Company registered number: 2266134 Charity gIStered number.. 299698 THE TACCMI-MORRIS CENTrE TRUSTEES REPORT AND UNAUDITED FINANCIAL WATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
The Tacchl4lorrfs Centre Trustees Report and ilnaudited Anandal Statsnwts For The Year Ended 31 March 2025 Pa9• Charty Infomwtton Trustee< ReFK)rt Independent Examlnerfs Rep(wt ststement Flnancial AthV[e$ Balan Sheet Notes to the Finanaal stateThts 8-11
For The Y••r End 31 Mar( 2025 John Fl&cher (Chabr) JIM Baker Helen Elliott Jlll Venn Mike HolrrE5 Graeme Ryan Patn"dK West Company Secretsry john Fletd Company P4umb•r 2266134 Ch•rfty Numljer April Fbint Pickeridge H1 Taunt TA3 7BY Indèpendent Examlner Gavin Brown FCGI Brunel Chartered Certifd kcDuntants 3 Mam Polo House CLM)k Way Taunton TA26
Company No. 2266134 Trust••s' R•port for The Year Ended 31 March Z025 The trustees, who a also dlrEdors for the w¥poses of the C£¥npanies Art 2¢, present thelr annual rert with the financial statements of the chartty forthe year endaj 31 March 2024. The trustees have adoptal provlst¢ns ofAccoUnnQ and Reporting by Charttle5: Statement of Recommended prattl app16cabte to charity.es parIng their a(rounts in accordan wlth the Fsnanaal Reporting Standard applicabk in the UK and Republic of Ireland {FRS 102}. CHARThABLE OBJECTS To promote, maintsin and advance eduoti¢)n part]lath by erUlgIng the Art5 and Crafts and the use exchange and understsn¢Jing of arttstic skills and taknts in a Srit of peKe and Mual undetstsnding among all pery)le wlthwt distincbon of natlon or ra or polltlcal rellgious or other opintons and auIre and 8pt property and rf and when it is available Sn particular the house and property known as North Curry. Taunton, So[n and endeavour to estsbjish and maintain there an Jntemational Centre, Memorial Ilbrary. Craft Workshop. Theatre and ancillary educational raalrts. CHARABLE ACTIVITIES The charlty provldes flnantial SUprt theTacchi-Morris Arts CenlTe at Monkton W1 Academy {previously known as Heathfield CommunSty Sthooll and is party to a joint use agreement wlth sOrset County Cour1 arHJ John Cabot Venture knmlted (on behalf of Monkton Wood Ac&Jemyl. In accordan with that agreent the ntre is operated by a Manageryrnt Committee comprising the trustees. three members aprw)inted by the County Council. one member apwnted by Taunton Deane Distrtt Coundl, the Headteacher of the School and the cent Dirthr. ACHIEVEMEt4TS AND PERFORfvIANCE The Tacchl Moms Trust continues to Sup[ the Centre through its Annual EndtswrTnt contributions. Underpinning thls is a very careful ongoing rrK)nftoring rftheTrvsYs investments whith indudes an Annual Revlew wlth Ptytfollo Managers to ensure optlmum rrfOrman wlthln an a(xeptable risk fvamewort( whith meets the targets necessary to fulfill the Trust's commithent to the Centre. cUrrenY this 15 £72,(XIO annum. In a vohitile economtc global env5ronment thls presents significant challenges. Thi5 essential funding strdnd Is an Integral part the Centre's bu(W that indL¥Jes numerDu5 tnajme streams Includlng bcket sales, bar sales etc- set against the oists of runnlng a very sLesSfUl Perfrning Arts Centre which reache5 Out to communities both near and far - a wide rdnge of interest groups - that hdp to delÉver the Centre's Miss¥)n Statement. 'ExcetlerKe in the Perfom)ing Arts.. The Centre's Dlrector, An¢Jy JlIeYn and his suprAlrt team tr>Jether with our many invaluable volunteers contsnue to demonstrate on a dally basis their excepb'onal commitment to the work of the Centre and on hair of all the Trustees I extend our Sin thanks to them. As rewjrted In last Yearfs Revlew the Centre is now w(xknrvJ wlth the CatA)t Leaming Foundation and alongslde Monkton WOCKI Acailemy (formerty Heathfield Communlty Schcd) with whtth the Centre shares the same Campus. The Centre provides ¢rudal currfculum spKes to MWA for drama. dan and must aThJ the Centre is availabje as a venue fvr wlde rèThJe ofother sdKK>I activits. The Centre DirthAThty Pullyn is availabje to all scknl stsff WIK) woutd like to take advantage