The Tin Music and Arts Annual Report 2024/25 Report of the Trustees and Financial Statements for the Year Ending 31 March 2025 Charity Number 1152636
The Tin Music and Arts Annual Report 2024125
The fin Music and Arts Annual Report 2024125 Contents Section Page Report of the Trustees Chair's Report Objects, Vision, Priorities, and Strategies Financial Review Reserve Policy Looking to the Future Reference and Administrative Detail 12 12 14 Structures, Governance and Management Declarations 15 16 Unaudited Financial Statements 17 Independent Examiner's Report Statement of Financial Activities 18 19 Balance sheet 20 Notes to the financial statements 21 Detailed Statement of Financial Activities 30
The Tin Music and Arts Annual Report 2024/25 Report of the Trustees The trustees of The Tin Music and Arts (The Tin) are pleased to present their annual report together with the financial statements of the charity for the year ending 31 March 2025. The financial statements comply with the Charities Act 2011, the Tin's constitution, and the Charities, Statement of Recommended Practice, ISORP - applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 102) issued in October 2019. Chair's Report This report focuses on the Tln's financial results for the year 2024125. Information about activities and impact is available from other sources. I would like to thank our Chief Executive & Artistic Programmer and her hard-working team for all that they have done to enable us to reach our current position and to thank my fellow trustees for their continued support and contributions. I would also like to thank the organisations and individuals who have supported the Tin over the years in general but particularly in 2024/25. Without your support we could not continue to do what we do. Although the report focusses on the Tin's financial performance it would be remiss not to mention a few operational highli8hts and lowlights of the year. These include Coventry University commissioning Deliaphonic, an enduring showcase for electronic music co- supported by the Tin, to produce their graduate degree show in May 2024. One negative development has been the impact of politics in USA which has meant two 8igs being cancelled due to visa issue5, restricting the range of musical experiences that we can offer. Check out our website htt thetinmusicandarts.or for more information. Elaine Tierney FCPFA Chair of Trustees The Tin Music and Art5
The Tin Music and Arts Annual Report 2024125 Objects, Vision, Priorities, and Strategies The Objects of The Tin Music and Arts The Tin's formal objects, as set out in its constitution are: To advance education in music and arts for the public benefit by the provision of an arts facility The promotion of health by the provision of tuition in music and arts To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society. For the purpose of this clause 'socially excluded, means being excluded from society, or parts of society, as a result of one of more of the followln8 factors: unemployment; financial hardshlp; youth or old age; ill health {physical or mental). substance abuse or dependency Includlng alcohol and drugs,. discrimination on the grounds of sex, race, disability, ethnic origin, religion, belief, creed, sexual orientation or gender identity; poor educational or skills attainment. relationship and family breakdown; poor housing (that Is housing that does not meet basic habitable standards). crlme (either as a victim of crime or L75 an offender rehabilitating into society). These formal objects can be summarised In the Tin's Informal aim of contributing to the quality of life of the people of Coventry by expanding their horizons through the provision of exciting, challenging and accessible professional and community music and arts events and facilities. Vision, Priorities and Strategies Vision The vision that shapes our activities remains the promotion and fostering of knowledge and appreciation of the arts (particularly music) for the education and recreation of the public. The vision that drives our future strategy is to become an increasingly important part of the lives of more and more people from right across our city and the wider area, and that we will keep Coventry in the spotlight long into the future.
