Charity RÈgtstration No. 1097542 Company Registration No. 04536120 IEngland 3nd Wales) TOBACCO FAcfoRY ARTS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 BUSINESS ADVISORS &14CCOVIITAKrs First Floor, Premier House 127 Duckmoor Road Ashton Gate Bristol United Kingdom BS3 2BJ
TOBACCO FACTORY ARTS TRUST CONTETrrrs Page Company information Introduction statements Trustees, report 5-14 Statement of Trustees, responsibilities 15 Independent audStor's report 16-19 Statement of financial activities 20 Balance sheet 21 Statement of cash flows 22 Notes to the financial statements 23-36
TOBACCO FAcfoRY ARTS TRUST LEGAL AND ADMINisfRATIVE INFORMATION Trustees Bertel Martin (Chairl Joseph Bell (VI Chairl Alison Eynon Ivice Chairl Michael Forrest ITreasurerl Ewen Mac8re8or Ricky Stone Working name Tobacco Factory Theatres Charity number 1097542 Company number 04536120 Patron Mrs Mary PriorCVO M8E Senlor Management team Heidi Vaughan- Artistic Director/CEO David Dewhurst- Executive Director Audltor TCGroup First Floor, Premier House 127 Duckmoor Road Ashton Gate Bristol United Kingdom BS3 2BJ
TOBACCO FACTORY ARTS TRUST INTRoDU10N STATEMENTS FOR THE YEAR ENDED31 MARCH2025 Tobacco Factory Arts Trust ITFATI is a place of welcome and wonder. A safe and inspiring place to share stories and be creative. Based in the iconic Tobacco Factory in South Bristol, our work connects people through the power of live theatre and the arts. We present over 300 performances annually to audiences of over s0,Cy) people includin8 bold in-house productions and co-productions with nationally respected companie5. We also receive many of the country's top touring performances. from exciting new work to comedy. music, spoken word and work for families. We have two dynamic spaces- The Spielman Theat which houses our experimental and engagement programme, and The Factory Theatre. a flexible and unique space which presents work in a variety of ways includin8 our distinctive 'in the round, configLtration. Over 400 local creatives take part in our Artistic Development programmes- including our Acting and Writers Labs and city-wide Artlst Membership scheme. We are proud to offer thousands of creative learning and participatlon opportunities to local people throu8h our Get Involved pro8ramme. from regular workshops to bespoke offers. Our recent turnover has Brown to over £1.4m per year with just 6% coming from publlc subsidy and over 60% from our artistic programme. Working from a place of sustainability. the next three-year period promises to be an exciting time of Browth with,. At least 7 new Sn-house productions on offer which complement our extensive received programme. A dynarnic Get Involved proBramme which offers a plpeline of opportunitles for creativity and cultural adventure. A strong and dynamic relationship with audiences, businesses. hi1$ and beneficiaries,. with clearly defined measurables for impact. Flourishin8 Staff teams with positive working conditions for all staff, artists and facllitators,. and A healthy level of reserves for capital and CalIVe investment. We hope that thSs period will brin8 huge opportunities to welcome even more people through our doors as part of our wonderful dynamic journey.
TOBACCO FACTORY ARTS TRusr INTRODUCTION STATEMENTS ICONTINUEDI FOR THE YEAR ENDED31 MARCH2025 Chair's Welcome 2024-25 l am pleased to provide the Chair's welcome for the 2024- 2025 Tobacco Factory Art5 Trust annual report. During this period, we have presented passionate, powerful productions and continued to develop and grow our participation programme with our beneficiarie5 through our Get Involved programme. Our in-house co-productions and production showed TFAT'S best qualities. The ener8y and intimacy of The Marriage of Figaro.. the playful. narrative deconstruction of Hansel and Gretel,. and the captivating performances in A Winter's Tale re-enforced my belief in what an amaiing space and contribution TFAT makes to the Bristol theatre scene. The next phase of the journey looks excitin& as we continue to put engagement and participation of our beneficiaries at the heart of our work. I would like lo thank my fellow Trustees for the skill, expertise and curiosity to explore all areas of TFAT'S growth and development. We had to, sadly, say goodbye to Sam Charleston in the year, I would like to thank him for his eontfibutions. and all the Trustees wish him well for the future. The staff tearn have been incredible over this pefiod, for which I would like to give my heartfelt thanks, for their energy. professionalism and commitment to the vision and values of the charitv. Bertel Martin- Chair
TOBACCO FAcfoRY ARTS TRUST INTRODUCTION STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Executive Welcome 2024-25 Thi5 has been a year of profound connection to our community. to our artists. and to the transformative power of live performance. As we reflect on twelve months that have tested and strengthened our resolve. we're reminded why we exist.. lo be a place of welcome and wonder. where curiosity flourishes and creativity takes root in the heart of ourcommunity. In a year when the UK arts sector has been described as 'in crisis,, TFAT has held fast to our values of listenin8, connecting. creatin& curiosity. and integrity. We have navigated financial headwinds with careful stewardship while refusing lo compromise on our commitment to artistic extellente, growth and community access. Our story this year is one of Creative courage. We generated over £1.4m in income while delivering an extraordlnary breadth of work across our artistit, learning, and civic programmes. Though we recorded a modest deficit of £19,000 before depreciation fi8ure that reflect5 deliberate investment in our future rather than financlal mishap we have emerged stronger, more connected to our community, and more certain of our purpose. The numbers tell part of our story.. over 55,CQO people crossed our threshold. with 15.000 attendees discovering us for the first time. But behind every statistit lies a moment of wonder a child's first glimpse of live theatre. neighbour finding their voice in our learning spaces. an artist taking their next creative leap on our stages feeding not only into the Ilfe and mission of this building but into the vibrancy of Bristol and our wider CLsltural ecology. It's important that we credit both the vlsible and invlsible work of our brilliant team in this,. from the cleaning of our spaces, lo the selling of tickets. the drop-in sessions and one on one support, the productions, the read.throughs, the applications and reportin& as well as the unsun8 acts of kindness to those we work with, the sector, our partners and each other, Without them, the work doesn't exist, and it is only with them that we will face oncomin8 challenges and growth. Heldl Vau8han- Artistic Direclor / CEO & David Dewhutst- Executive Director
TOBACCO FACTORY ARTS TRUST TRU5TEES' REPORT (INCLUDING DIREcfoRS' REPORn FOR THE YEAR ENDED 31 MARCH 2025 The Trustees ofTobacco FactoryArt5 Trust ITFAT) are deli8hted to sharetheirAnnual Report and financial statements for the year ended 31 March 2025. The financial statement5 have been prepared in accordance with the accoLtnting policies set out in the notes to the Financial statements and comply with the Charity'5 Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencing from l January 20191. Objectives and activities TFAT operates under the worklng name of Tobacco Factory Theatres an(J its principal charitable object 15.. 'The advancernent of the education of the public In the appreciation and understanding of performing and visual arts in all of their forms. TFAT achieves this objective primarlly by the curation. operation and management of its spaces, including a wide range of civic and education artivities. a broad programme of live events, and the nurturin8 and development of artlsts. With this, we aim to be a place of welcome and wonder which adds value to both our immediate communitv and the vibrancy of Bristol itself. The main strategic activities employed here are.. To present a broad range of theatre produclions for the enjoyment and education of all from the classical canon to cabaret, comedy to children's work, opera to unsolicited new work. To involve children. young people and their familie5 in the arts to help encourage a culture in which different age range5 feel comfortable and safe engaging with creative opportunities. To offer participatory opportunities for adults with a broad ran8e of interests enabling people to get involved in arts activity explorin8 their own creative powers,. and To celebrate the diversity of cultures, Identities and atcess needs by programming presentations by, and with artists of differin8 identities and cultural backgrounds as well as those from the deaf and disabled community. In shaplng our objectives and plannin8 of activities, (iue 88rd is taken by the trustees and the executlve team both to reflect and consider Charity Commission guidance. including the guidance on public benefit and renumeralion as well as the resources available to deliver meaningful opw)rtuntties to TFAfs beneficiaries. 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. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what actlvitles the Charity should undertake.
