Registered In England &Wales. No. 04372577 Registered Charity No. 1144770 TRINITYCOMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Annual Report and Financial Statements for the year ended 31 March 2025 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Annual Report and Financial Statements forthe year ended 31 March 2025 CONTENTS Page Reference and Administrative Details of the Charity Trustees, Report 4-20 Independent Auditors, Report to the Trustees ofTrinity CommunityArts Limited 21-25 Consolidated Statement of Financial Activities 26 Consolidated Statement of Financial Position 27 Consolidated Statement of Cash Flows 28 Notes to the Financial Statements 29-45 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Chris Luffingham Alex Bradley Fidelmeraz Samia Saidi Paula Orrell Khan Talbertjohnson Iremoved 20 May 2025) Glyn Everett (appointed 30 July 20241 Hibaq Ahmee {appointed 04 March 2025) Mark Pooley (appointed 04 March 20251 Company registered number: 4372577 Charlty registered number: 1144770 Registered offlce: The Trinity Centre Trinity Road Bristol BS2 ONW Company secretary: Sarah Bentley (resigned 21 February20251 Rosie Ochola {appointed 06 March 2025} Prlnclpal staff: Emma HaNey, CEO Adam Gallacher, Deputy CEO Jamell Ackford. Director ol Culture Independent auditors: Burnside Chartered Accountants 61 Queen Square Bristol BSI 4JZ Prlnclpal bankers: Triodos Bank Deanery Road Bristol BSI SAS TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the consolidated financial statements and auditors, report ofthe Charity and its subsidiary for the year ended 3110312025 which are a150 prepared to meet the requirementsfor a directors, report and accounts forcompanies Act purposes. The financial statements comply with the Charities Act 2011. the Companies Act 2006. the Memorandum and Articles ofAssociation, and Accountingand 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 leffectiveJanuary2019). Chalr's Report As I conclude my second year as Chair of Trustees, I remain deeply inspired by the continued passion and resilience of our community, team, and partners. Thankyou to everyonewho has stood alongside us-your support continuesto be the foundation of our success. Thisyear's report offers a powerful reflection on howfarwe've come. Buildingon the foundations laid in 2023124. we've not only sustained a vibrant, inclusive cultural programme but also deepened our roots across the city- reaching new audiences. ¢Jeveloping stronger partnerships. and aff irming our role as a civic hub. Amongthe many highlights, we celebrated: -welcomed 70.998 visitors through our doors. engagingin everythingfrom giassroots gigs to family-friendly festivals. -The successful delivery of our Children & Young People's Programme, includingthe launch of a two-year strategic partnership with three local primary schools. -The expansion of ourfree and low-cost communityactivities, with over 70% of programme participants identifying as from marginalised or underrepresented backgrounds. -The successful embeddingof a targeted place-based neighbourhood programme, leadingto the co-design of a new adult provision in partnership with Bristol Drugs Project and Bristol College of Art. - A diverse cultural offer, presenting over 1,412 events and supporting more than 326 artists across multiple artrorms and disciplines. Securing critical investment to improve ICT inf rastructure and accessibility. helping ensure our historic building continues to meet the evolving needs of the communities we seNe. - A strengthened commitmentto equity, demonstrated by embeddingnew internal practices to empower staff and playing a strategic role in the region's first Citizens. Assembly. Notable progress in our efforts to restore Jacobswells Baths into a much-needed civic arts space for Bristol and the wider region. TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT {contlnued) FOR THE YEAR ENDED 31 MARCH 2025 I'm especially proud of how the Trinity team has continued to lead with integrity and creativity. Their willingness to adapt, experiment, and work collaboratively has ensured our work remains relevant, responsive, and impactful. As we look ahead, we do so with renewed focus. We knowthe challenges our communitiesface, but we also recognise the role creativity plays in shaping a more hopeful, connected future. Together, we remain committed to our mission: Creative Expression forAII. Thank you once again for being part of this journey. With appreciation and sincerest thanks. Chris Luff ingham Chair of Trustees TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Charlty Objects The Charity's core objects. as set out in its Memorandum ofAssociation, are.. to promote, maintain, and advance education through the presentation of creative antF performingarts. to advance the education of people of all ages in the creative and performing arts, information technology and life skills; to preserve, protect and improve for the pullic benef it the Trinity Centre, formerly the Holy Trinity Church, and promote the heritage of this buil(iing' to provide or assist in the provision of facilities in the interests of socialwelfare for recreation or other leisure time occupation of individuals who have need of such f acilities by reason of their youth, age infirmity or disability, f inancial hardship or social circumstances with the object of impioving their conditions of life,. to promote racial harmony by promoting equality of opportunity and good relations bel￿een persons of different racial and cultural identities and by encouraging the use of the Trinity Centre or other Trinity Arts Centre facilities for multicultural activities. Aims & ObJecllves2023-26 l. Optimising social impact: a. Civic Participation.. We will embed democratic practices and participatory methodologies across our programmes to deliver a creative and cultural offer that is designed for, by, and with our communities. This approach will increase representation, amplify underheard voices, and strengthen community influence in decision-making. b. Telling Our Story.. We will design a robust, relevant monitoring and evaluation f ramework that evidences the value and impact of civic arts participation. This will enable Trinity to position its people-centred approach as a model of good practice, highlighting the social, cultural. and emotional outcomes of our programmes. c. Advocacy: We will champion the social and economicvalue of our work to influence and inform local and national policy. Through strategic partnerships and initiatives-such as our two- year Citizens'Assembly programme-we will inspire civic-led approachesthat democratise and strengthen decision-making in the arts and culture sector. d. Positioning: We will amplity the diversity and richness of UK culture to present a more positive and inclusive picture of life in modern Britain. By developing our digital content and PR strategy, we aim to enhance Trinity'5 prof ile as a national centre of excellence for cultural democracy and inclusive arts practice. TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Alms & ObJectlves 2023-26 {contlnued) 2. Inclusive workforce: a. Retention & Development.. We will contract specialist training providers to design and deliver a tailored leadership programme. aligned to individual roles. responsibilities, and cornpetencies. This will be supported by an Al-enhanced 360° appraisal process. as we continue transitioningto a more strategically aligned programme ofwork. b. Equity& Progression.. We will review our Diversity, Equity 2nd Inclusion IDE1} commitments to address systemic barriers. This includes evaluating recruitment, entry, and progression pathways to ensure opportunities-such as internships leadto meaningfulemployment and clear development routes. c. Participation & Agency: We will test, refine, and embed practices that extend internal decision- making. ownership, and collaboration. usingtools such as theAdvice Process and Consent-Based Decision Making to distribute authority and build shared accountability. d. CPD & Leadership.. We will explore tools and frameworks that strengthen democratic decision- making and support the embedding of a distributed leadership model, with responsibility shared across project and programmeteams. 