The Tin Music and Arts Annual Report 2024125 Priorities Inclusivity- i n all aspects of the Tin Innovation in programming and our partnerships Developing sustainable careers for artists, promoters, and associated technical experts Equity- e,g,, sUPPOrting gender equality in the sector and promoting increased visibility for people from less well represented groups and communities Community Engagement- e.g., working with the Canal Advisory Board and partners to help revitalise the Canal Basin. Strategies The strategies employed to achieve the charity's aims and objectives are: To present a broad range of high-quality music and arts events for the enjoyment and education of the people of Coventry and the wider area; To offer discounted entry to events for people who are unemployed or on a low wage, over 65, under 16, registered disabled and Students; To offer opportunities and encourage a broad ran8e of people to use our spaces for the purpose of music, arts and community events and activities; To provide affordable facilities for developing musicians and artists to practise and perform opportunities for and support to developing promoters to curate events. practical experience for training technical specialists including Sound Engineers, Lighting Engineers, and Promoters. Financial Review Introduction Llke many small grass roots arts and music venues across the country The Tin has continued to experience a very difficult operating environment with significant pressure on its financial position. Despite this, we have been able to 5tabili5e our in-year performance somewhat (relative to 2023124) with a diverse and vibrant range of music and cultural events and continued investment in the main venue, our hire-out facilitie5 and our administrative office. Above all else, it is essential that we continue to provide a strong programme of gigs and events going forward to ensure that we can sustain our financial position and deliver our charitable objectives. The Tin's finances were affected by two fundamental developments in 2024125. Early in the year we met the income threshold for Value Added Tax IVATI registration purposes. This meant that VAT of 20% was added to all relevant income (notably bar prices) and paid to HMRC although we have a cultural exemption that means we do not have to add VAT to our ticket prices.
The Tin Music and Arts Annual Report 2024125 Our VAT status also enables us to claim back from HMRC, VAT on relevant expenditure. In total, the VAT position for 2024125 activity saw £8k paid to HMRC. However, in line with rules around initial VAT registration we were fortunate to be able to reclaim £20k for VAT paid in prior years as an exceptional one-off windfall to our financial position. The Tin also undertook a significant capital refurbishment of its spaces (part-way through at 31, March but now complete). The Coal Vaults venue frontage has been refurbished and reclad with the addition of a new noticeboard and neon sign. The majority of the community space and offices have been refloored and redecorated, with new heater5 installed in the office and venue. All this was made possible through a £20,618 grant (in 2024/25) from the Veolia Environmental Trust, a donation of flooring from Amtico (equivalent value £11,484) and £9,990 of cash donations, raised via a fundraising campaign and a series of benefit gigs staged by some of The Tin's many friends in the local community and music scene. It is fair to say that we were blown away by the generosity shown and remain incredibly grateful to all those involved. Within these accounts, capital expenditure of £42,092 has been included up to the year-end. The overall financial outturn is best represented by the net expenditure position shown below with expenditure exceeding income by £lk (excluding capital adjustments) and a decrease in our General Reserves (including former designated funds of £4k) from £35k to £34k. Our financial performance reflects a range of actions taken in response to the net loss of £47k suffered in 2023/24, with progress made across all of the following areas: Securing grant funding to further enhance the fabrlc of our spaces; Increasing the number of events and activities to ensure greater use of our facilities and including a range of popular andlor hi8her profile gi8S' Securing the tenure of our rented spaces. Reviewing some of our costs and prices; and Increasing the level of gifting/donations that we attract; Rationalisin8 our storage to bring more income earning rehearsal space into operation. Although we have seen a positive net impact from the measures it is clear that we have not as yet returned to a sustainable financial model. Further work is certainly needed in areas such as attracting more party and wedding bookings, consolidating success in bringing more gigs that attract higher larger attendances and securing more grant funding to support our charitable activities and enhance our spaces. We remain confident however that the Tin's management and trustees possess the determination, initiative and skills to achieve this goal over the medium term. The financial statements in this report set out the detail of the financial performance within 2024/25. Outturn Summary The Tin ended the year with a net surplus on its statutory accounts of £12,562 which matches the overall movement on the Funds Statement.