TOBACCO FACTORY ARTS TRU TRUSTEES, REPORT {INCLUDING OIRECTORS, REPORn ICONTINUEDI FOR THE YEAR EAIDED 31 MARCH2025 Achievements and perfomian¢e Arts Programme.. A Year of Courage and Connertion This year marked a defining moment for Tobacco Factory Theat5 a bold retum to full-scale producing that reflected not just our creative ambition5, but our unwavering belief in the transformative power of live performante. In a landscape still recovering from profound disruption, we chose curiosity over caution and community over comfort. Creatlve Courage.. In house produrtlons Our three major productions this year tell the story of an orgallisation rediscovering its creative voice while staying true to its community roots. Each production was a Statement of intent that exceptional theatre belongs here. in South Bristol, made by and for the people who call this place home. The Marriage of Figaro opened our producing year with tlear ambition. Co-produced with Opera Projett, this seven- performance run achieved 88% capacity and welcomed IYA new audiences to our theatre family. The production had a cast of 9 and an orchestra of 11 and played for 7 performances over two weeks. However. this tells only part of the story. What the numbers cannot capture is the electricity in the room, the way returning audiences leaned forward in recognition of something special. or how this production refined OUT understanding of what opera can be in the intimate space of the Factory Theatre. A co.production of Hansel and Gretel, with New International Encounters, was our Festive Show in the Factory Theatre. The show rehearsed for 3 weeks In Bristol before a 7-week run over the Festlve Period, playing 77 performances and reaching audiences of over 13.OW people. with 21% first time attendees to TFAT. The show received strong endorsement by the press and audiences. We hosted 11 school performances. five accessible performances, one community show providing free tickets for 270 children and young people, plus professional development sessions, access performances (audio described, BSL and relaxedl and post-show activity. The show 8eneraled genuine celebration within our buildin& proving that ambition and community impact aren't opposin8 forces bul natural partne. Our spring production of The Winter's Tale represented perhaps our most significant artistic statement. Thls In. house production, directed by Heidi Vaughan. engaged 20 creative practitioners. 85% of whom live within 25 miles of 8ristol. Here was our commitment to local employment made manifest - not as charity, but as recognition that exceptional talent thrive5 in our community. The 43 performances attrarted 6,500 audience members, 22% of them first-time altendees, alongside four school performances. three accessible performances, two enrichment offers. and one free cornmunity performance (welcoming young fugeeS. elders and social care providersl. The response from audiences, critits, and our team affirmed that this bold new adaptation had found its mark. "A Wonderful, brilliontly directedproduction" Bristol 2417 Each production strengthened our mission.. creating work that not only reflects our community but also actively brings people together to build a place of welcome and wonder.
TOBACCO FAcfoRY ARTS TRUST TRUSTEES, REPORT {INCLUDING DIREcfoRS' REPORT) ICOIUINUEDI FOR ThTE YEAR ENDED31 MARCH2025 Embracing the Wider World: Our Curated Pro8ramme This year brought a creative paradox.. a5 we discovered new confidence in creating our own work, our hunger to champion other artists, voices only grew stronger. Our curated programme became both a reflection of our values and a bridge to the wider creative community we're proud to be part of. The numbers tell a story; 77 programmed events lup 13% from last yearl with 384 indTvidual performances- a 25% increase that brought 69 visiting companie5 and 180 artists through our doors. From intimate 5010 shows that defy easy categorisation to international storytellin8 traditions. from emer8in8 voices taking their fi1 bold steps to established artists like Tim Crouch and Groet)e, our stages became a genuine meeting place for different artistic worlds. But behind those figures lies a more complex pirture. While we presented more work than ever. total ticket sales dropped slightly to 42,420 a 3% decrease that reflects the shifting ground we're all navigating. Capacity fell to 55% Ifrom last year's 71%), and average attendance per performance diopped from 142 to 110. These changes represent real people. our beneficiaries. choosing carefully how to spend their money. real artist5 workin8 harder for Smaller audiences. and a cultural sector findin8 Its footin8 in an ever-challengin8 landscape. Yet within these challenges, we found some real successes,. Scrops hit 114% of its sales target, Freok Out reached 127%, and 8uffy Revomped soared to 122%. We also learned from what didn't work. Some comedy and famity programming during school holidays 5tru88led, teachin8 us about marketing fatigue and the real impact of reduced household bud8etS. What moves us most Is the human impact: 39% of our audience were first-lime attendees, suggesting our pro8rammin8 choices are genuinely expanding who feels welcome in our space. When Follow the Sign5 and Self- RGising brought significant Deaf and disabled audiences to TFAT including what Creu Cymru noted was the largest Deaf audience they'd seen at a single performance in Wales or England we were reminded that inclusive programminB isn't just about representation,. it's about creatin8 space for communities to see themselves and be seen. This work extends beyond our own walls through partnerships with Mayfest, the Diaspora Festival. and local collectives. In an increasingly precarious touring landscape, we've adapted our approach.. offering shorter runs, exploring split-income models, and providing hands-on marketing support Iwithin our own limitation51 when companie5 are stretched thin. Our average ticket price rose to £17.45 (from £16.181, showing that thoughtful pricing helped offset sorne capacity challenges. The road ahead remains ever evolving. Tourlng networks a fragile, companies are doing more wlth less, and audience behaviour continues to shift in ways we're still learning to undetstand. But our data driven. curated programme offer5 50methin8 increasingly rare: a space where artists and audience5 can connect- sharing in the wonder of TFAT.
