Charlty Reglstratlon No. 1097542 Company Regi51ration No. 04536120 IEn8land and Wale51 TOBACCO FAcfoRY ARTS TRusr ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 MARCH 2024 BUSINESS ADVISORS & ACCOUNTAMT5 Premier House 127 Duckmoor Road Ashton Gate 8ristol England BS3 28J
TOBACCO FAoRy ARTS TRUST CONTENTS Company information Tru5tee5' report 2-12 Statement of trustees. rèsponsibilities 13 Independent auditor's report 14-17 Statement of flnantial activitlès 18 Balance sheet 19 Statement of cash flows 20 Notes to the linancial statements 21-35
TOBACCO FAoRy ARTS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Bertel Martin Ichairl Joseph Bell (Vice Chairl Alison Eynon (Vice Chairl Michael Forrest ITreasurerl Laura Knight Ewen Mac8re8or Ricky Stone Workln8 name Tobacco Factory Theatres Charlty number 1097542 Company number 04536120 Patron Mrs Mary Prior CVO M8E Senlor Management team Heidi Vaughan- Artistic DirertorlCEO David Dewhurst- Exec¢Jtive Director Audltor TC Group Premier House 127 Dutkmoor Road Ashton Gate Bristol En8land BS3 2BJ
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and financial ststements for the year ended 31 March 2024. The linancial 5tstement5 have been prepared in accordance with the accounting policies set out in the note5 to the Finaricial Statement5 and comply with the Charity's Memorandum and Arkncle5 of Association, the Cornpanies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- las amended for atcounting periods commencing from l Jarnuary 20191. Oblectlves and act5vltles Tobacco Factory Art5 Trust ITFATI operates under the working name of Tobacco Factory Theatres ITFn and its principal ¢haritable obje¢t is.. 'The advancement of the education of ihe public Sn the appreciation and understanding of performlw and visual arts in all of thèir forms. TFAT achieves this objective through the curation. operation and management of its spaces.. including a wide range of educarion activities. a broad programme of live events. and the nurturin8 and development of arrists. With thls, we alm to be a place ol welcome and wonder. The main strategic activities employed here are.. To present a broad range of theatre productions for the enjoyment and education of all- from classical to cabaret, comedy to children's work, opera to unsolicited new work. To involve children, youn8 people and their families in the arts to help encoura8e a culture in wlich different a8e ran8es feel comfortable and safe en8a8in8 Wlth creative opportunities. To offer participatory opportunities for adults with a broad ran8e of interest5 enablin8 people to 8et involved in arts activity exploring their own creative p¢)wers.' and To celebrate the diversity of cultures. identities and access needs by programming prèsentations by, and with artist5 Of differin8 identities and Cultural ba¢k8roynds as well as those from the deaf and disabled ctsmmunity. In shaping our objectives and planning of acrivities. due regard is taken by ihe trustees and the executive team to both reflect and consider the Charity Commission guidance on public benefi't, including the guidance on public benefit and renumeration as well as resources available to deliver meanin8ful opportunities to TFAT'S beneliciaries. The theatre relies on a mixture of public grants as well as trusts and foundations and income from fees, hospitality, individual giving and ticketing to cover its organisational costs. In setbng the level of fee5, charges and concessions, TFAT is mindful to give careful consideration to the accessibility of the theatre for those on low incomes and the removal of hnancial barriers wherever possible. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what athvities the Charity should undertake.
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perfomlance Received work Over the last year we have welcomed 62 companie$1180 creatives), who have shared 198 performance& Of these performances, 14 have been accessible and 8 have run varying enrichment activities alon8side. Highlights include,. I Want My Hat Back IA Little Angel Theatre Production). Animal (Park Theatre Productions and Hope Mill Theatre), The 8east in Me (Devil's Violin). Family Tree IATCI. Godot Is a woman (Silent Face51. I'm Muslamik Don't Panic (Bobak Champion). Margaret Thatcher Queen of Soho Iseabrightl. Bar At The Edge of Time (Frozen Lightl. The Gods Are All Here (Phil Okwedyl. Owl At Home (Theatre lolol. Collaborator.. A Work In Progress IDaniel Kitsonl, Midnight Mole Ithe eggl and Self-Raising (Graeael. Our year-round programme proved to be a vibrant, dynamic and broad programme of work with 45% of our attendees bein8 new to TFAT. Discount ticket schemes, embedded audience participation and increased commitment to removing the complex barriers which prevent people from accessing the Arts. Pr uc d Work Oliver Twist, our in house family show for the 2023124 festive season. played to 16.000 people. Hwing rehearsed in 8ristol and with the majority of the creative team lover 80%) from within a 25 mile radius of the City, we exceeded hnancial target with this production and increased our engagement with 24% of audence members bein8 new to TFAT. We received Strong endorsement by the press including: 'An inventive. energeti¢ take on a ¢lassi¢ with a ontemporary 8risto1 tW15t,' sheer joy 10 Watch. (Bristol 24171 Over its 71 performances. Oliver Twist recorded nearly lo,( social media engagements. an increased use of our ticket scheme for youn8 people. and an increase from 2% to 7% of those en8a8in8 Wlth this show in turn signing up for our participation activity. We held 9 school performance5, 6 accessible performan¢e5 and one free community performance for 275 children and young people. Arknst and Professional Develo men Our Artist membership, which supports South West Arbsts with regular check ins, support and disccunted ticket5 has now grown to over 350 arbsts. We offered svpport throv8h one to one meetin8s, forums lincluding equity), group zoom chats and through our in person artists cafe,. all of which offer artist a safe space to meet, talk orju5t work privately away from their homes. The one-ttrone discussion slots proved hugely popular. It allowed TFAT to provide transparency about our programming ènd arristic processes. and to provide local arrists with 3 means of feeling 'seen'. We've received excellent feedback on this. with arrists enjoying the opportunity to have a personal meeting with the organisation. Alongside this we have learnt and grown from our partnership work with both Beyond Face & Queer Space. Both were programmed across the year for both public and private platform5.