3. Resilience and sustainability.. a. Growth & Diversification: We will prioritise the development of high-return income streams, including live music and private hires. Alongside increasing multi-year grant income to deliver a more ambitious cultural programme, we will trial new enterprise initiatives and explore alternative investment sources such as commissions, consortium partnerships, and social investment- to further diversify and stabilise our revenue base. b. Organisational Efficiency: We will review and improve internal systems and office processes to strengthen our net position across all operational areas. This will include tinance, ICT, HR functions, with a focus on simplification. sustainability, and capacity-building- ensuring we have the infrastructure to support future growth, c. Capital Development& Expansion.. As part of our phased capitalworks, we will develop an action plan for the next stage of redevelopment, using insight from our updated feasibility study and community consultation. The acquisition of Jacob Wells Baths will expand Trinity's reach and profile. enabling us to grow our civic offer and explore new enterprise and fundraising initiatives rooted in locauregional need and opportunity. Publlc Benefltstatement The Trustees have reviewed the activities of the Charity in the light of the guidance published by the Charity Commission on public benefit. The Trustees are satisfied that the Trust'5 activities are for the public benefit, relatingas theydo to the charity's arts, community, education and heritage charitable objects, outlined above. This benefits the community by providing access to free and affordable space and activities, to take part, socialise. develop skills and confidence, improve well-beingand be inspired by arts. TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2025 Soclal Impact The criteria the Charity uses to assess impact in the reporting period were.. Number of groups engaged Number of participants in specific projects Feedbackfrom participants and groups Public benefit criteria specif ic to each projectlactivity e.E. skillslconfidence improved Key numbersfor2024125 Welcomed over 70,998 people acrossthe year Programed 1,412 events and workshops Delivered 669 children and youth sessions Provided freelsubsidised hire to deliver 407 community activities Supported 326 artists and creatives Actlvltles In year In 2024125, Trinity deepened its role as a civic hub, facilitating over 1.412 events. activities, and workshops that empowered communitiesto shape and participate in cultural experiences. Our commitment to the forlbylwith methodology ensured that localvoices remained centialto our piogramming, fostering genuine ownership and civic participation. Strategic Partnerships and Programmes.. Youth Engagement: In collaboration with Off the Record, we enhanced ouryouth provision. offeringtargeted support and creative opportunities foryoung people. Adult Learnlng and Employability: Partneringwith Bristol College of Art, we co-designed an adult learning and employability programme, addressing community needs and providing clear progression routes. Cultural Alllance: We established a cultural alliance with three local primary schools and arts partners Move Ma Idance} andACTA Itheatrel, delivering a two-year programmethat integrates creative expression into education. Creative Health Inltlatlves: Our partnership with Bristol Drugs Project piloted wellbeing-focused arts activities for adults, highlightingthe therapeutic potential of creative engagement. Cultural Democracy Leadership: Through collaboration with St Paul's Carnival and Citizen5 in Power, we played a strategic role in the region's f irst Citizens, Assembly on Culture, promoting inclusive decision-making in the arts. Key Programmes and Initiatives: Our place-based approach was strengthened through strategic partnerships with three local primary schools and the introduction of Communityconnectors- trusted local individualswho build relationships and help co-create programmes that reflect community needs. Alongside this, we developed a robust frameworkto test and embed the forlbylwith methodology, ensuringwork is designed, led, and delivered in genuine partnership with local people. TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 This collaborative approach has enabled us to more eff ectivelytrack impact, respond to feedback. and embed sustainable, locally rooted participation. Over the year, it has deepened engagement. built trust, and increased the relevance and accessibility of our programmes- laying a strong foundation for long-term civic and creative involvement. For example, we launched a new partnership with local homelessness charity inHope to establish a communitychoir; supported a neighbourhood festival in Newtown. and co-designed a summer programme of family arts activities with local residents- attracting new participants. Beyond Ourwalls Over the past year, Trinity Presents expanded its reach beyond our venue walls, curating a diverse series of events that championed emerging and underrepresented artists across genres. These events created vital plattorms f or artistic expression both at Trinity and across the city. Weforged newpartnerships with local and national promoters, including Brown Excellence. a South Asian soundsystem experience blending the live energy of tabla with electronic music. We collaborated with AnExperlence (SomethingLovely) to host a heartwarmingcommunity paty that offered emerging Bristol-based artists their first sets. We also celebrated the rich musical heritage of our building bywelcoming Rupture, who brought a nightof Jungle and Drum & Bass and featured legendaryartists such as DJ Storm. Honoring our soundsystem legacy, we teamed up with Teachlngs In Dub for our annual Day Paty. The event drew 800 attendees and featured iconic acts including Mungo's HiFi, Solo Banton, and Adrian's Wall x Housewife's Choice. who joined us live and direct from Australia. Our solo Trlnlty Presents shows continued to champion innovative talent, hosting long-time collaborators Waldo's GiftatTrinityto launch their new album; presenting Ishmael Ensemble at Electrlc Ifoimally SWXI in partnership with international promoters Metropolis. delivering a sell- out New Year's Eve takeoverwith Crotch- and supporting Bethany Leyat grassroots venue Strange Brew. We also launched Seedllng Sessions. a new initiative spotlighting local and diverse talent. Beyond live music, we activated newcultural spaces acrossthe city. A standout project, Destination Old Market, celebrated the area's diverse businesses through a place-based, community led promenade that welcomed hundreds of visitors. This initiative stren￿ttened local cultural infrastructure and deepened ourties to the community. TRINITY COMMUNITY ARTS LIMITED {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {continued) FOR THE YEAR ENDED 31 MARCH 2025 Securing a long-term lease for Jacob Wells Baths has significantly strengthened our civic presence, raising our prof ile and reputation as a leading cultural organisation in the city. Following the successful completion of a 35-year lease with Bristol Citycouncil in September2024, we entered a vital development and repair phase. This stage has progressed despite delays caused by changes in local and national governance. as well asthe discovery of a bat roost. which temporarily halted activity on-site. To date. keysurveys and initialworks have been completed, includingweatherproofing. preparation for asbestos decontamination, and structural safeguarding of the roof. Despite these challenges, the JWB project continues to move fotward with a community-led culturalvision blending sensitive conseNation with renewed public use-to safeguard the f uture of this unique assetfor generations to come. Trinity continued our work to deliver Citliens for Culture-the UK'S first Citizens. Assembly to shape a reEional Cultural Plan. Co-founded byTrinity's CEO Emma Hatvey, alongside LaToyah McAllister-Jones {St Pauls Carnival CICI and David Jubb Icitizens in Powerl, this bold initiative will create the UK'S first cultural plan shaped by a citizens, assembly. From June 2025, 15,OOOWestof England households will be invited to take part, with 52 citizens selected by sortition12 CIVIC lottery) to shape a plan in response to the provocation: "Whatwould culture and creatlvlty look like if they were for everyone?" "We all have a rightto cultural expresslon.This is about ensurlng culture woiks for everyone. CEO Emma Harvey Trinivs Chlldren &Young People's Programme grew its impact by13unchinga Cultural Alliance, a two-year arts partnershipwith three primary schools. integratingdance and drama to boost creativity and inclusivity. We expanded after-school activities for 5-11-yeai-olds, offering dance. ciaft5, and storytelling in a supportive setting. Our open accessyouth offerfor 16-25-year-olds provided music workshops, performances, and skills development, focusing on young people from marginalised backgrounds. We also delivered a summer of co-designed family activities, including outdoor play. nature learning. and arts workshops. to strengthen family bonds and piomote well-being. These initiatives continueto foster creativity, development, and