Company reglstered number". 2266134 Charity wister&J number.. 299698 ThE TACCMI-MORRIS CENTRE TRUSTEES REPORT AND UNAUDftED FZNApiaAL ATEMENTs FOR THE YEAR ENDED 31 MARCH 2024
ThB TacdA-mOls Centre Trugte•s Report and Vnaudlted Frnan¢lal Stateft*nts For The Year Ended 31 March 2024 Contents Page Charfty Infomatton rYvstee5' Rep)rt Independent Examinerfs Rep)rt statemert of Financial Activltles Balan Sheet Notes to the FIaral 5tstents 7-10
Charfty Inft•miation For The Year Ended 31 March 2024 hn Hetcher (Chalr) JIM Baker Hden Elliott Jlll Venn Mike HolS GraerTE Ryan Patrick West Company Sqcretsry John Fletcl Comp8ny Number 2266134 Charlty Number 299698 Reglst•red Offlce April Point Pickertdge Hill Corfe Taunton TA3 7BY Irthpendènt Examlnor Gawn Brown FCCA Brunel charte Cwbfled Acrountsnts 3 Marco Polo House Ck Way Taunton TA2 6BJ Page I
The Tacchi-morrls Certre Company t40. 22fj6134 Trustees. Report lor Thè Year Ended 31 fvlarth 2024 The trustees, who a also drectors for the Pur[ of the Companies Act 21MJ6, present thelr annual rert with the financial statements of the charity for the year end&J 31 March 2024. The tnjstees have adopted provlslons of Actx)unUng and Reporn9 by CharltSes: Statement of Recommended Prdttice appli(able to charities pariThg thelr aLrounts in accordance wlth the Finandal Reporbng Standard appllcable in the UK and Republic of Iland (FRS 102}. CHARrrABLE OBJECTS To PmTTK)te, maintsin and advan educatlon parbcularfy ty ena)uraglng the Arts and Crafts and the use exchange and understanding of artlstic skills and talents In a spj'nt of and mutyal understanding among all tpIe wlthout disbnclion of nation or race or rolfcical religtous or other opinion5 and acq(ti and acpt prortY and if and when it is available in partlcular the house and property known as North Cury, Taunton. S(Knerset and endeavour to establish and maintain the an International Centre, Memcylal Ilbrary. Craft Workshop. Theatre and analkiry &Yucational faciltties. The charty provÈdes financial suprL¥tfor the Tacthi-morrfs Arts Centre at Mollkton w¢ Acadlyny {prevlously known as Heathffeld Comm(tnity SclK)ol) and ts party to a Joint use agerrnt with Somerset County Council and John Cabot Venture Mited (on behalf of Monkton Wood Aca¢Jemyl. In aCCordace with that agreement the ntre ts operated by a Manageent Committee comylsln9 the trustees, three member5 app)inted by the Ctyjnty Councfl. one rremtr appointed by Tatsnton Deane Disbirt CoLfncil, the Headteacher of the SchcKI and the Centre Direttor. ACHIEVEMENTS AND PERFORMANCE During thls period Heathfield Communty Sthcd Joined the Catx)t Learnlng Federation academy trust (December 2023) and as part of that pro55 the Joint Use Agreetnent for the arts Irntre was renewed with the new partnership telng between the Tacchi-morris Trust and the Cab)t Learning Federation. The changeovw lÉYl to several thanges In procew and systems thr(MJglM>Ut thls perfod as the ntre trdnsiVoned to the new partnership. Desplte these changes, the art centre's actyvlty conttnued and over this the pyogrdmme of shows and events saw approximately 18,500 vlsitor5 and the Comfflunty aasses pmgrdmwr had ar4Yoad)ing 1500 admlts. Through partnership with Monkton Wcwxl Academy (formeNy Heathfield Community Sthooll there was a serles of school perfomances including a Young Musioans of the Year conrt. a ¥vOrkSh Idenc¥ and pejt0nnan wlth the band Afriquol, a1 a speclal Perfiwmlng Arts Showcase. The school's perfomiing arts 6th forrFt The SPA brought a sold-out prcKlurtlon of GtEase to the ntre with as well as speLtscular SPACEFEST dan show. West MonY(on Prlmary Sch(M)I bnwht thelr year show to the tre and thetE was a Sla[ muslc