The fin Music and Arts Annual Report 2024/25 The underlying operating position is arrived at by removing the asset depreciation charge of £12,243 and capital funding of £42,092 and adding back a one-off HMRC refund of £16,106 relating to previous capital costs. Having written out these items, the underlying outturn position is a very small deficit of £1.181 compared with a similarly adjusted net expenditure of £47,248 in 2023124. This Position should be viewed in the light of the exceptional repayments from HMRC relating st to VAT registration on l May 2024, the £16,106 referenced above and a further £4,257 relating to prior year revenue expenditure. Without these the deficit would have been £21.544, an improvement of £25,704 on 2023124. In broad terms, this improvement reflects savings in operational salary costs, an increase in donations and increased income across several areas of charitable activity. Outturn Summary 2024-25 2024125 2023124 Mvt Incomlng resources- Income Outgoing resources- Expenditure Net Incoming/{Outgoing) Resources 227,683 215,121 12,562 170,082 241,047 (70,965) 57,601 125,926) 83,527 Capital Adjustments Add Back Depreciation Less Capital Funding Reclaimed Prior Year Capital VAT Total Capital Movements 12,243 {42,092) 16,106 (13,743) 23,717 {11,474) {42,092) 16,106 (37,460) 23,717 Adjusted Net Outgoing Resources (1,181) 147,2481 46,067 Exceptional VAT adjustments 20,363 20,363 Like for Like Adjusted Outgoing Resources {21,$441 147,2481 25,704 This continued deficit position reflects the Tin having insufficient income to support its annual cost base which increased significantly in areas including bar provisions and staffing cost Inflation driven by National Living Wage increases. The Tln's 2024/25 bottom line tradin surplus (£3,117) set out later in this report and in Notes 3 and 4 to the statements, has reduced somewhat from that achieved in 2023/24 (£14,910). It 15 this trading activity which provides a fundamental contribution to the 5UPPOrt of the Tin'5 charitable activitie5 although this has fallen some way short of funding all these activities in 2024/25. The section on Looking to The Future later in thi5 report sets out the Tin's response to this situation.
The Tin Music and Arts Annual Report 2024125 The Tin's Funds and Reserves Funds and Reserves record the overall balance being carried forward by the Tin, it can be seen from the Balance Sheet statement that the funds and reserves are equal to the Tin's earnings to date. Opening Balances Net Movement Closing Balances Fund Name Unrestricted General Fund General Fund General Reserve 30,770 2,771 33,541 Total General Funds 30,770 2,771 33,541 Desl8nated Funds Capita l Expendlture The Pod Coventry Muslc 52,505 1,625 2,327 13,743 11,625) 12,327) 66,248 Total Designated Fund 56,457 9,791 66,248 Total Unrestricted 12,562 Restricted Grant-Funded Capital Total Funds 87,227 12,562 Note 13 to the statements shows the breakdown of the net movement against each fund including the reasons for transfers between funds and reserves. The Designated Capltal Expenditure Fund matches the Tin's fixed assets balance and is not available to spend. The balance will be Increased by any additional capital expenditure and is reduced over time as assets are depreciated. Excludin8 the Capital Expenditure Fund, the overall level of funds available to spend is £33,5411£99,789 total reserves minus £66,248 held in the Capital Expenditure designated fund). Designated Funds In previous years the Tin held Designated Fund5 for project5 or programmes such as The Pod and Coventry Music that run over more than one year and require balances to be rolled over from one year to the next. However, these balances are not sufficiently material to justify separate fund accounting, and improved reporting capabilities within Xero has allowed this to be simplified. Control accounts are now used instead to manage such balance5 and to report on activities. Funds received for Coventry Music and The Pod will continue to be used for their stated purpose in full and the outcomes communicated with the relevant partners in line with existing practices.
The Tin Music and Arts Annual Report 2024125 The only designated fund now held by the Tin is used to separate the net value of fixed assets from retained earnings. This allows the net resources available to pursue charitable objectives to be shown clearly in the statements. A review of the Coventry Music opening balance revealed that no funds were being held relating to the Live on Stage Programme as was previously understood, and the balance has been transferred to the General Fund. The movement in General Funds after incorporating the Coventry Music and The Pod funds into General Funds is a reduction of £1,181 {an increase in the original General Reserve of £2,771 and a net reduction in the 2 transferred designated funds of £3,952). Statement of Financial Activities The followlng sections provide some details regarding significant changes between 2023/24 and 2024/25 in the following areas: _ Donations and General Grants Charitable Activities - Specific Grant5 Trading Actlvities - Income and Expenditure Donations and General Grants The Tin has been a charity since 2013 but until 2024125 had not actively publicised this or sought to fundraise from people attending events or general supporters of the Tin. It is still early days, but the impact of the modest campaigning so far can be seen in the table below. 2024/25 2023124 Donations and General Grants General Donations 5,942 9,990 15,932 11,484 27,416 1,541 Donations towards capltal expenditure 1,541 Donations in klnd towards capital expendlture Total Donations 1,541 Fundraising costs 495 180 The campaign to increase donations focussed primarily on funding for the major works to overcome the significant leak at the front of the venue and to addres5 Other priority improvements. This was to part match the main grant funding from the Veolia Environmental Trust. The generosity of supporters has been wonderful, including a donation of nearly £4,000 by John Wilcox, an international DJ originally from Coventry.