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Our Blueprint training initiative developed 9 emergin8 producers across a 9 month period. As part of this development programme we employed 6 creative practitioners, gave 10 days of rehearsal space for young artists and housed l extraordinary showcase produced by the youn8 producers themselves. Inv mm Over this period we have,. Led a total of 19 free drop in sessions for familie5 (engaging over 150 beneliciariesl. These dropin sessions have offered families the opportunity to spend time together in a creative way and have been a rich addition to our family offering5 alongside our programme for young audiences. "These drop-in octivities were such a reulsucce55 und u great ple05ure to run. It's omozing to watch the purtitiponts feeling inspired ufter wotchin9 Midni9ht Mole ond to be tsblt to invite them to treote something immediottly tsfter the show. In controst the building octrvity for Boxville took plote before the performonte giving the oudience o chonte to betome part of the world ond fvlly invested even before the performonce hod begun!- YPP Co-ordinotor Grew our Early Years provlsion. increaslng sessions specifically for >Syears whlch evldenced Increased demand and need. Increased our capacity for our Young People's Theatre. offering more targeted age ranges per sessions. As part of this programme. we offered over 200 sessions. A YTM parent noted,. -In the space there ore no torgets, it's very inclusive. difftrent from school. The creative exPsSion ol performance is on opportunity she doesn't hove elsewhere. YTM is certainly doing something right.~ Alongside this we increase our bursary places to 18 per term to satisfy demand. We offered four summer schools this year each with a sharing for families and friends at the end cé the week. Our 5-7 and 8-10 groups were both oversubscribed with a waiting list and so we will increase capacity to 25 per group next year with an additronal facilitator to svpport each group. This actiwty creates a brilliant energy in the buildin8 and this year was no exception with a real sense of celetfation and achievement at the end of each week. Our holiday activity workshop5 were sold out for the 5-7 and 8-10 groups and though there was a smaller attendance for our 11- 18,5 offerin8, due to the pressures of exam revision on this age 8roup, those who did attend really benefited from the intimate setting with I:1 support and mentoring. Our qualitative evaluation with community partners and families demonstrate TFAT create5 eXperIenS that are joyful, creative. encourage play and support wellbein8 for children. young people and their familie5. 37% of parkncipants corne from local community here in South Bristol,. Bedmin5ter. Southville, Totterdown and Ashton Gate. Get Involved- Adults. Pro me Over this period we have.. Led a total of 33 sessions for our Community Choir (engaging over 60 parhcipants weekly). These sessions have offered people the opportunity to have an In¢3$e sense of belonging. joy and connection. One choir member refiected.
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 °The Foctory singers huve become o very important port of my life ond help greotly with my mentt71 heolth. I reully enjoy being part of a lorge group ond contributing to the sound we moke. The repertoire is eclectic ond chollenging. I hove mode monvfrftends with the other members tind the ethos is inclu&ve and supportive. I live very locolty t7nd tit'sfantustic to be part of a comm(Jnity choirin a spt7ce I know very well" In the last year Factory Singers have performed 4 performances to nearly 1.000 people in our Factcry Theatre. We grew a new offer for emerging writers in the City. Since September 2023 we have run 40 5es5ions for $7 adults interested in exploring and developing their writing Skills. Run by the esteemed Bristol playwright Mike Akers feedback from one beneficiary described the positivity of bringing people together: "I needed o regulor plote to meet like minded people so I wosn't just writlng my own lonely buiÉ)le, nd thot is exortly whot itprovides.- One of our Atn8 Lab partlcipants reflected.. "Slnce coming to Acting Lob. I hove Aound this to be o soft hoven ond o soft ploce for me to express myself mokefriends ond hove support in deoling Wlth my mentol heolth being here ond o pt7rt of the Tobocco Fuctory Theorre meons thot I hove somethin9 to lookforword to.. Acting Lab is an adult performing group who meet to experience new approaches to performance from text work to devising. ensemble and hlm performance. In the last year we have run a combination of whole day sessions and evenin8 workshops in order to remove barriers for workin8 adults and those with varying caring responsibilities. Schools Partnerships became a more prominent part of our programme this year with over 250 youn8 people attendin8 our community performance of Oliver Twist in The Factory Theatre. In addition to thi5 we engaged 326 young people across this field, 50% of which were in receipt of pupil premium and 40% of these participants come from local community,. Bedminster, Southville, Totterdown and Ashton Gate. Moreover, 18 of these young people en8a8ed with additional needs. In addition to this, 6 school pupils from Bedminster Down Secondary School experienced hi8h quality work experience and bespoke insights into careers in theatre throu8h en8a8ement with TFT. Blueprint, our free emerging producer trainin8, led by the highly skilled Graham John50n, ran over a 9 month period with 9 participants. The length of the programme allowed the skills and learning of eKh individual to grow and develop. and gave time to take these ski115 into gradually developed network connections in local and national industry. Grounded in practical learning and honesty, the group undertook a visit to Devoted and Disgruntled in Folke5tone Ithis received strong feedback. highlighting the field trip as a key opportunity to develop a wider perspective) before the course highlight, the producing of their own festival SPARK. A graduate Irom the programme reflected-, e con create a 50ft industry. It'5 not like cutthr¢t. It'5 riotfighting to try ond, you know, rnuke these big shows that ore better thon the other one. I wont to 9et involved. I wont to help. I wont to putmy skills to good use.-
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Schools Take Over Project which is a partnership between TFAT and New Fosseway School was a joyfi'lled, connected and highly creative experience with students with additr'onal needs. From our evaluation we can see that out of 34 parbcipants- 100 % of participants saw an improvement in their confidence, self esteem, team work, social ski115, musical ability, vocal projection, transferrable skills 91 % of participants saw an improvement in concentration 94% 01 parbcipants Saw an improvefflent in movement skills After an action packed 10 week5 of the project students performed 3 show of their own creation, Lcst In Neverland. on the Factory Theatre stage to fellow 5tudent5. parents and carer5, and invited guests. At the end of the project a teaching 8551Stant said "It wos greot ond we would love to do it ogoin. Even the stoff have got so much out ofthis. Fundralsln Followlng the Introductton of a new fundraislng manager. our prlmary focus was to reengage wlth exlsdng members and businesses. to listen and learn from them and begin io ctsltivate new partnerships. A refreshed programme of members events was launched in ihe Autumn 2023 including talks. lunches and events and this helped to halt a small decline in membership numbers. Alongside this. a new Business Club was researched and developed ready to launch in April 2024. We continued to hold strong partnerships with several Bristol trusts that have supported our Get Involved programmes and our core activity. Fundraising Irom a national trust came to an end and a replacementwas not secured before the year end. During the year we were informed that we were successful in our application for Openness Funding from Bristol City Council throu8h the Cultural Investment Pro8ramme. We were delighted that TFAT was awarded £30,000 per year for the period 2024-2027. Commerclal We have seen a si8nificant rise in costs across the year with increases from nearly all suppliers. Althou8h we had budgeted prLJdently for this, the increases added pressure to areas of income generation that werp needed to cover the shortfall. Throu8hout the year we focussed our work on maximi5e incorne from areas outSKle of the theatre programme. Our hires prograrnme continued to be a vital source of income for TFAT, bringing new event5, performances and audiences into our space5. We worked with a variety of hire clients. hosting meetings. perforwnance5. podcasts. 5creening5 and festivals. Hire partners ranged from local businesses. educational bodies and theatre companies. We ended the year by welcorning Bristol Jazz Festival. who presented 19 shows across a weekend in March and brought a new music audience into our building. Our hire partnership with Bristol School of Acting IBSAI has continued. with students on BSA'S Acknng for Stage and Screen Degree course working from the 5pielman Theatre. Alongside this, BSA srudents presented 9 shows across the year in our theatre spaces.