community connection across ages. Through these initiatives, Trinity has reinforced its commitment to cultural democracy, community empowerment, and the co-creation of inclusive cultural experiences. Our activities in 2024125 will continue to build on this foundation, fostering a vibrant and participatory cultural landscape. io TRINITY COMMUNITY ARTS LIMITED {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 These actlvltles contributeto the achlevement of the Charltys alms and objectlves by: supporting the work of relevant artists enabling audiences to take part in memorable cultural experiences maintaining and safeguarding the f uture of the physical asset providing a diverse activities programme relevant to local residents and target groups engaging children, young people and volunteers in activities that develop skills and confidence providing facilities in the interests of social welfare improving relationships be￿een people of different backgrounds (see Charitable Objects) Flnancial revlew Thisyear, we focused on strengtheningourfinancial reportingto support better decision-making, enhance f inancial management, reduce inefficiencies, and mitigate risks linked to personnel dependency and financial misrepresentation. Key developments included the recruitment of a new Bookkeeping Apprentice, the introduction of improved reconciliation processes, and the appointment of a Treasurer to provide strategic oversight. We also initiated a comprehensive review of our f inancial systems and processes, including day- to-day bookkeeping, reporting, and resource allocation. With support from external experts, we are exploring improvements that will make our f inancial systems more robust. efficient. and accessible for staff and trustees alike. These changes aim to build organisational resilience. improve oversight, and create a more transparent and accountable financial culture. Financially, our reported income for 2024125was above budgeted position. largely due to our success in securing a mix of restricted and unrestricted grant5. This additional income enabled Trinity to navigate periods of uncertainty effectively, particularly in response to reduced event programming between April and September, which was down against budget and directly Impacted the performance of our trading subsidiary. Despite these challenges, we closed the year with a positive free reseNes position, increasing from £95,182to £124.295. In consultation and agreementwith our Board. we also revised ourfree reseNes policy, reducingthe target from six months to three months of unrestricted expenditure to better reflect our current risk prof ile and operational context. Based on current levels of expenditure, the reserrves target is £296k. li TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2025 The restricted net income in theyear of£894,794 has arisnen fiom the Jacobs Wells Baths {JWBI project. A portion of the restricted grant income remained unspent as at31 March 2025. However, material contractual obligations were in place before the year-end for planned capital works commencing in the 202>26financialyear. See note 21. These commitments. though not resulting in expenditure in the period, represent binding agreements for the use of restricted funds in line with grant conditions. We are acting in good faith in continuing with the delivery of the project in accordance with the original grant terms. While formal written confirmation of an extension to the grant period has not yet been received, we have no reason to believe that the grantwill be withdrawn or clawed back and we remain in active dialogue with the funding body. To ensure future stability. we are continuing scenario planning and applying cautious budget assumptions. We remain focused on rebuilding our reserves to meettarget levels, alongside addressingremuneration and salary benchmarkingto ensurewe can retain and support our staff team. Looking ahead, we will continue to collaborate with partners to strengthen income streams. identify cost-saving opportunities, and maintain strong f inanciaigovernance to support our charitable mission and long-term strategic objectives. Golng Concern TheTrustees have reviewed the circumstances ofthe Charityand group and considerthat adequate resources continue to be available to f und the activities of the Charity and group for the foreseeablefuture. The Trustees are of the view that the Charity and group is a going concern. 12 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Future Plans Our next chapter offers a critical opportunity to build a cultural landscape where creatlvlty is not only accessible to all but shaped by all- where the intrinsic value of the arts is recognised and protected. To continue thisjourney, we're focusingon three key areas: Voice:As a membership organisationwith a diverse board, we're committed to makingdecisions shaped bythe communities we seNe. Overthe nextyear, we will deepen our commitmentto distributed leadership and participatory decision-making- embedding our by, for, with methodology and co-creation practices. This means delivering cultural experiences for communities, designed and led bythose with lived experience, and developed with communities through collaboration and shared learning across all areas of our woik. We will further Trinity's long-term mission to democratise culture through both our creative programme and governance structures, supportingthe region's first Citizens'Assemblyfor Culture-a bold step in placing cultural decision-making directly in the hands of communities. This work is guided by a single, urgent question- How do we create a sustainable and equitable cultural revolution that includes all of us? Alongside this, we will continue to experiment with sociocratic workplace practices- such as rotating roles, circle structures. and citizen-led f rameworks- to build a more equitable, transparent, and responsive organisation. Our involvement in Citizens of Culture, a regional neI￿Ork advocating for citizen-led approaches, amplifies this work and strengthens our ability to influence how culture is valued, shaped, and sustained. Resilience: In a sectorcharacterised by uncertainty. we are championingstrong partnerships as a foundation for equityand long-term sustainability. We will expand Trinity Presents, our programme of theatre, dance, and music, continuing to deliver diverse, high-quality events both within Trinity and Beyond Ourwalls across the city. Buildingon this reach, we will launch a new programming model through regional festivals, creating opportunities to engage wider audiences, amplify underrepresented voices and strengthen our business model. Leveraging our social capital, we will also further develop civic and heritage consultancy services and secure long-term investment to scale our business plan. This spirit of innovation and collaboration will enable Trinity to access new markets, strengthen organisational resilience, and broaden our events portfolio, ensuring lasting impact across Bristol and beyond. 13 TRINITY COMMUNITY ARTS LIMITED {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 A key priority is the restoration and phased reopening of Jacobs Wells Baths, a disused Grade11 listed building and cherished community arts space. Having already secured over £2 million towards essential restoration, we plan to transform the venue into a vibrant. accessible, community-led arts hub. Trinitywill draw on overtwo decades of experience and expertise, while co-designing a sustainable future that addresses the local shortage of creative spaces and maximises long-term community benefit. Posltloning: In the coming period, we will embed robust monitoringtools and frameworks across our work to strengthen our data collection and ensure more insightful, evidence-driven communications. Central to thiswill be the appointmentofa Content Curator, who will champion the storytelling of Trinty's breadth and impact- amplifying voices and experiences to better celebrate and communicate ourculturalvalue. Through ongoing collaboration with academic partners, including welcoming a Researcher in Residence from the University of Bristol. we will deepen our evaluative practices and move beyond transactional evaluation towards a meaningful, iterative, and story-rich content strategy. This approach will empower us. and thosewe workwith, to understand communities more deeplyand articulate cultural impact with greater clarity and nuance. Building on our work with the University of Bath to ref ine Trinity's Cultural Conf idence Scale, we will continue enhancingour abilityto measure and demonstrate the impact of our programmes. These evidence-based insightswill inform future programming, strengthen advocacy efforts, and contribute to positioninETrinity as a leader in cultural value and community engagement. 