Company Registration Number: 08658085 Charity Registration Numbor.. 1156472 TAUNTON THEATRE ASSOCIATION LIMITED (A Company limited by Guarantee) REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 CONTENTS Page Company and Charity Information Report of the Trustees 3-12 Trustees, Responsibilities Statement 13 Auditorfs Report 14-16 Consolidated Statement of Financial Activities 17 Consolldated Balance Sheet and Company Balance Sheet 18-19 Consolldated Statement of Cashflows 20 Notes to the Financial Statements 21-34
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 COMPANY AND CHARITY INFORMATION Dirertors and Trustees Mr. S Berg Ms C de Bernhardt Lane Mrs V J Berry 12.3 Mr C Cook Mrs V Dawson Mr E F Gaines Mr R W Rowles Mr A G Samuels MrMRWatts (Appointed 20 November 2023) (Chair, known as Val Hammond) {Appointed 23 October 2023) (Resigned 31 August 20231 Member of Finance Committee Member of Development and Fundraising Committee Director of rrA Trading Ltd Company number 08658085 Charlty number 1156472 Key Management Personnel Executive Director Mrs V S Robbins (nee Hobbs) Registered offlce The Brewhouse Theatre and Arts Centre Coal Orchard Taunton TAI IJL Website: www.tauntonbrewhouse.co.uk Professlonal Advisers: Audltors A C Mole LLP Chartered Accountants & Statutory Auditors Stafford House Blackbrook Park Avenue Taunton, Somerset TAI 2PX Bankers National Westminster Bank PIC 26-35 Fore Street Taunton Somerset TAI IJQ Legal Advlsors Foot Anstey LLP Senate Court Southernhay Gardens Exeter EXI INT
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number. 08658085 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustee5 present their annual report with financial statement5 of the charity for the year endin8 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act and Charity Commission purposes. This year was one of recovery and consolidation after the previous challenging years. The work and experience of this year is included under Review of the Year, Page 6. The following Administrative Information refers to our standing procedures and prattices. REFERENCE AND ADMINISTRATIVE INFORMATION: Constltutlon and Structure Taunton Theatre Association Ltd is a registered Charity, No. 1156472, and a Company limited by guarantee and not having a share capitsl. Taunton Theatre Association Ltd was incorporated on 20 August 2013 under the Companies Act 2006, Registration No. 08658085. Membership is by invitation from the Board of Trustees and Directors, Upon dissolution ofthe Company, members guarantee to pay the sum of £10 each. The trustees and directors and principal advisers of the charity and company are listed on Page 2. Taunton Theatre Association Ltd operates from the Brewhouse Theatre and Arts Centre In Taunton. Although all contracts and other legal documents are as Taunton Theatre Association Ltd, its public face is as Taunton Brewhouse. The building is leased from Somerset Councll, the Unltary Authorlty for Somerset which absorbed the responsibilities of the former Somerset West and Taunton Counc51 on l Aprll 2023. GOVERNANCE AND MANAGEMENT: The charity's governing documents are its Memorandum and Articles of Associatlon. The goveming body of the charity is the Board of Trustees who are also the directors of the company. Recruitment and training of trustees New trustees are sought by advertisement with responses reviewed having regard to the overall skill mix required by the Board. Candidates are invited and appointed bythe whole Board of Trustees. Induction includes sessions with existing Board members and the Executive Director and senlor staff as appropriate. A new trustee may be appointed to the Board at any time durlng the year. The appolntment is confirmed at the Annual General Meeting. Organisatlonal Management The Board 15 legally responsible for the overall management of the charity and meets quarterly wlth other meetings as necessary. It currently comprises eight independent trustees who are also Members of the charity. Two non-voting obseNers nominated by the Local Authority attend meeting as representatives of the owners of the site, Somerset Council. One-third of trustees submit themsefves for re-election each year. Our Executive Director is appointed by the Trustees with responsibility for leadership and management of the charity and attends Board Meetings as senior Officer. To facilitate effective operations, the Executive Dirertor has delegated authority within terms of delegation approved by the Trustees, for operational matters including finance, employment, business development and plannin8. The Executive Dirertor has oversight of the overall artistic direction of the company which is developed together with the Artistic Programmes Manager. Standing Committees of the charity Board meet with appropriate officers at intervals throughout the year. In addition, other committees may be formed from time to time to address issues. Regular meetings of the Board are augmented by an away-day on an annual basis or as necessary. Lead trustees advise on specific matters, e.g., finance. fundraising, legal matters. Public benefit and risks are discussed by the Board following report5 by seniar staff. Pay policy The Board of trustees and directors consider the salary of the Executive Director who is charged with directing and controllin& running, and operating the charity on a day-to-day basis. The trustees set guidelines for the pay of the senior managementteam. Pay is reviewed annuallyto ensure people are rewarded to reflect performance and market rates whilst being mindful of the charity's responsibility to consider its own financial position.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 All trustees give of their time freely and receive no remuneration for their Board responsi bi lities. If contracted to provide a specific service in the work of the Charity, e.g., as a theatre professional, they are paid the appropriate fee. Related Parties The Charity'5 wholly owned subsidiary, Trading Ltd, operates Taunton Brewhou5e bar, ki05k5, sales of merchandise and art works and the hire of all facilities when not required for the core purpose. It also manages the contract for the provision of the on-site refreshment facilities. Any profits from these activitie5 are transferred to Taunton Theatre As50Ci3tion Ltd by means of a charitable donation. rrA Trading Ltd also pays a service charge to the Charity to cover costs associated with ThA Trading overheads and operating costs. The charity and its subsidiary together comprise The Group. Risk Management Process The Board of Trustees 15 responsible for the management of risks faced by Taunton Theatre Association Ltd. The Trustees are assisted by the Executive Director and Senior Team in identifying, assessing, and controlling these risks. Risks in 2023-24were categorised under Health and Safety, Staff and Governance, Assets and Equipment, Young People (under 181, Finance and Fundin& Political and Public and are assessed for likelihood and impact with mitigating actions. Business Plans are approved by the Trustees and performance against plans is reported in Heads of Department quarterly reports. Additionally, Somerset Council Observers attend Board Meetings to keep updated as (Landlord and Grant Funderl on ThA's situation and performance. OBJECTS AND AIMS Charity object5 Taunton Theatre Association's formal objective is: The advancement of education for the public benefit through the promotion and encouragement of the performin8 a rts, the creative arts, and the visual arts by such means as the directors shall think fit, with reference to {but without limitation} the County of Somerset. Alms and Intended impact Based on our 5-year strategic plan 2021-2026, our operational vislon, mission and values stand alongslde our rebranding as Taunton Brewhouse. Our Vlslon We imagine a future where people and communities are liberated through artistlc expression, becoming connected and considered equal. Our vision is that in the future, people from all over the world will fondly remember TAUNTON BREWHOUSE. Our Mission Since 1977, TAUNTON BREWHOUSE has existed to welcome people locally and globally, to enjoy and participate in a liberating programme of bold and brilliant artistic and creative experiences that inspire and transform our individual and shared experience of the world. Our Values Ourfour values are at the heart of all that we do. These values are seen and felt through the spirit and attitude of our people, programme, and creative community building confidence in Taunton Brewhouse as an inspiring and generous place to vlslt and work. Welcoming- we value open hearts, open minds, and welcome all to Taunton Brewhouse Bold- We value bold artists and bold idea5, inspiring locally and globally Collaborative - we believe meaningful collaboration can change the world. we work together to create, play and learn Resilient- We are committed to remaining Taunton's enduring centre for creative excellence.