gig organlsed and perform&# by Richard Huish college students. The pmfesslonal progt7mffo irta)tporated the regular mix of theatre. MuC. dan and cc•. Highlights irtduded an Immtrsive production Klnder by Smoking Apples Theatre that told the story ofthe WWII Kindertrain transp[ts. Fn)2en ght Theatre returned wlth a produrtlon The Bar at the Edge of Time for an audience of w)ple with profou1 an¢J Multiple Learning Dlsabilities {PMLDI. Vamos Theatre also retumed with a full-mask wc¥Juthon on the Roofexpbring issues around lonellness and Ilvlng with AOHD. A range of community gnyjps conty.nues to hire the centre for prc¥JuLtions Snduding the rettjming Taunton Thesplans, TAOS Musical Theat, Taunton Fesbval of the Arts, @2K Theatre, and Take Arvs Spring Forward daFKe evenL FINANCIAL REVIEW The charity saw a suwus of £98.097 {2023- £97,503 defiot) on Its inveskn))ent rmxtrolio durfng the year. After grantng £100.234 {2023 - £122,330) to the Tacchi-morrts Arts Centre Management Committee and paying suprx)rt (D5ts of £10.002 12023- £3,182) the charTty ncurred a defictt of E12.139 (2023 £223.015). .The charity held reserves cl £1,484,072 (2023 - EI.496.211) at the year end. or whlth (£37,089} (2023 - {£509)) was hetd In general fur$ and £1,521,161 (2023 - £1.496.7201 was hekl in rrnanent eowment The charities permanent endowment Is held in an 1nvestrrt portfolK) managed by HSBC. Thetnjstees meetthe wrtfollo manager annually to revlew the pn)file of the rw)rtfolio to ensure that eamlngs wlll meet trte ongoing commltment to contribute to the Jnning of the arts ntre. Page 2
The Tacchl-morrls Centre ompany P40. 2266134 Trustees. Report for The Year Ended 31 March 2024 (ntInued) STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutltsn The charity Is mnsotuted as a company limitey by guarantee wlth(Mrt share capltal and is govern1 by menTh)randum and articles of assotiation InCoryKted 9 June 1988. Trustees holdlng office The trustees who helL1 office durlng the year were as fofiowts: John Aetcher (Chatr) Jln) Baker Helen Elliott Jill Venn Mlke Holmes Grdeme Ryan Patrfd( West statement on publlc benefft In shaping our objectsves for the year and plannlThJ our activtifjts. the trustee5 have o)nsIder¢ the Charity Commisslon's guldan on publlc benefit, including the gUidan'pUbIfC benefft= rynning a tharity {PB2}'. statement of tnrste¢s' responsibilttles The trnstees are resw)sible for preparing the Trustee¥ ReiKrt and the finanaal statements In accor(lance with applicatAe law and regulations. Company law requlres the twstees to prere finandal statements for eh ftnanaal year. Under that law the dirertors have elected to prepare the flnanaal ststements in accordan with United King(kim Generally Acctpted Accountirsg practi Iunited Kingdom Accounting Stsndards and appli(xble law). Under (x)mpany law the direttors must not approve the financial statements unless they are sat5sfied that they glve a tnte an¢J fair view of the stste of affair5 of the (x)mpany and of the profft or Foss of the company ft)r that perfod. In preparing the financlal Slaterrents the direttors arE requIJ to: select suitsble accounting policies an¢J then apply them consistentyy.- make judonnts and accounknng estimates that are m50nable and [dent. prepa the financial ststements on the going Conrn basis unless it is inappprtate to presume that the company wlll contlnue in bus(r. The trustees are resrM)nslble for keeping adequate a(tounty"ng records that are sfrffiaent to show and explaln Ihe company's transartions and disclose with reastsnable accuracy at any time the financal tiOn {* the company and enable them to ensure that the finanoal statements o)mply with the Companies Att 2. They are also restxjnsible for safeguarding the assets of the company and hence for tsking reasonatAe steps for the prevenb.on aThJ deteclion c< fraud and other ItTegularftyes. Small company rules This rewrt has been preparttl in accordan the sFeoal pSK)n$ lating to companles subjett to the small companies, regime within Part 15 of the Cofftpanles Art 2(. ,,(1,1-.9 On behalf of the board John Fletcher Chalr Page 3