14 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 OurTeam As part of our commitmentto staff development and inclusive leadership, the team took part in a leadership training programme led by MUTI. The trainingfocused on power dynamics, decision- making, and collective leadership. offering practical tools to support more inclusive, accountable practices across our organisation. The experience deepened staff understanding of howto lead with care and confidence. and provided a shared frameworkto help embed ourvalues more fully into everydaywork. "Inspiring, enriching, and helped meto develop new skills" Cassie. Music Programme Coordinator. Ourvolunteers The Charity is very involved in the community and relies on voluntary help, with 26Volunteersfor the period for both one-off and ongoingsupport. Trinity's community garden is open to the public. proving a space for quiet contemplation, social time and a range of multi-generational activities. 15 volunteers support garden maintenance at fortnightly sessions, overseen by our garden facilitator. Volunteers also support one-off events includingTrinity's summerGarden Parties, Christmas Festus market. and neighborhood-based activities including Newtown Street Party. Roles include Stewarding, workshop facilitation support and general event support. 15 TRINITYCOMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Risk Management TCA def ines risk as any event or action that may adversely affect our ability to achieve our charitable objectives and execute our strategies. We have identified risks and classified them in terms of likely occurrence and the impact they might have on the organisation. The Trustees have a risk managementstrategywhich comprises of maintainingand reviewinga Risk Register. The Register reflects current Charity Commission recommendations ICC26} regardingthe format of Risk ReElSters, which have a 5-point scale for both impact and likelihood with the numbers multiplied to give a risk score. The object of this method is to draw the attention of the Trustees to the seriousness with which the risks should be taken. An additional column shows the risk score after mitigating factors have been implemented. The Trustees review risk through monthly executive meetings of the Chair, CEO, Dept CEO and Director of Culture. and quarterlyTrustee meetings to ensure solvencyand compliance. The principal risks faced by the Charity as indicated on our Business Risks Register are.. Finance.. failure of budgetary control, internal f inancial controls, inability to meet income targets, and unforeseen expenditure costs. Health and Safety: failure to safeguard thewelfare and safetyofstaff, volunteers. customers, and Other users of the Centre. Personnel: loss of key personnel. such as seniormanagement. Governance: failure to recruit and retain trustees. Reputational.. incidents that could impact our reputation as a trusted charity. ICTISystems/GDPR: issues related to information and communication technology, systems, and compliance with GDPR regulations. Mitigation measures include: Finance.- forecastingvarious scenarios, regular cash f low review. strong fundraising efforts. monitoring and reporting to the Board Finance Sub-Group. and effective financial governance through annual audit. professional management accountant services and pro bono support from an independent advisor. Health and Safety-. we have a Health and Safety Policy in place with procedures including regularchecks. conducting risk assessments. providingtrainingto staff and duty managers, maintaining an accident and incident report5 using i Am Compliant and ensuring timely investigation and reporting of incidents. Personnel: with supportfrom an external HR advisor, we are workingto improve CPD, social and well-being offersto the team, implementing performance management frameworks. conducti ng staff satisfaction surveys. providing training and support, and encouraging communication and knowledge sharing among staff. 16 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {continued) FOR THE YEAR ENDED 31 MARCH 2025 Rlsk Management (contlnued) Governance- ongoing recruitment drive. engagingTrustees through sub-groups and traininE, working with external advisors, conducting board skills audits and social activities for team building and retention. Reputational- clear publicised complaints procedure. programme team policies to support with assessing risks to public perception, monitoring of sector and other relevant publications by Comms team, proactive communication planning, tracking social impact, and showcasing positive stories of our public benefit. ICTISystemslGDPR: documentation of ICT systems, external support for IT infrastructure, data risk and compliance reviews. IT policies and training, registration with ICO, data protection policies, and using CiviCRM for data management. Overall. the organisation has implemented various measures to mitigate the identified risks in each area and theTrustees are confidentwe havetaken proactive steps to manage and address potential challenges facing us. Structure, governance and management Trinity Community Arts Ltd is a companylimited by guarantee, governed by its Memorandum and Articles of Association dated 2111112011. It is registered as a charity with the Charity Commission. Details of the Trustees who seNed throughout the yearlperiod are included in the Reference and Administration Details on page 3. Each member ofthe Charitable Company undertakesto contribute to the assets ofthe Company in the event of it beingwound up while helshe is a member, orwithin one year after helshe ceases to be a member, such amount as may be required, not exceeding £10. forthe debts and liabilities contracted beforetheyceaseto be a member. As set out in the Articles of Association, the Chair of the Trustees. is nominated and elected by the Trustees. New Trustees are appointed by existingTrustees and the Members of the charitable companyand serve fora period of 3years. The Memorandum and Articles provides a minimum of 3 Trustees, to a maximum of 12 Trustees, with no more than 113 Trustees duefor re-appointment in any one year. All Members are circulated with invitations to nominate Trustees prior to the AGM advising them of any retiring Trustees and requesting nominations for the AGM. When considering co-opting Trustees. the Board has regard to the requirement for any specialist skills needed, for example, Fundraising, Finance, Legal or Community knowledge. 17 TRINITY COMMUNITY ARTS LIMITED {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management (contlnued) When appointing new Trustees, the Board will give consideration to the skills and experience mix of existing Trustees in order to ensure that the Board has the necessary skills to contribute fully to the Charity's development. NewTrustees may be sought by open advertisement orthrough existing Members. The training and induction provided for newTrustees will depend upon their existing experience but would always include a tour ofthe Charity and a chanceto meet all staff. All Trustees are provided with copies of policies. procedures, minutes, accounts, budgets, plans and documents that they will need to undertake their role as Trustees. All Trustees are provided with copies of CC3 and CC8 guidance. The Board ofTrustees normally meets quarterly as a full board to cover statutory matters with meetings between to review specific tasks or work areas. The Board establishes an overall framework forthe governance ofthe Charity and determines Membership, terms of reference and procedures of Committees and other groups. It receives reports including policies from its Sub Groups for ratification. It monitors the activities of the Sub-Groups through the minutes of their meetings. The Finance Sub-Group meets at least 4 times a year and is responsible for monitoring, evaluating and reviewing policy and performance in relation to f inancial management, compliance with reporting and regulatory requirements and reporting. It also incorporates the role of an audit committee. All Sub-Group decisions are subjectto approval bythe Board ofTrustees. such as any proposals for changes to the status or constitution of the Charity and its structure. to appoint or remove the Chair. andlorto approve the Business Plan and budget. The Trustees are responsible for setting general policy, adopting an annual plan and budget, approvingthe statutory accounts, monitoring Charity bythe use of budgets and other data, and making major decisions about the direction of the Charity. The Board ofTrustees has devolved responsibilityforday-to-day management ofthe Charityto the key management personnel. The key management personnel comprise the CEO and Leadership Team which includes the Deputy CEO and Director of Culture. The key management personnel implementthe policies laid down bythe Trustees and report backto them on performance. Further details regarding key management personnel are disclosed in note 8. 