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Our Theatre Bar performed well against target adding essential income to SUPPOrt the activity in our theatre spaces. We undertook a review of drink offerings and prices, with several trainin8 sessions for the staff team on new products and upsellin8 resultin8 in a surplus against tsrget by year end. Or8ani5ational Development IWorkfor(el At the start of the year we conducted a review and a restrurture of our stsffin8 team. Our aim was to form a well-resourced, 5UStainable stsffing structure that could grow the organisation in future years. Our new staff structure rernained efticient, with 12 office staff working the equivalent of just 9 full time roles. Six new position5 were created. A Fundraising Manager- To drive our fundraising strategy in five key areas.. Memberships, Businesses, Sponsorship. Donations and Gift Aid. A Marketing and Sales Mana8er- To manaÉe our marketin8 campaigns, sales team and deliver on our annual sales income targets. An Operations Assistant- To support the Operations team to ensure the theatre office and building are always running effi.ciently. An Execurive Administrator- To ensuie the smooih, sustainable and effi.cient running of our ExecUve team as well as being the first point of contact for programming and hire enqulrles. A Young People's Progiamme Co-ordinator- To support the delivery of TFT'S year round programme of aCVitY for young people.. from earlv vears to Young Theatre make as well as Summer School and Holiday offers. A Creative and Community Oflicer- To support the delivery of TFT'S year-round programme of creattve and community activity,. from our school's programme to our year-long scheme for emerging producers as well as our adult offers, wrap around auivity and civic pro8ramme. The six new starters were employed on 18-month contracts to allow the time for learning, reflection and review. Annual reviews and appraisals we held throughout this period and a refreshed employment contract and code of conduct was issued to all staff. Policies continued to be updated throughout the year and si8ned off by the board. In 2023 we became an ITC Hub Member which provided TFAT with HR, governance and trainin8 Support. The Executr've team will now build a trainin8 plan to serve the coming year, feeding into the health and development of the or8anisation. As part of the restructure and over the course of the year several staff members have left TFAT to take up employment elsewhere. We are grateful for the time that they gave to TFAT and wish them the very best in their next steps.
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnancial revSew Total income for the year was £1.436.fAK)12023 - £I.252.{l. representing an increase of 15%. This was bs a result of an increase in earned income Imainly from produthons. both in-house and visiting company shows) which increased tts £1.180.000 from £896.000 in 2023. as a result of a deliberate policy to maximise the use of our theatre space. This increase was partially offset by small reductions bn some other sources for income, as set out on notes 3 and 4 on page 25. Increasing the activities of the theatres has inevitably led to a torresponding increase in operati)g costs. which rose to £1,456,00012023- £1.322,(LKII. an increase of 10%. This year, less of our activity has been supported by restricted funds. Nevertheless. our free reserves increased by £60,000 12023 - £18,OCM)I, offset by a reduction in our designated reserves of £69,IK)012023 - £60.0001, showing a net reduction in our unrestricted reserves of £9,CKK)12023- £42.¢XOI. The charity's reserves policy is to hold free reserves Inet current assets, excluding festricted fijndsl sufficient to cover three months, worth of non-attributable overhead expenditure. Current projections indicate that this arnounts to about £175,000. On 31 March 2024 the charity's free reseryes totalled £291,00012023- £231,000). Thi5 year has finally shown a settlin8 down of the linancial climate Since the pandemic and fluctuating levels of inflation. This has enabled better cashflow plannin8, $0 a signilicant amount of our cash balances has been invested to earn an appreciable increase in interest income. This is likely to continue to increase up to August 2025, when we are likely to consider settlin8 the balance of the CBIL103n we took out at the be8inring of the pandemic.
