## **TAAG CHARITABLE INCORPORATED ORGANISATION** Trustees Annual Report and Accounts Year ended 31[st] March 2024 Registered Charity Number: 1188013 Page 1 ## **TAAG CHARITABLE INCORPORATED ORGANISATION** Year Ended 31[st] March 2024 |Contents|Page| |---|---| |Administrative information|3| |Structure and Management|3| |Trustee’s Annual Report|4| |Financial Information|6| |Independent Examiners Report|11| Page 2 ## **TAAG�CHARITABLE INCORPORATED ORGANISATION** ## **Administrative�Information�** The Charity is known as TAAG CIO and may also be known as Teignmouth Arts Action Group CIO Registered address: TAAG Arts & Community Centre 4/5 Northumberland Place Teignmouth Devon TQ14 8DD Registration Number: 1188013 Trustees: Elisabeth Ann Lockyear – Chair Thomas Roger Smith – Trustee Julia Caroline Vella – Trustee Stephen Anthony Brown – Trustee Douglas James Anderson – Trustee Cheryl Joy Watson – Trustee ## **Structure�and�Management�** TAAG CIO is a Charitable Incorporated Organisation governed by a constitution based on the CIO Constitution and was adopted on 9[th] September 2019 – revised 24[th] January 2020. The Charity can appoint a maximum of 9 trustees and a minimum of 3 and was formed with 5 initial trustees who were the directors of the Community Interest Company that had operated in the building prior to its conversion to TAAG CIO. The initial appointment for all 4 trustees was for 3 years. Additional trustees will also be elected initially for 3 years New trustees will be appointed as required to help conformity with the constitution and selected in line with Charity guidance with regard to their skills, knowledge and experience related to the charity. The day-to-day management currently rests with the Chair and the other trustees and is likely to remain this way until the proposed refurbishment is complete which will result in a suitably increased income. All trustees and other helpers are volunteers and receive no financial benefits. Page 3Page 3 ## **TAAG CHARITABLE INCORPORATED ORGANISATION registered charity number 1188013 Trustees Annual Report** Year ended 31st March 2024 The trustees present their annual report covering the period from 1st April 2023 to 31[st] March 2024. ## **Objects and Activities** 1) Promote and advance the visual arts in all its forms for the public benefit but not exclusively by a) promoting and exhibiting works of artistic excellence; and b) providing gallery and studio space and other facilities for the creation and public display of work 2) Advance the education of the public in the arts and crafts in particular but not exclusively by the provision of a community arts centre, workshops, classes and art sessions. TAAG CIO is a voluntary organisation based in Teignmouth in Devon. The organisation is governed by its constitution which is regularly reviewed and which establishes its powers and objectives. For 11 years the TAAG building was operated by a Community Interest Company with five volunteer directors. Four TAAG CIC directors are now the trustees of TAAG CIO. In addition 2 further Trustees have joined the Charity to assist in it’s development. The CIC occupied the current building on a leased basis from the owners, the District Council, from whom the building was purchased in October 2020. The early days of occupation concentrated on raising essential funds to start refurbishment of the building. Because of the effects of Covid the final planning approval was eventually given in December 2021. Building regulations approval has taken longer and it wasn’t until early 2022 that we were able to get permission to commence building work. Continued fundraising and grant applications, including £5000 from The Foyle Foundation, have resulted in further refurbishment of the ground floor facilities and the installation of infrared heating, LED lighting, fire board protection to walls and the fitting of fire doors. The building reopened to the public again on 29[th] July 2023 at a cost of £250 000 This included the purchase and refurbishment of the ground floor. TAAG now owns the building and it will remain an asset for the public benefit for the town and surrounding area for the future. The redevelopment of the whole building will be completed in a series of stages as the Trustees and the community are able to raise the necessary funds. We feel a delay in final completion is not as important as getting the facilities right and fit for purpose. Between November 2023 and March 2024 the second phase of redevelopment was completed. This involved the scaffolding of the whole building, structural improvements to the first & second floor, the installation of a new two storey staircase, replacement of windows, completely rebuilding the second floor space and replacing most of the roof. The upper floors have been stripped back to the core structure. The building is now stable and watertight. This work cost £300 000 to complete. The funds were raised through the successful application for a number of