of the opportunities available. In thls rEspect the Centre is embarknng on a era In twThs rf a wfjder managerrwt struttre whilst maintainlng Its absolute aLStonomy in pUtsuIr tts missiork within the Perfornilng Arts. As p)rtaI in last yearfs wlew a JUA has been successfvlly agweed by the CLF and the Tacthi Morris Trust whKh is .dIng on parves. In thls last year a new Arts Pollcy has èlsj t1 agre&l that ernbTr the values, works and Opportunte5 offeretl by the Centre and wtll hopefully encouTrge and enae all the sdKxJs and other Interested groups wlthln the CLF to partake in the Ilfe of the Centre. The potential is enormous. Transitioning to the CLF administrative 5tnJctures requlres d05e communication wtth Senior Managanent. It Is particularty Important to ensure the (x)mpibbility of the Centre's finarKSal wuirents akjngsde CLF prct8Jvresthu5 rnaintaFning the Centre's Independence in all budgeting and accountin9 mattws. The Trustees firtarKlal c(Mnmlbnent are dosety tra(knl. The Tacthl Morris Centre and Trues lebrate 25 years SIr the ctre or. It has gone frDFn strength to strength and we look forward to the next quarter of a century. TherE wlll be many Challeng ahead, rt least flnandal ones. The Tacthi Mrxris team and the Trustees wlll endeavour to UpIld the valves that define u5 and which will conts"n¢Je to pn)vlde OLrtstanding ex[v1 for young people in the Perfomilng Arts. Alongslde thls we aim to tYovKle imaginab.ve and Innovatlve Fwramming for the wider community FINANCIAL REVIEW The charity saw a Surplus of £34,367 {2024 - £98,097) on Investsmatt }rtfolIO durfng the year. After grdntyng £30,LNJO (2024 - £100,234) to the Tatrhi-morris Arts Centre Management Commtttee arKJ paying supp)rt costs of £4,520 {2024 ~ EIO,0021 the charity achiev*J a surplus of £575 (2024 - É12.139 deftcit>.
Company fio. 2266134 TTUgtees' Report for Th• Year Ended 31 Mawth 2025 The chartty held reseThes of £1.484,647 {2024 - £1.484,072) at the year end. or whh (£29.473) (2024- (£37,08911 wa5 held In general funds and £1,514,120 (2024- EI,521.161) was hekl bn rnent en(k>wrrent. The charitles Fm)aneftt endowment is held In an Investsnent wrtr(Ak> man&Jed by HSBC. Thetnjstees meetthe wrtfolio manager annually to review the profile of the FM)rtfollo to ensu that earnings will meet the ongoing cc4nmitment to contslbute to the running of the arts ntre.
Company No. 2Z66134 Trust¢es' Ryort for The Yr Ended 31 March 2025 (continued) ConstltutloD The chanty is consty"tuted as a company limrted by guarantee with(Mrt Sha L3wtsI arKI is govern8J by mewmndum arK1 articl£ of aSCIatiOn incorporated 9 June 1988. TTUStees holding office The trustees who held office durlng the were as fdlows: John Fletcher {Chalr) JIM Baker Helen Elllott Jlll Venn Mike Holme5 Graeme Ryan Patrick West statement on publlt bendlt In shaping our objectives fvr the year and planning our adivi)es. the have co1k•1 the Charfty Comm6ssion s guldan on publlc benefit, including tr gUidan.pUb1IC benefit.. runnlng a chaffity {PB2)'. The trustees are responslble for preparSng the Trustee¢ ReXt atMI financfjal statema)ts In accordan wrth appllcable law and ulations. Company law requlres the Inj5 to prepare flnandal statements for financlal year. Under that law the dlrectors have elected to prepare the financtal statements In acc(Kdan with Unitj ngdorn Generally Ipted Accounting prdttl (United Klngdom Attounting Standards aETrd appItae law). Under company law the direLtors mvst not approve the finanoal statements unless they a satlsned that they grve a trne and fair view of the stste c affair5 of the company and d the pr&ft or loss of the company for that period. In preparing the financial ststements the drert5 are requir1 to: Selt suitable acmunting policies and then appty them consistentjy,. make judgments and accounting e5tsmates that are reanable and wudent; preparp the financTral statements on the Wng concern basis unless It 15 Inapwoate to presume that the corrInY wlll contSnue In btsslness. The thjstees are resFThsible for kewng adequate accounting rectjrts that a sufficfjwt