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Risk management The trustees have a risk management strategy which comprises= an annual review of the principal risks and uncertsinties that the charity and its subsidiary face with monitorin8 at each board meeting,. the establishment of policies, systems and procedures to mitigate those risks identilied in the annual review,. and the implementation of procedures designed to minimise OT manage any potential impact on the charity should those risks materialise. Thi5 work ha5 identified that thnancial 5ustsinability 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 debt5 as they fall due, and active mana8ement of trade debtors and creditors balances to ensure sufficient working capital by tPe Trust The impact of non-liquidity would be to reduce si8nificantly the opportunitie5 for TFT to put on Sh15 or otherwise meet its charitable aims. Attendon ha5 also been focused on non-finantial risks arising frorn fire. health and safety tsf artists and audience, management of performing rights and food hygiene. These risks #re managed by ensurin8 accreditation is up to date. having robust poli¢ies and protèdures in pla¢e and règular awarenèss training for staff workin8 in these operational areas. Plans for the future Over the next year will present a year-round pro8ramme across our spaces with three Christma5 offerin85 for audiences over the Festive Period. We will take more control of our artistic offering this year by growing our in house portfolio to include an Opera and a Shakespeare production for the first time since the pandemic. In October 2024 we will to-produce The Marriage of Figaro with Opera Project and in March 2025 Heidi Vaughan will direct The Winters Tale. In addition, our Factory Theatre Christmas Show will be a ¢o- produ¢tion of Hansel and Gretel with our friends New International Encounters. Alon8side this we will interrogate potential areas of income with new hi partners, the launch of a new Business Club and new Production Fund to support our In-House Productions. THANK YOUI TFAT would not be here without the dedieation and support of the many trusts and individuals thathave given us their time and support this year. The trustees and staff of TFAT wish to express their hearrfelt thanks to you all. Thank you also to Arts Council England and to Bristol City Council for their ongoing support and investment n the future of the Theatres, work.
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Tobacco Factory Arts Trust is a company limited by guaTrntee and 15 a registered charity. The charitable company's Memorandum and Article5 of Association are the primary governing documents of the company. The tru5tee5 of Tobatto Factory Arts Trust are also the dirertors of the charitable company for the purposes of company law. The trustees, who are also the directors for the purpose of company law and who served during the year and up to the date of signature of the financial statements were.. Joseph 8ell Samuel Charleston Alison Eynon Michael Forrest Bertel Marknn (Chairl Laura Knight Ewen Mac8regor Sarah Smith Ricky Stone Ceri Wade IResi8ned 17 July 20241 IResigned 26 September 20231 IResigned 24 August 20231 Bertel Martin was appointed as the new Chair on the 26th September 2023 following the resIgnaOn of Sarah Smith on the same date. Appolntment and InductSon of trustees Members of the Board of trustees are appointed in accordance with the company's Articles of Association and usually for a term of three years. After retiring a trustee may seek reappointment to the Board on cne further occasion, resulting in a maximum term which each trustee may serve of six years. 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 mana8ement and promotion of the Trust's activities. Members Ilablllty Each member of the charitable company undertakes to contribute to the assets of the charitable conwany in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceedin8 £1 for the debts and liabilities contracted before they ceased to be a member. The trustees are a150 member5 of the company. Trustees, Indemnldes Professional indemnity insurance is paid on behalf of the trustee$ and officers. 10
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Organisational structure The management structure consists of two levels.. the trustees and the executive team. The aim of the management structure is to devolve responsibility and encoura8e involvement in decision making at all levels. Nominated trustees are appointed at meetings 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 setbng policies, adopting bud8ets. monitoring fi'nancial performance against agreed budgets and making major decisions about the company's strate8ic direction includin8 its pro8ramme, the development of the theatres, and the welfare of staff. The Board meets bi-monthly. Day to day management is delegated to the executive team. Pollcle5 and procedures adopted for the Induction and tralnlng of trustees The training and induction provided for new trustees will depend on their exisnE experience. Where nece55ary induction will provide training on charity and edutational legal and finantial matters. All new trustees will be given a tour of the Theatres and the chance lo meet with staff. All trustees are provided with copi& of policies, procedures, minuies, atcounts. budgets. plans and other documents that they will need to undertake their rtsle as trustees. As there will normally only be two or three new trustees a al. inductlorn will be done informallv and will be tailored speclfically to the individual. New trustees are introduced to the siaff and funthons of the irust at informal meetlngg. Pay pollcy for senlor stsff None of the trustees receive remuneration or other benefit from their work with the charity. Any nneCts.0 between a trustee or senior manager of the charity with a production company or contracted freelancus 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 note 10 to the accounts. The remuneration of all staff. permanent and casual, is reviewed annually by the executive team, chair and treasurer. The review considers a number of factors including the TFAT'S financial position, changes in the responsibilities of the post holders, 8eneral inflation rate and pay rates for similar positions in other organisations. Volunteers TFAT ha5 a small 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. 11
TOBACCO FAoRy ARTS TRUST TRUSTEES, REPORT IINCLUDING DIREoRs, REPORTI (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Goin8 concem The trustees have reviewed the company's financial prospects for the forthcoming 12- 18 months, and are confident the government funding received during the pandemic, followed by its financial results for the year ended 31 March 2024, justifies the board's view that the charity is a going concern. Audltor TC Group were appointed as auditor to the company and a resolution proposin8 that they be r&appointed will be put at a General Meeting. The trustees, report was approved by the Board of Trustees on the........... Ml¢hael Forrest Trustee Dated.. 5 December 2024