18 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management Icontlnued} None of our Trustees receive remuneration or other benef itf rom their work with the Charity. Details of related parties are disclosed in note 18 of the notes to the financial statements. The Charity has a wholly owned subsidiary. Trinitycommunity Enterprises Ltd. The purpose ofthe subsidiary is to deliver commercial activities that align with and f und the Charity's activity. Details of the subsidiary are disclosed in note 11. As the Trustees are Directors, disclosure is required of whether there were any third-party indemnityprovisions duringthe year or at the date of approval ofthe Trustees, Report. The DirectorslTrustees have indemnityagainstthird-partyclaims to the value of£200,000. Trustees, Responslbllltles Statement TheTrustees (who are also Directors ofTrinityCommunity Arts Ltd forthe purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financialyear. Under company lawthe Trustees must not approve the financial statements unless theyare satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable companyfor that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Chaiities SORP; make judgments and accountingestimates that are reasonable and prudent: state whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 19 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2025 Trustees, Responslbilltles Statement{contlnued) The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed: so far as that each Trustee is aware. there is no relevant audit information of which the charitable company's auditors are unaware. and that each Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable company's auditors in connection with preparing their report and to establish that the charitable company's auditors are aware of that information. Trustees. Report, incorporating a strategic report. approved by order of the Boar(i of Trustees, as the company Directors, on 41111202sand signed on the Board's behalf by: Chrls Lufflngham, Chalr ofTrustees 20 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF TRINITY COMMUNITY ARTS LIMITED Opinion We have audited the financial statements of Trinity Community Arts Limited (the 'parent charitable company'l and its subsidiary (the 'group'l for the year ended 31 March 2025, which comprise the consolidated Statement of Financial Activities, the consolidated Balance Sheet, the charitable company Balance Sheet, the consolidated Statement of Cash flows and the Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 March 2025, and of the group's incoming resources and application of resources, including its income and expenditure, for the yearthen ended; have been properly prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International standards on Auditing (UK) 11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in which the15As IUKI require us to report to you where: the trustees, use of the going-concern basis of accounting in the preparation of the financial statements is not appropriate- or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent charitable company's ability to continue to adopt the going-concern basi5 of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 21 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TRINITY COMMUNITY ARTS LIMITED {continued) Other information The other information 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the companies act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report. whlch includes the directors, report prepared for the purposes of company law, for the f inancial year for which the financial statements are prepared is consistent with the financial statements. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirement5. Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audrt have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounting records and returns: or certain disclosure5 of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; 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 preparing the trustees, director5, report and from the requirement to prepare a strategic report. TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF TRINITY COMMUNITY ARTS LIMITED (continued) Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 12, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees and directors 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 group's and parent charitable company's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going-concern basis of accounting, unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Explanation as to what extent the audit was considered capable of detecting irregularities, Includin8 fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations. or through collusion. The extent to which our procedures are capable of deterting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 23 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF TRINITY COMMUNITY ARTS LIMITED (continued) Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and group and determined that the most significant are FRS 102 (United Kingdom Generally Accepted Accounting Practice}, UK Companies Act and relevant tax legislation, General Data Protection Regulation IGDPRI requirements, health and safety laws, employment regulations, The Equality Act 2010, anti-bribery and corruption regulations; and those that had a fundamental effect on the operations of the charitable company and group such as licensing laws relevant to hosting live music events and public gatherings, food hygiene and safety standards for on-site catering or licensed bars, environmental regulations affecting waste disposal and noise control and venue capacity, fire safety, and public liability requirements. We understood how the group and company is complying with those frameworks by holding enquiries with management and those charged with governance. We understood the potential incentive and ability to override controls, and employee access to guidance of how to report anv instances on non-compliance. We also considered any relevant controls implemented to reduce the risk of fraud or irregu larities. We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur. In particular, we identified the risk of management override of controls and focused our work on revenue recognition as a key audit risk. Our audit procedures in response included.. Substantive testing of revenue transactions throughout the year and after the year-end, using a lower testing threshold; Review and testing of manual journal entries posted to revenue; Inspection of supporting grant documentation and performance conditions. Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations, which included: Enquiry of management and those charged with governance regarding any actual or suspected fraud. litigation, claims, or breaches of significant laws and regulations,. Testing a sample of journal entries and other adjustments to assess the risk of management override of controls; Enquiry and analysi5 of any significant or unusual transactions outside the normal course of business. Critical review of key accounting estimates and judgments for evidence of bias or override; Review of financial statement disclosures to assess compliance with applicable reporting and legal requirements. 24 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF TRINITY COMMUNITY ARTS LIMITED {continued) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our audit report. Use of our report This report is made solely to the company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to 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 rent charitable company and the parent company's members as a body, for our audit work, for this port, or for the opinions we have formed. Stephen Burnside FCA {Senior Statutory Auditor) forand on behalf of Burnside Chartered Accountants and Statutory Auditor 61 Queen Square Bristol BSI 4JZ Date.. 25 TRINITY COMMUNITY ARTS LIMITED (ACOMPANY LIMITED BY GUARANTEE) Consolldated statement of financlal activities forthe year ended 31 March 2025 General Unrestricted Designated Restricted funds funds funds Total funds Total funds 2025 2024 Note Income and endowmenls from: Donations, and legacies Charitable activities Raising funds othertrading activities Investment income - interest Other Income Tolal 6,989 206,064 873.968 31,913 33,894 1,152.828 6,989 8,202 0 1,739.826 1,945,890 743,158 873,968 832,211 31,913 2,413 9,525 43,419 42,699 0 1.749,351 2,902,179 1,628,683 Expenditure on: Raising funds- other trading activities Charitable activities Total 523,493 635.016 1,158.509 523,493 469,120 817,421 1.478,971 1.021,862 817,421 2,002,464 1.490.982 26,534 26.534 Net Incomel{expendlture) 15,6811 126,5341 931,930 899,715 137,701 Transfer between f unds 15 37.135 137,1351 Net movement In funds 31.454 126.5341 894,794 899,715 137,701 Reconciliation of funds: Total funds brought forward 95,602 171,648 255,365 522,615 384.914 Totalfunds carrled forward 16 127,056 145.114 1.150,159 1,422,330 522.615 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive f rom continuing activities. A comparative statement of financial activities is included in note 3. 