TOBACCO FAcfoRY ARTS TRUST TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORn ICOMfiNUEDI FOR THE YEAR EAIDED 31 MARCH 2025 Growin8 Our Ecology: Artist Development Behind every performanee lies a network of relationships. and this yearwe deepened our commitment to the artist5 who make our work possible. Our membership program gW to over 350 south west-ba5ed artists. creating a community bound not just by geography but by shared ambition and mutual support. Regular one-to-one Sessions, monthly artist cafés, online forums. discounted tickets and workshops provided the infrastructure for creative careers to flourish. Feedback consistently highlighted the transparency, personalised advice, and welcoming atmosphere that TFAT provides- space for artists to reflect, plan, and Connect. Our work with companies such as Beyond Face. Frozen Light, Graeae and Queer Space amplified underrepresented voices, ensuring our community grows more inclusive with each passing year resulting in these artists being programmed acr055 the year fof both public and private platforms. Our Blueprint tiaining initiative developed 9 emerging producers acr055 a nine-month period. As part of this development programme we employed 6 creative practitioners. gave 10 days of rehearsal space for young artists and housed one extraordinary showcase produced by the youn8 producers themselves. R&D days, Student seminars and mentoring for new work. including earty years and devised theatre proiects, continued to plant seeds for future seasons.. some of which we hope to embed in the coming financial year. Llstening and Connertlng., Our Get Involved Programme This year has been one of profoLtnd growth for our Get Involved work especialiy in the depth of connection we're creatin8 across south Bristol. From five-year-olds di5coverin8 the magit of storytelling lo adults findin8 their voice through wrlting. from inter.generational singin8 to young people stepping confidently onto professional stages, our Get Involved participatory programme has become a genuine cornmunity ecosystem. The statistics refleet this vitality.. our Young Theatre Makers programme now operates at 85% capacity. with some age groups expanding despite exam pressures. Factory Singers, our community choir has grown to 50 regular participant5, Acting Lab is runnin8 at 95% capacity across two weekly sessions, and Writers Lab maintains steady engagement at 90% capacity. A significant indicator of the value we tontinue to place in the relationships, discoveries, and transformations that happen when people are given permission to create together. Youn8 Creative Voices Our work with youn8 people tontinues to evolve in response to what they need and want. The Summer Schools were a particular highlight, with three of four age groups selling oul cornpletely and over 200 people attending the final performances. Watching 50 children aged 5-10 perform The Museum of Abandoned Dreoms together on our Factory Theatre stage wasn't just a culmination of theirweek's work it was a celebration of what becomes possible when young imaginations are given professional space to flourish. The Easter workshops reminded us thai demand isn't always pdictable. While our younger groups15-111 sold out completely, older teenagers faced exam pressures that kept numbers lower. We're learning to read these rhythms more carefully, understan(Jing that our role isn't just to provide activities but to offer what young people genuinelv need at different moments in their lives. Perhaps most tellingly. participant feedback consistently mentions confidence, wellbeing. and communrty. As one parent shared.. "She comes home every week energised ond hoppy. Its been really goodfor her wellbeing becouse she is anxious a lot of the time-ond I think she gets really absorbed when she s doing dn7mo ond forgets her anxietie5. This speaks to something deeperthan skills development,. it's about creatingspaceswhere young people are actively listened to and can be fulty themselves.
TOBACCO FACTORY ARTS TRUST TRU5fEES' REPORT IINCLUOING DIREcfoRS' REPORTI ICONllNUEDI FOR THE YEAR ENDED31 MARCH2025 Adult Learning as Community Building Our adult programme has found its own curation and ownership. Factory Singers exemplifies this evolution after initially requesting more performance opportunities. the group recognised that three concerts a year created too much pressure and collectively chose a more manageable schedule. This kind of responsive pro8ramming. where participant5 help shape their own experience, has become central to our approach. The launch of Factory Labs represents a signrficant step forward in how we think about participant pro8re55ion. This collaboration between Acting Lab and Wrrtefs Lab gave both groups something concrete to work toward while creating genuine artistit exchange. Watching wrtters see their work performed and actors bring new voices to life reminded us why this kind of cross-pollination rnatter5. As one participant reflected.. "It felt really productive for both the actors lab ond the writers lab-we oll cored so much obout the choroctersfrom difftrent 5tondpoints." The introduction of bursary places across all our adult programming (currently supporting 8 participants) reflects our commitment to accessibility, though the increasing demand 5ugge5ts we're responding to real economic pressures in our community with the numbers of pay what you chose tickets across the programme increasin8 by 25%. Schools as Creative Partners Our work with schools has moved decisively away from one-off visits toward sustained creative partner5hip5. The Schools Takeover with New Fosseway School a SENO school near 8ristol resulted in our highest.attended school performance on record, with 161 people celebrating The Mystery of the MissAng M05terpiece. The work experience programme with Bedminster Down Secondary School continues to open young people's eyes to the breadth of ihealre careers. When students identified 'the huge number of different roles that are so vital in theatre" as their key learning, we're reminded that exposu matters as much as skills development. The Bi88er Picture Across all this work, we are seeing increased demand for bursary support, reflectin8 broader economic pressures but also 8rowin8 trust in what we offer. We're navigating the on80ing challenge of freelancer availability while building Stronger relationships with our re8ular facilitators who understand our values and approach. Most Significantly, we're witnessing the emergence of genuine community ownership. From Fattory Singers, self- or8anislng Choir Reps to participants helping shape programming decisions, from writers supporting each other's development to young people designing lighting for their peers, performances, the boundaries between 'us" and "them" continue to blur in the most productive ways. Our Get Involved programme is proof that when people are grven the tools, space, and support to create together, extraordinary things happen. As one Factory Singers participant pul it.. "Music ho5 given me this joy ondself-worth. l intend on being a member of the choir until my dying doyl"
