Company Registration Number: 08658085 Charity Registration Number: 1156472 TAUNTON THEATRE ASSOCIATION LIMITED (A Company limited by Guarantee) REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 CONTENTS Page Company and Charity Information Report of the Trustees 3-12 Trustees, Responsibilities Statement 13 Auditor's Report 14-16 Consolidated Statement of Financial Activities 17 Consolidated Balance Sheet and Company Balance Sheet 18-19 Consolidated Statement of Cashflows 20 Notes to the Financial Statements 21-34
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number: 08658085 COMPANY AND CHARITY INFORMATION Dlrectors and Trustees Mr. S Berg Ms C de Bernhardt Lane Mrs VJ Berry J,2,3 Mr C Cook Mrs V Dawson Mr E F Gaines Mr B Havenhand Mr R W Rowles MrA G Samuels IResigned 23 November 2024) {Ch3ir, known as Val Hammond) Appointed 21.01.2025 Member of Finance Committee Member of Development and Fundraising Committee Director ofThA Trading Ltd Company number 08658085 Charlty number 1156472 Key Management Personnel Executive Dlrector Mrs V S Robbins Registered office The Brewhouse Theatre and Arts Centre Coal Orchard Taunton TAI IJL Website.. www.tauntonbrewhouse.co.uk Professlonal Advisers: Auditors 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 Tozers LLP Broadwalk House Southerhay West Exeter, EXI IUA
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report with fina ncial statements of the charity for the year ending 31 March 2025 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 building a foundation on which to build change in the responsibilities and funding of Taunton Theatre Association's operation of Taunton Brewhouse. These changes do not come into effect until May 2026 but preparation for them has taken place in 2024-25 and will continue through 2025-26. Further information is included under Post Balance Sheet Events. The Review of the Year, Page 6, deals with work and experience in 2024-25 and the following Administrative Information refers to our st3ndine procedure5 and practices. REFERENCE AND ADMINISTRATIVE INFORMATION: Constitutlon and Structure Taunton Theatre Association Ltd is a registered Charity, No. 1156472, and a Company limited by guarantee and not having a share capital. 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 of the Company, members guarantee to pay the sum of £10 each. Tho trustees and director5 and principal adviser5 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 11 contracts and other legal documents are as Taunton Theatre Association Ltd, it is known as Taunton Brewhouse. The building is leased from Somerset Council, the Unitary Authority for Somerset. GOVERNANCE AND MANAGEMENT: The charity's governing documents are its Memorandum and Articles of Association. The governing body ofthe charity is the Board of Trustees who are also the directors of the company. Recruitment and training of trustees New trustees are sought by advertising regarding the overall Skill mix required by the Board. Candidates are invited and appointed by the whole Board of Trustees. Induction includes sessions with existing Board members and the Executive Director and senior staff a5 appropriate. A new trustee may be appointed to the Board at anv time during the year with appointment confirmed at the Annual General Meeting, Organisational Management The Board is legally responsible for the overall management of the charity and meets quarterly with other meeting5 as necessary. It currently comprise5 eight independent trustees who are also Members of the charity. Two non-voting observer5 nominated by the Local Authority attend meeting as representatives of the owners of the site. Somerset Council. One-third of trustees subm it themselve5 for re-election each yea r. Our Executive Director, appointed by the Trustees with responsibility for leadership and management of the charity, attend5 Board Meetings as senior Officer. To facilitate effective operations, the Executive Director has delegated authority within terms of delegation approved by the Trustees, for operational matters including finance, employment, business development and planning. The Executive Director has oversight of the overall artistic direction of the company which is doveloped together with the Artistic Programmes Manager (since 14 November 2024 this role has been a job share). standing Committees of the charity Board meet with appropriate officers at interva15 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 basi5 or as necessary.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 Lead trustees advise on specific matters, e.g., finance, fundraising, legal matters. Public benefit5 and risks are discussed and agreed by the Board following report5 by senlor staff. Pay pollcy The Board of trustees and directors consider the salary of the Executive Director who is charged with directing and controlling, running, and operating the charity on a day-to-day basis. The trustees set guidelines for the pay of the senior managemerit team. Pay is reviewed annually to ensure people are rewarded to reflect performance and market rates whilst being mindful of the charity's responsibility to consider its own financial position. All trustees give of their time freely and receive no remuneration for their Board responsibilities. If contracted to provide a specific service in the work of the Charity, e.g.i as a theatre professional, they are paid the appropriate fee. Related Parties The Charity's wholly owned subsidiary, rrA Trading Ltd, operates Taunton Brewhouse bar, kiosks, sales of merchandise and art works and the hire of all facilities when not required for the core purpose. It manages the provision of on-site refreshment facilities. Any profits from these activities are transferred to Taunton Theatre Association Ltd by means of a charitable donation. ThA Trading Ltd also pays a service charge to the Charity to cover costs associated with A Trading overheads and operating costs. The charity and its subsidiary together comprise The Group. Risk Management Process The Board of Trustees is 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 risks. Risks in 2024-25 were categorised under Art15tic Programme, Political & Public Policyi Finance & Funding, Young People under 18, Assets & Equipment, Staffing & Governance and Health & Safety. All risks are assessed for likelihood and impact with mitigating actions identified and put in place. A Business Continuity Plan is also in place. Business Plans are approved by the Trustees and performance against plan5 is reported in Heads of Department quarterly reports. Additionally, Somerset Council Observers attend TTA Board Meetings to keep updated as (Landlord and Grant Funderl on ThA's situation and performance. OBJECTS AND AIMS Charity objects Taunton Theatre Association's formal objective is: The advancement of education for the public benefit through the promotion and encouragement of the performing arts, the creative arts, and the visual art5 by such means as the directors shall think f it, with reference to {but without limitation) the County of Somerset. Aims and intended impact Based on our 5-year strategic plan 2021-2026, our operational vision, mission and values stand alongside our branding a5 Taunton Brewhouse. Our Vision We imagine a future where people and communities are liberated through art15tic 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.