The Tin Music and Arts Annual Report 2024125 The donation in kind was provided generously by Amtico Floorin& whose excellent flooring has replaced the 1980's carpet tiles in the Community space and irreparable flooring in the rest of the Units. The Tin was required to fund the fitting. This has vastly improved the appearance and versatility of these spaces and is increasing hire out income. Other actions to increase donations have included messages sent with gig listings and instituting a link between ticket purchases and a donation opportunity for people who feel that they want to pay more than the set ticket prices. This link generated £9,990 in 2024125 and it is hoped that this will increase in the future. Charitable Activities- Specific Grants 2024125 2023124 Speclflc Grant5 Revenue Funding Grants Capital Grants Total Specific Grants 3,750 20,618 24,368 1,086 1,086 Revenue Fundlng Grants The only revenue funding grants received in 2023124 were £86 towards the costs of attending a national Music Venue Trust event & £1,000 from Jazz Midlands to support the Tin's jazz programming. In 2024125 the Tin was honoured to receive a grant of £3,750 from the Ed Sheeran Foundation towards our music education work with young people. 2024/25 2023124 Ed Sheeran Foundation 3,750 Music Venue Trust 86 Other Programme fundlng Total Revenue Grants 1,000 1,086 3,750 b) Capital Grants A new frontage capital project was started in 2024125 to address a major rain leak at the front of the Coal Vaults that was threatening the Tin'5 continued operation. Grant funding was obtained from the Veolia Environmental Trust as part of their firm commitment to ecological transformation, preserving natural resources, protecting biodiversity, combating climate change and decreasing pollution. The main project is very nearly complete with planters still to be stocked when the weather improves in spring 2026. The overall project included improvements within the Units including the enhanced flooring within the Units funded through the donation in kind from Amtico.
The Tin Music and Arts Annual Report 2024/25 2024125 2023/24 Veolia 20,618 20,618 Total Capital Grant5 Trading Activities - Income and Expenditure 2024/25 saw a reduction in trading income and a fall in the net trading surplus before management recharges from £46,740k to £26,494. Given that overall activity, seen through the lens of ticket income, has increased marginally this indicates other forces at play to explain the reduced bar revenue. This is an area that merits further analysi5 but 15 likely to be a combination of drinking habits, especially amongst younger age groups, continued cost of living pressures and the impact of higher bar prices reflecting inflation and the addition of VAT. In Ilne wlth changes implemented last year, The Tln's flnancial statements reflect what are felt to be appropriate management and core costs recharged to operational areas in order to provide a broadly accurate picture of financial performance across the Tin's activities but particularly trad ing activities. These results indicate that the trading performance is more than covering its costs (including recharge51 with a trading surplus available to subsidise the remainder of the Tin's activities of {£3,117) although this is a figure which is much reduced from 20231241£14,910) and the previous year. 2024125 2023/24 Trading Actlvities Income 81,377 100,422 Expenditure 54,883 53,682 Net Tradlng Income/(Expendlture) Before Management Costs 26,494 46,740 Management RechL7rges 23,377 31,830 Net Tradlng Income/(Expendlture) Including Management Costs 3,117 14,910
The Tin Music and Arts Annual Report 2024125 Reserve Policy The reserve policy approved by Trustees is to hold a general reserve equivalent to two thirds of expenditure not related to events or activities calculated from the previous financial year's outturn. General Reserve Calculation 2024-25 Tota I non-event expenditure 109,210 Cal culated Genera l Reserve bal ance @ 213 Openl ng bal ance Increase 72,806 30.770 2,771 33,541 Shortfa I138ainst policy fi8ure 42,036 The balance held at the end of 2024125 Is less than half that specified in the approved policy although the actions taken to 5tabilise the decline in the Tin's General Reserve position have ylelded a modest increase of £2,771 in the balance. The overall shortfall against our policy figure reflects the continued difficult financial conditions in which The Tin operates with the hospitality sector generally and Grass Roots Muslc Venues continuing to face major financial challenges. The trustees and the staff team continue to take any opportunities p055ible to improve financial resilience but even if these are successful (and this is a big if} it could take several years before the Tin is able to approach what it regards as an acceptable level of reserve balance. The reserve policy will be kept under review to ensure that the target level held would be sufficient but not excessive. Looking to the Future The Tin continued to achieve a good underlying performance in delivering its core objectives in 2024/25. Despite this we continue to face a difPicult financial reality, one that is shared by many small arts organisations across the country, particularly grassroots music venues (GMVS) such as the Tin. Having survived through the Covid pandemic, the subsequent the cost-of-living crisis and the current period of economic challenge, the Tin has demonstrated a degree of resilience. The next steps are to build on the opportunities that have been generated over recent months. The improvement in the appearance in our spaces makes the Tin more appealing and visible to those who attend our gigs and other potential customers such as people looking for party or wedding venue5. We have witne55ed an apparent increase in our standing amongst artists and promoters within the live music industry with some higher profile and better attended gigs secured. We have developed our knowledge of the best way of attracting donations and continued our focus on how best to access grant funding streams.