TOBACCO FAcfoRY ART5 TRUST TRUSTEES. REPORT IINCLUDING OIRECTORS, REPORTI ICONTINUED} FOR THE YEAR EAIDED 31 MARCH 2025 Fundraising.. a year of connection This year marked a deliberate move to reconnect past supporters and build new relationships in individual and corporate 8iving. At the start of the yeai we launched two new mernbership schemes, The Pro(iuction Fund and a refreshed Business Club which both provided new opportunities to support TFAT. The Production Fund is a three-year membership Whe individuals can support the Theat as it produces and co- produces 7 new productions over a three-year period. The Business Club is an annual membership for Businesses to 5UPPOrt the wider work of the Theatre. Alongside this we hosted our first Welcome and Wonder Party for our members. wf(h 68 members attending an afternoon of celebration with our Theatre team in the Factory Theatre. This was a brilliant success and a wonderful opportunity to reconnert and say thank you to our members. whilst sharing some of our exciting future plans. We are also delighted to work with Clifton College, who 5UPPOrted us as the production sponsor of The Winter's Tale. This brought many Shared benefits including wrap-around activity for students including talks from the director, cast and production team. A5 With the artistic programme, In an ever-chan8in8 landscape, the year saw successes and ch311en8es. Individual giving was successful with donations from individuals and membership income exceeding expectation. Thls Included £28,000 raised in the first year of the new Production Fund. Income from 8usinesses and Sponsorship howeverfell below expertation, as did income from Trust and Foundations whith dropped 15% from the previous year. The year ended with opportunities to welcome supporters to both Hansel and Gretel and the Wlnter's Tale. We received excellent feedback from members, and thls has already led to membership pledges for next year. Commercial, other Income and runnln8 costs Our hire programme the hiring of space outside of OLtr charitable programme - continued to be an Important source of income for TFAT, brin8in8 new events. performances and audiences into our spaces. We worked with a variety of hire clients, hosting meetings, performances, podcasts, screenings and workshops. Our hire agreement with Bristol School of Acting IBSAI continued to be successful, with students on BSA'S Acting for Stage and Screen Degree course and a new Technical Theatre Arts Course working from the Spielman Theatre. Alongside this. BSA students presented 5 show5 across the year in our theatre spaces. This was a decrease from 9 the year before, due a Change in the Acting for Stage and Screen tourse. which moved from a two year to a three- vear degree. Our Theatre Bar continued to perform well adding essential income to support the charitable activity in our theatre spaces. We introduced several new local suppliers Including Arbor Ales and Six O'clock Gin, both of which were popular with audiences. At year end, baf take was down 13% on the previous year however this was due to the lower audience numbers attending productions, and the overall spend per head acr055 the year was on target. In overheads and running costs, we saw a continued increase in costs across the year with many suppliers raising their prices. Sensible buiJ8etin8 and tight control set us up well, with overhead costs coming in under budget and helping to mitigate losses elsewhere. 10-
T08ACCO FACTORY ARTS TRUST TRUSTEE5' REPORT IINCLUDING DIRECTORS. REPORn (CoTr1NuEDl FOR THE YEAR ENDED 31 MARCH2025 Or8anlsatlon development / workforce During a staffing restrL¢Cture in 2023, we appointed Six new members of staff on 18-month fixed term contracts. The aim of the fixed term contracts was to ensure that the roles We fit for purpose for the needs of the organisation. In Spring 2025 some of those contracts came to an end and we were pleased that the Fundraising Manager and Creative and Community Officer roles were made permanent. We welcomed new position5 of Box Office Supervisor and Programme Coordinator to the team and filled two vacant positions of FOH Coordinator and Operations Assistant. During the year, we said goodbye to two members ofthe team who left forotherjobs in the treative sector, following which successful recruitment for the Marketing and Sales Manager and the Youn8 People's Programme Coordinator took place. By year end, our core team had grown lo 14 slaff working the equivalent of 10.6 FTE roles, wlth our pool of Box Office and FOH casual slaff remainin8 at an average of 20 staff throughout the year. Flnan¢lal revlew Income for the year totalled £1.440,IKIJ12024 - £1.434.01)Jl. an increase of 0.5%. This comprised a fall of 8% In earned income Iprincipally from in-house productions, visiting company shows and hiring out our theatre space) which fell from £1,179,000 in 2024 to £1,085,OW. This decrease was almost completely offset by an increase in fundralsin8 and other income, as set out in notes 3 and 5 on pages 27 and 28. The cost of rLtnnin8 the theatres has increased by 5% from £1,455,( in 2024 to £1,527,000, as a consequence of the return to a period of inflation. This is likely to continue into 2025-26, as a result of significant increases in both the National Living Wage and the rate of Employer's National Insuran. a5 a si8nificant proportion of our costs relate to Staff. In general, we have seen a continued increase in overhead costs across the yearwlth many suppliers increasing their costs. Nevertheless, our overhead spend was well controlled, with an intrea5e in total costs. maintaining a level lower than expectations. Consequently. the charity's free SerVeS have fallen from £291,00) in 2024 to £272,0, a reductlon of 6,5%. Our reserves policy Is to retain free reseNes (net current assets, excluding restritted fundsl sufficient to cover three months, worth of non-attributable overhead expenditure and is currently on track. 11
TOBACCO FAcfoRY ARTS TRU TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Risk management The trustees have a risk management strategy which comprises= an annual review of the principal risks and uncertainties that the charity and its subsidiary face with monitoring at each board meetin& the establishment of policies, systems and procedures to mitigate those risks identified in the annual review,. and the implementation of procedu5 designed to minimtse or manage any potential impact on the charity should those risks materialise. This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, and active management of trade debtors and creditor5 balances to ensure that the company maintain5 sufficient working capital. The Impact of non-liquidity would be to reduce srgnificantly the opportunities for TFATto put on shows or otherwise meet it5 charitable aims. Atlention has a150 been focused on non-financial risks arising from fire, health and safety of artists and audience, management of performing fights and food hygiene. These risks are managed by ensuring accreditation is UP to date. having robust policies and procedures in place and regular awareness training for staff working In these operational areas. Plan5 for the future We are delighted to continue our bold producing ambitions next year. with three in.house productions In our Factory Theatre. In October 2025 we will co-produce Cosi Fan Tutte with Opera Project, returning with the tille they presented for their first Vlslt to Tobacco Factory Theat$ back in 2CQ3. Our Festive in-house production will be Rapunzel.. A Hairy Tale, written and directed by two 8ristol artists.. Sharon Clark Iplaywri8htl and Tom B¥ennan Idirectorl. Our final in-house production of the year will be Macbeth, directed by Heidi Vaughan. Alongside this, our year-round Get Invofved and Artistic programmes will be packed with offerings for all, Including workshops, courses. a varied programme of received work and two new Spielman Theatre Festive offerings. We will also launch a new offsite project for South Bristol called Tea and Tales. Through our work next year, we remain focused on the charitable, grounded in our mission and values, and driven by a strong belief in the powerful impact the arts bring to our world. We understand the need for treativity and believe It is fundamentally important that a range of beneficiaries feel TFAT is a plate of both welcome and wonder, Thank you TFAT would not be here without the dedication and support of the many audiences. Trusts, Individuals and Businesses that have given us their time and support this year. The trustees and staff of TFAT wish to express their heartfelt thanks lo you all. Thank you also to Arts Council England and to Bristol City Council for their ongoing support and investment in the future of the Theatres, work. 12-