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 Our Values Our four 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 visit and work. Welcoming- we value open hearts, open minds, and welcome all to Taunton Brewhouse Bold- we value bold artists a nd bold ideas, i nspiring 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. How we achieve our purpose The purpose of Taunton Theatre Association is achieved through holding the lease for Taunton Brewhouse 3nd 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 bulld and foster artistic ta lent Producing an annual Christmas musical in the main house Screening regular and event cinema Curating and presenting visua l 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. She leads a Senior Management Team.. Artlstic Programmes Manager, Technical and Facilities Manager and Marketing Manager. There were changes within the senior team during the year as the Artistic Programmes Mana8er resigned in September 2024 to retrain for a career in law and was replaced in November by two appointees working in a job-share. Employees.. Our core employed team report to the managers identified above. They include Management Accountant, Youth and Programme Coordinator, Theatre Technicians, Hospitality Coordinator, Box Office Supervisor, Box Off ice and Marketing staff, and Duty Managers. They perform at a high level whi15t 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 110 volunteers provide vital support for our work. Volunteers contribute by taking part in Front of House, Bar, Marketing and Technical/Back-staEe and help a150 Wlth repairs and redecoration and often act as our ambassadors. We are immensely grateful to them. Our facilities: The theatre buildings date from 1977 with later additions and are attached to an 18th century house. We benefit from being able to use these facilities which are now owned by Somerset Council for the benefit of the community. Because of the unique character of the building, a commercial value is difficult to define although it represents a real contribution to public support for the arts in Ta unton. PUBLIC BENEFIT Our public benefit offers education, inclusion, and wellbeing through the provision of cultural and arts engagement for all ages. Our beneflciaries Although the total number of beneficiaries for 2024-2515 a little lower than in the previous year, it is the second highest attendance In our history; the underlying trajectory is continuing growth with those attending live performances exceeding those recorded pre-pandemic. Cinema, particularly films, did not perform so strongly. Numbers attendlng art15tic and craft classes show a significant increase reflecting the way activities are
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 organised. They include those directly managed (Creative Engagement) and separately• IHiresl. Results show that there were 76,428 unique attendances at 1,080 events. This varies from those watching 3 live event in the Ma in Auditorium which has 352 seat5 Iwith 342 available for most shows) through to small groups attending classes or larger numbers joining open events. Details of numbers and trends are shown in the following table. 2019-20 2020-21 2021-22 those offered by others YEAR EVENT 2022-23 2023-24 2024-25 ttendance Events ttendance vents ttendance vents ttendance vents ttend8nce vents ttendance vents Live Perforrnances IMA & Studiol Event Clnem 183 41,116 413 191 28,009 224 38,359 260 53,299 253 50.521 7,423 1,097 185 2,441 3,178 3.752 52 2,393 ioi 9,043 7,538 4,974 Cinema 74 6,345 28 588 Creative En6agement Exhibitions 730 8,205 396 3,268 420 2,546 493 3,432 5,681 505 4,835 2,300 2,098 cl,000 3,093 3,793 2,170 9,182 3,050 9,296 Hires event51 cla55es/other Other/2020 Digital 109 218 io N/K TOTAL 1,050 65,389 475 7,464 671 34,133 962 60.161 920 81,048 1,080 76,428 Note5'. Years 2020-21 and 2021-22 We impacted signiflcantly by COVID wlth the theatre closed for period5, Exhibition attendance 15 estimated based on people viewing when the theatre Is open. The opportunity to benefit We aim to keep prices at affordable levels and offer further benefits through our Friends Scheme. When circumstances and performing companies permit, we offer price reduced or multi-tickets to increase access. We work with schools and colleges to bring young people to the arts either by attending shows or by bringing their own work to the theatre. Our 'Mini Friend, lage 2-121 and Young Friend, lage 13-251 offer reduced fee Membership and benefits to encourage participation at these ages. For Christma5 2024 we again organised a 'Pay-it- Forward, Campaign where ticket buyers could donate to provide tickets for the Christmas show which were distributed through the Foodbank. A similar scheme provides subsidised places on some programmes of Creative Engagement. Our Christmas show offered performances with BSL interpretation, audio described and relaxed performances and we aim to adapt productions where possible to make them fully accessible. Attendance at exhibitions is free to all, as is participation in activities at festivals throughout the year. We a150 provided activities through the 'Warm Spaces, programme for those who 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 participating in this way are included in our list of benef iciaries. The number of those attending in this way again increased this year, increasing the use of our valuable community assets. REVIEW OF THE YEAR 2024-25 In a year of consolidation when the existing programme of live performance was maintained, more live performances were added to the Studio programme. This provided opportunities for Southwest artists to present newly developed work and attract d ifferent audiences. The number of exhibitions and activities offered a5 Part of our Learn programme also Increased, Repairs were carried out on the roof and structure of the building
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Nurnber.. 08658085 whilst the in-house team continued to maintain and develop the facilities to better serve the needs of our audience5. Economic condition5 continued to be challenging so it 15 pleasing to report that careful management of all resources as well as the contribution from rrA Trading Ltd, enabled the charity to report a positive financial balance for the Group. Performance Live performance continued to form our core offer with 253 separate performances in the main auditorium or studio, including our month-long Christmas show. We sought to offer a balanced programme that both reflects and challenges the broad tastes of different audiences. There was a strong representation both in music of all genres as well as comedy and an increasing range of drama. Examples include an ingenious production of 'Far from the Maddening Crowd, and an enjoyably informative production of Yhe Brief Life and Mysterious Death of Boris 111, King of Bulgaria,. Well-supported family shows included many familiar tales but also new offerings such as 'Zog and the Flying Doctors, and 'Dear Zoo,, Whilst most performances were on the main stage. many smaller and more experimental shows were well received in more intimate surroundings of our studio theatre. Our Christmas show was a new adaptation of Pinocchio produced in house. Telling the familiar story with humour and song, it illustrated how taking the 'wrong path, can lead to trouble, sorrow and forgiveness. Members of our Youth Theatre participated in the community ensemble where they worked alongside professional actors and the professional di rector. We are grateful to Taunton School for supporting this show. Our valued community drama companies continued to bring their productions to our stage with Wayfarers Pantomime Society performing Beauty and the Beast. Taunton Thespians presented Dracula, Time to Move was offered by Achieve Dance Company, Celebratel An evening of African music and dance was organised by State of Trust and TYCA. Event Cinema and Films Event cinema had good numbers attending Exhibitions on Screen, dance from the Royal Ballet and Opera House and