Thefin Music and Arts Annual Report 2024125 These routes all offer the possibility of increasing our revenue streams and will all be pursued as appropriate through the coming period. Together with a continued focus on the fundamental activities of securing a strong programme of events and controlling costs give us plenty to work on going forward.
The fin Music and Arts Annual Report 2024125 Reference and Administrative Detail Charity Number: 1152636 Principal Office: Units 1-4, Canal Basin, St Nicholas Street, Coventry CVI 4LY Also known as The Tin Chief Executive Officer & Artistic Programmer and Trustees Chief Executive Officer & Artistic Programmer Sarah Morgan Trustees Catherine Darley Duncan Elliott Paul Jennings (Hon Treasurer) Elaine Tierney {Chair) Graham Tilley Nyota Izeidi (appointed 2. October 2024)
The Tin Music and Arts Annual Report 2024125 Structures, Governance and Management Governing Document The Tin Music and Arts (The Tin) is a Charitable Incorporated Organisation (CIO) governed by its th Constitution dated 5 June 2013. It is registered as a charity with the Charity Commission. Its only voting members are its charity trustees. Appointment of trustees As set out in the constitution, trustees are appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of The Tin Music and Arts. A key priority for the Trustees is to work towards achieving greater diversity and inclusivity in all aspects of governance, management and operations including the composition of the board. Trustee induction and training New trustees under80 an orientation day to brief them on their obligations under charity law, the Charity Commission guidance on public benefit, content of the constitution and objects, and the committee and decision-makin8 process. They are given copies of the current version of the constitution and latest Trustee's Annual Report & statement of accounts, and they are encouraged to attend at least one event that is programmed by the Tin. Organisation The board of trustees, which can have up to 9 members, oversees and governs the charity. The board meets at least quarterly with a diary of monthly meetings in case circumstances require more frequent board attention. The Chief Executive & Artistic Programmer (CE/AP) is appointed by the trustees to manage the day-to-day operations of the charity and is supported as and when necessary, by one or more trustees with relevant skills or experiences. To facilitate effective operations, the CE/AP has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity. Related parties None of our trustees receive remuneration or other benefit from their trustee work with the charity. One trustee has undertaken some paid work for The Tin and payments in relation to events staged at The Tin. This is allowed within charity regulations and was recommended by the CP/AP with the explicit approval of the other trustees. Any connection between a trustee or senior manager of the charity with a production company, performer or booking agent must be disclosed to the full board of trustees in the same way a5 any other contractual relationship with a related party. In the current year no such related party transactions were reported.