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 How we achieve our purpose The purpose of Taunton Theatre Association is achieved through holding the lease for Taunton Brewhouse and offering at and from that base for the benefit of the public: Programme of high-quality, diverse live performance Delivering a learning and participation programme for all ages Offering Youth Theatre to build and foster artistic talent Producing an annual Christmas musical in the main house Screening regular and event cinema Curating and presenting visual arts and crafts exhibitions Contributing activities for Brewhouse specific and other Taunton festivals Supporting artists, particularly those in the Southwest to research and develop new work. Our people Senior team: Our Executive Director is Vickie Robbins (nee Hobbs). She leads a Senior Management Team: Artistic Programmes Manager, Technical and Facilities Manager and Marketing Manager. There were changes within the senior team during the year as the Marketing Manager resigned in December 2023 and was replaced in January 2024. Our Front of House Manager joined the senior team when she was promoted in October 2023. Employees: Our core employed team report to the managers Identlfied above. They include Management Accountant, Youth and Programme Coordinator, Theatre Technician5, Front of House Supervlsor (later uplifted to a management role}, H05Pltality Co-ordinator. Box Office and Marketing staff, and Duty Managers. They perform at a high level whilst also giving guidance and training to our volunteers. The employed team volunteer outside their paid area of expertise when necessary, expressing our strong belief in volunteering. We value enormously their work and contribution. Our volunteers: Our team of around 125 volunteers provide vital support for our work. Volunteers contribute by taking part in Front of House, Bar, Marketing and Technical/Back-stage and help also with repairs and redecoration and often act as our ambassadors. We are immensely grateful to them. Our faclllties: The theatre buildings date from 1977 with later addltlons and are attached to an 18 century house. We benefit from bein8 able to use these facilities whlch are now owned by Somerset Council for the benefit of the community. Because of the unlque character of the building, a commercial value Is dlfflcult to define althou8h it represents a real contributlon to publlc support for the arts in Taunton. PUBLIC BENEFIT Our public benefit offers education, inclusion, and wellbeing through the provision of cultural and arts engagement for all ages. Our beneflclarles The year 2023-24 shows significant growth in the number of beneficiaries overall with those attending live performances exceeding those recorded pre-pandemic. Cinema (films and transmissions from other venues) have not recovered so stron8ly perhaps influenced by the increased number of live shows. Numbers attending our facility as part of hires for classes and other events also show a signif icant increase and thi5 reflects a change in the way activities are organised. They now include those directly managed {Creative Engagement} and separately, those offered by others (Hires). Results show that, taken as a whole. there were 81.000 unique attendances at 920 events. Thi5 varies from those watching a live event in the Main Auditorium which has 352 seats (with 342 available for most shows) through to 2-3 participants for booked visits to Father Christmas. Total attendance at all activities during this year represented a record for Taunton Theatre Association.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 YEAR EVENT 2019-20 2020-21 2021-22 2022-23 2023-24 Events Attendance Events Attendance Events Attendan Events Attendan Events Attendance Llve Performances IMA & Studio) Cinema Live Tran5rnission5 Cinema Screenin85 Creative Eng ement Exhibitions 183 41,116 413 191 28,009 224 38,359 260 53,299 7,423 1,097 185 2,441 3,178 74 6,345 28 588 52 2,393 101 9,043 93 7,538 730 8,205 396 3,268 420 2,546 493 3,432 483 5,681 2,300 2,098 cl,000 3,093 3,793 2,170 9,182 Hire events/cla5S85 oiher12020 109 47 10 N/K TOTAL 1,050 65,389 475 7.464 671 34,133 962 60,161 920 81,048 Notes: Years 2020-21 and 2021-22 were Impacted significantly by COVID wlth the theatre closed for periods. Exhibition attendance is e5tirnated based on people viewing when the theatre Is open. In 2023-24 Creatlve Engagement includes 246 5es51ons wlth Father Christmas and accounts for 750 partlclpants. The opportunlty to beneflt We aim to keep prices at affordable levels and offer further benefits through our Friends Scheme. When circumstances and performing companles permit, we offer reduced price or multi-tickets to increase access. We work with schools and colleges to bring young people to the arts elther by attending shows or by bringing their own work to the theatre. Our 'Mini Frlend, lage 2-151 and 'Youn8 Friend, lage 16-251 offer reduced fee Membership and benefits to encourage participation at these ages. For Christmas 2023 we organised a 'Pay-it- Forward, Campaign where ticket buyers could donate to provide ticket5 for the Christmas show which were distributed through the Foodbank. A similarscheme provides subsidised place5 on some programmes of Creative Engagement. We offer a Christmas showwith BSL interpretation, audio described and relaxed performances and aim to adapt productions on request to make them fully accessible. Attendance at exhibitions 55 free to all as is particlpatlon in activities at festivals throughout the year. We also provided activitles through the 'Warm Spaces, programme to those that needed them through the winter period. People also benefit from attending arts activities at Taunton Brewhouse organised by those who hire our facilities when not required for our own programmes and events. The numbers of those participatin8 in this way are included in our list of benef icia ries for the first time thi5 year. As previously indicated, we served a record number of beneficiaries thi5 year. REVIEW OF THE YEAR 2023-24 In this year we made a sustained effort to leave behind the challenges of the pandemic and to move forward with a strong programme covering live performance in the main auditorium and studio.. drama, dance, music and comedy, along with our curated cinema programme embracing films and transmissions from other live venues including National Theatre and Royal Opera House as well as several exhibitions of celebrated artists. Audience numbers grew, most strongly for live performance where they surpassed previous records. Cinema stayed similar but with a difference in mix between film and transmissions from other venues with the latter being more popular this year. Creative engagement activities recovered participation and, although numbers are not yet at record levels, Youth Theatre developed and grew. Staff numbers remained stable throughout the year, and we were able to develop renewal project5 in the Studio and Café that will enhance our future prospects. We were grateful for the continuingfinancial investment in us made by Somerset West and Taunton Council (now Somerset Council) l along with smaller but valuable grants from the new Taunton Town Council and other funders, whilst also making progre55 in rebuilding our finance5 for a secure future.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Numben. 