26 TRINITYCOMMUNITY ARTS LIMITED IA COMPANY UMITED BY GUARANTEE) Consolldated and charlty statement of flnancial positlon at31 March 2025 Group 2025 Group 2024 Chartty Charity 2025 2024 Note Fixed assets Tangible assets Investments Tolalflxed assets 154,880 189,565 153.380 187,549 1.000 1,000 i.ooi I,ooi 155,880 190.565 154.381 188.550 io Current assets Stocks Deblors Cash at bank and in hand Total current assets 18.042 11.714 80,258 116,740 41.220 29.273 1.526.959 521,547 1,388,049 402.646 1,625.259 650,001 1.429,558 432,208 12 Liabilities Cieditors.. Amounts falling due wthin one year Net current assetsl(Ilabliftles1 Creditors: Amounts falling due after one year 13 1350.8041 1299,4541 (484,346) 1438.218) 1.274,455 350,547 945.212 16.010) 14 18.005) 118.4971 (8.005) {18.497} Total net asset$l(Ilabllllles) &422,330 522.615 1.091,588 164.043 The funds of the charity UnTestTiCted tunds- designaled 16 145,114 171.648 145,114 171.648 Unrestricted funds- general 16 127,056 95.602 (203.686) (262,9701 Total unlestricted funds 272.170 267,250 (58,572) 191.322) Restricted funds Is I.￿0,159 255.365 1.150.159 255.365 Total funds 16 L421330 522.615 1,091.588 164.043 The notes on pages 29 to 45 form part ofthese accounts These accounts were approved by the Board on ?/ii/iois 27 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Consolidated cash flow statement for the year ended 31 March 2025 Group Group 2025 2025 2024 2024 Note Cash flows f rom operating activities: Net cash provided by (used inl operating activities Cash fows f rom investing activities= Purchase of: Tangible fixed assets Interest received on bank deposits Net cash provlded by (used in) financing activltles Cash flows from financing activities Repayment of loans Net cash provlded by (used in) financing activities Cash and cash equivalents Increasel(decrease in cash and cash equivalents In year 983,734 176,918 io 110.5471 2,413 31,913 31,913 (8,1341 110,235} 18,0871 110,2351 18.0871 1,005,412 160,697 Cash and cash equivalents blf 521,547 360,850 Cash and cash equlvalents atthe end of the reportlngpeilod 1,526,959 521.547 Reconciliation of net movement In funds to operating cash flow for the year ended 31 March 2025 2025 2024 Net movement In funds Adjustments for.. Depreciation charges - fixed assets Ilncreasell decrease in stock5 Decrease in debtors Increasel Idecreasel in creditors Interest received and paid Net cash provlded by (used In) operatlng activitles 899,715 172.920 34,685 16,3281 36,482 51,093 131,9131 59.022 18721 1.246 152.9851 12.4131 983,734 176,918 28 TRINITY COMMUNITY ARTS LIMITED {A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements For the year ended 31 March 2025 I. GENERAL INFORMATION TrinitycommunityArts Limited is a company limited byguarantee and a charity registered at the Charity Commission in England and Wales. The principal address is The Trinitycentre, Trinity Road. Bristol. BS2 ONW. 2. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIALSTATEMENTS The financial statements have been prepared In accordance with the Charities SORP IFRS 1021 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 leffective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act2006. Trinity CommunityArts Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated Statement of FinancialActivities ISOFAI and Consolidated Statement of Financial Position consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line-by- line basis. The Charity hastaken advantage ofthe exemption allowed undersection 408 ofthe Companies Act 2006 and has not presented its own Statement of FinancialActivities in these f inancial statements. The charity's functional and presentational currency is the pound sterling. 29 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (continued) Forthe year ended 31 March 2025 2. ACCOUNTING POLICIES (contlnued) 2.2 GOING CONCERN The Trustees have reviewed the circumstances ofthe Charityand Group. They believe adequate resources will be available to fund the activities of the Charity and Group for the foreseeable future. TheTrustees are of theviewthat the Charity and Group are goingconcerns on this basis. The Trustees, assumptions and outlook assume that the current level of costs is suff icient to satisty the current level of activity. They recognise that if the cost-of-living crisis results in a significant reduction in the level of trading, then necessary reductions in expenditure will be required. The Trustees will continueto monitor cash flow on a 3 monthly basis. If necessary, monthly cash flowforecastswill be prepared and action taken. The Trustees have prepared a budgetforthe next 12 months from 3110812024to support their going concern decision. Thefinancialstatements do not reflectthe adjustments thatwould be necessary should the ability of the Charity and Group to carry out its charitable and trading activities be jeopardised due to a material issue with funding required in order to provide services to their beneficiaries and customers. The Trustees acknowledgethatthe Charityand Group are subjectto ongoing uncertainty upon future funding. However, the Trustees believe that under all reasonable assumptions ofthe future, the Charityand Group have sufficientfunds to continue to operate and meet their liabilities as they fall due. 30 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (continued) For the year ended 31 March 2025 2. ACCOUNTING POLICIES Icontlnued) 2.3 INCOME All income is recognised once the Charity has entitlement to the income, it is probable thatthe income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated Statement of FinancialActivities on a receivable basis. The balance of income receive(i for specific purposes but not expended during the period is shown in the relevant funds on the Statement of Financial Position. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entitlementoccurs before income is ieceived, the income is accrued. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benef its will be required in settlement and the amountofthe obligation can be measured reliably. Expenditure on raisingf unds includes all expenditure incurred by the Group to raise f unds for its charitable purposes and includes costs of all f undraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which furtherthe Group's objectives, as well as anyassociated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 TAXATION The Charity is considered to pas5 the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 31 TRINITY COMMUNITY ARTS LIMITED {A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (continued) Forthe year ended 31 March 2025 2. ACCOUNTING POLICIES (contlnued) Accordingly, the Charity is potentially exempt f rom taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation TaxAct2010 or Section 256 ofthe Taxation ofchargeable Gain5 Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.6TANGIBLE FIXEDASSETSAND DEPRECIATION Tangible lixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible f ixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straiEht-line method. Depreciation is provided on the following basis: Leasehold property improvements IO% straight line Furniture and f ittings 20% straight line Off ice. events, and studio equipment 20% straight line 2.7 INVESTMENTS Fixed asset investments are initially recognised at their transaction cost and subsequently measured at fair value at the Statement ot Financial Position date, unless the value cannot be measured ieliably in which case it is measured at cost less impairment. 