grants, donations and fundraising activities undertaken by the community. When finances permit the Trustees will commence with Phase III – development of a large multipurpose workshop / meeting room on the first floor. Phase IV– the creation of 7 community Artist’s Studios. Page 4 The trustees have effectively used the emails and social media to keep members of the public informed of our intentions, progress, to maintain interest and build support. Our Social Media accounts and the weekly TAAG newsletter are used for this and as a way to advertise events in and around the area as a welcome service to the community. We have developed this communication network significantly since reopening the centre. The trustees recognise and appreciate the invaluable help that so many of our volunteers have given over the past years in helping us in a variety ways. This includes the ongoing maintenance & refurbishment, volunteering, promoting the centre and fundraising. We do not employ any members of staff. The centre operates solely through volunteers. The annual TRAIL sculpture exhibition was temporarily suspended for one year in 2023 (but was relaunched in 2024 attracting many visitors to the town, increasing visibility of our ethos and aims.) We recognise the ongoing good relationship with Pavilions Teignmouth, town & county councils in offering us additional exhibition space and support during the year. The choice of art curated in our programmes and workshops is intended to appeal to as wide a public audience as possible, to reflect diversity, accessibility, inclusivity and is designed to develop an insight and appreciation of the arts for our communities. The centre hosted 26 exhibitions between July 2023 and March 2024 with 518 exhibitors taking part. There is a high demand for show & workshop space. We are currently taking bookings for the 2027 exhibition programme. The 2025 & 2026 gallery spaces are fully allocated. The key financial objective of TAAG is to ensure that the building is financially supported and this has been achieved from donations, grant funding and exhibition income so far. The exhibition programme is actively evolving to attract a wider range of artists and makers from our local area and across the South West. Having monitored the performance over the past 12 months and considered the projected income and expenditure over the foreseeable future the trustees have a reasonable expectation that the charity has adequate resources for a positive long term future. The existing trustees feel that the time has come to look to increasing the number of trustees to enable better control of the charity and bring in fresh ideas and suggestions to the board. New trustees are given a copy of the Constitution and the latest annual report and accounts upon their first appointment. Potential trustees are invited to attend a trustees meeting prior to being appointed as a trustee. The coming year will consolidate the activities of the centre and expand the usage of the building. Additional funding is currently being sought to allow work to begin on the next phase of development, hopefully commencing at some point in 2025. This report was approved by the board of trustees of TAAG CIO on 13th January 2025 and signed on their behalf by - Elisabeth Ann Lockyear Dated 13[th] January 2025 Chair TAAG CIO Page 5 ## **TAAG CHARITABLE INCORPORATED ORGANISATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING PROFIT & LOSS ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024** |**Income**
Sales
Donations
Gallery rental
Gift aid
**Cost of sales**
Artists reimbursements
**Gross surplus**
Other income - grants
Other income - sundry
**Administrative expenses**
Wages and salaries
Rates and water
Insurance
Light and heat
Repairs and maintenance
Cleaning
Printing, postage and stationary
Advertising
Telephone & broadband
Computer running costs
Professional fees
Accountancy
Bank charges and interest
Loan interest
Volunteers expenses
ACE Jubilee event expenses
Sundry expenses
Depreciation of fixtures and fittings|**£**
87%
-
520
1,195
1,578
2,145
192
463
774
619
-
-
685
923
-
184
-
1,787
1,222|**2024**
**£**
40,777
126,128
16,008
35,335
218,248
(28,415)
189,833
122,560
4,217
(12,287)|**£**
48%
-
663
1,459
263
2,638
43
162
488
784
305
-
550
239
-
574
6,182
205
29|**2023**
**£**
36,659
16,395
4,095
-| |---|---|---|---|---| |||||57,149
(29,458)| |||||27,691
6,750
348
(14,584)| Net surplus / (deficit) for the year 304,323 20,205 Page 6 ## **TAAG CHARITABLE INCORPORATED ORGANISATION** ## **BALANCE SHEET** ## **AS AT 31 MARCH 2023** |**Notes**
**Fixed assets**
Tangible assets
**4**
**Current assets**
Debtors
**5**
Cash at bank
**Creditors: amounts falling**
**due within one year**
**6**
**Net current liabilities**
**Long term liabilities**
**7**
**Total assets less current liabilities**
**Capital and Reserves**
Unrestricted funds
**8**
Restricted funds
**Total funds**|**£**
140
11,564
11,704
(15,685)|**2024**
**£**
533,670
533,670
(3,981)
-
529,689
529,689
-