08658085 Perfomiance Live performance, as always, formed the core of our offer with a record number of 260 separate performances in the main auditorium or studio and including our month-long Christmas show. There continued to be a range to meet all interests from drama through dance, music from Bournetnouth Symphony Orchestra through 7 Drunken Night5, comedy from Jasper Carrot to Seann Walsh. Fatnily shows continued with the ever-popular Tiger who came to Tea and DinosaurAdventures as well as many others. Our Christmas show, Charles Dickens A Christmas Carol, was told through the experience of a youn8 traveller reading the book on a train journey from Taunton to London with all the traditional elements brought to life as the train progressed with many disruptions on its journey. This year, several members of our community ensemble had substantive parts. It gave members of our Youth Theatre and other young people a chance to work with professional artors and director. We were particularly grateful for the Brant support provided by Taunton School for this production. Live theatre continued to feature community produced work: Dick Whittington (Wayfarers Pantomime Society), Sherlock Holmes and the case of the Jersey Lily ITaunton Thespians), The Addams Family (Taunton Schooll- all showing the wealth of local talent. Clnema and Event Clnema The number of film showings and transmission decreased slightly in this year due in part to the high number of live performances but also because of Strike action in the f ilm industry in the early part of the year. Similarly, therefore, audience numbers were also a little lower although for those attending, there were some remarkable performances from the National Theatre, The Royal Opera House {dance and opera} and the informative Exhibitions on Screen brlnging such delights as Wermeerthe Greatest Exhibition, Movle Mondays, where those participating enjoy light refreshments and meeting friends alongside a morning showing continued to be strong. Exhibitions A total of nine exhibitions took place throughout the year in our purpose-builtgallery. They included showcases for the Somerset Art Gallery Trust, Chandos Society of Art15t5 and two with students at Bridgwater and Taunton College: 'We the people, and 'Cllmate Action,. Individual artists also showed their work and there were interesting displays of theatre props, costumes and posters. All exhibitions are free to view and are accessible throughoutthe day as well as alongside evening performances. Creative Engagement: Learn We continued to offer a tempting variety of arts activities of people of all ages and abilities. Whilst continuing to offer programmes of dance, singing, drawing and painting, we also offered a range of workshops and short courses where those joinin8 could try out new techniques or deepen existing skills in, for example, calligraphy, mono-printing on fabric, hand-built pottery, origami. We also opened our facilities to the arts communitywho ran theirown programmes of arts work, thus extending the range of artistic engagement on site still further. Most significantlyi our work with young people continued to grow, especially through our Youth Theatre. This year not only were they amongst those auditioning and performing in A Christmas Carol, ouryouth Theatre also won a coveted place on the National Theatre's Youth Development Programme, performing a new, specially written productlon 'The Periodicals. in Taunton and Worcester. Artist Development We continued to assist Southwest performing companies by making free space available for research and development work and we worked with the Pleasure Dome Theatre Company on our Christmas production. The number of productions in our Studio increased giving opportunities to smaller, often new companies to share their work. An outstanding offering was 'Godot is a Woman, by Silent Fa5 demonstrating an ingenious and entertaining way how to rebut outdated thinking.
TAurON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 Audience Development and Access There was a large growth in overall audience numbers. surpassing earlier years and dependent largely on an increase in those choosing to join us for live performance of all genres. Of particular signif icance was the growth in numbers of schools choosing to attend A Christmas Carol coupled with it being a show which has wide family and seasonal appeal. We won funds to open our facilities as a warm space during the colder part5 of the year providing volunteer-led activitie5 and subsidised hot food. We also continued to grow our Movie Monday programme so that participants can now book a light lunch to follow the budget viewing and hot drink already offered. We offered audio described, BSL supported relaxed shows as part of our Christmas offer and offered straightforward support to those needing sanitary assistance. We continue to work hard to grow our community of Friends and seek to bring into the theatre manyof the new arrivals to our town, both to new housing areas and visiting for whatever reason. Development Fundlng Our primary funderwas our local authority, Somerset Council, successorto Somerset West and Taunton Council. Taunton School generously supported our Christmas Show and we won smaller sums from the new Taunton Town Council, as well as Somerset Community Foundation and SASP to assist with community projects. We beneflted in this year from the monies received from The Theatre Trust and the Meikle family in 2022-23 which provided a new floor and seating In the Studio along with a drop-down screen thus Increasing the use of this area. Our subsidiary company also donated funds from its work in 2022-23 and continued to support the work ofthe theatre more generally. Numerous donors contributed either by giving regular sums or on a one-off basis through the year. A 'pay-it- forward campaign raised funds to support tickets for the Christma5 Show which were distributed by Taunton Food Bank. Some of those participating in engagement activities donated funds to allow bursaries for those who could not otherwise afford to attend. Business and indlvlduals supported us in other ways, chooslng to advertise in our brochures, provldlng services or choosing to hire our facilities. They make an invaluable contribution. Our Trustee Development Committee supported the staff team in maklng bids, but it is clear that the fundlng climate is ever more challenging. The charity has not used professlonal fundraisers or commercial participators. There were no complaints regarding fundraisi ng. The trustees confirm that their fundraising is compliant with the recognised standards of fundraising. Investment In the facilities There was an improvement in the immediate external environment in that the adjacent Coal Orchard development was eventually completed. However, due to the general collapse of retail, the anticipated occupation of new premises has not yet materialised. In response, Taunton Brewhouse continued to invest in its own catering facilities and a new servery was opened for day-time use. The Council, in its role as Landlord, carried out electrical rewiring of part of the building and completed a programme of work on the roof. Our internal facilities team organised backups and support to ensure business continuity and carried out the necessary testing regimes as well as on-80ing maintenance of equipment. FINANCIAL REVIEW Following the very challenging conditions of the previous year, managers and the Board worked closely together to monitor performance and manage finances in this year. As a result of this careful work and of the outstanding success of the Christmas show 'A Christmas Carol,, the year ended with the creation of a surplu5 sufficient to start rebuilding our reserves.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number". 08658085 This success is built on a diligent approach to programming choices and on looking at ways to increase income whilst still seekingto ensure the theatre is accessible in terms of price. The theatre management has also sought to structure the staff team to better meet the needs and to work with contractors rather where this can be accommodated without risk to quality. Funds have continuously been sought for projects and core costs and tough decisions made if these are not forthcoming. Overall, we have sought to trade our way into a more financially sustainable way of working. During the year, and mindful of the need to manage the risk to our cash, savings accounts were opened with Charity Bank and United Trust Bank to generate interest from sums held a8ainst future needs. We also moved cash into an interest- bearing accountwith Natwest. This enables us to earn from ticket monies orgrants before Spending and to spread the risk of possible banking failure. RISKS Our risks policy 15 managed by Senior Management with Board oversight as set out in our Risk Management Process on Page 4 of this report. A comprehensive review of the risk management process as well as the actual risks resulted in residual risks: Dependency on income sources which ase or reduce Loss of Somerset Council funding Changes in public policy leading to loss of license These risks are largely outside our control but, nevertheless, caused u5 to explore ways of increasing our abllity to be self-supporting within the parameters of occupying a Council owned property. Risks remaining at a moderate level after mitigating and contingent actions were: Fire Working at height COSHH Non-compliance with company or statutory regulations Sexual exploitation and grooming Lack of budgetary control and financial reporting Low sales for Christmas show These risks are managed through company procedures and controls Involving the Board and/or individuals from different parts of the organisation as an additional check. RESERVES POLICY Taunton Theatre Association Ltd aims to maintain reserves to underpin the financial stability of the charity and mitigate financial risk. The intent of the Reserves Policy is to replenish released reserves and to maintain the reserve balance of £200,000 in unrestricted reserves plus £50,000 for designated at projects with £50,000 for capital expenditure and a restricted reserve balance as dictated by grant conditions. As at 31 March 2024, the total reserves for the Group were £217,368 and for the Charity £156,408. Free reserves therefore fell short of the policy. Work is ongoing to rebuild the reserves through careful management of resources. Meanwhile, strict financial management ensures that the charity operates in line with its earned income, Although within the accounting processes, advanced ticket sales and reserves are recorded separately, they are urrently banked together in oursavings accounts with movement between advance ticketsales and the current account on a monthly basis as events take place.