young director for a period of 18 months.
## Hardship Fund
Soon after the beginning of the first pandemic lockdown TFT was approached by the Gane Trust, who wanted to provide a grant of £40,000 to support actors and others with financial support during a period when they were unable to earn any money. The money was received by TFT at the end of April, and TFT worked with The Cube Microplex to assess applications for grants of £500, which were distributed to successful applicants at the end of June 2020. Through analysis of the applications it was clear there was a need for further support to reach a wider group of people and the Gane Trust agreed to fund a further £25,000 at the end of June 2020 which was distributed in mid-July 2020.
30
## **TOBACCO FACTORY ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2021**
## **19 Analysis of net assets between funds**
|**Current Year**
**Restricted funds**
**Unrestricted funds**
Designated funds - Capital improvements
General funds
**Prior Year (restated)**
**Unrestricted funds**
Designated funds - Capital improvements
General funds|**Tangible**
**Fixed assets**
**£'000**
-
575
83
658
**Tangible**
**Fixed assets**
**£'000**
632
97
729|**Investments**
**£'000**
-
-
-
-
**Investments**
**£'000**
-
-
-|**Other Current**
**assets**
**£'000**
53
-
130
183
**Other Current**
**assets**
**£'000**
-
(142)
(142)|**Total**
**2021**
**£'000**
53
575
213
841
**Total**
**2020**
**£'000**
632
(45)
587|
|---|---|---|---|---|
## **20 Related party transactions**
## **Mr Forrest - Trustee**
During the year, Mr Forrest loaned an amount of £nil (2020: £30,000) to TFAT by way of an interest free, short term loan. At the year end, the balance owed to Mr Forrest was £nil (2020: £nil).
## **21 Ultimate controlling party**
TFAT is controlled by trustees.
## **22 Post balance sheet events**
On 26 May 2021 a new property lease for the first floor premises at The Tobacco Factory was entered into. The term for which the property has been leased in for 999 years at a peppercorn rate. As substantially all the risks and rewards are held by Tobacco Factory Arts Trust and the lease term is for the major part of the asset economic life, the property will be recognised as a leasehold property asset, initially at fair value due to it being a gifted asset.
31
**TOBACCO FACTORY ARTS TRUST**
## **MANAGEMENT INFORMATION**
## **YEAR ENDED 31 MARCH 2021**
The following pages do not form part of the statutory financial statements which are the subject of the auditor's report on pages 13 to 17
32
## **TOBACCO FACTORY ARTS TRUST**
## **CHARITY DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 MARCH 2021**
**----- Start of picture text -----**
Total Funds Total Funds
2021 2020
Income From: £ £
Voluntary income
Grants and donations 272,078 225,607
Grants from public bodies 693,443 97,748
Gifts in kind 70,000 70,000
1,035,521 393,355
Other trading income
Solar Panel Income & Other 11,686 9,795
Technical services - 3,258
11,686 13,053
Investment income
Deposit account interest 9 12
Charitable activities
Ticket sales 12,979 998,758
Bar - 156,780
-
Programme sales 6,167
Theatre hire and events 4,084 88,394
Provision of services (188) 57,031
Education project income 1,520 5,402
Theatre tax credit - 33,648
18,395 1,346,180
Total income 1,065,611 1,752,600
**----- End of picture text -----**
33
## **TOBACCO FACTORY ARTS TRUST**
## **CHARITY DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 MARCH 2021**
**----- Start of picture text -----**
Expenditure on: Total Funds Total Funds
2021 2020
£ £
Fundraising and Publicity Costs
Wages 27,103 78,075
Social security 1,843 5,111
Employers Pension 1,281 2,239
Marketing 20,446 87,497
Travel, subsistence and entertainment 50 1,091
Printing, postage and stationery 418 2,020
Sundries 76 222
Insurance 381 336
Light and heat 207 671
Other property costs 5,152 5,282
Telephone and fax 471 230
Depreciation of improvements to leasehold property 3,429 3,285
Depreciation of lighting and theatre 1,351 1,418
Depreciation of fixtures and fittings 189 272
Depreciation of office equipment 311 316
Bank charges 171 408
62,879 188,473
Charitable activities costs
Wages 350,516 479,207
Social security 10,541 29,522
Pension costs 7,257 12,688
Operation of theatre 31,400 280,631
Travel, subsistence and entertainment 453 15,034
Cost of visiting groups 19,242 550,400
Education project costs 4,503 56,868
-
65,000
Printing, postage and stationery 6,114 22,629
-
Programme costs 2,081
Sundries 4,597 9,504
Professional Fees 462 2,022
Insurance 7,236 6,379
Light and heat 3,928 12,742
Other property costs 121,774 121,221
Telephone and fax 2,670 1,302
Depreciation of improvements to leasehold property 65,151 62,406
Depreciation of lighting and theatre 25,675 26,937
Depreciation of fixtures and fittings 3,595 5,162
Depreciation of office equipment 5,916 6,001
Bank charges 968 2,312
736,998 1,705,048
Governance costs
Audit 8,788 4,885
Total expenditure 808,665 1,898,406
Net (expenditure)/income 256,946 (145,806)
**----- End of picture text -----**
34