TOBACCO FAoRy ARTS TRUST STATEMENT OF TRUSTEES, RESPoNSIBILlEs FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of Tobacco Factory Arts Trust for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kin8dom Generally Accepted Accounting Practr'cel. Company Law requires the trustees to prepare financial statements for each financial year which 8ive a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them conslstently.. - observe the methods and principle5 in the Charities SORP.. make judgemènts and estlmaies that arè reasonable and prudènt.. state whether applicable a¢countbng standards have been followed. subject to any material departures d5sclosed and expla5ned in the flnancial statemenis. prepare the flnancial statements on the going concern basis unless it is inappropriate to presume that charlty will COnnUe in operatton. The trustees are responslble lor keeplng adequate accounting records that dlsclose with r&sonable accuracy at any time the fi'nancial position of the charity and enable them to ensure that the fi'nancial statements comply with the Companies Act 2006. They are also responsible for sale8uarding the assets of the charity and hence lor takin8 reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to dlsclosure to our audltoys In so far as the trustees are aware at the time of approving OUT trustees, annual report: -there is no relevant information, beine infom)ation needed by the auditor in connection with their report, of which the group auditor is unaware, and -the trustees have taken all steps that they ought to make themselves aware of that information. 13
TOBACCO FAoRy ARTS TRUST INDEPENDENT AUDITOR'S REPORT TO THE OF TOBACCO FACTORY ARTS TRUSr Oplnlon We have audited the financial statement5 of Tobacco Factory Arts Trurt (the 'Charity'l for the yea ended 31 March 2024 which comprise the Statement of linarbcial activities. the balance sheet. the staternent of cash flows and the notes to the financial statements. including a summary of significant accounting policie5. The financial reporknng framework that has been applied in their preparation is applicbble law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciul Reporting Stundord applicable in the UK and Republic of Ireland (United Kingdom Generally Atcepted Atcounn"ng Pradicel. In our opinion, the financial statements: give a true and fair view of the state of the tharitable Company's affairs as at 31 March 2024 and of Its Incoming resources and application of resources. for the year ihen ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Practi,. and have been prepared In accordancè with the requirements of the Companles Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's respon5ibilitie5 for the oudit of the finonciol stotements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to oyr audit of the financial 5tatement5 Iri the UK. including the FRC'S Ethical Standard, and we have fulthlled our other ethical responsibilities in accordance with these requirement5. We believe that the audit eviden¢e we have obtained is suffi¢ieni and appropriate to pf¢*vide a basis for our opinion. Conclusions relating to going concern We have nothin8 to report in respect of the followin8 matters in relation to which the ISAS IUKI r8]uire us to report to you where.. the trustees, use of the going concem basis of accounn.ng in the preparatlon of the financial statements is not appropriate.. or the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast 518nilicant doubt about the Charity's ability to continue to adopt the 80in8 concern basis of accountin8 for a period of at least twelve rnonth5 from the date when the financial ststement5 are authorised for issue. 14-
TOBACCO FAoRy ARTS TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE OF TOBACCO FACTORY ARTS TRUSr Other [b)forMaOn The TrLJStee5 are responsible for the other information. The other information cornprises the information included in the annu31 report. other than the financial 5tatement5 and our auditor's report thereon. Our opinion on the financial 5tatement5 doe5 not cover the other information and. except to the extent otherwise expliatly st3ted in our report. we do not express any forffl of assurance conclusion thereon. In connectlon with our audit of the h"nancial statement5. our re5pon5ibilitV 15 to read the other information and. in doing so, consider whether the other information is materially inconsistent with the fi.nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstaiemenis. we are required to determine whether there is a mater5al misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that ihere is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2(J)6 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report, which includes the directors, report prepared for the purposes of company law, for the linancial year for which the hnancial statements are prepared is consistent with the financial statements,. and the directors, report included within the trustees, report has been prepared in accordance wf(h applicable legal requirements. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Companies kt 2006 requires us to report to you if, in our opinion- the informatlon given in the financial siatemÈnis is inconsistent in any material respett with the trusteès. report., or adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not VlSlted by us; or the h"nancial statements are not in agreement with the accounting records., or we have not received all the information and explanats'ons we require for our audit. Respon5ibilitie5 of Trustees As explained more fully in the statement of trustees. responsibilities. the Trustees. who are also the directors of the charitable company for the purpose of company law are responsible for the preparation of the financial statements and for being satisfi'ed that they give a true and fair view. and for such internal contrd as the determine is necessary to enable the preparation of hnancial ststements 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 going concern and using the going corrern basis of accounting unless the either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 15
TOBACCO FAoRy ARTS TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE OF TOBACCO FACTORY ARTS TRUSr Auditor's responsibilities for the audit of the financial staternents 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a 8varantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mi55tatements ian arise from fraud or error and are considered material if, individually or in the a88regate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial ststements. A further descriptr'on of our responsibilities for the audit of the financial statements is located on the Financial Reportin8 Council'5 website at.. http:Ilwww.frc.or8.uklauditorsresponsibilities. This description forms part of our auditor's report. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irre8ularitie5. including fraud, is detailed below. Extent to whlch the audlt was consldered capable of detectln8 SrregularStSes. Sncludlng fraud The objective5 of our audit, in re5pert to fraud. are.. to identify and a55e55 the risk5 of rnaterial mi55tatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence re8ardin8 the a55e55ed risks of material misstatement due to fraud. through desi8ning and implementr'ng appropriate re5ponse5.' and to respond appropriately to fraud or suspected fraud identified during the audit. However. the primary re5pon5ibility for the prevenfjon and detethon ol fraud rests with both those ¢har8ed with governance of the entity and it5 management. Our approach was as follows- We identifi'ed areas of laws and regulations that could reasonably be expected to have a material ayect on the financial statements Irom our 8eneral sector experience, and throu8h discussion with the trustees and other management las required by auditr'ng standards), and discussed with the trustees and other mana8ement the policies and procedures re8ardin8 compliance with laws and regulations (see below),. We idenfied the following arèas as those most likely to have such an èffèct.. health and safety.. Genèral Data Protection Regulation IGDPRI.. fiaud.. bribery and corruption. and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the irustees and other management and inspecrion of gUlatOry and legal correspondence. if any. The identifi.ed actual or suspetted non-compliance was not sufficiently significant to our audit to sUIt in our response being identified as a key audit matter. We considered the legal and regulatory frameworks direttly applicable to the financial statements reporting framework IFRS 102, the Companies Act 26 and the Charities Act 20111 and the relevant ta¢ compliance regulations in the UK.. We considered the nature of the charity's operations. the control environment and financial performance. We communicated identified law5 and regulation5 throughout our team and remained alert to any indications of non-compliance throughout the audit.. We considered the procedures and controls that the charity ha5 established to addre55 risks identified. or that otherwise prevent. deter and detett fraud.. and how senior management monitors those programmes and controls. 16
TOBACCO FAoRy ARTS TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE OF TOBACCO FACTORY ARTS TRUSr Based on this understanding we designed our audit procedu$ to identify non-compliance with such laws and regulations. Where the risk was considered to be higher. we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals,. reviewing the firnancial ststement disclosures and testing to sUppOn8 documentation- performing analytical procedures,. and enquiring of management, and were designed to provide reasonable assurance that the financial statements were fr from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditr'n8 Standards. For example, the further removed noTrcompliance with laws and regulations lirregularitiesl is from the events and transactions reflerted in the financial statements, the less likely the inherently limited procedures required by auditin8 Standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional Corea1ment, forgery, collusion, omission or misrepresentation. We are not responsible lor preventing non-compliance and cannot be expected to detect non-compliance with all laws and re8ulatr'ons. Use of our report This report is made solely to the charitable company'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 that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no cther purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Amanda Kruger FCCA (Senlor Statutory Auditor) for and on behalf of TC Group Statutory Audbtor Office.. Bristol 5 December 2024
TOBACCO FAoRy ARTS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUP FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted Restricted funds funds funds desi8nated 2024 Total Total 2024 2024 2024 £'ooo 2023 £'ooo Notes ndowment f Donations and legacies Charitable activitr'e5 Other income 204 1,180 30 22 226 1,180 30 325 896 31 Total Sncome 1.414 22 1.436 1,252 Raising funds 15 24 40 Support costs General fynds 158 1.181 58 53 269 1.187 329 993 Toial ¢harltable expendlture 1.339 58 59 1.456 1,322 Other li li li Total resources Èxpended 1.354 69 68 1.491 1,362 Net Incomellexpendlturel for the yearl Net movement In funds 1691 1461 1551 Iiioi Fund balances at l April 2023 231 998 1,277 1,387 Fund balances at 31 March 2024 291 929 1,222 1,277 The statement of linancial attivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing attivities. The statement of financial activities also complies with the requirements for an income and expendf(ure account under the Companies Act 2CM)6. 18
TOBACCO FAoRy ARTS TRUST BALANCE SHE ASAT31 MARCH2024 2024 2023 £'OLM) Notes £'ooo Fixed 355Èts Tan8ible assets Current assets 13 929 998 Stocks Debtors Cash at bank and in hand 15 16 45 81 613 648 696 698 Credltors.. amounts falllng due wSthln one year 17 13471 13261 Net current assets 349 372 Total assets less current IlabllltSe$ 1,278 1.370 Credltors.. amounts falllng due after more than one year 1561 1931 Net assets 1,222 1,277 Income funds Restricted funds Designated funds Unrestricted funds 20 48 998 231 929 291 1.222 1.277 These linancial statements have beèn prepared in accordance with the provision5 applicable to companie5 subject to the small companie5 regime. The ff nancial statements were approved by the board of trustees on 5 December 2024 Michael Forrest Trustee Company Registration No. 04536120 19
TOBACCO FAoRy ARTS TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note5 Cash flows from operntlng artlTAtbes Cash generated from operation5 85 27 Investing activlties Purchase of tangible fixed assets 1131 1351 Net cash used in ibwesting activities 1131 1351 FinancinB activities Repayment of bank loans 1371 1371 Net cash used In Hnanclng actl¥ltSes 1371 1371 Net Increase/ldecreasel Sn cash and cash equlvalents 35 1451 Cash and cash equlvalents at beglnnlng of year 613 658 Cash and cash equlvalents at end of year 648 613 20-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEmE1rs FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollc5es Charlty Informatlon Tobacco Factory Art5 Trust is a private charitable company limited by guarantee incorporated in England and Wale5. The registered office is Tobacco Factory. Raleigh Road. Southville. Bristol. BS3 ITF. Tobacco Factory Arts Trust is a public benefit entsty. 1.1 Accountlng comientlon The financial statements have been prepared in accordance with the Companie5 Act 2006 and "Accounting and Reporting by Charitie5'. Statement of Recommended Practice 2019 applicable to charitie5 preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended lor accounting periods commencing from l January 20161. The 15 3 Public Benelit Entity as defined by FRS 102. The h'nancial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial ststements are rounded to the nearest £l,LK(J. The linancial statements have been prepared under the historical cost convention. The principal accountin8 policies adopted are set out below. Consolldadon These fi"nanclal ststements do not Incorporate the financlal statements of TFAfs subsldlary, TFAT Trading Limited, as it is immaterial within the context of TFAT'S operations. The trading subsidiary was dormant throughout the year and dissolved on 14 May 2024. 1.2 Golng concern At the ttme of approving the flnancial statements. the trustees have a reasonable eXpeCtaOn that the Charity has adequate resources to coniinue in operational existence for the foreseeable future. The validitv of this assumption depends on the raising of suffi.cient fi.nancial support from third parries. The tinancial statements do not include any adjustments that would result if insufficient funds were received. Thus the trustees continue to adopt the going concern basis of accountin8 in preparing the fi'nancial statements. 21