notable National Theatre productions. The fewer f ilms shown reflected the lower number and choices of new releases. However, our Movie Monday programme continued to be strongly supported with many participants ch005ing to stay for post-show refreshments and the opportunity to meet friends. Exhibitlons Exhibitions increased to 12 during the year with a mix of art societies and single artist showings. We were pleased to showcase young, emerging talent from Bridgwater and Taunton College as well as established artists and we were also honoured to support and show a collection from Somerset Art Gallery Trust ISAGTI. The theatre benefits from SAGT'S long-term loan of work by Jack Coulthard, for which we are very grateful. This 51ts alongside Jack's paintings gifted by the Anderson family. All exhibitions are free to view and are accessible throughout the day and alongside evening performances. Creative Engagement." Learn The range and number of opportunities for arts activities increased again during this year with workshops in crafts such as silver jewellery making, willow work and Lino printing sltting alongside regular courses in art, da nce, and singing. We are pleased to offer these for all ages and skill levels. Our work with young people continued to expand. Ouryouth Theatre now offers five separate groups and works with different age groups. Some members performed in our Christmas show, Pinocchio, and we were again selected to participate in the National Theatre's Youth Development Programme, this year working on a new production. No Regrets,.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 Artist Development We offered in kind Support to TYCA {young creatives), research and development Space for Detention and Bluebird Theatre Company. We provided the opportunlty for new work to be shown by paying a small fee: Pillow Fite, People Show 145, Suthering, Bright Place, Maddie Morris and Little Red Riding Could. NT Connection enabled budding artists to perform at national level. Also, our Artistic Programme team convened a Somerset theatre makers group to discuss how best to support artists. Audlence Development and Access Total audience numbers fell back a little after very high attendance last year due to the popularity of A Christmas Carol but were higher than in any of the preceding years, suggesting that our underlying trajectory is still growth. It is particularly pleasing to meet Budience member5 who are new to Taunton and to welcome younger people to our events whilst Still retaining our core supporters. Work to improve accessibility included: consulting with a wheelchair user about their experience, learning from charities who work with dlDeaf and sight loss individuals to better improve their experience and provided sign- language training for staff. We offered audio-described events, BSL, and supported relaxed shows as part of our Christmas programme. We continue to work hard to grow our communityof Friends and seek to bring into the theatre many of the new arrivals to our town, both from new housing areas and those visiting for whatever reason. Development Funding Our primary funder during 2024-25 was our local authority, Somerset Council who, as landlord, also carried out work on the building. Taunton Town Council supported part of our Learn programme of activities. Taunton School generously supported our Christmas Show and we won smallersums from Somerset Community Foundation for wa rm spaces during the colder parts of the year when we provided volunteer-led activities and subsidised hot food. Our subsidiary company also donated funds from its work in 2023-24 and continued to support the work of the theatre more generallv. Numerou5 donors contributed either by giving regular sums or on a one-off gift. A 'pay-it- forward campaign raised funds for the Christmas Show, with sums raised being matched by the theatre to provide free tickets for those in need and distributed by The Food Bank. Some of those partlcipating in engagement activitie5 donated funds to allow bursaries for those who could not otherwise afford to attend. Business and individuals supported u5 in other ways, choosing to advertise in our brochures, providing services or choosing to hire our facilities. They make an invaluable contribution, Our Trustee Development Committee supported the staff team in making bids in a funding climate that is ever more challenging. The charity has not used professional fundraisers. There were no complaints regarding fundraising. The trustees confirm that their fundraising is compliant with the recognised standards of fundraising. Investment in the facillties Somerset Council, as Landlord, refurbished the windows in the Brewmaster's House, carried out repairs to the roof of the same building and completed significant work on the flat roofs over the theatre itself. New dimmers in the auditorium were installed, and fire doors were replaced around the building.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 Our internal facilities team organised backups and Support to ensure business continuity and carried out the necessary testing regimes as well as on-going maintenance of equipment and internal painting and repair projects. FINANCIAL REVIEW Senior managers and the Board work closely together to monitor performance and manage finances, taking account of changes in the economy and the local environment. Business performance and bookings for future events are monitored, and all Board members are updated weekly and monthly. More detailed analyses are provided at quarterly Board meetings. sales for the Christmas Show in 2024, Pinocchio. did not match those for the previous year's A Christmas Carol but were in line with that achieved for production5 in earlier years. This is reflected in the accounts In a climate of rising prices. careful attention to obtaining the best deals for utilities and other costs has contributed to our results, as has investing cash in savings accounts pending its use in the business. As in previous years, the contribution of Trading to the financial results for the Group is significant and enabled a surplus to be recorded. This followed careful work in reappraising the bar offer and experimenting with different café offers. This work continues. RISKS Our risks policy is managed by Senior M3 nagement with Board oversight 35 set out in our Risk Management Process on Page 4 of this report. The main risks identified were.. Loss of fundinE and/or support from Somerset Council Redevelopment or loss of lease for the premises Aging electrical installation The Trustees and Management worked to identify alternative sources of funding and to carry out necessary rep3irs. However, changes to funding and to lease arrangements are set out under post balance sheet events to give a fuller picture of the charity's situation and plans. Risks remaining at a moderate level after mitigating and contingent actions were.. Fire Working at height COSHH Sexual exploitation and grooming Low sale5 for Christmas show These risks are managed through company procedures and controls involving the Board andlor individuals from different parts of the organisation as an additional check. RESERVES POLICY Taunton Theatre Association Ltd aims to maint3in reserves to underpin the financial stability of the charity and mitigate f inancial 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 projects with £50,000 for capital expenditure and a restricted reserve balance as dictated by grant conditions. On 31 March 2025, the total reserves for the Group were £257.70312024: £217,368) and for the Charity £190,530 {2024,' £156,408). Free reserve5 therefore fell Short of the policy. Work 15 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.