The TaCchl-MoIS Centre Independent E¥amlneV$ Report For The Year Ended 31 Marth 2024 I report to the charity on my examl¥)ation of the accounts ( The Tacchl-morris Centre for the year ended 31 March 2024. Responslbilitles and basis of reportr. As the charltfs trustees of The Tacchi-morrls Centre (who a also the directors of the company forthe purtx)ses of company law), you are Tr5(ble for the preparaor ofthe lnts in accordan with the wuirements ofthe Companies Art 2006 fthe 2006 ACV). Hèving satlsfled myself that the accounts of the Company are not to te audlted for this year under Part 16 of the 2006 Act and are elSgible for Sndependent examinatfon, I rewt in resw of my examination of your charity's accounts as carried out under section 145 of the Charities Art 2011 Cthe 2011 Acf). In orrying out my examination. I have followed the dIOn5 given by the Charity Commission (under sethon 145{5)Ibl of the 2011 Act. JndepeTrdert examlnerfs statement". I have complete(1 my examination. I confimi that Th) matetfjal mattets have corre to rny attentfon which gives me caltse to telieve that.. Accountlng records were not kept in accordan wrth section 386 r the Companies Att 2006; The accounts do not ac£Y>rd with such recwds; or The accounts do not compty wlth relevant accounting reqvirements under section 396 of the Companles Act 2006 other than any reqUirent that the accounts give a .tn aThJ falrf view which is not a matter consHlered as part of an tndependent examlnation,. or The accounts have not been prepar1 In accordan with the Charftie5 SORP {FRS102). ns and have come across no other matters In connecbon wlth the examlnation to whith attenuon smuld be drawn orthr to enable a proper understanding of the a(xounts to be reath&Y. Gavin Brown FCCA 3 Marco Polo House C(x)k Way Taunton TA2 6BJ Date IV Page 4
The Tacchi-MotFiS Cefttre statement ol Flnan¢lal Artivltles For The Year Ended 31 March 2024 unrestr1¢t ETrdowment Total funds Total funds fund6 2024 2023 INCOME Income and endowments from: Envestments: Oiwdends Bank compensation payt Bank Snterest 37,785 37,785 23,930 Total 37.785 37,785 23,930 EXPENDJTURE Ralslng fvnds: Investment porthllo management costs Allocated suptKMt CO#s: Bank charges Accountancy fees other costs 10,477 10,477 11,525 33 33 900 4,068 82 900 609 4,068 Charlt#ble artivtks: Arts centre grant AIIotxted support Costs: Bank d7arges Accountancy fees Other costs 5.001 10,477 15A78 13.llfj I).234 100.234 122,330 33 9(M) 4,1kn8 105 235 33 900 4,068 82 900 609 105.235 123 921 Totsl 110.236 10.477 120.713 137,037 If4COMEI(EXPENDrruRE) BEFORE INVESTMENY GAINS/(LOSSES} Net galns/llosses} on investsnents NET fNCOME/(EXPENDfTuRE) Transfers fvnds (110,236) 27,308 {82.928) (104,612) 70.789 70,789 118,403) 98,097 (12,139) (223,015) {73 6561 (110,236) 73.656 NET MOVE14ENT IN FUNDS (36,580) 24441 (12,139) (223,015) RECONCILIATION OF FVNDS: Total ftJnd5 brought forward 509) 1.496,720 1.496,211 1 719,226 (37,089) 1.521,161 1,484,072 1.496,211 TOTAL FUNDS CARRZED FORWARD The notes on pages ? to 10 f(m part of these finawKfjal ststements. Page 5