529,689|**£**
9,431
4,934
14,365
(1,600)|**2023**
**£**
212,601| |---|---|---|---|---| |||||212,601
12,765
-| |||||225,366| |||||225,366
-| |||||225,366| For the financial year ended 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. The trustees have not required the charity to obtain an audit of the financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to small companies regime and in accordance with FRS102 SORP. The financial statements were approved by the board of directors and are signed on its behalf. Approved by the Board for issue on 13 Janaury 2025. Elisabeth Ann Lockyear Stephen Anthony Brown **Trustee Trustee Charity registration number 1188013** Page 7 **TAAG CHARITABLE INCORPORATED ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **1 Accounting policies** ## **Charity information** TAAG Charitable Incorporated Organisation is a charity registered in England and Wales. The registered office is TAAG Arts & Community Centre, 4-5 Northumberland Place, Teignmouth, Devon, TQ14 8DD. ## **1.1 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. ## **1.2 Taxation** The charity is not subject to taxation. |**2**
**Operating Surplus**
Operating surplus is stated after charging:
Depreciation of tangible assets|**2024**
**£**
1,222|**2023**
**£**
29| |---|---|---| ## **3 Grants** During the year, grants totalling £122,560 were received. Of these, £118,560 was restricted and related to renovation works on the property. The grants are recognised in the Statement of Financial Activities as other income and the associated costs capitalised as property improvements. A further £9,431 restricted grant was received on 14 April 2023 which related to capital expenditure that was incurred in the previous year in line with the terms of the grant. As such it was recognised within fixed assets and accrued income last year and released this year. Page 8 ## **TAAG CHARITABLE INCORPORATED ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** ## **3 Grants (continued)** |Grants were received from the following providers;
The Foyle Foundation
Department fo Levelling Up, Housing and Communities
Teignbridge District Council
Devon County Council|£
30,000 Restricted
88,560 Restricted
2,500
1,500
122,560| |---|---| ## **4 Tangible fixed assets** |**Cost**
At 1 April 2023
Additions
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net Book Value**
At 31 March 2024
At 31 March 2023|**Property**
**£**
212,486
316,294
528,780
-
-
-
528,780
212,486|**Fixtures,**
**fittings &**
**equipment**
**£**
180
5,997
6,177
65
1,222
1,287
4,890
115|**Total**
**£**
212,666
322,291
534,957| |---|---|---|---| ||||65
1,222| ||||1,287| ||||533,670| ||||212,601| Page 9 ## **TAAG CHARITABLE INCORPORATED ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** |**5**
**Debtors**
Trade debtors
Accrued income
Other debtors
**6**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors
Deferred income
Loans
**7**
**Creditors: amounts falling due after one year**
Loans
**8**
**Statement of movements on total funds**
Balance as at 1 April 2023
Surplus for the year
Balance at 31 March 2024|**2024**
**2023**
**£**
**£**
-
-
-
9,431
140
-
140
9,431
**2024**
**2023**
**£**
**£**
-
1,050
685
550
-
-
15,000
-
15,685
1,600
**2024**
**2023**
**£**
**£**
-
-
-
-
**Unrestricted**
**funds**
**£**
225,366
304,323
529,689|**2023**
**£**
-
9,431
-| |---|---|---| |||9,431| |||**2023**
**£**
1,050
550
-
-| |||1,600| |||**2023**
**£**
-| |||-| |||529,689| Page 10 CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesj members of TAAG CHARITABLE INCORPORATED ORGANISATION On accounts forthe period ended Charity no {if any) 1188013 31 March 2024 Set out on pages 6-10 (Statement of Financial Activities & Balance Sheet) I report to the trustees on my examination of the accounts of the above charity {'Ihe Trust'l for the year ended 31 March 2024. Responsibilities and As the charity trustees of the Trusl, you are responsible for the preparation bas1$ of report of the accounts in accordance with the requirements of the Charities Act 20111"the Acr). I report in respect of my examinalion of Ihe Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 14515)(bl of the Act. I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination which gives me cause lo believe Ihat in, any material respect.. accounting records were not kept in accordance wlth section 130 of Ihe Acl or the accounts do not accord with the accounting records Independent examiner's statement I have no GOn￿rnS and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts lo be reached. Signed: Date: Name: Nichola Ash Relevant professional qualification(s) or body (if any): ATh Address: 180 Mincinglake Road, Exeter, Devon, EX4 7DS Section B Disclosure Only complete if the examiner needs to highlight matters of concern (see CC32. Independent examination of charity accounts.. directions and guidance for examiners). IER October 2018 Page 11 Give here brief details of any items thatthe examinerwishes to dis¢lose. None IER October 2018 Page 12