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number., 08658085 Although within the accounting processes, advanced ticket sales and reserves are recorded separately, they are currently banked together in our savings accounts with movement between advanced ticket sales and the current account on a regular basis as events take place. POST BALANCE SHEET EVENTS As anticipated, 5omer5et Council confirmed that they would be unable to provide funding from April 12025 due to their own financial constraints. They also served notice of their intention to exercise the break clause in the lease for the premises on 30 April 2026. Somerset Council also began formal negotiations with Taunton Theatre Association Ltd IThAI for a new lease to come into effect on l May 2026. This provides for TTA to hold a full repairing and insuring lease for the Brewhouse Theatre and Arts Centre for 50 years. Somerset Council retain landlord responsibilities for repairing and insuring the buildings until 30 April 2026. TTA agreed the new lease documents in October 2025 but when applying to register the same with Land Registryi it learned of applications pending due to the Land Registry's own backlog which relate to restrictions on Title. These are thought to relate to the wider Coal Orchard development rather than to the Brewhouse itself. In view of the need to comp.lete the lease arrangements now, an agreement has been reached with Somerset Council where it will assist TTA in resolving any matters that arise when Land Registry processes these applications. The new lease is therefore to be concluded immediately. On 11 November 2025 Taunton Town Council formally adopted the motion to put in place the 5-year Funding Agreement for Taunton Theatre Association which will come into effect on l April 2026. TTA is most grateful to Taunton Town Council for thLts contributing to the future of Taunton Brewhouse. GOING CONCERN 2025-26 is likely to be a challenging year without core funding from Somerset Council. Even though Taunton Town Council has awarded TTA a venues grant, this does not match the previous grant from Somerset Council and is less than planned for future years. Nevertheless, the Trustees believe that careful management of our finances this year will enable the Group to achieve a manageable outcome for this year. As part of due diligence when considering the change to lease terms, rfA commissioned surveys of the slte and infrastructure. This was instructive in terms of identifying what work will be needed in the future together will probable timescales. recognises that carrying out this work will require external funds and is identifying potential sources to assist. ThA will also increase its f undraising skills and resources. The strategic plan for 2026-2031 and a detailed business plan for 2026-27 has been developed to take account of ThA's responsibilities as well as the emerging environment for cultural organisations. TTA'S ability to earn income and manage costs are Strengths of the current management team. In future these skills will sit alongside a commltment to raise funds for capital work when it become5 necessary, Havlng prepared forecasts, budgets and ca5hflows up until 31 December 2026, which take into account the loss of funding from Somerset Council, the new Funding Agreement from Taunton Town Council and the new lease arrangements, the group and the company has sufficient funds to contSnue in operatlon for this period, and therefore for the foreseeable future. The preparation of these forecasts include a number of assumptions, including the level of revenue generated from the Christmas show, and achievement of these will be key to ensuring the long-term financial viability of the Theatre. In addition, as highllghted in the Post Balance Sheet Events disclosure above, at the date of approval of the financial statements the new lease with Somerset Council had not concluded. Having spoken with representatives from the Council the Trustees are confident that these discussions will conclude successfully. The Trustees therefore consider it appropriate for the accounts to be prepared on the basis of a going- concern. io
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 FUTURE PLANS: Our immediate priority is to complete legalities for the core funding from Taunton Town Council so that Taunton Brewhouse moves seamlessly into its new situation. We will also recruit a Trustee with specific experience in building maintenance to add this knowledge to Board discussions. A will work c105ely with Taunton Town Council to develop the agreed programme of activities at Taunton Brewhouse for the benefit of all those who live in or visit Taunton. This will include recognising the 50th anniversary of the opening of Taunton Brewhouse in 2027. We will continue and strengthen our.. broad-based performance programme offering drama, musical theatre. dance, music of all kinds, comedy and other spoken work works, making 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 so that we continue to ensure and enhance a n inclusive offer for all young people support for the development of SouthWe5t 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 Friends offer with the objective of building this core group of supporters. We will increase our efforts to grow our hospitality provision such that it can maximise its offer and, in so doing, increase the support it provides to the community and to our financial underpinnings seek funds, specifically to maintain, refurbish and redecorate key areas of our facilitie5, as well as to support arts projects strengthen our commuriications and audience development plans through improved and varied communications across our catchment areas and give atterbtion to attracting those who might otherwise not attend, eg global majority. ref ugees and others. seek partners and collaborator5 more widely and especially in the Southwest whilst also strengthening our relations with local educational institutions to help support creative arts education in schools develop and deepen relationships with actual and potential funders and sponsors as well as audience members to ensure the long-term future of the Taunton Brewhouse, Public support for Taunton Brewhouse continues to be strong both from those who were originally involved in its founding nearly 50 years ago and from those who have moved to Taunton more recently. We are proud it is a place where many find friends and a sense of community, INDEMNITY PROVISION FOR TRUSTEES/DIRECTORS Charity Trustees Insurance is in place for the benefit of all tru5tees/directors of the company. Officers are similarly covered by this insurance. AUDITOR A C Mole LLP were reappointed as Auditors in 2023 following their original appointment in 2018. li
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number: 08658085 Statement of disclosure of Information to auditor 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 whlch the Charitable Company'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. THANKS We thank Vickie Robbins for her work and leadership as Executive Director of Taunton Theatre Association and Taunton Brewhouse. It is particularly pleasing this year to see her celebrated as West Country Women's award winner for Arts and Culture. Her le3dership also resulted in a n award by Visit Somerset for the charity's work in welcoming older people. Vickie continues to focus on a strong comm unity ethos, embracing our profession31 staff and volunteers and the charitable sector and arts organisations in Taunton and beyond. We thank the whole Brewhouse Team: managers, staff and volunteers, and our specialist advisers who work with us in delivering a rich and exciting programme of cultural offers for our community. We are proud of their achievements. We thank our funders, 5pon50rs, donor5, 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 continuing work and encouragement, which is so much appreciated. The financial statements, which incorporate the Report of the Trustees and Trustees Responsibility Statement are approved by the Board in the meeting on 20 October 2025 and signed on its behalf by: U J1£ Valerie J Berry (Val Hammond) Chair 12