Balan Sheet As at 31 March 2024 2024 2023 FIXED ASSETS Tanglble assets Investments 35 1,526,161 35 1,501,720 1.526,196 1,501,755 CURRENT ASSEfS Debtors Cash at bank 4,119 4.119 Credltors: AmouTrts fallTrng due withln on• year {41124) (9.f•63) NET CURRENT LIABILrriES (42.124) (5,544) TOTAL ASSE15 LESS cuRREr LIABILrriES IA84.072 96,211 NET ASSETS 1.484,072 1,496.211 FUNDS Unrestrirted ftjnds Endowment funds {37.0891 1.521,161 1509) 1,496,720 TOTAL CHARtrY FiINDS 1,484.072 1.496.211 For the year endlng 31 March 2024 the company was entyued to exemptlon frMI under lon 477 of the Companies Act 2006 relaung to small tx)mpanies. Trustees. responslbllltles: The member5 have not requir&1 the LY)mpany to obtrln an audlt In Oran with wt¥)n 476 of the Companles Art 2006. The trustees acknowledge thar tK)nsIbIlt['eS for 0)Mpng with the requ1Ments of the Act with res to accountsng records and the preparation of accounts. These accounts have been prepared in a(x0rdan with the provlslons applitJble to companies subJeLt to the small companles. regirr and in accordance w4th FRS102 SORP. On behalf of the board John Ftetcher Chalr Date l? The notes on pages 7 to 10 form part of th&se financfjal ststents. Page 6
The TaCchiOni$ Centre Notes to the Flnanclal Statsments For The Year Ended 31 March 2024 l. Accountlng Policleg 1.1. Basi$ of preparatlon of flnanclal statements These accounts have been prepared under the historical cost convention. as mcmllftey for the revaluation of flxed asset InvestmeTIts, wSth iteffls rEccJn¢sed at cost or transaction value and have been prepa in accordance with: the Statement of Recommended Prdthce: Accounung and Retwtyng by Charities preparing thelr acc04Jnts In attordan wh the FinBndal Reporting Stsndard applicable in the UK and Republic of [land IFRS 102). the Flnanoal Reporung Starthrd appI&e In the Vnited Kingdom and Republic IretaThJ IFRS 102). and with the Charitles Act 2011. 1.2. Income Income Is cognIj in the Ststement c Finandal A(ltieS (SOFA) when.. the chanty becomes entitled to the resources. it is more likely than not that the twstees will re the resour5. the rnonetary value can te measured wrth sufficient relkib114ty. 1.3. Expendlture Uabllities are recognised where it is likely than rK)t that there is a legal or constnrctive obligation commtLtJ"ng the charity to pay out resources aThJ the any)vnt the obligation can measur&l wtth reasonable certainty. Support Costs Support costs include ntral funttlons and have allctated to activlty cost catsJori85 on è basls consient with the use of resources. 1.4. Tanglble fixed assÈts and deprKlation Tanglble fixed assets are measured at ¢t 5$ accumulated depreciation and any acajmulated impalrment losses. Depreciation Is provided at rates calculated to wrtte off the cost of the assets. les5 thelr estimated residual value, over thelr exp&ted usefijl Iwes on the following bases: Ornaments, bcx)ks etc 15% on the reduclng balarKe 1.5. Flxed Asset Investments Investments are included at ch)sing market Val In the balan sheet, any galn (x loss on investment ts tredlted or charged to the Statement of RnanLial Activities. 1.6. Taxatlo The charity is exempt from CCffrM)raOn Tax on ts tharltable aCts.lies. Value A4Jded Tax Is t recoverdble by the chanty and as such Is Included the relevant costs in the accounts. 1.7. Fund a¢countlrwJ Unrestritted fund5 are available for use at the dlscrevon of the trustees in furtheran of the general obJ"ectlves of the charty and which have not been designated for other purrA)ses. Endowment funds are invested in order to get)erate gjfftclent income annually to meet the chanty's commStment to contrébute to the njnnlng of the arts ceFttre. 2. Trn$ts*s RemuneTatlon and Exp•nses No remuneravon or other benefits frrjm the Charity We r1¥&j by the trustees during the current or weIng year. The Chadty has not met any Indlvidval expenses Incurred by the tnjstees durlng the current or prec•llng year. 3. Employee Nurnrs and Remunentton The average number of employees, Induding dIrtOrS. during the year was as foJ&)ws: nll (2023: nlll. No employee rErelv8J erTlUments than £60,000. Page 7