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 policies (Continued) 1.3 Charitablè funds Fund accounting TFAT has various types of funds for which it is responsible, and which require separate disclosure. these are as follows.. Restrided Fund5 Restricted fund5 may only be used for particular restrirted purposes within the objects of TFAT. Restrictions arise when specified by the donor or when fund5 are raised for particular restricted purposes. Unrestricted Funds Unrestricted funds are those which are expendable at the discretion of trustee5 in furtherance of the objects of TFAT. Those fund5 earmarked for particular projects are de518nated a$ Separate fund5. However, trustees, discretion to apply such funds 15 not legally restricted. Oèslgnatèd Funds TFAT may at its discrèt6on set aside funds for spe¢ific purposes. which would otherwise form part of the general reserves of the organisadon. 1.4 Incomlng r•sourc•s Income 15 reco8ni5ed when the is le8ally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Charltable tradln8 artlvltles Income from theatre admission fees is included in income in the period in which the relevant production take5 place. Income from ticket sale5 in advance ol production5 is deferred and released in the period in which the production falls. Oonations and grants Income from donations and grants. including capital grants. is included as stson as legal entitlernt arisès, their amount is known with suffitient reliability and their economic bènefit is probable. except as ftslltsws.. 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 lulfilled before TFAT becomes entitled to use such income. the income is deferred and not included until the prL4onditions for use have been met. or, when donors specify that donatr.ons and grants a for particular restricted purpose5. which do not amount to pre-conditions 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. 22-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 policies (Continued) Legacies Legacie5 are recogni5ed on receipt or otherwise if the has been notifi.ed of an impending distribution. the amount is known. and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 1.5 Resources expended Expenditure 15 accounted for on an accruals basis and has been classified under headin8$ that a88regate all Costs related to the category. Where costs cannot be directly attributed to particular headings the have been allocated to activitie5 on a basis consistent with the use of resources. All expenditure include5 IeCoVerable VAT where applicable. Charitable activity costs include governance costs. which are those incurred n the governance of TFAT and its a$5et5 and are primarily associated with constitutional and statutorv requirements. Expenditure on raisin8 funds ¢omprise the ¢osis associated with attra¢tinÉ voluntary in¢ome. 1.6 Tanglble Hmed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or Valtion. net of depreciation subject to impairment review annually. and calculated at rates intended to write off the excess of the cost over the anticipated residual value lests'mated by reference to current market pricel of individual assets over their estimated useful live5. Depreclation Is recognlsed so as to wrlte off the cost or valuation of assets less thelr resldual values over their useful lives on the following bases.. Leasehold property Leasèhold irnprovèments Lighting and Theatre Fixtures and Fittings Office Equipment over the term of the lease Over 10 years over S to IS years over 5 years over S years The gain or loss arising on the disposal of an asset Is determined as the difference between the Sale proceeds and the carryin8 value of the a55et, and 15 reco8nised in net incomellexpenditurel for the year. 1.7 Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for ob501ete and slow moving items. 1.8 Cash and Cash Èquivalènts 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. 23-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 policies (Continued) 1.9 Financial instruments TFAT only has financial asset5 and liabilities of a kind that qualify as basic fi'nancial instrurnents. Basic financial instruments are initially recognised at transaction value and subsequently measured at th8r 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. Oèbtors Trade and other debtors are recognised at the settlement amount due after any trade discount tsfferÈd. Prepayments are valued at the amount prepaid after taking account of any discounts due. Crèdltors and provlslons Creditors and provisions are recognised where TFAT has a present obligation resuln.ng from a past event that will probably result in the transfer of funds so a third party and the amount due to settle the obligation can be measured or estimated reliably. Crediiors and provisions are normally fecognised at their settlement amount after allowing for any discounts due. 1.10 Retlrement beneflts TFAT operates a defined contribution5 pensions scheme. The assets of the scheme are held separately from those of TFAT and are independently administered. Contributions are charged in the accounts a5 they become payable in accordance with the rvles of the scheme. 1.11 Lèasès Hlre purchase and leasln8 commltments Rentals paid under operatin8 leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Crltlcal ac¢ountlnB estlmates and lud8ements In the application of the charity's accountin8 policies. the charity is required to make judgernents, estimates and assurnptions about the carrying amount of assets and liabilitr'es that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factcfs that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on80ing basis. Revisions to accounting estimates are recognised in the period in which the estimate 15 revised where the revision afferts cfftly that period, or in the period of the revision and future periods where the revision affects both current and future periods. 24-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Donatlons and legacles Unrestricted Restrlcted funds funds Total fund5 Total funds 2024 2024 2024 2023 £,0 £000 Donations and gift5 Grants from public bodies iii 22 133 93 227 93 98 204 22 226 325 All donations and gifts from 2024 were unrestricted except for £22,(KK) of restricted grants and donations. Grants recelvable from publlt b¢dles Arts Council National Portfolio Or8anisations Bristol City Council Openness Funding Other 61 30 61 30 61 34 93 93 98 Charltable acttvltles Unr¢strlrted Funds 2024 Total funds 2023 £'ooo EO(MJ Operatlons of theatre Incorne from productions Theatre hire and events Provision cif 5ervitès Education project income 977 102 17 670 iio 13 103 1,180 896 All income from charitsble artivities in 2023 was unrestrirted. 25-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Other Income Unrestricted fund5 Total funds 2024 2023 £,0 £000 Solor panel and other income Interest received 21 30 30 31 All other income from 2023 was unrestricted. RaSsln8 funds Unrestrl¢ted Desl8nated Restrfrted lunds funds funds Total funds Total funds 2024 2024 2024 2024 £'ooo 2023 £'ooo Fundralslng and publlclty Costs Marketing Supp¢rt ¢osts 15 24 30 Fundraising and publicity 15 24 35 Other trading activities 15 24 40 For the year ended 31 March 2023 Fundraising and publicitv Trading costs 30 35 30 40 All fundraising arbd publicity cost5 from 2023 were unrestricted general fund5. except for £5.000 of designated depreciation tost5. 