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, RESPONSIBILITIES STATEMENT Company Number.. 08658085 The charity trustees (who are also directors of Taunton Theatre Association Limited for the purposes of company lawl are responsible for preparing Trustees, Report (incorporating the directors, report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standord applicable in the UK and Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. Select 5Ultable accounting policies and then apply them consistently,. Observe the methods and principle5 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 financial 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 maintaininB proper accounting records which 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 a re also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of f raud and other irregula rities. In 50 far as the trustees are aware.. there is no relevant audit information of which the charitable company'5 auditors are unaware,. and the trustee5 have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are 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 dissemination of financial statements may differ from legislation in other jurisdiction5. The financial statements, which incorporate the Report of the Trustees and Trustees Responsibility Statement are approved by the board In their meeting on 20 October 2025 and signed on its behalf by: v J(L. Valerie J Berry (Val Hammond) Chair 13
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF TAUNTON THEATRE ASSOCIATION LIMITED Company Number.. 08658085 Opinion We have audited the financial statements of Taunton Theatre Association Limited {the parent charitable company") and its subsidiaries {the 'group'l for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Statement of Cashflows and notes to the f inancial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the f inancial statements: give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2025 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. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs {UKI) and applicable law, Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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 auditing the financial statement5, we have concluded that the trustees, use of the going concern basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material Ltncertainties relation to events or conditions that, individually or collectively, may cast significant 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 responsibilitles and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The other information comprises the information included in the annual report, including the tru5tees' report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the f inancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material this gives rise to a material misstatement in the financial statements themselves. 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 2025 Company Number.. 08658085 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE5 OF TAUNTON THEATRE ASSOCIATION LIMITED Matters on which we are requlred to report by exception In the light of the knowledge and understa nding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Report51 Regulations 2008 require us to report to you if, in our opinion.. adequate and proper accounting record5 have not been kept, or returns adequate for our audit have not been received from branches not visited by u5,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law a re not made; or we have not received all the information and explanations we require for our audit. Responslbilitles of the trustees As explained more fully in the statement of tru5tee5' responsibilities, the trustees are responsible for the preparation of the f inancial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of f inancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee5 are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matter5 related to going concern and using the going concern basis of accou nting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statement5 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 a re to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether dLte to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individu311y or in the aggregate, they could reasonably be expected to influence the economic decision5 of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Identlfying and assesslng potential rlsks of material mlsstatement due to irregularlties We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non-compliance with laws and regulations.. the legal and 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 for f raud, 15
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF TAUNTON THEATRE ASSOCIATION LIMITED Company Number: 08658085 Laws and regulations which are considered to be significant to the charitable company and group 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 impact the financial statements but may impact on the operation of the charitable company and group. 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 risks 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 charitable company and group's procedures for ensuring compliance with laws and regulations testing the appropriateness of journal entries and other adjustments considering whether accounting estimates were indicative of potential bias considering whether any transaction5 arose outside the normal course of business making enquiries of management corroborating our enquirie5 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 responsibllities for the audit of the f inancial statements is located on the Financial Reporting Council's webslte at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 required 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 company's members as a body, for our audit work, for this report, or for the opinions we have formed. A C Mole LLP Isenior Statutory Auditor) Chartered Accountants and Statutory Auditors Stafford House Blackbrook Park Avenue Taunton Somerset TAI 2PX A C Mole LLP is eligible to act as an auditor in terms of Section 1212 of the Com panies Act 2006. Date,, IL,K WLVCLLLfv 2kniir 16