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 POST BALANCE SHEET EVENTS In March 2024 Somer5et Council confirmed a reduced level of funding for the year 2024-25 and no funding thereafter. A little later they announced their intention to exercise the break clause on the lease for Taunton Brewhouse on 30 April 2026. These decisions are based on Somerset Council's own financial situation not the performance ofTaunton Theatre Association, whom they wish to continue a5 Operator. Discussions between rrA, Somerset Council and Taunton Town Council about ensuring the future of Taunton Brewhou5e resulted in a proposal whereby: Somerset Council retain the freehold of Taunton Brewhouse Taunton Theatre Association enters into a 50-year full repairin8 and insuring lease from l May 2026 Taunton Town Council enters into a formal partnership arrangement with Taunton Theatre Association, supported by a multi-year seiCe Level Agreement tofacilitate the continuation of the Theatre in its current premises. At the time of approval of these accounts, discussions are well progressed between Taunton Theatre Association, Somerset Council and Taunton Town Council. Ajoint letter from Taunton Town Council and Taunton Theatre Association regardin8 the above proposal has been formally submitted to Somerset Council. The terms and formal concluslon of the lease between rrA and Somerset Council are expected to be concluded in the coming months. The tems and conclusion of a partnership agreement with Taunton Town Councll remain subject to approval by the Taunton Town Council members at a future meeting. The Trustees of Taunton Theatre A550ciation are confident that all parties are committed to ensuring the future for Taunton 8rewhouse and that these discussions will be successfully concluded. GOING CONCERN After withstanding the challenges of the COVID years and recovering fully in 2023-24 to achieve record participation and Income, it is disappointing that it is the situation of the La ndlord, Somerset Council, has led to changes in lease and funding arrangements. However, the Trustees be15eve that the proposed lease and funding arrangements for 2026-7 onwards, as outlined above, will lead to a Stable and well-maintained theatre on into the future. They are grateful toTaunton Town Council for their willingness to engage in supporting Taunton Brewhouse for the benefit of the town and region. They also tha nk Somer5et Council for their commitment to easing this transition period and for their work on essential repairs. For the upcoming financial year, l April 2025-31 March 2026, although Somerset Council will not make a grant to cover core costs, the management team have developed a balanced plan which builds on current success in performing arts and continuing growth in our trading subsidiary. The Trustees have prepared forecasts and budgets for the financial years ending 31 March 2025 and 31 March 2026 which take into account the reduction in funding from Somerset Council. These indicate that the charity, and group, have sufficient funds in order to be able to continue in operation for this period, and therefore for the foreseeable future. The Trustee5 therefore consider it appropriate for the accounts to be prepared on a goin8 concern basis. In the longer term, the Theatre is reliant on the successful conclusion of the current negotiations with Somerset Council regarding the lease arrangements for the Theatre, and with Taunton Town Council regarding funding through a Service Level Agreement, a5 described in the Post Balance Sheet Events disclosure above. Any changes to the current lease arrangements will not take effect until l May 2026. 10
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 FUTURE PLANS: Our immediate priority is to complete negotiations for the new lease and funding arrangements with legal arrangements in place during the coming financial year so that Taunton Brewhouse moves seamlessly into its new situation. At the same time. and with the belief that negotiations with both Somerset and Taunton Town Councils will be resolved positively. we will continue developin8 our five-year plan for the period 2026-2030. This will include th recognising the50 anniversary of the openin8of Taunton Brewhou5e in 2027. We will continue and strengthen our: broad-ba5ed performance programme offering drama, musical theatre, dan, music of all kinds, comedy and other spoken work works, makin8 this accessible to all cinema, maximising opportunities to bring live events to the screen along with a curated film programme young people's programmes and other activities 50 that we continue to ensure and enhance an inclusive offer for all young people support for the development of Southwest Artists, funds permitting development of our staff ensuring they can build skills and capabilities in our arts environment work with volunteers with the aim of meeting their needs as well as those of the theatre Frlends offer wlth the objectlve of building thls core group of supporters. We will increase our efforts to grow our hospitality and catering provision such that it can maximise its offer to the public and, in so doing, increase the support it provides to the community and to our financial underpinnings seek funds, specifically to refurbish and redecorate key areas of our facilities. as well as to support arts projects strengthen our communications and audience development plans through improved and varied communications across our catchment areas and we will continue to seek partners and collaborators more widely and especially in the Southwest develop and deepen relationships with actual and potential funders and sponsors as well as audience members to ensure the lon8-term future of the Taunton Brewhouse. As evidenced by the 8rowth in numbers attendin8 the theatre and the consequent financial results, there is public support for Taunton 8rewhouse, a theatre originally built with substantial funds from the community, and which has contlnued to enjoy support through the past half century. INDEMNITY PROVISION FOR TRUSTEES/DIRECTORS Charity Trustees Insurance is in place for the benef it of all trustees/directors of the company. Officers are similarly covered by this insurance. AUDITOR After an open tender in Summer 2023, A C Mole LLP were reappointed as Auditors following their original appointment in 2018. The appointment was formally confirmin8 at the Annual General Meeting in November 2023. Statement of disclosure of information to audltor The Trustees, who were in office at the date of approval of these accounts, have confirmed that, as far as they are aware. there is no relevant audit information of which the Charitable Cornpany's Auditor is unaware and that they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant information and to establish that the Auditor is aware of that information. li
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number.. 08658085 THANKS We thank Vickie Robbins, for her work and leadership as Executive Director of Taunton Theatre Association and Taunton Brewhouse. She has built a strong community ethos to the company. embracing our professional staff and volunteers and, increasingly, with the charitable sector and arts organisations in Taunton and beyond. We thank all involved in the Brewhouse Team: managers, Staff and volunteers, and our specialist advisers who work with us to deliver a rich and exciting programme of cultural offers for our community. We are proud of their achievements, especially in these challenging times. We thank our funders, sponsors, donors, friends and participants for their support, encouragement, and enthusiasm throughout the year. Without this vital support, we would not exist. Finally, I thank my colleagues on the Board for their contlnulng work, support, and enthusiasm for our work which is so much appreciated. The financial statements, which incorporate the Report of the Tru5tee5 and Trustees Responsibility Statement are approved by the board in their meeting on 21 October 2024 and signed on its behalf by: J Jl£r Valerie J Berry (Val Hammond) Chair 12