TOBACCO FACTORY ARTS TRUST TRUSTEES, REPORT IINCLUOING DIRECTORS, REPORTI (col1NUE0) FOR THE YEAR ENDED 31 MARCH 2025 Stru¢ture. 8o¥ernan¢e and management Tobacco Factory Art5 Trust is a company limited by guarantee and 15 a registered charity. The charitable company's Memorandum and Articles of Association are the primary governing documents of the company. The trustees of Tobacco Factory Arts Trust are also the directors of the charitable company for the purposes of company law. The trustees, who are also the d1CtorS for the purpose of company law and who seNed during the year and up to the date of signature of the financial statements were= Joseph Bell Samuel Charleston IResigned 17 July 20241 Alison Eynon Michael Forrest Bertel Martin (Chairl Laura Kni8ht IResi8ned 09 June 20251 Ewen Macgregor Ricky Stone Appolntment and Inductlon ol trustees Members of the Board of trustees are appointed in accordance with the company'5 Articles of Association and usually for a term of three years. After retiring a truslee may seek reappointment to the Board on one further occasion. resulting in a maximum term which each trustee may serve of six years. Trustees are Invlted to loln the Board when it Is felt that they will add to the range of skills and experience necessarv for the management and promotlon of the Trust's activities. Members liabilltv Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before they ceased to be a member. The trustees are also members of the company. Trustees, Indemnities Professional indemnity insurance is paid on beha of the trustees and officers. 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 encourage invofvement 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 responsiblefor setting policies, adopting budgets, monitoring financial performance against agreed budgets and making major decisions about the company's strategic direction including its programme, the development of the theatres. and the welfare of staff. The Board meets bi-monthly. Day io day management is delegated to the executive team. 13-
TOBACCO FACTORY ARTS TRUST TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORn IcopiriNUEDI FOR THE YEAR ENDED 31 MARCH 2025 Poli¢ies and procedures adopted for the indurtion and training of trustee$ The training and induction provided for new tiustees will depend on their existing experience. Where necessarv induction will provide training on charity and educational legal and financial matters. All new trustees will be given a tour of the Theatre5 and the chance to meet with staff. All trustees are pmvided with copie5 of policies, procedures, rninutes. accounts. budgets, plans and other documents that they will need to undertake their mle as trustees. As there will normalty only be two or three new trustees a year, induction will be done informally and will be tailored specifically to the individual. New trustees are introduced to the staff and functions of the trnst at informal meetings. Pay policy for senior staff None of the trustees receive MUneratIon or other benefit from thelr work with the charity. Any connection between a trustee or senior manager of the charity with a production company or contracted freelancers must be disclosed to the Board in the same way as any other contractual relationship with a related party. Details of trustee5' expenses and related party transaction5 are disclosed in note 10 to the accounts. The iemuneralion of all staff, pern)anent and casual. 15 reviewed annually bythe executive team, chair and treasurer. The review considers a number of factor5 incllsding the TFAT'S financial position, changes in the responsibilities of the post holders, general inflation rate and pay rates for similar positions in other organisations. Going concern The trustees have revlewed the company's financial prospects for the forthcoming 12 - 18 months, and are confident the financial results for the year ended 31 March 2025, justifies the board's view that the charity is a going concern. Auditor In accordance wSth the tompany's articles. a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meetin8. Disclosure of informatlon to audltor Each of the Trustees has confirmed that there is no informatlon of which they are aware which Is relevant to the audit, but of which the auditor is unaware. They have further tonfirmed that they have taken appropriate steps to Identify such relevant information and to establish that the auditor Is aware of such information. The Trustees, report wa5 approved by the Board of Trustees on the 12 August 2025. Michael Forrest Trustee 14-
TOBACCO FACTORY ARTS TRUST STATEMENT OF TRU5fEES' RESPONSIBILtEs FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also the directots of Tobacco Factory Arts Trust for the purpose of company law, are responsible for preparing the TrLtstees Report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resourtes and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statemenls, the trustees are required to.. select suitable accounting policies and then apply them conslStentty- observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed. subject to any material departures disc105ed and explained in the financial statements,. prepare the financial statements on the Boin8 concern basis unless it is inappropriate to presume that charlty wlll continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable atcuraLI at any time the financial position of the charity and enable them to ensure that the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence lor taklng reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to dlsclosure to our aydltors In so far as the trustees are aware al the time of approving our trustees, annual report: - there is no relevant inforrnation, being information needed by the audrtor in connection with thelr report, of whlch the group auditor is unaware. and the trustees have taken all steps that they ought to make themselves awa of that information. 15-
TOBACCO FAoRy ARTS TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOBACCO FACTORY ARTS TRUST Opinion We have audited the financial statements of Tobacco Fattory Arts Trust (the 'Charity'l for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the ststement of cash flows and notes to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Finonciul Reporting Stondord opplicoble in the UK ond Republic of Irelcrnd Iunited Kingdom Generally Accepted Accounting Practicel- In our opinion, the financial statements.. Bive a true and fair vlew of the state of the charitable company's affairs as at 31 March 2025 and of it5 incoming resources and application of resources. including Its income and expenditure. for the year then ended.. have been properly prepared in accordance with United Kingdom General Accepted Accounting Practice,. and have been prepared in accordance wlth the quIreMents of the Companles Act 2rxi6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities undei those standards are further described in the Auditors responsibilitiesfor the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to Boing concern We have nothing to report in respect of the following matters in relation to which the ISAS IUKI requi us to report to you where.. the Trustees, use of the golng concern basis of accountin8 in the preparation of the financial slatements Is not appropriate,. or the trustees have not disclosed in the financial statements any identified material uncertainhes that may cast significant doubt about the Charity's ability to continue to adopt the going concern basi5 of accounting for period of at least twelve months from the date when the financial statements are authorised for issue. Other inlomiation The other inforrn3tion comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicttly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing $0, consider whether the other information is materially inconslstent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are qUired to determine whether thi5 gNes rise to a material misstatement in the financial statements themselves. If, based on the workwe have performed. we conclude that there is a material mi55tatement of this other information, we are required to report that fad. We have nothing to report in this regard. 16-