The Tin Music and Arts Annual Report 2024125 The daughter of the Chair works part time for the Tin as an Evaluation A55i5tant on the National Minimum wage. The wife of the Honorary Treasurer works occasional paid bar Shifts. These arrangements were approved unanimously by the Board in the absence of the related Trustee, and processes are in place to avoid any conflict of interest or other failure in governance. Risk Management The trustees have approved a risk management strategy which comprises: an annual review of the strategic risks the charity may face," the establishment of systems and procedures to mitigate those risks identified in the plan; and the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. Declarations The trustees declare that they have approved the trustees, report above. Signed on behalf of the charit¢s trustees Si8nature Full Name Elaine Margaret Lena Tlerney CFPCA Chair of Trustees Position Date I" December 2025
The Tin Music and Arts Annual Report 2024/25 Unaudited Financial Statements for the Year Ended 31 March 2025 for The Tin Music and Arts Registered charity number: 1152636
The Tin Music and Arts Annual Report 2024125 Independent Examiner's Report to the Trustees of the Tin Music and Arts Independent examlner's report to the trustees of The Tln Muslc and Arts I report to the charity trustees on my examination of the accounts of The Tin Music and Arts (the Trust) for the year ended 31 March 2025. Responsibillties and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 14515){b} of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable requlrements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. M D Spafford FCA FCCA LDP Luckmans 1110 Elliott Court Coventry Business Park Herald Avenue Coventry West Midlands CV5 6UB th Date: 27 January 2026
The Tin Music and Arts Annual Report 2024125 Statement of Financial Activities for the period ended 31 March 2025 2024/25 2023/24 Notes INCOME Donations and General Grants 27,416 1,541 Trading Activities Income 81,377 100,422 Charitable Activltles Income 118,890 68,119 Total INCOME 227,683 170.082 EXPENDITURE Trading Activities Spend 78,260 85,512 Charitable Actlvltles Spend Events and Activities 75,580 72,688 Spaces and Facilitles 58,440 74,101 Management and Core Activities Governance and External Support 2,171 7,957 4,927 789 Total Charitable Activitles 141,118 155,535 Exceptlonal VAT adjustments {4,257) Total EXPENDITURE 215,121 241,047 Net Income /(Expenditure) 12.562 (70,965) Reconciliation of Funds Earnings Totsl Funds Brought Forward Current Year Earnin85 87,227 12,562 158,192 170,9651 Total Funds Carried Forward 99,789 87,227
The fin Music and Arts Annual Report 2024125 Balance sheet as at 31 March 2025 31 Mar 2025 31 Mar 2024 Notes Assets & Liabilities Tangible Assets 66,248 52,505 Current Assets Stock 2,798 12,976 31,294 3,043 13,658 34,561 Debtors 10 Cash at bank and in hand Current Assets Creditors - amounts fallin8 due within one year 47,068 10,750 51,262 14.243 11 Net Current Assets (Llabllltles) 36,318 37,019 Provlsions 2,777 2,298 Net Funds 99,789 87.226 Earnings Retained Earnings Current Year Ea rlngs 187,2271 12,5621 (99,789) {158,192) 70,965 (87,227) Total Earnlngs Funds/Reserves 12 General Fund5 /Reserve5 General Fund General Reserve 33,541 30,770 Total General Funds /Reserves 33,541 30,770 Designated Funds 66,248 56,457 Restrlcted Funds Total Funds/Reserves 99,789 87.227 The financial statements were approved by the Board of Trustees on 1st December 2025 and were signed on its behalf by:
The fin Music and Arts Annual Report 2024125 Notes to the financial statements for the period ended 31 March 2025 I. ACCOUNTING POLICIES Basis of preparing the financial statements The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 (FRS 102) issued in October 2019 {as updated through Update Bulletin I published in February 2016 and Update Bulletin 2 published in October 20181, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland {FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applie5 from I January 2015. Income All incoming resources are included on the Statement of Financlal Actlvltles once the charity has entitlement to the funds; it is probable that the income will be received; and the amount can be measured reliably. Expenditure Liabilities are recognlsed as expenditure as soon as there is a legal or constructlve obligation committing the charity to that expenditure, it is probable that a transfer of economlc benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to specific headings, they have been allocated to activities on a basis consistent with the use of resources. Tangible Fixed Assets In accordance with the Tin's fixed asset pollcy, depreciation is provided at the following annual rates to write off each asset over its estimated useful life. Leasehold Improvements Plant & Machinery Fixtures & Fittings 25% 25% 25% Where expenditure is capitalised to comply with grant conditions it is fully depreciated the year after purchase. Stocks Stock5 are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
The fin Music and Arts Annual Report 2024125 Taxation st a) VAT The Tin registered for VAT on l May 2024 b) Corporation Tax - The bar is primarily only open for performances in accordance with charitable objectives. The only other occasions are private bookings for parties and weddings and the income earned from these events is well below the threshold for a corporation tax liability. Fund Accounting Unrestrlcted funds can be used in accordance with the charitable objectives at the discretion of the trustees, these include the General Fund, General Reserve, and Designated Funds. In previous years Designated Funds had been used to identify unrestricted funds that had been provided for specific purposes spanning more than one financial year that required formal reporting processes to satisfy funding conditions. The balances in these funds were not material and the holding of formal funds served to add unnecessary complications to the reporting to funders. As from 2024/25 the final two remaining designated funds have been replaced by more effective alternative tracking facilities within the accounts. This has improved reporting and simplified processes. The only remaining Designated Fund identifies the amount of the Tin's overall balance that relates to undepreciated fixed assets. This allows the General Fund to show the true position regarding funds available to spend. Restricted funds can only be used for specific restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for specific restrlcted purposes. There are no such funds at present. Hire purchase and leaslng commltments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease. There are no such commitments at present. 2. DONATIONS AND GENERAL GRANTS Donations in 2024125 totalled £27,416 including £11,484 in kind toward5 the Frontage capital project including the wider refurbishment of The Tin's spaces. This compares with £1,365 in 2023/24. The reasons for the increase are set out in the section on Donations and Grants in main body of the report. No general grants were received in either 2023/24 or 2024125.