2.8 STOCKS Stocks are valued atthe lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 2.9 DEBTORS Trade and other debtors are recognised atthe settlement amount after anytrade discount offered. Prepayments are valued atthe amount prepaid net of anytrade discounts due. 2.10 CASH AT BANKAND IN HAND Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 32 TRINITY COMMUNITY ARTS LIMITED (ACOMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (continued) For the year ended 31 March 2025 2. ACCOUNTING POLICIES (contlnued) 2.11 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Statement of Financial Position date as a result of a past event. it is probable that a transfer of economic benefitwill be required in settlement, and the amount ofthe settlementcan be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will payto settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.12 FINANCIAL INSTRUMENTS The Group only has f inancial assets and f inancial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlementvalue with the exception of bank loans which are subsequently measured at amortised cost usingthe effective interest method. 2.13 PENSIONS The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable bythe Group to the fund in respectofthe year. 2.14FUNDACCOUNTING General unrestricted funds are unrestricted f unds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designatedfor other purposes. Designated f unds comprise unrestricted f unds that have been set aside by the Trustees for particular purposes. Restricted funds are funds which are to be used in accor(Jance with specif ic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such f unds are charged against the specific f und. The aim and use of each restricted fund is set out in the notes to the f inancial statements. Investment income, gains and losses are allocated to the appropriate f und. 33 TRINITY COMMUNITY ARTS LIMITED {A COMPANY LIMITED BY GUARANTEE) Notes to the Financlal Statements (contlnued) For the year ended 31 March 2025 3. Prior year statement of financial activities tor the year ended 31 March 2024 General Unrestricted Designated Restricted funds funds funds Totalfunds 2024 Income and endowments from.. Donations, and legacies Charitable activities Raising f unds- other trading activities Investment income- interest Other income Total 8,182 203.010 832,211 2.413 42,368 1,088,184 20 540,148 8.202 743,158 832,211 2.413 331 42.699 540,499 1.628.683 Expenditure on: Raising f unds- other trading activities Charitable activities Total 469,120 639,821 1.108,941 469,120 355,507 1.021,862 355.507 1.490,982 26.534 26,534 Net Incomel (expenditure) 120,757} 126,5341 184,992 137,701 Transfer bemeen funds 1763) 8,534 {7,7711 Net movement In funds 121.5201 118.0001 177,221 137,701 Reconciliation of tunds: Total funds brought forward 117,122 189.648 78,144 384.914 Total funds carrled forward 95,602 171.648 255,365 522,615 TRINITYCOMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (continued) For the year ended 31 March 2025 4. Donations and legacies General Unrestricted Designated Restricted funds funds funds Total funds Totalfunds 2025 2024 Donations Total 6.989 6,989 6,989 6,989 8,202 8,202 5. Charitable activities General Unrestricted Designated Restricted funds funds funds Total funds Total funds 2025 2024 Grantfunded Community & Neighbourhoods Children &Young People CitizensAssembly Capitaland Building Core Unrestricted Funding Business Development Jacob Wells Bath Million Hours Fund Fidelity Foundation Old Market Education Room hire 149,085 149,085 195,5% 195,596 182,800 182.800 67,026 127,047 21.300 4,747 115,606 139.944 106,280 0 1.137,820 1,137,820 200.948 9,900 115,606 25,353 46,651 2,521 25,353 46,651 6,681 9,620 86,298 56,346 0 1.739.826 1,945,890 743.158 4,160 86,298 206,064 6. Raisingfunds- Other trading income General Unrestricted Designated Restricted funds funds funds Total funds Totalfunds 2025 2024 Events Trinitycommunity Enterprises Limited 56,928 817.040 873,968 56,928 46.273 817,040 785,938 873,968 832,211 35 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (contlnued) For the year ended 31 March 2025 7. Summary analysis of expenditure Trinity Community Enterprises Raising f unds Charitable Governanc Ltd General activities Total funds Totalfunds 2025 2024 Staff costs 186,329 126,052 155.256 19,382 622,509 352,893 808,838 665.329 478,945 242,904 155,256 148,204 19,860 17.280 56,876 50,064 895 476 33.551 28.541 59,910 38,667 12,455 19.920 31.993 30,369 1,089 2.353 19,146 18,126 184,692 93,297 34,685 59,022 21,892 29, 126 25,239 13.753 5,579 5,829 10,754 12.233 13,484 13,213 2,102 24.322 901 Sub-contractors Purchases Licenses & commissions Cleaning & waste disposal Project costs Marketing & advertising Repairs & renewals Equipment rental Light & heat Travel Insurance Professional fees Depreciation Admin and office costs Computer & IT cost5 Rates Bank charges Accountancy & audit Sundries Irrecoverable VAT Bad debts Sub-total Apprortion Governance costs Total 478 56.876 895 33.412 53.590 1,866 31,993 781 19.146 183,082 34.170 21,892 25.239 5,579 451 139 6,320 10,589 308 1,610 515 10.303 13,484 1,605 497 24,322 721 1,555 1.469,671 13,484 2.002,464 1,490.982 9.300 113,4841 1.478,971 0 2.002.464 1,490,982 901 519.309 4.184 523,493 Total funds Total f unds 2025 2024 Total resources are stated after charging: Auditors, remuneration Audit Other services including tax advisory Depreciation of tangible fixed assets 13.484 10,213 3,000 59,022 34.685 36 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (continued) Forthe year ended 31 March 2025 7. Summary analysis of expenditure - charitable activities General Unrestricted Designated Restricted funds funds funds Total funds Total funds 2025 2024 Community & Neighbourhoods Children & Young People Citizens Assembly Capital & Building Artists Development Jacobs Wells Baths Business Development Old Market Total 49,466 60,459 64,401 7,304 111,732 168,502 222,783 14,022 214,490 288,971 271.922 5,208 79,660 149,269 12,472 52,589 58,285 308,054 741,325 252, 108 66.864 76.519 151,703 36,621 54,385 26,534 817.421 1.478,971 1,021,862 433.271 9.655 17,764 635.016 8. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel 2025 2024 Group Wages and saleries Employer's national insurance Pension costs 719,204 589.617 49,893 44,048 39,741 31,664 808,838 665.329 The trustees were not paid. nor did they receive any other benefits f rom the charity or its subsidiaries in the year l£nil in 2024). No trustees claimed anyexpenses duringthe year. AfewTrustees claimed expenses of £319.36for development courses and background checks during2024. The key managementpersonnelcomprise the Senior LeadershipTeam. The total employee benefits ofthe key management personnel ofthe Trust were £146,5341£138,077 in 20231241- No employee received remuneration amountingto more than £60,000 in eitheryear. 2025 2024 The average number of employees in the Group was.. 38 37 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (contlnued} For the year ended 31 March 2025 9. Tangible fixed assets Furniture & fittings Office equipt. Event equipt. Studio equipt. Property Total Cost At OIApril 2024 Additions At31 March 2025 72.700 25,187 145.609 2.959 543,133 789,588 72,700 25,187 145.609 2.959 543,133 789,588 Depreclatlon At 01 April 2024 Charge forthe year At31 March 2025 60,448 4.509 64.957 19,598 126,763 1,785 6,509 21.383 133,272 2,959 390,255 21,882 2,959 412,137 600,023 34,685 634,708 Net bookva(ue At 31 March 2025 7,743 3.804 12,337 0 130.996 154,880 At31 March 2024 12,252 5.589 18,846 0 152.878 189,565 Cost At 01 April 2024 Additions At 31 March 2025 72,700 18,027 145.609 2,959 543.133 782,428 72.700 18,027 145,609 2,959 543,133 782,428 Depreclatlon At 01 Apri12024 Charge forthe year At 31 March 2025 60.448 4,509 64.957 14,454 126,763 1.269 6.509 15.723 133.272 2.959 390,255 21.882 2,959 412,137 594.879 34,169 629.048 Net bookvalue At 31 March 2025 7.743 2,304 12,337 0 130.996 153,380 At 31 March 2024 12,252 3,573 18,846 0 152.878 187,549 38 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes tothe Financial Statements (continued) Forthe year ended 31 March 2025 10. Fixed assets- Investments Subsldlarles Duringthe year and in the previous the Charity was the benef icial owner of shares in one wholly owned trading subsidiary, Trinitycommunity Enterprises Limited. The cost ofthe investmentis £1. Registered Socletles The charity has invested £1,000 in a Registered Society, stokes Croft Land Trust. 