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 TRUSTEES, RESPONSIBILITIES STATEMENT The charity trustees (who are also directors for the purposes of company lawl are responsible for preparing a Trustees, Annual Report (incorporating the directors, report) and financial statement in accordance with applicable law and UK Accounting Standards, including Financial Reporting Standard 102- The Financial Reporting StL7ndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial yearwhich give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable group for that year. In preparing these financial statements, the trustees are required to: Select suitable accounting policies and then apply them consistentlv; Observe the methods and principles in the Charities SORP; Make judgments and accounting estimates that are reasonable and prudent; State whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements; and Prepare the f inancial statement on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posltion of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the examiner is aware of that information. 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 di55emination of f inancial statements may differ from legislation in other jurisdictions. The financial statements. which incorporate the Report of the Trustees and Trustees Responsibility Statement are approved by the board in their meeting on 21 October 2024 and slgned on its behalf bv.. ,1 Ilo Valeriej Berry (Val Hammond) Chair 13
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 INDEPENDENT AUDITOR'S REPORTTO THE TRusfEES OF TAUNTON THEATRE ASSOCIATION LIMITED Opinion We have audited the financial statements of Taunton Theatre Association Limited (the parent charitable companV') and its subsidiaries (the 'group'} forthe yearended 31 March 2024 which comprise the Consolidated Statement of Financial Activities. the Consolidated and Charity Balance Sheet, the Consolidated Statement of Cashflows and notes to the financial statement5, 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 Fina ncial 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 fairview of the State of the group's and the parent charitable company'5 affalrs as at 31 March 2024 and the group's income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with Internatlonal Standards on Auditing IUK) IISAS IUKI} and applicable law. Our responslbilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requlrement5 that are relevant to our audit of the financlal statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditin8 the financial Statements, we have concluded that the trustees, use of the 80in8 concern basis of accounting in the preparation of the financia I statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relation to events or conditions that, individually or collectively, may cast slgnificant doubt on the group's and the parent charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsi bilities of the trustees with respect to 80ing concern are described in the relevant sections of thi5 report. Other Information The other information comprises the information included in the annual report, including the trustees, report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, exceptto the extent otherwise explicitly stated in our report, we do not express anyform of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially mi55tated. If we identify such material thi5 gives rise to a material misstatement in the financial statements themselve5. 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. 14
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number= 08658085 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TAUNTON THEATRE ASSOCIATION UMITED Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the company and its environment obtsined in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports} Regulations 20084 require us to report to you if, in our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches notvisited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responslbllltles of the trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr vlew, and for such internal control as they 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 assesslng the Charity's ability to continue a5 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 Charity or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles for the audlt of the financlal statements The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly, we have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 auditorfs 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 15As IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Identifying and assessing potential risks of materlal mlsstatement due to irregularities We considered the followingwhen identifying and assessing risks of material misstatement dueto irregularities, including fraud and non-compliance with laws and regulations: the leg313nd regulatory framework in which the charitable company and group operates the sector in which the charitable company and group operates the control environment and controls established to mitigate such risks the results of our enquiries of management about their identification and assessment of risks of irregularities discussions with the audit engagement team about where fraud might occur the incentives forfraud. 15
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TAUNTON THEATRE ASSOCIATION LIMITED Laws and regulations which are considered to be significant to the charitable company include those relating to the requirements of financial reporting framework FRS102, the Companies Act 2006. the Charities Act 2011, UK tax legislation, employment law and health and safety. In addition, we consider other laws and regulation which may not directly impart the financial statements but may impact on the operation of the charitable company. As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed. Audit responses to rlsks Identified We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook included the following.. gaining an understanding of the charltable companws procedures for ensuring compliance with laws and regulations testing the appropriatene55 ofjournal entries and other adjustments considering whether accounting estimates were indicative of potential bias considering whether any transactions arose outslde the normal course of business making enquiries of management corroborating our enquiries through review of Board Minutes and correspondence. We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reportlng Council's web51te at: www.frc.org.uvauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are requlred to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otherthan the charitable company and the charitable compan5 members as a body, for our audit work, for this report. or for the opinions we have formed. IuMrtoLLP A C Mole LLP Chartered Accountants and Statutory Auditors Stafford House Blackbrook Par Avenue Taunton Somerset TAI 2PX A C Mole LLP is eligible to act as an auditor in terms of section 1212 of the Companie5 Act 2006. 218tr Ockpbef 202 16
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 CONSOLIDATED STATEMENT OF FINANCIAL ACtIvlEs includin Consolidated Income and Ex enditure Account FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrirted Funds Funds Total Unrestricted Restrirted Funds Funds Funds 2024 Total Funds 2023 Notes Income Donations 23,696 23,696 24,044 10,000 34.044 Charitable Activities Grants ricket Sales Performance Revenue Cinema Revenue Learning and Participation 133,000 5,342 138,342 233,000 35,400 268,400 1,052,248 83,185 47,357 1,052,248 83,185 47,357 686,027 85,103 32,130 686,027 85,103 32,130 Other Trading Activities 202,975 202,975 134,530 134,530 Investment Income 5,280 5,280 912 912 Other income 41,605 41,605 48,130 48,130 Total Income 1,589,346 5,342 1,594,688 1,243,876 45,400 1,289,276 Expendlture Charitable Activitie5 Cost of Other Trading Activities 5 1,370,037 14,125 1,384,162 1,175,441 6,646 1,182,087 114,622 114,622 105,539 105,539 Total Expenditure 1,484,659 14,125 1,498,784 1,280,980 6,646 1,287,626 Net Incomel(Expenditure) 104,687 (8,783} 95,904 {37,1041 38,754 1,650 Net Movement in Funds 104,687 {8,7831 95,4 137,104) 38,754 1,650 Total Funds Brought Forward Transfer 82,617 30,064 38,847 130,0641 121,464 119,814 193) 119,814 93 Total Funds Carried Forward 217,368 217.368 82,617 38,847 121,464 The statement of financial activities includes all gains and losses in the year. The notes on pages 21 to 34 form part of these financial statements. 17