The Tin Music and Arts Annual Report 2024125 2024/25 2023124 Donations and General Grants General Donations 5,942 9,990 15,932 11,484 27,416 1,541 Donations towards capital expenditure 1,541 Donations in kind towards capital expenditure Total Donations 1,541 Fundraising costs 495 180 3. OTHER TRADING ACTIVITIES- INCOME The bar is only open when a performance or other activity is taking place except for private booking5. The Income from private bookings is less than 25% of the total trading Income. Trading turnover breached the VAT threshold at the end of 2023124 and the Tin ha5 been VAT registered since May 1st 2024. Net tradin8 revenue has fallen in 2024/25 limiting the net surplus available to support the charitable activities and core costs. Steps have been taken to improve gross and net margins in 2024/25, particularly in the light of VAT registration. 2024/25 2023/24 Bar Income 74,052 7,325 81,377 90,958 9,464 100,422 Private Venue Hire 4. OTHER TRADING ACTIVITIES- SPEND 2024125 2023/24 Bar Stock Purchase 23,494 31,389 54,883 23,377 78,260 30,627 23,055 53,682 31,830 85,512 Direct Running Costs Recharged Core Costs (Note 5)
The Tin Music and Arts Annual Report 2024/25 Trading expenditure has increased by the impact of the increased programme of events, an increase in the National Minimum Wage, and the impact of increased price inflation offset by the ability to reclaim VAT charged on the bar's expenditure. The net trading position is explained in the main body of the report Recharged Costs In previous years a number of recharges were applied to share specific costs across operational areas, e.g., 50% of utilities costs for the Coal Vaults recharged to the trading account and agreed use of facilities recharged to the Live on Stage project. From 2024125 these have been replaced by split coding at source to improve routine financial controls and to comply accurately with VAT conditions, for example identifying costs relating to VATable supplies, exempt supplies, and residual indirect supplies. The recharges have been implemented to apply relevant management and core costs to operational areas (Trading, Events and Activities, Spaces and Facilities). This provides more accurate picture of the financial performance across the Tin's activities in relation to costs including: the organisation, management, and payment of bar staff; all aspects of managing bar stocks; event publicity," liaison associated with room hire and bookings. and financial management and administration generally. These recharges are consistent with the spirit of SORP which requires expenditure to be reported on an activity basis to show how the charity has used its resources to further its charitable aims for the public benefit. Gross to Mgt Fees Net recharged Operational Area Percentages recharged 65,678 100.00% (2,1711 63,507 Trading Activities Event5 & Activities Space5 & Facilitie5 Governance & External Support 35.59% 11.40'A 47.OOQA 6.01% 23,377 7,487 (2,1711 30,869 3,945 23,377 5,316 30,869 3,945 100.OO¥o 65,678 (2,1711 63,507 Management & Core Activities (65,678) 2,171 163,507) Check The Management recharges for 2024/25 have been calculated on a felt fair basis rather than time-consuming timesheets.