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES includln Consolidated Income and Ex enditure Account FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 Unrestricted Restricted Funds Funds Notes Total Unrestricted Restricted Funds Funds Funds 2025 Total Funds 2024 Income Donations 20,360 20,360 23,696 23.696 Charitable Activities Grants Ticket Sales Performance Revenue Cinema Revenue Learning and Participation 151,240 151,240 133,000 5,342 138,342 1,030,374 84,705 50,252 1,030,374 84,705 50.252 1,052,248 83,185 47,357 1,052,248 83,185 47,357 Other Trading Activities 227.595 227,595 202,975 202,975 Investment Income 13,436 13,436 5,280 5,280 Other income 45,960 45,960 41,605 41,605 Total Income 1,623,922 1,623,922 1,589.346 5,342 1,594,688 Expendlture Charitable Activities Cost of Other Trading Activities 1,468,631 1,468,631 1,370,037 14,125 1,384,162 114,956 114,956 114,622 114,622 Total Expenditure 1,583,587 1,583,587 1,484,659 14,125 1,498,784 Net Income/lExpenditure) 40,335 40,335 104,687 18,7831 95,904 Net Movement in Funds 40,335 40,335 104,687 18,7831 95,904 Total Funds Brought Forward Transfer 217,368 217,368 82,617 30,064 38,847 121,464 130,064) Total Funds Carrled Forward 257,703 257,703 217,368 217,368 The statement of f inancial 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 2025 CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 31 MARCH 2025 Company Number: 08658U85 2025 2024 Group Charltv Group Charlty Notes Fixed Assets Tangible Assets Investments 41,930 36,643 41,691 40,750 io 41,930 36,644 41,691 40,751 Current Assets stocks Debtors Cash at bank and in han 6,264 106,289 521,467 4,448 67,354 534,409 li 99,695 454,410 62,347 471,661 634,020 554,105 606,211 534,008 Creditors: Amounts falling due within one year 1400,2191 1430,534) {418,3511 12 1418,2471 Net Current Assets 215,773 153,886 175,677 115,657 217,368 156,408 Net Assets 257,703 190,530 The Funds of the Charity Unrestricted funds Restricted funds 13 13 257,703 190,530 217,368 156,408 Total Charity Funds 257,703 190,530 217,368 156,408 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 2025 BALANCE SHEET AS AT 31 MARCH 2025 Company Number.. 08658085 continued For the year in question, the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006. The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. The tru5tees/directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. 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'.- NAME.. ..bJ..{VLk4. 1 :..¢Y........rf.u kj 6 A tiY2WI Date., l L{ 19
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 STATEMENTS OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Group Charlty Group Charity Notes Cashf lows from operatlng actlvltles Net cash (used inl/provided bv operating activities 19 112.9991 122,973) 161,485 109,995 Cashflows from Investlng activities Purchase of tangible fixed asset5 Investment income 113,3791 13,436 17,0251 12,747 119,9741 5,280 119,4181 5,280 Net cash provided by/{used in) investing activitles 57 5,722 114,694) 114,138) Net Idecreasel/increase In cash and cash equivalents Cash and cash equivalents at beginning of year 112,9421 117,251) 146,791 95,857 534,409 471,661 387,618 375,804 Cash and cash equivalents at end of year 521.467 454,410 534,409 471,661 20
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Company Number.. 08658085 Accounting Policies The principal accounting policies adopted in the preparation of the financial statements are as follow5.. Company Informatlon 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, C031 Orchard, Taunton. Somerset, TAI IJL. It is a company limited by guarantee and has no share capital. In the event of the charity being wou nd up, the liability in respect of the guarantee is limited £10 per member. A5 at 31 March 2025 there were IS members (2024.. 151. 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 IFRS 1021 (issued October 20191 Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Taunton Theatre Association Limited meet5 the definition of 3 public entity under FRS 102. The financial statements have been prepared under the historical cost convention with items recognised 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 company. Monetary amounts in these financial statements are rounded to the nearest pound. Going Concern The financial statement5 have been prepared on a going concern basi5, which assumes the charity 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. 2025-26 is likely to be a challenging year without core funding from Somerset Council. Even though Taunton Town Council has awarded ThA a venues grant, this does not match the previous grant from Somerset Council and is less than planned for future years. Nevertheless, the Trustees believe that careful management of our finances this year will enable the Group to achieve a manageable outcome forthis year. As part of due diligence when considering the change to lease terms, rrA commissioned surveys of the site and infrastructure. This was instructive in terms of identifying what work will be needed in the future together will probable timescale5. ThA recogni5es that carrying out this work will require external fund5 and is identifying potential sources to as51St. will also increase its fundraising skills and resources. The strategic plan for 2026-203 1 and a detailed business plan for 2026-27 has been developed to take account of A'S responsibilities as well as the emerging environment for cultLJral organisations. A's ability to earn income and manage cost5 are strengths of the current management team. In future these skills will sit alongside a commitment to raise funds for capital work when it becomes necessary. Having prepared forecasts, budgets and ca5hflows up until 31 December 2026, which take into account the loss offunding from Somerset Council, the new Funding Agreementfrom Taunton Town Council and the new lease arrangements, the group and the company has sufficient funds to continue in operation for this period, and therefore for the foreseeable future. 21
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 NOTES TO THE FINANCIAL STATEMENTS Accounting Policles {contlnued) Golng concern (contlnuedl The preparation of these forecasts include a number of assumptions, including the level of revenue generated from the Christmas show, and achievement of these will be key to ensuring the long-term financial viability of the Theatre. In addition, as high5ighted in the Post Balance Sheet Events disclosure in Note 21, at the date of approval of the financial statements the legal paperwork for the new lease with Somerset Council had not concluded. Having spoken with representatives from the Council the Trustees are confident that these discussions will conclude successfully. The Trustees therefore consider it appropriate for the accounts to be prepared on the basis of a going- concern. 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 Trading Limited, All intra-group transactions are eliminated on consolidation. In the parent company f inancial statements the investment in the trading subsidiary 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 £34,12112024: surplus £52,189), Note 10 gives details of the results of the subsidiary undertaking for the year to 31 March 2025. Fund Accounting Unrestricted income funds are available for the general purpose of the charity at the discretion 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 by the donor or through the terms of an appeal or a specific object of the charity. Cash and Cash Equivalents Cash and cash equivalents include cash and short term highly liquid investments that are readily convertible to a known amount of cash and subject to an insignificant risk of change in value. 22