TOBACCO FAoRy ARTS TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE MEMBERS OF TOBACCO FACTORY ARTS TRUST Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of Ouf audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared, which includes the director5. report pPared for the purposes of company law, is consistent with the financial statements- and the directors, report included within the Trustees, report has been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exception In light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the Trustees, report. We have nothin8 to report in respect of the following Matte in relation to which the Companles Act 2006 requires us to report to you rf, in our opinion- adequate accounting records have not been kept. or returns adequate for our audii have noi been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, Temunerarion specified by law are not made; or we have not received all the information and explanations we require for our audlt,. or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparin8 the Trustees, report and from the requirement to prepare a strategic report. Respon5ibilitles of Trustees As explained more fully in the statement of Trustees, responsibilities. the Trustees. who are also the director5 of the Charity for the purpose of company law, are SponSible for the preparation of the financial statements and for being satisfied that they give a true and fairview, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the Trustees are 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 concern basi5 of accounting unless the Trustees either intend to liquidate the chafltable company or to cease opefations, or have no fealistic alternative but to do so. 17-
TOBACCO FACTORY ARTS TRUST INDEPENDENT AUDITOR'S REPORTICOMfiNUEDI TO THE MEMBERS OF TOBACCO FACTORY ARTS TRUST Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 155ue an auditOf'S report that includes our opinion. Reasonable assurance is a high level of a55urance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could asonablY be expected to Influen the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial 5tatement5 is located on the Financial Reporting Council's website at: http:/lwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Irregularitie5, includin8 fraud. are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of deleclin8 irre8ularilies. including fraud. is detailed below. Extent to whl¢h the audlt was consldered capable of detectln8 Irre8ularitles, Includlng fraud The objective5 of our audit. in respect to fraud. are.. to identify and assess the risks ol material misstatement of the financial staternents due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of malefial misstatement due to fraud, Ihrou8h designing and implementing appropriate response5; and to respond appropriately to fraud or suspected fraud identified (Juring the audit. However, the primary responsibility for the prevention and detection of fraud iests with both those charged with 8(wernance ofthe entity and its management. Our approach wa5 as follow5: We identified areas of laws and re8ulations that could reasonably be experted to have a material effect on the financial slalements from our general sertor experience. and through discussion with the trustees and other management las required by auditing 5tandardsl. and discussed with the trustees and other management the policies and procedure5 regarding tompliante with laws and reBulations (see belowl,. We identified the following areas as those most likely to have such an effect: health and safety; General Data Protection Regulation IGOPRI; fraud; 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 trustees and other management and inspection of gUlatOry and legal correspondence. if any. The identified actual or Suspected non-compliance was not sufficiently significant to our audit to sUIt in our response being identilied as a key audit matter. We considered the legal and gulatOry frameworks directly applicable to the financial statements reporting framework IFRS 102, the Companies Art 2006 and the Charities Act 20111 and the relevant tax compliance regulations in the UK,. We considered the nature of the charity's operations, the tontrol environment and financial performance. We communicated identified laws and regulations throughout our team and remained alert to any indicatsons of non-compliance throughout the audit; We considered the procedvres and contro15 that ihe charity has established to addre55 risks identified, or that otherwise prevent, deter and detect fraud: and how senior management mon[to those programmes and controls. 18-
TOBACCO FAcfoRY ARTS TRusr INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE MEMBERS OF TOBACCO FACTORY ARTS TRUST Based on this understanding we designed our audit procedure5 to identify non-compliance with such laws and regulations. Where the risk was considered to be higher. we performed audit procedures to addres5 each identified fraud risk. These procedures includeil testing manual journals.. reviewing the financial statement disclosures and testing to supporting documentation- performing analytical procedures- and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free 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 auditing standards. For example, Ihe further removed non-compliance with laws and fegulations lirregularitiesl is from the events and transactions reflected in the financial statement5. the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non- compliance with all law5 and regulations. Use of our report This report is m3de Sole to the charitable company's membefs, 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 lo state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's member5 as a body. for our audit work. for this report, or for the opinions we have formed. Amanda Kruger FCCA Isenlor Ststutery Audltorl lor and on behalf ot TC Group Statutory Audltor Office.. Bristol Date.. 12 August 2025 19-
TOBACCO FAoRy ARTS TRUST STATEMENT OF FINANCIAL ACTIVITr£s INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH2025 unstrICted Designated Restrirted funds funds funds Total Total 2025 2025 2025 2025 2024 £000 Notes Income and endowments from: Donation5 and le8acies Charitable activities Other income 236 1,085 72 48 284 1.085 72 226 1,179 30 Total Income 1.393 48 1,441 1.435 Ex enditure on: Raising funds 19 19 24 Charitabl activlties Support costs General funds 159 1.243 103 262 1,265 269 1,187 22 Total Charitable expendlture 1,402 103 22 1,527 1,456 Other 12 li Total resources expended 1.421 105 22 1,548 1,491 Net loutgoin811incomln8 resources before transfers 1281 11051 26 11071 1561 Gross transfers between funds 1181 Net lexpendlturellincome for the year/ Net movement in funds 1191 11071 1561 Fund balances at l April 2024 291 927 1,220 1,276 Fund balances at 31 March 2025 272 831 io 1,113 1,220 The statement of financial activities includes all gains and1055es recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the reqU1ments for an income and expenditure account under the Companies Act 26. -20-
TOBACCO FACTORY ARTS TRUST BALANCE SHEET AS Af31 MARCH 2025 2025 2024 Notes £000 Flxed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 13 831 927 15 16 li 555 45 648 571 696 Creditors: amounts fallln8 due wlthln one year 17 12891 13471 Net current assets 282 349 Total assets less current IlabllltSes 1,113 1,276 Creditors.. amounts fallln8 due after more than one year 1561 Net as$et$ 1,113 1,220 Income funds Restricted fund5 Designated funds Unrestricted funds 22 21 23 io 831 272 927 291 1,113 1,220 The financial siatements were approved by the board of trustees on 12 August 2025. Michael Forrest Trustee Company Registration No. 04S36120 21
TOBACCO FAcfoRY ARTS TRU STATEMENT OF CASH FLOWS FOR ThfE YEAR ENDED31 MARCH 2025 2025 2024 Notes £000 Cash flows from operating activities Cash (absorbed byl/generated from operations 28 1471 85 Investing activities Purchase of tangible fixed as5et5 1131 Net cash used in InvestSn8 artlvities 191 1131 Financing activities Repayment of bank loan5 1371 1371 Net cash used In financin8 activltie$ 1371 1371 Net Idecreasellincrease in cash and cash equivalents 1931 35 Cash and cash equivalents at beginning of year 648 613 Ca$h and ca$h equlvalents at end of year 555 648