The Tln Music and Arts Annual Report 2024125 6. TRUSTEES, REMUNERATION AND BENEFITS Trustees, Remuneration One trustee received employee pay of £82 for duties unrelated to their status as Trustee for the period ended 31 March 2025. One trustee received £433 in relation to the staging of performances at the Tin for the period ended 31 March 2025. No trustees received remuneration forthe year ended 31 March 2024. Trustees, Expenses There were no trustees, expenses paid for the period ended 31 March 2025 nor for the year ended 31 March 2024. 7 STAFF COSTS The avera8e monthly number of employees durlng the year was as follows: 2025 2024 Employees No employee received emoluments in excess of £60,000. 15 15 Overall Employee Costs were as follows 2025 2024 Gross Pay 92,826 103,009 Employer National Insurance Contrlbutlons 3,930 5,663 Employer Pension Contributions 1,112 1,567
The Tin Music and Art5 Annual Report 2024125 8. TANGIBLE ASSETS Leasehold Plant and Fixtures and Improvements Machinery fittings Totals COST At l April 2024 Less VAT reclaimed 72,215 110,4911 61,724 38,706 14,1081 34,598 15,691 126,612 11,5061 116,105) 14,185 110,507 Adjusted Fixed Assets Additions Frontage etc 42,092 42,092 At 31 March 2025 103,816 34,598 14,185 152,599 DEPRECIATION At l April 2024 Less Adjust for VAT reclaimed Adjusted Depreciation 40,742 15,2461 35,496 22,532 11,4131 21,119 10,834 16951 10,139 74,108 17,3541 66,754 Charge for the year 13,114 5,135 1,348 19,597 At 31 March 2025 48,610 26,254 11,487 86.351 Net Fixed Assets as at 0110412024 31,473 16,174 4,858 52,504 Net Fixed Assets as at 0110512024 Additions 26,228 13,479 4,046 43,753 42,092 68,320 13,114 55,206 42,092 85,845 19,597 66,248 13,479 5,135 8,344 4,046 1,348 2,698 Depreciation 2024125 Net Fixed Assets as at 311312025 Capital expenditure to 1st April 2021 had been fully depreciated. 9. STOCK 31/03/2025 31/03/2024 Bar Stock 2,798 3,043
The Tin Music and Arts Annual Report 2024125 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors 8,043 4,933 12,976 6,571 4,500 13,658 Anticipated grants Total Debtors All anticipated grants from 2023/24 have been received in 2024/25, the anticipated grant shown at £4,933 is the amount from the grant received in 2025/26 required to fund expenditure on the frontage project in 2024125. 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors 4,923 102 3,428 3,187 7,328 13,943 Taxation and social security Other creditors 5,725 Total Creditors 10,750 12. Summary of Fund Movements 2024/25 Opening Balances Fund Name Closing Balances Increase Decrease Net Transfer5 UnrestrScted General Fund General Fund 187,216 215,121 127,9051 27,905 General Reserve 30.770 2,771 33,541 T¢)tal G•n•ral Funds 30,770 187,216 215,121 127,9051 30,676 33,S41 D*slgn#ted Funds Gipltal Expenditure 52,505 42,092 42,092 128,3491 66.248 The Pod 1,625 11,6251 11,6251 Coventry Mu51¢ 2,327 12,3271 Totsl De518nated Funds 56,457 40.467 40,467 130,6761 66,248 Total Unrestricted 87,227 227,683 215,121 12.562 99,789 Total Funds 87,227 227,683 215.121 12,562 99,789 13. Reasons for Transfers between Funds a) General Fund and Reserve
The Tin Music and Arts Annual Report 2024125 General Fund Impact of VAT Registration re Fixed Assets VAT reclaimed on Capital Project Less Adjusted Depreciation 16,106 17,353) 8,753 19,596 2,327 12,771) Depreciation 2024-25 Correction to Cov Music Balance Increase in General Reserve Sub Total 27,905 General Reserve 2,771 Net transfers to General Fund & Reserve 30,676 b} Designated Funds Designated Capital Expenditure VAT reclaimed on Capital Project Less Adjusted Depreciation Impact of VAT Registratlon 116,106} 7,353 (8,753) Depreciation 2024-25 (19,596) Sub Total 128,3491 Designated - Coventry Music Correction to prior year error 12,3271 Net transfers from Deslgnated Funds 130,676) Net Transfers between Funds