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
INTRoDU￿10N 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,C￿y) 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. hi￿1$ 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 C￿alIVe 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 Theat￿5
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 fi￿1 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 g￿W 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 p￿dictable. 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 (CoTr￿1NuEDl
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 procedu￿5 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 (col￿1NUE0)
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 d1￿CtorS 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' RESPONSIBIL￿tEs
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 FA￿oRy 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 FA￿oRy 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 p￿Pared 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 FA￿oRy ARTS TRUST
STATEMENT OF FINANCIAL ACTIVITr£s
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH2025
un￿strICted 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 reqU1￿ments for an income and expenditure account
under the Companies Act 2￿6.
-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 FA￿ORy 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 ￿1￿ctlY 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 MeaSu￿d 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
In￿me 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 actI￿tIeS
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 £106,0￿12024.' £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 FA￿oRy 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 qual￿1n8 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