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 FA￿oRy 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 FA￿oRy 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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, 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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 exP￿sSion 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 eXperIen￿S 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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 At￿n8 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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 ExecU￿ve
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
aC￿VitY 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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 Sh￿15 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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 resIgna￿On 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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 exis￿nE 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 FA￿oRy ARTS TRUST
TRUSTEES, REPORT IINCLUDING DIRE￿oRs, REPORTI (COP￿INUED)
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 FA￿oRy ARTS TRUST
STATEMENT OF TRUSTEES, RESPoNSIBIL￿lEs
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 COn￿nUe 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 FA￿oRy 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 FA￿oRy ARTS TRUST
INDEPENDENT AUDITOR'S REPORT ICONTINUEDI
TO THE OF TOBACCO FACTORY ARTS TRUSr
Other [b)forMa￿On
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 FA￿oRy 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 iden￿fied 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 2￿6 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 FA￿oRy 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 sUppO￿n8 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 Cor￿ea1ment,
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 FA￿oRy 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 FA￿oRy 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 FA￿oRy 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 FA￿oRy ARTS TRUST
NOTES TO THE FINANCIAL ￿ATEmE1￿rs
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 eXpeCta￿On 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 FA￿oRy 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 entitlern￿t 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 FA￿oRy 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 I￿eCoVerable
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 Val￿tion. 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 FA￿oRy 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 FA￿oRy 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 FA￿oRy 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 FA￿oRy 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 FA￿oRy 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 FA￿oRy 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 FA￿oRy ARTS TRUST
NOTES TO THE FINANCIAL ￿ATEME1{fs {CONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
13 Tanglble fixed assets
I￿SehD￿l Ind F￿r￿S 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 FA￿oRy 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 0￿rdraftS
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 FA￿oRy 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 balan￿5 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 FA￿oRy 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 FA￿oRy 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 rep￿SentS 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 FA￿oRy 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 A￿1 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-