11.Trading subsidiaries-Trinity Communiiy Enterprises Limited The Trust is the beneficial owner of shares in onewholly owned subsidiary, Trinity Community Enterprises Limited. a company incorporated in the UK. The Trust did not expend anyf unds in obtaining these interests. The purpose of the subsidiary is to run private and public music events at the Trinity Centre. The company operates a bar (iuringevents. Asummaryof the results forTrinity Community Enterprises Limited (before the consolidation adjustmentsthat have been made to the figures in the SOFA) is shown below: 2025 2024 Proflt and loss accountforthe year ended 31 March 2025 Turnover Cost of sales Gross proflt Overheads and administration Operatlng proflU(loss) Interest received Interest payable and similar charges Profltl{loss) before taxatlon Tax on profit ProliV(loss} for year 849,549 816.093 {281,3091 1273.1111 568.240 542.982 (242,1831 (196.0081 326.057 346,974 8.563 326,057 355.537 326,057 355.537 39 TRINITY COMMUNITY ARTS LIMITED {A COMPANY LIMITED BY GUARANTEE) Notes to the Financlal Statements (continued) For the year ended 31 March 2025 2025 2024 Balance sheetat 31 March 2025 Fixed assets Net current assets Total assets less current liabllltles Creditors falling due after more than one year Total net assets 1.501 329,243 330.744 2,016 356.557 358,573 330.744 358,573 Capltal and reseNes Called-up equity share capital Prof it and loss account Total shareholder's funds 330,743 330,744 358,572 358,573 12. Debtors- amounts falling due within one year Group 2025 Group Charity 2024 2025 Charity 2024 Trade debtors Amounts owed from group undertakings Other debtors Prepayments and accrued income 44.201 65,716 11,596 20,621 9,234 25,058 26,823 25,966 80,258 116.740 2.801 26,823 41,220 2,319 6.333 29,273 13. Creditows: amountsfalling due wilhin one year Group 2025 Group Charlty 2024 2025 Charity 2024 Bank loans Trade creditors Amounts owed to group companies Accruals and deferred income Other taxation and social security Other creditors 10,440 87,935 10.183 10.440 55,334 62,098 0 278,408 160.262 206,766 82.553 46.151 12.888 38.483 46,016 14,283 12.364 350.804 299.454 484.346 10,183 24,467 292,046 91,945 10.119 9,458 438.218 14. Creditors: amounts falling due after one year Group 2025 Group Charlty 2024 2025 Charity 2024 Bank loans 8.005 18.497 8.005 18,497 40 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnanclal Statements (contlnued) Forthe year ended 31 March 2025 15. Restricted funds At l April Incoming Resources 2024 Resources Expended Transfers At31 March 2025 Communltles and Neighbourhoods East Side Bristol Impact Fund Fun Palaces 3,957 13.000 17,085 iio.000 5,000 4,000 115,5221 117,0901 150,7941 13,2181 {1,7821 16821 119,6801 1,435 1840) CommunityArts Programme 2024 Quartet Mural D'oyly Carte Choir 2024 Techmakers Chlldren & Young People Children & Young People Music We Move We Sport Easton Nimbus BriHar2024 NaturePlay 2023 After School Provision THRIVE2024 Cultural Alliance Consultation OneSto2024 Citlzens Assembly West of England Combined Authority Million Hours Fund Buslness Development Jacob Wells Baths Communltles and Neighbourhoods 2024 59,206 3,318 19.402 278 26.552 34,855 22.353 143,9051 15,0001 15,845 {44,9561 22,467 {18,3861 14,0811 9,729 {2,8291 17.2581 9,525 {8,915) 16101 10,514 (16,184) 5,670 21,782 {7,069} 15,6701 4,427 {2,993} 90,000 177,264) 1,000 (904) 5,744 7,258 6,900 9,043 1,434 12,736 1961 1.454 182.800 726 175,4911 108,763 17261 53,502 25.353 166,8641 111,991) 106.814 1,137,820 (308,0541 936,580 46,651 136.6211 15,029} 5,001 255,365 1,749,351 (817.4211 137.1351 1.150,160 The purpose of each fund is as follows: Communities & Neighbourhoods: We honoured our commitmentto prioritise resources locally. communities in a 5 miles radius ofTrinity. to co-design and co-delivera community arts programme. Activity included subsidised hire and support packages for partner organisations working with at risk andlorvulnerable groups, and a place-based community activation approach. usingthe power of creative participation to enable f irst step engagement. 41 TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnancial Statements {continued} For the year ended 31 March 2025 Chlldren and youngpeople (CYP): We extended our commitmentto CYP10-2Syrsi, going to school andlor living locally, with actlvlty designed in response to local need. Projects included Open Access Music workshops and Masterclasses. creative social action project using art to amplify the voice of young people: targeted arts engagementwith three local primaryschools: nature play sessions in our community garden; and weekly stay and play activities for local children and families. Citizens Assembly: Trinityare exploring howwe can co-create a cultural strategyforthe city and surrounding region. During the research phase. we invited a range of collaborators from the sector who place participation at the heart oftheir practice to hearfrom some ofthe best speakers working in democratic decision making. The project has been awarded furtherfundingand will test new and innovative approaches to strengthen cultural democracy and decision making. Jacobwells Baths (JWB): building on Trinity's experience renovatingand managingcomplex heritage assets, we are developing a viable and sustainable future for Jacob Wells as a multi-use creative hub. delivering an intergenerational programme of accessible and inclusive dance, youth, and community arts activities. 42 TRINITYCOMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (continued) For the year ended 31 March 2025 16. Analysis of net assets between funds Fixed Net current Longterm assets assets loans Total Restricted funds 0 1.150.160 0 1,150,160 Designated funds General funds Total unrestricted funds 145,114 10,766 124,295 155.880 124.295 145.114 127,056 272.170 {8,0051 18,0051 Total funds 155,880 1.274,455 18,0051 1,422,330 17, Pension scheme The Charity Group opeiates a defined contribution pension. The pension charge for the period represents contributions payable bythe Group to the scheme and amounted to £39,74112024- £31,664). 18. Related party transactions During the year there have been no related partytransactions. In the previous yearthere were no related party transactions. 19. Controlling party The Charity is controlled bythe Trustees as a body. TRINITY COMMUNITY ARTS LIMITED (A COMPANY LIMITED BY GUARANTEE) Notes to the Flnancial Statements (continued) For the year ended 31 March 2025 20. Conf licts of interest - Trustee Disclosure Chris Luffingham, Trinity's Chair of Trustees, was employed byThe League Againstcruel Sport5 (registered charity no. 10952341, whose Chairwas Metro Mayor forwest of England Combined Authorities. Trinity is a partner in the Citizensfor Culture project, funded bythewest of England Combined Authority and the responsibility for grant applications and decisions for this project and associated funds includinggrant agreements has been delegated to the CEO ofTrinity. This has been reviewed as part of our annual audit and The Trustees are satisfied the project furthers Trinity's charitable purposes in compliance with its governing document and charity law. that there is no indication of any individual personal or financiaj benef it being derived from the project nor does the acceptance of associated f unding constitute a conflict of interest. This disclosure is being included in our AnnualAccounts 2023124 in the interests ot transparency and accountability to our stakeholders. TRINITY COMMUNITY ARTS LIMITED {A COMPANY LIMITED BY GUARANTEE) Notes to the Financial Statements (continued) For the year ended 31 March 2025 21. Capital commitment5 Duringthe financialperiod, TrinitycommunityArts has been awarded grant fundingfrom the Communityownership Fund ICOFI and various match funders forthe Jacobs Wells Baths IJWB). Funds are to support Phase I repairs of the Grade11 listed heritage asset. The project is a phased programme of capital works to secure the building and enable its reopening for civic and cultural use. To ensure bestvalue and minimise unnecessarycontractor overheads, the delivery phase of Phase I works has been broken into separate contract packages- enablingand decontamination works and roof repair, main hall and masonryworks. This approach allows Trinity to reduce the cumulative cost of contractor preliminaries and direct a greater proportion of funding toward physical works rather than general overheads. Summary of key contractual commltments" Contract date Contractor Cost (Excl VAT} 1210512025116 weeks) Carrek £96,129 2810512025 {16weeksl Asbestech £360,000 0110812025157weeks"I Cariek £975,164 *** 'Does notinclude smaller contract values such as enablingworks. professional fees 'Numberof weeks currentlyin review *** incl £350, 000 subject to securingof additional funds formasonryworks to be omitted if funds not confirmed. As of l August decontamination works are in progress and mobilisation is underwayfor the main roof element. with delivery scheduled to commence August2025. Although associated restricted grant expenditure had not been realised by the financialyear-end, these contracts represent material obligations against these restricted funds. This provides important context for the group's reported surplus. as a signif icant proportion of unspent funds as at 31 March 2025 are f ully committed to capital works to be delivered within the financial period, 2025- 26; specificallyCOF {£1.05m} grant is due to be fully expended by December2025. 45