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NSOLIDATED AND CHARITY BALAN AS AT 31 MARCH 2 24 2024 2023 Group Charlty Group Charity Notes Fixed Assets Tangible Assets Investments 41,691 40,750 32,518 31,559 io 41.691 40,751 32,518 31,560 Current Assets Stocks Debtors Cash at bank and in hand 4,448 67,354 534,409 2,465 72,935 387,618 li 62,347 471,661 66,553 375.804 606,211 534,IJ08 463,018 442,357 Credltors: Amounts falling due within one year 12 1430,534) (418,351} 1374,0721 1369,6981 Net Current Assets 175,677 115,657 88,946 72,659 Net Assets 217,368 156,408 121,464 104,219 The Funds of the Charlty Unrestricted funds Restritted funds 13 13 217,368 156,408 82,617 38,847. 65,372 38,847 Total Charlty Funds 217,368 156,408 121,464 104,219 The notes on pages 21 to 34 form part of these financial statements. 18
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 BALANCE SHEETS AS AT 31 MARCH 2024 continued The trustees acknowledge their responsibilities for.. (a) ensuring that the group and company keep accounting records which comply with Section 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the group and company as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and group. Ib) These accounts have been prepared in accordance with the provisions of part 15 of the Companies Act 2006 relating to the small companies, regime. Approved by the Trustees and Directors and signed on its behalf by:_ Signed:.............. Vl¥k¥(èIL. StAA< (L Signed:..... I&L Date: 21str OttoWZOI+ 19
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 ATEMENTS OF FLOWS AS AT 31 MARCH 2024 2024 2023 Group Charity Group Charity Notes Cashflows from operatlng actlvities Net cash provided by operating activities 19 161.485 109,995 125,689 123,404 Cashflows from Investing activities Purchase of tangible fixed assets Interest received 119,974) 5,280 (19,4181 5.280 {25,364) 912 (25,3641 912 Net cash (used in) Investing activities {14,694) 114,138} {24,452} 124.4521 Net increase In cash and cash equlvalents Cash and cash equivalents at beginning of year 146,791 95,857 101,237 98,952 387,618 375,804 286,381 276,852 Cash and cash equlvalents at end of year 534,409 471,661 387,618 375,804 20
TAUNTON THEATRE ASSOCIATION LIMITED FINAN IAL TATE ENTS F R THE YEAR NDED 31 MARCH 20 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS Accounting Policies The principal accounting policies adopted in the preparation of the financial statements are as follows: Company Information The charitable company 15 incorporated in England and Wales under registration number 08658085 and is registered with the Charity Commission under charity number 1156472. The registered office is The Brewhouse Theatre and Arts Centre, Coal Orchard, Taunton, Somerset, TAI IJL. It is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited £10 per member. As at 31 March 2024 there were 15 members. Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statements 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 1021 {issued October 2019)- (Charities SORP IFRS 102)}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102> and the Companies Act 2CQ6. Taunton Theatre Association Limited meets the definition of a public entity under FRS 102. The financial statements have been prepared underthe historical cost convention with items reco8nised at cost or transaction value unless Stated otherwise within these notes. The financial statements are prepared in sterling, which is the functional currency of the companv. Monetary amounts in these financial statements are rounded to the nearest pound. Golng Concern The financial statements have been prepared on a going concern basis, which assumes the charlty and group will continue in operation for a period of at least twelve months from the date of authorisation of the financial statements and have sufficient funds to pay debts as and when they fall due. After withstanding the challenges of the COVID years and recovering fully in 2023-24 to achieve record participation and income, it is disappointing that it is the situation of the Landlord, Somerset Council, has led to the changes in lease and fundin8 arrangements which are described in Note 21, However, the Trustees believe that the proposed lease and funding arrangements for 2026-7 onwards, will lead to a stable and well-maintained theatre on into the future. They are grateful to Taunton Town Council fortheirwillingness to engage in supporting Taunton Brewhouse forthe benefit of the town and region. They also thank Somerset Council for their commitment to easing this transition period and for their work on essential repairs. Forthe upcoming financial year, l April 2025-31 March 2026, although Somerset Council will not make a grant to cover core costs, the management team have developed a balanced plan which builds on current success in performing arts and continuing growth in our trading subsidiary. The Trustees have prepared forecasts and budgets forthe financial years ending 31 March 2025 and 31 March 2026 which take into account the reduction in funding from Somerset Council. These indicate that the charity, and group, have sufficient funds in order to be able to continue in operation for this period, and therefore forthe foreseeable future. The Trustees therefore consider it appropriate for the accounts to be prepared on a going concern basis. 21
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number.. 08658085 NOTES TO THE FINANCIAL STATEMENTS Attounting Policles (continued) Golng concern (continued) In the longer term, the Theatre is reliant on the successful conclusion of the current negotiations with Somerset Council regarding the lease arrangements for the Theatre, and with Taunton Town Council regarding funding through a Service Level A8reement, as described in the Post Balance Sheet Events disclosure in Note 21. Any changes to the current lease arrangements will not take effect until l May 2026. Basis of Consolldation These financial statements consolidate the results of the Charity and its wholly owned subsidiary, ThA Trading Limited, on a line by line basis. The "Group" heading within the balance sheet refers to the consolidated accounts of Taunton Theatre Association Limited and ThA Trading Limited. All intra-group transactions are eliminated on consolidation. In the parent company financlal statements the investment in the trading subsldlary is accounted for at cost less impairment. A separate Statement of Financial Activities or income and expenditure account, for the Charity itself has not been presented because the Charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006. The surplus in the year for the charity was £52,189 (2023: deficit £4,700). Note 10 gives details of the results of the Subsidiary undertakin8 for the yearto 31 March 2024. Fund Accountlng Unrestricted income funds are available for the general purpose of the charity at the discretlon of the trustees, in furtherance of the general objectives of the charity, and which have not been designated for other purposes. Designated income funds are unrestricted funds earmarked by the trustees for particular reason or activity. Restricted income funds are only available for specific purposes designated bythe donor or through the terms of an appeal or a specific object of the charity. Cash and Cash Equlvalents Cash and cash equivalents include cash and short term hlghly liquid investments that are readily convertible to a known amount of cash and subjert to an insignificant risk of change in value. 22