TOBACCO FAcfoRY ARTS TRUST NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 MARCH 2025 Accountin8 poliues Charity information Tobacco Factory Arts Trust is a private charitable company limited by guarantee incorporated in England and Wales. The registered office is Tobacco Factory. Raleigh Road, Southville. Bristol. 853 ITF. Tobacco Factory Arts Trust is a public benefit entrty. 1.1 Accountlng convention The financial statements have been prepared in accordance with the Companies Act 2006 and "Accounting and Reporting by Charitie5'. Statement of Recommeniled Practice 2019 applicable to charities preparing their accounts In accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencing from I january 20161. The Charity Is a Public 8enefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £l,(KKJ. The financial Statements have been prepared under the historical cost convention. The principal accounting politie5 adopted are set out below. Consolldatlon These financial statements do not incorporate the financial statements of TFAT'S subsidiary. TFAT Trading Limited, as it is immaterlal within the context of TFAfs operations. The trading Subsidiary was dlssolved on 14 May 2024. 1.2 Goin8 concern Al the lime of approvin8 the financlal statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The validity of this assumption depends on the raising of sufficieni financial 5LlPPOrt from third parties. The financial statements do not include any adjustments that would result if insufficient funds were received. Thus the trustees continue lo adopt the going concern basis of accountrng in preparing the financial statements. -23-
TOBACCO FAORy ARTS TRUST NOTES TO THE FINANCIAL STATEMEp¥fs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policie5 (Continued) 1.3 Charltable funds Fund accounting TFAT has virious types of funds for which it is responsible, and which require separate disclosure. these are as follows.. Restri¢ted Funds Restricted fund5 may onty be used for particular restricted purposes within the objects of TFAT. Restrictions arise when specified by the donor or when funds are raised for partitular restricted purposes. Unrestrlcted Funds Unrestricted funds are those which are expendable at the discretion of trustees in furtherance of the objects of TFAT. Those fLtnd5 earmarked for partieular projects are designated as separate funds. However, trustees, discretion to apply such funds 15 not le8ally re5tricled. Deslgnated Funds TFAT may at it5 discretlon set aside funds for specrfic purposes, which would otherwise form part of the general reserves of the organisation. 1.4 In¢omln8 resources Income is recognised when the Charily is legally entitled to it after any performance conditions have been met, the amounts can be measufed reliably, and it is probable that income will be received. Charltable tradln8 actlvltles Income from theatre adrnission fees is included in income in the period in which the relevant production lakes place. Income from tlcket sales In advance of productions is deferred and released in the period In which the production falls. Donations and 8rants Income frtsm donations and grants, including capital grants. is included a5 Soon as legal entitlement arises, their amount is known with sufficient reliability and their economic benefit Is probable, except as follows.. when donors specify that donations and grants given to TFAT must be used in future accounting perlods, the income is deferred until those periods. when donors impose conditions which have to be fulfilled before TFAT becomes entitled to use such income, the income 15 deferred and not included until the pre-conditions for use have been met. or. when donors spetify that donations and grants are for particular $trIcted purposes, which do not amount to pre-tonditions regarding entitlement, this income is included in restricted funds when receivable. Gifts in kind are recognised at fair value for tangible assets or for seNices and facilities their estimated value to TFAT, in both cases, at date of gift. Interest receivable Interest is included when receivable. -24-
TOBACCO FACTORY ARTS TRUST NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEOI FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles Icontinuedl Lega¢les Legacies are recogni5ed on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contln8ent asset. 1.5 Resources expended Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be 1ctlY attributed to partitular headings the have been allocated to activitie5 on a basis consistent with the use of resources. All expenditure include5 irrecoverable VAT where applicable. Charttable activity cost5 include governance costs. which are those incurred in the governance of TFAT and it5 assets and are primarify associated with constitutional and statutory requirements. Expenditure on raising funds comprise the costs associated with attracting voluntary income. 1.6 Tan8ible fixed assets Tan8ible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation subject lo impairment review annually, and calculated at rates Intended to wrlte off the excess of the cost over the anticipated residual value lestimated by reference to current market pricel of individual assets over their e5tirnated useful lives. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leaseholil property Leasehold improvernent5 Lighting and Theatre Fixtures and Fittin8S Office Equipment over the term of the lease over 10 years over 5 to 15 years over S yea over 5 years The 83in or105s ari5in8 on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financlal activities. 1.7 Stocks Stocks are valued at the lower of cost and net alIsable value, after making due allowance for obsolete and slow moving items. 1.8 Cash and cash equivalents 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 openin8 of the deposit or similar account. -25-
TOBACCO FAcfoRY ARTS TRusr NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountin8 polioes (Continued) 1.9 Financial instruments TFAT only has financial assets and liabilities of a kind that qualify a5 basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently MeaSud at thelr 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. Debtors Trade and other debtors are recognised at the Settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due. Creditors and provisions Creditors and provisions are recognised where TFAT has a present obli8ation resulting from a past event that wlll probably result in the tiansfer of funds so a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions a normally recognised at their settlement amount after allowin8 for any discounts due. 1.10 Retirement benefits TFAT operates a defined contributions pensions Scheme. The 05set5 of the scheme are held separately frorn those of TFAT and are independently adminislered. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme. 1.11 Leases Hlre purchase and leasing commitments Rentals paid under operatin8 leases a charged to the Statement of Financial Activities on a straight Ilne basls over the period of the lease. Crltlcal ac¢ountln8 estlmates and judgements In the application of the charity's accounting policies, the charity is required to make judgements, estimates and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and a550ciated assumptions a based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The e51irnates and underlying assumptions are reviewed on an on80in8 basis. Revisions to accounting estimates are retognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. -26-
TOBACCO FACTORY ARTS TRusr NOTES TO THE FINANCIAL STATEMENTS ICONllNUEDI FOR THE YEAR EIVDED 31 MARCH2025 Donations and legacies Unfestricted Restricted funds fvnds Total fund5 Total funds 2025 2025 2025 2024 £000 Donations and grfts Grants from public bodies 143 93 48 191 133 93 93 236 48 284 226 All donation5 and gifts from 2024 were unrestricted except for £20.1x of restricted grants and donations. Grants receivable from public bodles Arts Council National Portfolio Organisations Brlstol City Council Openness Fundin8 62 31 62 31 62 31 93 93 93 Inme from Charitable activities Unrestri¢ted funds 2025 Unrestrl¢ted funds 2024 £000 Operatlon of theatre Sncome from Productions Theatre hire and evenls Provision of services Educational project income 918 69 977 ioi 17 93 84 1,085 1,179 -27-
TOBACCO FACTORY ARTS TRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUEOI FOR THE YEAR EPIDED31 MARCH 2025 Other income Unrestrirted fund5 Total funds 2025 2024 £000 Theatre Tax rellef luftd Interest received Solar panel and other Income 38 16 18 21 72 30 All other income from 2024 was unrestricted. Expenditure on ¢harltable actItIeS Support Dirert costs costs Total Totsl 2025 2025 2025 2024 £000 Dlrect ¢05ts Staff c05tS Operation of theatre Cost of visiting production5 8ox office c05t5 Educational project Costs Marketin8 512 359 319 42 512 359 319 42 472 278 396 51 33 33 37 1,265 1,265 1,240 Share of support and iovernance costs {see note 81 Support Governance 254 254 32 262 1,265 1,527 1,456 Analysis by (und Unrestricted funds Unrestricted Designated Restricted funds 159 103 1,243 1,402 103 22 1,339 58 22 59 262 1.265 1,527 1,456 -28-