The Ta¢¢hi-Morr•s Cer Notes to the Flftanclal Statements (contlnued) For Tho Year Ended 31 Marth 2024 4. Tanglble Assets Ornamen books etc Cost As at l April 2023 As at 31 March 2024 5,275 5,275 Depreclation As at l April 2023 5,240 As at 31 March 2024 5,240 Net Book Value As at 31 Marth 2024 35 As at l Aprll 2023 35 5. Flxed Asset Investments 2024 2023 Market Value at l Aprfl 2023 Income recei Management charye5 Withdrawals Revaluation gain51{lossesl 1,501,720 37,785 110,477) {73.656) 70,789 1,708,152 32,425 (11,5251 1108,9291 118,403) Market value at 31 March 2024 1,526,161 1,501,720 Investments at market valve comprise.'- InvestFnent property - Land at White Street North Curry HSBC rrtana9ed investment portfolio - Llsted shares and trusts HSBC managed Invest¥nent KM)rtfolio - Cash 5,000 1,429,025 67,695 1,482.615 38,546 1,526.161 1.539.024 HIst0cl Cost as at 31 Marth 2024 1,501,720 1,539.024 6. Debtors 2024 2023 TMAC repaymert Prepayments and accrued Income 7. Credrt(>rs: Amounts Fajllng Due Wlthln One Year 2024 2023 Bank OVeraft Grant payable to arts cent Accruals and deferred incorne 227 40,097 1.800 7.863 1,800 41.124 9,6fj3 Page 8
The facchl-morris Centre Notes to the Finandal Statements (contlnued) For The Yèar Ended 31 March 2024 8. Analysls of Charllable Fundg 8.1 Movement In fvnds At l Apr Inc4)mlng ReUrceS GairLsI(10sses) Transfets At 31 Mar 2024 General fund Revaluatlon resetve (4,523) 4.014 {110,236) 73,656 {41,103) 4,014 Unrestricted fund$ (509) (110.236) 73.656 (37,089) TacchS-Morris Arts Centre Fund 1.496.720 37.785 {10.477) 70.789 (73,6561 1,521,161 Endowment fiFnd$ 1.496,720 37.785 {10,477) 70.789 73,656 1,521.161 Total Charlty fund$ X.496.211 37.785 (120,713) 70,789 1,484,072 8.2 Analysls of net assets betwe•n fvnts unre¢ted Endowment At 31 Mar fvnds nds 2024 Year ended 31 March 2024 Tangible assets Investments Current assets Creditors less lJ)an l year 35 35 1,521,161 1,526,161 (42.124) {42,124) (37Mb9} 1,521.161 1.484,072 Unrestrlcted Endowmert At 31 Mar nts funds 2023 Year ended 31 March 2023 Tangible a55ets Invesfftnts Current assets Credltors less than l year 35 5.000 4,119 {9.663) 35 1,496,720 1,501,720 4,119 19,663) Net assets (509) IA96,720 1,496,211 .3 Details of funds Tacchl-morrls Arts Centre Fund..- Thés fund was establis1 to genwate inoNne ad4uate to r[t the charlty's ongolng commltment to the runnlng o*s IK the arts cenlre Is invest8J In a mana1 investment lf010 wtth HSBC. Page 9
The Tacchl-morrls Centre Ilot•s to the Flngn¢lal Statements (cortinued) For The Year End•d 31 March 2024 9. Commltments The tharrity's contribution to the costs of operating the arts ntre are agreed in the Management Committee budget annually and paid quartedy. The amount committed for the year ending 31 Marth 2025 is £72,000. Addltyonally, the tryst may be required to contrfbute to any deficlt over the tre'S budget. 10. Relatsd Party Transactlons The charity awarded grants of EIOO,234 {2023 - £122,330) to the TaLthi-MorTiS Arts Centre Management CommSttee. a Jolnt venture between the charlty, Somerset County Coundl and the Governor5 of Heathfield Q)mmunity School. of whlch the trustees are members. At the year-ent1 grants of £40.097 were payable (2023 - £7,863) to the Management Cotnmittee. 11. Company Umlted by Guarantee The charity is a company limrted by guarantee and does not have share capital. Eath memberfs guarantee Is Ilmlted to Él. Page 10