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS Accounting Pollcies (continued) Financial Instruments The charity and Eroup only has financial assets and liabilities that qualify as basic financial instruments including bank balances, cash, debtors and credttors. Basic financial instruments are therefore recognised at transaction price and subsequently amortised cost. Tangible Flxed Assets Fixed assets are stated at cost less accumulated depreciation. The costs of minoradditions, items under £1,000 are not capitalised. Depreciation 15 provided on all tangible fixed assets, at rates calculated to write off the costs, less estimated residual value of each asset evenly over its expected useful life, as follows:_ Sound and lighting equipment Tools and equipment IT equipment Café equipment 20% on cost 20% on cost 25% on cost 20% on cost Stocks Stocks are stated at the lower of cost and net realisable value. 1.10 Taxation The company is a registered charity and is therefore not liable to corporation tax or capital galns tax to the extent that its income and gains are applicable to charitable purposes only. Value added taxatlon is not recoverable by the charity, and is therefore included in the relevant costs In the Statement of Financial Activities 1.11 Pension costs The group and charity make contribution5 to defined contribution pension schemes on behalf of employee5. The a55ets of these schemes are held separately from the group in independentlv administered schemes. The amount included in the statement of financial activities represents the contributions payable to the schemes in respect of the accounting period. 23
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS Accounting Policies (contlnued) 1.12 Income All income is included in the SOFA when the Charity and Group is legally entitled to the income, it is probable the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categorie5 of income. Income from donations and 8ifts are recognised in the year in which they are receivable. Income from grant5 15 recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Where grant income is received in advance of condltSons being met which are outside of the charitls control, income Is deferred within credrtors: grants received in advance until grant conditions are met. Where the charity has entitlement to fund5 but these have not yet been received, income is recognised within debtors.. accrued grant income. Income from 8rants which relate to the Government's Coronavirus Job Retention Scheme are included within other income, in the period in which the charity becomes entitled to the income. Income from ticket sale5 is recognised when the charity has entitlement to the funds. Where ticket sales Income relates to future performances income is deferred within Creditors- Ticket sales received in advance. Investment income is recognised when receivable. 1.13 Expendlture and Irrecoverable VAT Liabilities are recognised a5 expenditure as soon as there is a legal or constructive obligation comm itting to that expenditure, it is probable that settlement will be required and the obligation can be measured reliably. All expenditure is recognised on the accruals basis. Costs of other trading activities include5 expenditure incurred In generatin8 the trading subsidiary funds. Expenditure on charitable activities comprises costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and costs of an indirect nature necessary to support them. 1.14 Critical accountlng estimates and judgements The preparation of the financial statements requires management to make judgements, estimates and assumptions. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future eventsthat are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The trustees are of the opinion that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilitie5 Within the next financial year. 1.15 Volunteered Services The charity benefits greatly from the involvement and support of it5 many volunteers. In accordance with FRS102 and the Charitie5 SORP IFR51021 the economic contribution of general volunteers is not recognised in the financial statements. 24
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS Income from Charltable Actlvltles- Grants Totsl 2024 Total 2023 Unrestricted Restricted Unrestricted Restritted Somerset West and Taunton Council Somerset West and Taunton Council - additional one off revenue grant Somerset Community Foundation Somerset County Council Audio Equipment Grants Warm Spaces Grants Craft Workshop Grant SASP Grant Theatres Trust 132,000 132,1)JO 132,CDO 132,000 ioo,coo 1,000 loo,000 1,000 24,900 5,500 24,900 5,500 2,250 1,592 1,500 3,250 1,592 1,500 5,IXIO 5,1)JO 133,000 5,342 138,342 233,000 35,400 268,400 Income from Other Tradlng Actlvitles Total 2024 Total 2023 Unrestricted Restricted Unrestrfcted Re5trlcted A Tradin8 Limited Business Sponsorship Advertising Fundraising 189,723 10,900 2,300 52 189,723 10,9C 2,300 52 129,039 5,425 129,039 5,425 66 66 202,975 202,975 134,530 134,530 other Income Theatre Tax Credit Sundry income Advertising VAT repayments Insurance claim 39,932 1,673 39,932 1,673 37,579 223 9,128 1,200 37,579 223 9,128 1,200 41,605 41.605 48,130 48,130 25
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS Expenditure on Charitable Activities Unrestricted Restricted Funds Funds Total 2024 Unrestricted Funds Restricted Funds Total 2023 Theatre costs Artists, Payments Sound & Lighting Consumables Cinema Film Rental Cinema & Equipment Repairs Depreciation on Sound & Lighting Equipment 724,530 4,370 728,900 525,854 525,854 1,336 38,572 1,336 38,572 591 39,674 591 39,674 9,933 9,933 10,574 10,574 2,339 3,576 5,915 4,030 367 4,397 776,710 7,946 784,656 580,723 367 581,090 Premises Costs Business Rates Water Rates Insurance Light & Heat Repairs & Maintenance Fire & Security 1,434 4,259 5,189 28,494 7,323 3,072 1,434 4,259 5,189 29,053 7,323 3,072 2.586 623 5,808 24,639 6,660 2,371 2,586 623 5,808 24,639 11,787 2,371 559 5,127 49,771 559 50,330 42,687 5,127 47,814 Staff Costs Wages & Salarie5 390,012 1,647 391,659 371.046 371,046 Publlclty & Marketing Pu blicity & Marketing Social Media 48,239 16,199 48,239 16,199 61,190 9,530 61,190 9,530 64,438 64,438 70.720 70,720 26
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NOTE5 TO THE FINANCIAL STATEMENTS Expenditure on Charitable Activities (Continued) Unrestricted Restricted Funds Funds Totsl 2024 Unrestricted Funds Restricted Funds Total 2023 Support Costs Training Travel & Subsistence Health & Safety Licences Printing, Postage & stationery Legal & Professional Fees Audit & Accountancy Bank & Credit Card Char8es Ticketing Charges Sundry Expenses Depreciation of Equipment Bad Debt 1,883 1.258 5,073 30,381 1,883 1,258 5,073 30,381 630 2,187 2,304 24,655 630 2,187 2,304 24,655 1,382 1,699 12,828 1,382 1,699 12,828 1,771 10,659 17,599 1,771 10,659 17,599 882 32,594 787 339 882 32,594 787 4,312 1,012 45,719 1,426 1,245 1,058 1,012 45,719 1,426 2,397 1,058 3,973 1,152 89,106 3,973 93,079 110,265 1,152 111,417 Total Charltable Actlvltles Expenditure 1,370,037 14,125 1,384,162 1,175,441 6,646 1,182,087 27
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 TES TO THE FINANCIAL STATEMENT5 Stsff Costs 2024 2023 Salaries & Wage5 Social Security Costs Pension Contributions 361,870 22,643 7,146 341,449 22,684 6,913 391,659 371,046 No employee earned £60,000 per annum or more12023: none). The average number of persons (excluding trustees) employed during the year was 21 {2023: 211. The key management personnel of the group comprise those of the charity and those of its wholly owned Subsidiary Trading Ltd. The key management personnel is identified as the chief executive, marketin8 and communications manager, technical and facility manager, artistic programmer, head of finance and administration and front of house manager. The total employee benefits, inclusive of pension and social security costs of key management personnel of the charity and group were £185,500 12023: £156,042). Trustee Remuneration and Related Party Transactions The Trustees who are all directors received no remuneration during the year. No expenses have been reim bursed to directors during the year12023: £nill. The Charity's wholly owned subsidiary, ThA trading, operates the Brewhouse bar, kiosks, sales of merchandise and art works and the hire of all facilities not required for core purpose. Profits from these activities are transferred to Taunton Theatre Association Ltd by means of a charitable donatlon. rrA Trading also pay a service charge to the Charity to cover costs associated with rrA trading overheads and operating costs. The Trustee Eddie Caine5 is a Film Programme Consultant. During the year £2,534 {2023: £3,277} was invoiced for Cinema Programming by his consultancy business. Taxation As a charity, Taunton Theatre Association Limited 15 exempt from tax on income and 8ains falling within section 505 of the Income and Corporation TaxesAct 1988 and section 256 of theTaxation of Chargeable Gains Act 1992, to the extent that these are applied to its charitable objects. 28