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Company Number.. 08658085 Accounting Policies (continued) Financial Instruments The charity and group only has financial assets and liabilitie5 that qualify as basic financial instruments including bank balances, cash, debtors and creditors. Basic financial instruments are therefore recognised at transaction price and subsequently amortised cost. Tangible Fixed Assets Fixed a55et5 are stated at cost less accumulated depreciation. The costs of minor additions, items under £1,000 are not capitalised, Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost5, 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 c05t 20/0 on cost 25% on cost 20°A on cost Stocks Stocks are stated at the lower of c05t and net realisable value. i.io Taxation The company is a registered charity and is therefore not liable to corporation tax or capital ga ins tax to the extent that its income and gains are applicable to charitable purposes only. Value added taxation is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activitie5 i.ii Pension costs The group and charity make contributions to defined contribution pension schemes on behalf of employees. The assets of these schemes are held separately from the group in independently 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 2025 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS Accounting Policles (continued) 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 categories of income. Income from donations and gifts are recognised in the year in which they are receivable, Income from grant5 is 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 conditions being met which are outside of the charity's control, income is deferred within creditors.. grants received in advance until grant conditions are met. Where the charlty has entitlement to funds but these have not yet been received, income is recognised within debtors.. accrued grant income. Income from ticket sales 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 Expenditure and Irrecoverable VAT Liabilities are recogni5ed as expenditure as soon as there is a legal or constructive obligation committing to that expenditure, it is probable that settlement will be required and the obligation can be measured reliablv. All expenditure 15 recognised on the accruals basi5. Costs of other trading activities includes expenditure incurred in generating 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 inclLrdes 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 events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual result5. 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 liabilities within the next financial vear. 1.15 Volunteered Services The charity benef its greatly f rom the involvement and support of its many volunteers. In accordance with FR5102 and the Charities SORP IFRS1021 the economic contribution of general volu nteers is not recogni5ed in the financial statements. 24
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Company Number.. 08658085 Income from Charitable ActivitSes - Grants Total 2025 Unrestrlcted Restricted Total 2024 Unrestricted Restricted Somerset Council Warm Spaces Grant5 Craft Workshop Grant SASP Grant Taunton Town Council Grant 118,800 3,500 118,800 3,500 132,000 1,000 132,000 3,250 1,592 1,500 2,250 1,592 1,500 28,940 28,940 151,240 151,240 133,000 5,342 138,342 Incorne from Other Trading Activities Total 2025 Unrestricted Restricted Total 2024 Unrestricted Restricted A Trading Limited Business Sponsorship Advertising Fundraising 216,000 6,450 4,175 970 216,000 6,450 4,175 970 189,723 10,900 2.300 52 189,723 10,900 2,300 52 227,595 227,595 202,975 202,975 Other Income Total 2025 Unrestricted Restricted Total 2024 Unrestricted Restricted Theatre Tax Credit Sundry income 45,468 492 45,468 492 39,932 1,673 39,932 1,673 45,960 45,960 41,605 41,605 25
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number: 08658085 NOTES TO THE FINANCIAL STATEMENTS Expenditure on Charitable Activities Unrestrlcted Restricted Funds Funds Total 2025 Unrestrlcted Funds Restricted Funds Total 2024 Theatre costs Artists, Payments Sound & Lighting Consumables Cinema Film Rent81 Cinema & Equipment Repairs Depreciation on Sound & Lighting Equipment 751,884 751,884 724,530 4,370 728,900 723 41,592 723 41,592 1,336 38,572 1,336 38,572 10,368 10,368 9,933 9,933 6,944 6.944 2,339 3,576 5,915 811,511 811,511 776,710 7,946 784,656 Premises Costs Business Rates Water Rates Insurance Light & Heat Repairs & Maintenance Fire & Security 1,538 5,209 4,897 30,279 8,774 9,638 1,538 5,209 4,897 30,279 8,774 9,638 1,434 4,259 5,189 28,494 7,323 3,072 1,434 4,259 5,189 29,053 7,323 3,072 559 60,335 60,335 49,771 559 50,330 Staff Costs Wages & Salaries 439,578 439,578 390,012 1,647 391,659 Publlcity & Marketlng Publicity & Marketing Social Media 49,928 9,553 49,928 9,553 48,239 16,199 48,239 16,199 59,481 59,481 64,438 64,438 26
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number: 086S8085 NOTES TO THE FINANCIAL STATEMENTS Expenditure on Charitable Activities (Continued) Unrestrlcted Restrlcted Funds Funds Total 2025 Unrestricted Funds Restrlcted Funds Total 2024 Support Costs Training Travel & Subsistence Health & Safety Licences Printing, Postage & Stationery Legal & Professional Fees Audit & AccoLtntancy Bank & Credit Card Charges Ticketing Charges Sundry Expenses Depreciation of Equipment 2,199 1,228 2,877 31,030 2,199 1,228 2,877 31,030 1,883 1,258 5,073 30,381 1,883 1,258 5,073 30,381 1,516 2,592 15,206 1,516 2,592 15,206 1,382 1,699 12,828 1,382 1,699 12,828 856 33,689 2,345 4,188 856 33,689 2,345 4,188 882 32,594 787 339 882 32,594 787 4,312 3,973 97,726 97,726 89,106 3,973 93,079 Total Charitable Activities Expenditure 1,468,631 1,468,631 1,370,037 14,125 1,384,162 27
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 NOTES TO THE FINANCIAL STATEMENTS Staff Costs 2025 2024 Salaries & Wages Social Security Costs Pension Contributions 407,730 24,193 7,655 361,870 22,643 7,146 439,578 391,659 No employee earned £60,000 per annum or more12024.. None}. The average number of persons lexcluding tru5teesl employed during the year was 23 {2024.. 211. The full time equivalents were 15.512024.. 14.51. The key management personnel of the group comprise those of the charity and those of its whollv owned sul)sidiary Trading Ltd. The key management personnel is identified as the executive director, marketing and communications manager, technical and facility manager, artistic programmer, management accountant and operations manager. The total employee benefits, inclusive of pension and social security costs of key management personnel of the charity and group were £169,30212024'. £185,500). Trustee Remuneratlon and Related Party Transactlons The Trustees who are all directors received no remuneration during the year. No expense5 have been reimbursed to directors during the year12024: £Nil}. The Charity's wholly owned subsidiary, ThA Trading, operates the Brewhou5e 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 ch3ritabSe donation. Trading also pay a service charge to the Charity to cover costs associated with rrA trading overheads and operating costs. The Trustee Eddie Caines 15 a Film Programme Consultant. During the year £2,76912024: £2,534) was invoiced for Cinema Programming by his consultancy business. Taxation As a charity, Taunton Theatre Association Limited is exempt from tax on income and gains falling within section 505 ofthe Income and Corporation Taxes Act 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 2025 NOTES TO THE FINANCIAL STATEMENTS Company Number.. 08658085 Tangible Fixed As5ets- Charlty and Group Tools & Other Cafe Equipment Equipment Sound & Lighting IT Equlpment Total Cost At l April 2024 Additions 119,396 14,649 2,126 17,904 11,253 19,866 171,815 13,379 At 31 March 2025 119,396 16,775 29,157 19,866 185,194 Depreclation At l April 2024 Charge for Year 93,386 6,943 14,649 133 16,964 2,091 5,125 3,973 130,124 13,140 At 31 March 2025 100,329 14,782 19,055 9,098 143,264 Net Book Value At 31 March 2025 19,067 1,993 10,102 10,768 41,930 At 31 March 2024 26,010 940 14,741 41,691 Included within tools and equipment of group fixed assets are assets with a net book value of £5,288 12024.. £9411 which are held in the trading subsidiary. io. Investments Charlty Total 2025 Total 2024 rrA Trading Limited Ordinary shares of £1 each A Trading Ltd Icompany no 090110081 was incorporated on 25 April 2014 as a wholly owned trading subsidiary of Taunton Theatre Association Limited. The parent charity holds IOO/o 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 operation of the theatre bar and café, The trading subsidiary gift aids its taxable profits to Taunton Theatre Association Limited. The Registered Office is The Brewhouse Theatre and Arts Centre, Coal Orchard, Taunton, Somerset, TAI IJZ. 29