26-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Charltable expendSture Support Olrect costs costs Total 2024 Total 2023 2024 2024 Staff costs Operation of theatre Cost of visitin8 productions Box office costs Education project costs Marketing 472 278 343 51 472 278 396 51 423 195 53 365 45 35 37 37 53 1.187 1,240 1,063 Share of support cos151see note 81 Share of governance costs (see note 81 184 32 223 36 32 269 1,187 1,456 1,322 Analysls by fund Unrestricted funds Unrestricted designated Restricted funds 158 58 53 1.181 1.339 58 59 1,095 90 137 269 1.187 1.456 1,322 For the year ended 31 March 2023 Unrestricted funds Unrestricted designated Restricted funds 166 929 1,095 90 137 73 64 329 993 1,322 27-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Support costs Total 2024 Total 2023 Support Governance cost5 costs £'(x)o Depreciatr'on Other property C05t5 Insurance Llght and heat Finance costs Printing. postage and stationary Travel, subsistence and entertainment Sundries Audit fees Legal and professional 71 42 71 42 95 43 17 15 17 15 16 27 29 29 32 io 22 io 22 24 32 216 263 Analysed between Fundraising Charitable activities 32 216 259 32 216 263 Governance costs includes payments to the auditors of £10.16512023- £7,3CK)I for audit fees. Trustees remuneratlon Trustees. received no remunerats'on or other benefits from the charitable company or it5 subsidiary during the year12023.' £Nill Tru5tees' expenses No tru5tee5 claimed expenses durin8 the year12023= £Nill. No expenses were waived in either year. 28-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 10 Employees Number of employees The average monthly number of employees during the year was.. 2024 2023 Number Number 34 35 Employment costs 2024 2023 £0) Wages and salaries Social security costs Other pension costs 431 30 li 389 23 li 472 423 No employee received emoluments of more than £60,CO). The senior management team salaries and employee benefits totalled £103,(KxJ12023.. £103,IXJOI 11 Other des18nated funds Total 2024 £'ooo 2023 £'ooo Net loss on disposal of tangible fixed assets li li 12 Taxation TFAT is exempt from torpoiation tax as all of its intome is charitable and applied for charitable purposes. 29-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 13 Tanglble fixed assets ISehDl Ind FrS Office EquiprnEnt Fitlin85 Totsl £000 Cost At l April 2023 Additions Disposals Transfers sc 863 459 88 58 1,968 13 1221 12201 11241 225 191 1181 11581 13 At 31 March 2024 soo 621 567 62 73 1.823 OepreclatSon and Impalrment At l April 2023 Depreciation charged in the vear Eliminated in respect of disposals Transfers 390 436 87 57 970 39 25 71 1201 1931 11141 iii 191 1291 11461 io At 31 March 2024 316 458 54 66 894 Carrylng amount At 31 March 2024 500 305 109 929 At 31 March 2023 soo 473 23 998 14 Flxed asset Investments The company's investments of EIOO were entirely the share capital of the TFAT Trdding Limited. The 5ub5idiary was primarily involved in the rental and hire of studios and rooms and donated all its taxable profi'ts to TFAT however. it was dissolved on 14 May 2024. 15 Stocks 2024 2023 Bar stocks
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 16 Debtors 2024 2023 Amounts fa115n8 due wlthln one year: Trade debtors Other debtors 33 12 62 19 45 81 17 Creditors.. amounts fallin8 due within one year 2024 2023 Notes Bank loans Other taxation and social security Trade creditors Other creditors Ac¢ruals and deferred in¢ome 19 37 22 37 20 51 22 215 56 31 182 347 326 18 Credltors.. amounts fallln8 due after more than one year 2024 2023 Notes Bank loans 19 56 93 19 Loans and 0rdraftS 2024 2023 Bank loans 93 130 Payable within orbe year Payable after one year 37 37 56 93 Bank loans comprise £185.tKIO advanced in 2020 under the UK Government CBILS Loan scheme. The loan is for 3 60 month period with an annual rate of Inte$t of 3.11% p.a. E92.5(KJ 12023.. £130.0001 was outstanding at the year end. 31
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 20 Movement In funds The income funds of the charity include restricted funds comprising the following unexpended balan5 of donations and grants held on trust for specific purposes.. Current year Movernent in funds lTr(oml Resources ey•ended Balance at 31 ma 2024 IW12023 Restricted funds Get involved The British Council Dèvelopment tèam Air conditioning fund 32 22 1521 141 iioi 121 io 48 22 1681 32-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 20 Movement in fund5 (Continued) Unrestrlcted funds Fixed assets fund General fund 998 1691 11.355 929 231 1.414 289 1,229 1,414 11,4241 1,218 Total fund5 1,277 1,436 11,4921 1,220 Prlor year l&nt* at YI Marth 2023 Restrlcted funds Get involved The British Council Development team Air conditioning fund 38 47 12 1531 1521 1241 1131 32 34 io 1351 116 109 11421 1351 48 Unre5trlrted funds Fixed assets fund General fund 1,058 213 1951 11,1251 35 998 231 1,143 1.271 1.143 11.2201 35 1,229 Total funds 1.387 1.252 11.3621 1,277 33-
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 20 Movement in fund5 (Continued) Fixed asset fund This fund repSentS the net book value of the fixed assets included in the balance sheet. Get Involved is a project run by TFT which is aimed at giving access to the arts to those Iparricularly youn8 children and young people) who have no experience of theatre activities, by taking part in workshops and participating in performances. It is supported by this fund, which receives funding from trusts including St James's Place Foundatr'on, The Spielman Charitable Trust and the Real Ideas Organisation. The British Council has provided this fund to enable the production of performances to be staged in collaboration with a Spanish theatre company, and involvin8 performance from many other countries. This fund was provided by the Backsta8e Trust to support the Creation of a development team at TFT, to facilitate irnproved fundraisin8 activitie5. Air nin During the year the Foyles Foundation provided a grant to replace the air conditionin8 SY5tern in the buildin8. Thi5 money was used to pay for the equipment and installation plus other costs associated with the system. Once completed the asset was then transferred to de518nated funds. 21 Analysls of net assets between funds Unrestr5rted DeslBnated Re5trlrted funds funds funds 2024 2024 2024 Total Total 2024 £000 2023 £CK)O Fund balances at 31 March 2024 are represented by- Tanglble assets Current assets/lliabilitie51 Long term liabilities 929 929 349 1561 998 372 1931 347 1561 291 929 1.222 1.277 22 Related party transartlons There were no disclosable related party transactions during the year12023- none). 23 Ultimate controlling party TFAT is controlled by its trustees.
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEME1{fs {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 24 Cash generated from operat5ons 2024 2023 Delicit for the year 1551 Iiioi Adjustments for.. Loss on disposal of tangible thxed assets Depreciation and impairment of tangible fixed assets 13 71 95 Movements in working capital.. Decrease/lincreasel in stocks Decrease In debtors Increase in creditors iii 37 18 39 Cash 8enerated from operatlons 85 27 25 Analy515 of chan8e5 In net funds At I A1 2023 shflow5 At31 Mwth 1024 £wo Cash at bank and in hand 613 35 648 Loans falling due within one yèar Loans fallin8 due after more than one year 1371 1931 1371 1561 37 483 72 555 35-