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS Tangible Fixed A55ets- Charity and Group Tools & Other Cafe Equipment Equipment Sound & Lighting IT Equipment Total Cost At l April 2023 Additions 99,978 19,418 14,649 17,348 S56 19,866 151,841 19,974 At 31 March 2024 119,396 14,649 17,904 19,866 171,815 Depreclatlon At l April 2023 Charge for Year 87,471 5,915 14,649 16,051 913 1,152 3,973 119,323 10,801 At 31 March 2024 93,386 14,649 16,964 5,125 130,124 Net Book Value At 31 March 2024 26,010 940 14,741 41,691 At 31 March 2023 12,507 1,297 18,714 32,518 Included within tools and equipment of group fixed assets are assets with a net book value of £941 {2023: £9591 which are held in the trading subsidiary. 10. Investments Charlty Total 2024 Total 2023 rrA Trading Limited Ordinary shares of £1 each rrA Trading Ltd {Company no 090110081 wa5 incorporated on 25 April 2014 as a wholly owned trading subsidiary of Taunton Theatre Association Limited. The parent charity holds 100% of the issued share capital and 100% of the voting rights of the subsidiary trading company. The principal activities of the company was that of a theatre bar and café. The trading subsidiary gift aids itstaxable profitsto Taunton Theatre Association Limited. The Registered Office is The Brewhouse Theatre and Arts Centre, Coal Orchard, Taunton, Somer5et, TAI IJZ. 29
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED I MARCH 2024 Company Number: 08658085 NOTE5 TO THE FINANCIAL STATEMENTS io. Investments (Continued) The results of rrA Trading Limited were as follows:. 2024 2023 Turnover 190,723 129,039 Costs of sales (75,5981 (61,747) Gros5 profit 115,125 67,292 Administrative expenses 161,824) 158,192) Operating profit 53,301 9,100 Gift aid to Taunton Theatre Association Limited 9,586 2,749 The assets and liabilities were:_ Fixed assets Current assets Current liabilities 941 75,774 {15,7551 959 21,350 (5,064) Total a55ets less current liabilities 60,960 17,245 Called up share capital Retained earnings 60,959 17,244 60,960 17,245 ii. Debtors 2024 2023 Group Charity Group Charlty Trade Debtors Prepayments Accrued Income Other Debtors 19,624 3.506 952 43,272 17,956 3,506 952 39,933 14.459 2.557 17,CQO 38,919 11,416 2,557 17,OCNJ 35,580 67,354 62,347 72,935 66.553 30
TAUNTON THEATRE ASSOCIATION LIMITED FINAN IAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS 12. Creditors: Amounts falllng due wlthln one year 2024 Group 2023 Charity Group Charity Trade Creditors Taxation & Social Security Accruals Ticket sales received in advance VAT 24,718 7,215 65,275 324,342 8,984 22,540 7,215 64,254 324,342 26,606 8,215 62,991 273,082 3,178 25,547 8,215 62,854 273,082 430,534 418,351 374,072 369,698 13. Statement of Funds- Group and Charlty At31 March 2024 At l April 2023 Income Expendlture Transfer Unrestrirted funds General 82,617 1,589,346 11,484,659) 30,064 217,368 Restrlcted funds Café Project Studio Seating Studio Flooring/Lighting Audio Equipment Warm Spaces Craft Workshops SASP Grant 18,714 10,000 5,000 5,133 13,973) 11,672) {805) 11,ioo} {3,2501 {1,7681 (1,5571 {14,741} {8,3281 (4.1951 14,0331 1,000 176 57 2.250 1.592 1,500 38,847 5,342 {14,1251 130,064} Restricted income funds are for speclfic artistic productions and activities undertaken by the company. The Café Project W3s funded by a grant from Somerset County Council to redevelop the Theatre's Café. The balance on the fund represented the net book value of the assets purchased, the restrirtion has therefore been fulfilled and the fund balance held as fixed assets transferred to the general reserve. The Studio Seating Fund consists of a donation received specifically towards the new seating in the studlo and related adjustments to the room. The donor5 approved the use of any remaining funds to the overall Studio project. The balance on the fund represented the net book value of the assets purchased, the restriction has therefore been fulfilled and the fund balance held as fixed assets transferred to the general reserve. The Studio flooringllighting fund is a grant from the Theatres Trust towards repairing the Studio floor and Improving the lighting ri8. The balance on the fund represented the net book value of the assets purchased, the restriction has therefore been fulfilled and the fund balance held as fixed assets transferred to the general reserve. 31
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS 13. Statement of Funds- Group and Charity (continued) The Audio equipment fund consist of donations received for Audio description equipment increasing accessibility of the theatre. The balance on the fund represented the net book value of the asset5 purchased, the restriction has therefore been fulfilled and the fund balance held as fixed assets transferred to the general reserve. Warm Spaces funding was received from Taunton Town Council and SCF was to enable the Charity to open early, provide daily activities and provide subsidised hot meals during the period December to February. The craft workshops were funded by Taunton Town Councll and were to enable families to take part in workshops at no or low cost during the autumn. The SASP grant was recelved to fund places on weekly activf(ies durin8 the school holidays for chlldren who would otherw15e receive free school meals. 14. Analysis of Net Assets Between Funds - Group 2024 Total 2023 Total Unrestrlcted Restricted Unrestrl¢ted Restricted Fixed Assets Net Current Assets 41,691 175,677 41,691 175,677 8,671 73,946 23,847 Is,000 32,518 88,946 217,368 217,368 82,617 38,847 121,464 15. Capital Commltments At 31 March 2024 the charity had no capital commitments12023- Nil}. 16. Called up Share Capltal The company is limited by guarantee and as such has no issued share capital. 17. Auditors Remuneration Charl 2024 Subsidia Total 2023 2024 2023 2024 2023 Audit Accounting seiceS Corporation tax Other services 7,128 4,740 960 12.043 4,884 672 7,128 5,240 960 7,080 5,490 840 30 500 760 12,828 17,599 500 760 13,328 18,359 32
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS 18. Lease Commitments Minimum lease payment of the group all due as follows- 2024 2023 Within one year Between one and five years 2,324 425 2,445 2,704 2,749 5,149 19. Reconciliation of Net Movements In Fund5 to Net Cashflows from Operating Artivities 2024 2023 Group Charity Group Charlty Net Movement in Funds las per statement of financial attivitiesl Adjustments for:. Investment Income Depreciation 95,904 52,189 1,650 14.700) 15,2801 10,801 15,280) 10,227 19121 7,280 (9121 6,794 Movements In Working Capital:. Ilncreasel/Decrease in Stock Decrease/llncrease} in Debtors Increase in Creditors 11,9831 5,581 56,462 1,808 41,312 74,551 4,206 48,653 42,412 79,810 Cash Provided by Operating Activities 161,485 109,995 125,689 123,404 20. Prior Year Statement of Funds- Group and Charlty At l Aprll 2022 At 31 March 2023 Income Expenditure Transfer Unrestricted funds General 119,814 1,243,876 11,280,980} {93) 82,617 Restrirted funds Café Project Studio Seating Studio Flooring/LiEhting Audio Equipment 24,900 10,000 5,000 5,500 {6,2791 93 18,714 10,0 5,000 5,133 (3671 45,400 16,6461 93 38,847 33
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number.. 08658085 21 Post Balance Sheet Events In March 2024 Somerset Council confirmed a reduced level of funding for the year 2024-25 and no funding thereafter. A little later they announced their intention to exercise the break clause on the lease for Taunton Brewhouse on 30 April 2026. These decisions are based on Somerset Council's own financial situation not the performance of Taunton Theatre Association, whom they wish to continue as Operator. Discussions between ThA, Somerset Council and Taunton Town Council about ensuring the future of Taunton Brewhouse resulted in a proposal whereby: Somerset Council retain the freehold of Taunton Brewhouse Taunton Theatre Association enters into a 50-year full repairing and insuring lease from l May 2026 Taunton Town Council enters into a formal partnership arrangement with Taunton Theatre Association, supported by a multi-yearservice Level Agreement to facilitate the continuation of the Theatre in its current premise5. At the time of approval of these accounts, discussions are well progressed between Taunton Theatre Association, Somerset Council and Taunton Town Council. Ajoint letter from Taunton Town Council andTaunton Theatre Association regarding the above proposal has been formally submitted to Somerset Council. The terms and formal conclusion of the lease between rrA and Somerset Council are expected to be concluded in the coming months. The terms and conclusion of a partnership agreement with Taunton Town Council remain subject to approval by the Taunton Town Council members at a future meeting. The Trustee5 of Taunton Theatre Association are confident that all partie5 are committed to ensuring the future for Taunton Brewhouse and that these discussions will be successfully concluded. 34