TOBACCO FAcfoRY ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR fHE YEAR ENDED 31 MARCH2025 Net movement in funds 2025 2024 £000 The net movement in funds is stated after chargingllcreditingl- Fees payable for the audit of the charily's financial ststements Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets io 71 103 li Support costs Tot81 2025 Total 2024 Support Governance costs costs £000 Depreciation Other property costs Insurance LIBht and heat Finance costs Printing, postage and stationary Travel. subsislence and entertainment Accountancy Audit fees Legal and professional 103 103 44 18 24 31 71 42 18 24 31 17 15 29 21 21 io 22 254 262 216 Analysed between Charitable activities 254 262 216 Governance costs includes payments to the audr¢ors of £8,12512024- £10,165) for audit fees. Employees The average monthly number of employees during the year was- 2025 Number 2024 Number 34 34 -29-
TOBACCO FAcfoRY ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDE031 MARCH 2025 Employee5 Icontinuedl Employment ¢0Sts 2025 £000 2024 £000 Wages and salaries Social security costs Other pension costs 473 28 li 431 30 li 512 472 The senior management team salaries and ernployee benefits totalled £106,012024.' £103,000) There were no employees whose annual remuneration was rnore than £60,1J)O. 10 Trustees remuneratSon Trustees received no remuneration or other benefits from the charitsble company or its subsldiary during the vear12024.. £Nill Trustees, expenses No trustees claimed expenses during the year12024-. £Nill. No expenses were waived in either year. 11 Taxatlon TFAT is exempt from corporation tax as all of its income is charilable and applied for charitable purpose5. 12 Other Designated funds Total 2025 2024 £000 Net loss on disposal of tan8ible fixed assets li li
TOBACCO FAoRy ARTS TRUST NOTES TO THE FINANCIAL ATEmENTs ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 13 Tangible fixed assets Leasehok1 LÈasehold proyrty Ithpro*nts tin¥and Fixtures and ttlnis Olfi¢e Equlpment Total £000 Cost At l April 2024 Addilions Disposa15 500 620 62 73 1,823 161 121 191 At 31 March 2025 scrf) 614 570 63 76 1,823 Depreciation and impairment At l April 2024 Depreciation charged Sn the year Eliminated in respect of disposals 317 458 54 67 896 67 29 103 141 121 171 At 31 March 2025 487 56 69 992 Carrying amount At 31 March 2025 5C¥) 234 83 831 At 31 March 2024 5CKI 303 iio 927 14 Fixed asset Investments The company's investments of £IW were entirely the share capital of the TFAT Trading Limited. The subsidiary was primarily involved in the rental and hire of studios and rooms and donated all it's taxable profits to TFAT. It was dissolved on 14 May 2024. 15 Stocks 2025 2024 Bar stocks 31
TOBACCO FACTORY ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EIVDED31 MARCH 2025 16 Debtors 2025 2024 Amounts falling due within one year: Trade debtors Other debtors 33 12 li 45 17 Creditors.. amounts falling due wlth5n one year 2025 2024 £000 Notes Bank loans Other taxation and social securlty Trade Cfeditors Other Creditors Accruals and deferred income 19 55 16 43 25 150 37 22 51 22 215 289 347 18 Credltors., amounts fallin8 due after more than one year 2025 £000 2024 Notes Bank loans 19 56 19 Loans and overdraft$ 2025 2024 £000 Bank loans 55 93 Payable within one year Payable after one year 55 37 56 Bank loans comprise £185.fX)O advanted in 2020 under the UK Government CBILS Loan scheme. The loan is for a 60 month period with an annual rate of interest of 3.11% p.a. £5s,5{2024.' £92.5LK)I was outstanding at the year end.
TOBACCO FACTORY ARTS TRUST NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDE031 MARCH 2025 20 Retirement benefit schemes 2025 £000 2024 Defined contributlon s¢heme5 £000 Charge to profit or loss In SpeCt of defined contribution schemes li li The Charity operates o defined contribution pension scheme for all qual1n8 employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 21 Oesignated funds. These are unrestricted funds whlch are material to the Charity's activities. At l April 2024 Resources expended £000 Transfers At 31 March 2025 £000 Fixed asset fund 927 iiosi 831 Prevlous year: At l April 2023 Resources expended Transfers At 31 March 2024 Flxed asset fund 997 1701 927 FSxed asset fund This fund represents the net l)ook value of the fixed assets included in the balance sheet. 22 Restricted lunds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust Subject to speciflc condition5 by donors as to how they may be used. Current year: At l April 2024 In¢ornin8 resources Resources- expended Transfers At 31 March 2025 £000 Get involved TFT Production Fund 20 1221 28 1181 io 48 1221 1181 io
TOBACCO FACTORY ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED31 MARCH 2025 22 Restricted funds Icontinuedl Previous year: At l April 2023 Incoming resources Resources expended Trnnsfers At 31 March 2024 £000 Get involved The British Council Development team Air tonditionin8 fund 32 22 1521 141 iioi 121 io 48 22 68 During the year income received from the TFT Production Fund were agreed to be transferred against costs incurred in the year on productions held by the Trust totallin8 £18,000. This is in line with the terms of the fund. Get Involved Get Involved is a project run by TFT which is aimed at givin8 access to the arts to those (particularly young 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 receive5 fundin8 from trusts Including The Nisbet Trust and the Dan Hickey Fund. The British Councll The British Council has provided thls fund to enable the production of performances to be staged in collaboration with a Spanish theatre company. and involving performers from many other countries. Develo ment team This fund was provided by the Backstage Trust to support the creatlon of a development team at TFT, to facllitate improved fundraising attivities. Air cOndit*nin fund Ouring the year the Foyle Foundation provided a Brant to replace the air conditionlng system in the building. This 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 designated funds. TFT Production fund The Production Fund is a three-yeaf membership where individuals can support the Theat as it produces and co-produce$ 7 new productions over a three-year period.
TOBACCO FACTORY ARTS TRUST NOTES TO THE FINANCIAL ¥fATEMENTS ICONnNUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Un$tr1rted funds At l April 2024 Incomin8 Tesoiirces Re50urce5 expended Transfers At 31 March 2025 General funds 291 1,393 11,4211 272 Previous year: At l April 2023 Incomlnl resources Resources expended Transfers At 31 March 2024 £000 291 General funds 231 1,412 11.3521 24 Analy515 of net assets between funds Unrestrlrted Desllnated Restrlcted funds fund5 funds 2025 2025 2025 Total Total 2025 2024 £000 Fund balances at 31 March 2025 are represented by.. Tangible assels Current assets/lliabS1itlesl Long terrr liabilities 831 831 282 927 349 1561 272 io 272 831 io 1,113 1,220 25 Related party transactions The were no disclosable related party transactions during the year12024- none). 26 Ultlmate Controlling party TFAT is controlled by its trustees. -35-
TOBACCO FACTORY ARTS TRUST NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED31 MARCH2025 27 Analysis of change5 in net funds Atl April 2024 Cash fl¢w5 At 31 March 2025 £000 £000 Cash at bank and in hand 648 1931 555 Loans falling due within one year Loans falling due after more than one year 1371 1561 1181 56 1551 555 1551 500 28 Cash generated from operations 2025 2024 £fy)o Deficit for the year 11071 1561 Adju5trnenls for.. L055 on disposal of tangible fixed a$5ets li Depretiation and impairment of tan8ible fixed assets 103 71 Movements in working capital.. Ilncreaselldetrease in stocks Decrease in debtors (Detreasellintrease in creditors 121 34 1771 36 22 Cash (absorbed byllgenerated from operntions 1471 85