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number,. 08658085 NOTES TO THE FINANCIAL STATEMENTS io. Investments (Continued) The results of TTA Trading Limited were as follows:. 2025 2024 Turnover 216,001 190,723 Costs of sales 180,0621 175,5981 Gross prof it 135,939 115,125 Administrative expense5 157,6951 161,8241 Operating profit 78,244 53,301 Interest receivable and similar income 689 Prof it before taxation 78,933 53,301 Gift aid to Taunton Theatre Association Limited 78,933 9,586 The assets and liabilities were:_ Fixed assets Current assets Current liabilitie5 5,288 81,429 119,5431 941 75,774 (15,7551 Total assets less current liabilities 67,174 60,960 Called up share capital Retained earnings 67,173 60,959 67,174 60,960 ii. Debtor5 2025 2024 Group Charity Group Charlty Trade Debtors Prepayments Accrued Income Other Debtor5 6,381 5,783 2,085 92,040 3,126 5,783 2,085 88,701 19,624 3,506 952 43,272 17,956 3,506 952 39,933 106,289 99,695 67,354 62,347 30
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 NOTES TO THE FINANCIAL STATEMENTS 12. Creditor5: Amounts falling due within one year 2025 2024 Group Charity Group Charity Trade Creditors Taxation & Social security Accrua15 Ticket sales received in advance VAT 47,248 8,199 56,203 295,617 10,980 46,165 8,199 53,813 292,042 24.718 7,215 65,275 324,342 8,984 22,540 7,215 64,254 324,342 418,247 400,219 430,534 418,351 13. Statement of Funds- Group and Charltv At31 March 2025 At l April 2024 Income Expenditure Transfer Unrestricted funds General 217,368 1,623,922 11,583,587) 257,703 14. Analy51s of Net Assets Between Funds- Group 2025 Total 2024 Total Unrestricted Restricted Unrestricted Restricted Fixed Assets Net Current Assets 41,930 215,773 41,930 215,773 41,691 175,677 41,691 175,677 257,703 257,703 217,368 217,368 15. Capital Commitments At 31 March 2025 the charity had no capital commitments12024: Nill. Called up Share Capital 16. The company is limited by guarantee and as such has no issued share capital. 31
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 NOTES TO THE FINANCIAL STATEMENTS 17. Auditors Remuneratlon Charit Subsidiar 2024 Total 2025 2024 2025 2025 2024 Audit Accounting services Corporation tax 8,220 5,469 1,517 7,128 4,740 960 8,220 6,219 1,517 7,128 5,240 960 750 500 15,206 12,828 750 500 15,956 13,328 18. Lease Commitments Minimum lease payment of the group all due as follows.. 2025 2024 Within one year Between one and five years 425 2,324 425 425 2,749 19. Reconciliation of Net Movements in Funds to Net Cashflows from Operating Activities 2025 2024 Group Charlty Group Charlty Net Movement in Fund5 las per statement of financial activities) Adjustments for:. Investment Income Depreciation 40,335 34,121 95,904 52,189 113,4361 13,140 112,7471 11,133 (5,2801 10,801 15,2801 10,227 Movements in Working Capital:. Ilncroasel in Stock Ilncreasel/Decrease in Debtors {Decreasel/lncrease in Creditors 11,8161 138,9351 (12,2871 11,9831 5,581 56,462 137,3481 118,1321 4,206 48,653 Cash (used inl/provided by Operating Activities 112,9991 122,973} 161,485 109,995 32
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number.. 08658085 NOTES TO THE FINANCIAL STATEMENTS 20. Prlor Year Statement of Funds- Group and Charitv At l April 2023 At 31 March 2024 Income Expenditure Transfer Unrestricted funds General 82,617 1.589,346 11,484,659) 30,064 217,368 Restricted funds Café Project Studio Seating Studio Flooring/Lighting Audio Equipment Warm Spaces Craft Workshop5 SASP Grant 18,714 10,000 5,000 5,133 13,9731 11,6721 18051 11,100) {3,2501 11,768) 11,5571 114,7411 {8,3281 14,1951 14,0331 1,000 176 57 2,250 1,592 1,500 38,847 5,342 114,1251 130,0641 Restricted income funds are for specific artistic productions and activities undertaken by the company. The Café Project was funded by a grant from Somer5et County Council to redevelop the Theatre's Café. The balance on the fund represented the net book value of the assets purchased, the restriction has therefore been fulf illed 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 Studio and related adjustments to the room. The donors 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 flooring/lighting fund is a grant from the Theatres Trust towards repairing the Studio floor and improving the lighting rig. 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 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 assets 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 sub5idised hot meals during the period December to February. The craft workshops were funded by Taunton Town Council and were to enable familie5 to take part in workshops at no or low cost during the autumn. The SASP grant was received to fund places on weekly activities during the school holidays for children who would otherwise receive free school meals. 33
TAUNTON THEATRE ASSOCIATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number: 086S8085 21. Post Balance Sheet Events As anticipated, Somerset Council confirmed that they would be unable to provide funding from April I 2025 due to their own financial constraints. They a Iso served notice of their intention to exercise the break clause in the lease for the premises on 30 April 2026. Somerset Council 31so began formal negotiations with Taunton Theatre Association Ltd (TTAI for a new lease to come into effect on l May 2026. This provides for ThA to hold a full repairing and insuring lease for the Brewhouse Theatre and Arts Centre for 50 years. Somerset Council retain landlord responsibilities for repairing and insuring the buildings until 30 April 2026. TTA agreed the new lease documents in October 2025 but when applying to register the same with Land Registry, it learned of applications pending due to the Land Registry's own backlog which relate to restrictions on Title. These are thought to relate to the wider Coal Orchard development rather than to the Brewhouse itself. In view of the need to complete the lease arrangements now, an agreement has been reached with Somerset Council where it will assist ThA in resolving any matters that arise when Land Registry processes these applications. The new lease is therefore to be concluded immediately. On 11 November 2025 Taunton Town Council formally adopted the motion to put in place the 5-year Funding Agreement for Taunton Theatre Association which will come into effect on l April 2026, A is most grateful to Taunton Town Council for thus contributing to the future of Taunton Brewhouse. 34