io show explaln the MPanS transact(ons and disclose with reasonable accuracy at any Vme the finatal tion of the company and enable them to ensure that the finanoal ststements compW with the Companies 2(. They are also reswjnsible for safeguarding the assets of the company and hence for takong reasc¥Mble step5 for the kKevenb"on and ¢Jetecli of fraud and othw Irrojulariues. Small ComnY rules This {K)rt has been ppared In aCcOrdar with the Spal t0VIsIonS relatiThJ to (K*npanles subJ&t to the small companle Ime wlthln Part 15 of the Companles Act 2(#J6. On behalf of the txjard John Retcher Chabr Date Page 4
For Th• Year Efided 31 Marth 2025 I report to the charlty on my examination of the ac£wnts The Tac£hi-Morris Centre ts the year en(kd 31 March 2025. Responslbllltles and Imsb of reportr. As the charity's tnjstees of The Tacchi-morris Centre {wlK• are also the d1 of the crynpany for the purposes of tompany law), you are reswnsible for the preratIon ofthe &counts in accordan with the UIreMents rKthe Companles Act 20c6 fthe 2006 AcV}. HavSng satisfied myself that the accounts of the Company are requlred to L audlW for thts year under Part 16 of the 2LK)6 Act and art ellglble for I¥MIendent examlnation, I rew)rt in respect of my examination of your chaty,$ accounts as carrid out under sethon 145 of the Charities Att 2011 ("the 2011 Acr. In carrying out my examination, I have followed the dlrecuons given by the Charlty Commission (under sertfion 145{5)Itl of the 2011 Att. I have completed my examlnatlon. I confirwn that fKb matetsl matters have to my attentlon vA)ith gNe5 me cause to believe that.. Ac£ounting reo)rds were not kept in aLt(xdanry with section 386 c the Companies Act 2(i16; or The accounts do not accord with suth rKon1s: or The accounts do not (DmrAy with evant aLrounting requirements uThJu settion 396 of the Companies Art 2006 other than any ulement that the acwunts gNe a 'true and fvirf vlew whkh is not a matter considered as part of an Indendent examlnation; or The accounts have not ten preparvj In aLr0rdan with the Charities SORP (FRS102>. I have no conm5 and have come across no other matters in conneLtion with the examinatk)n to whlth aitenkn S1 tE drawn In thls pOrt in order to enable a pr4Er understandlng of the accounts to be r63th8J. 11[1212ts?r Gavln Brown FCCA 3 Marco Poktr H¢)use Cook Way Taunton TA2 6BJ
The TacchIOrrf9 Centre For The Y•ar Endod 31 Mar( 2015 Totsl funds 2025 Totsl fundg 2024 funds funds INCOME Ineomt and endqhyrnnts from: Dividends Bank compensatson payment Donatr"ons Bank InteSt 39.576 39,576 37,785 729 Total 729 39,576 40,305 37,785 EXPENDrnIRE Ra151ng fvnds: Investment portfolio management costs AIIoG4ted support costs.. Bank charges Accountsncy fees Other costs 9.766 9.766 10,4T/ 73 73 900 1,287 1,287 4,068 1260 9.766 11026 15h78 charItab Ovltle&' Arts &ntre grant Allocated supkxrt (x)sts'. Bank charges Accountancy fees other costs 30,000 100,234 73 73 33 1.288 4,068 105,235 261 32,261 T¢)tsl 34.521 9.766 44,287 120.713 NET INCOME/(EXPENDrnIRE) BEFORE INvrmENT GAINS/(LOSSES) Net galnsl(tosses) on IVtrnents {33.792) 2910 (3,982) (82,928) 4,557 4,557 70,789 NET INCOME/(EXPENDrniRE) Trdnsfers between fund5 (33,792) 34367 575 (12,139} 41,4 (41,408 NET MOVÈMENf IN FU14DS 7,616 (7,041) 575 (12,139} RECOP4CILZAT1014 OF FUP4DS: Total fijnds brought forward (37.089) 1.521,161 1,484,072 1,496.211 TOTAL FUNDS CARRIED FORWARD (29Mn) 1.514120 IW,647 IM84.072 The notes on pages 8 to 11 fcrn part cl the* finaThJal ststements. Page 6
Balance Sheet As at 31 March 2025 2025 2024 FIXED ASSErs Tangible assets Investments 35 1 519 120 35 1.526,161 1.519,155 1,526,196 CURRENT ASSErs Debtor5 Cash at bank 7.389 Creditors". Arnounts falllng due wlthln one (41W7) {41124) NET CVRREln UABILfnES (34,508) 42,124 72 1,484,647 1.484,on FUNDS UnrestriLted funds EndowEtEnt funds (29,473) 1.514,120 (37,0891 1,521,L61 TOTAL CHARrrY FUNDS 1884,647 1084072 For the year endlng 31 March 2024 the company was entitlJ io exemkpJk from audit UFNler saxion 477 of the Companles Art 2006 relang to small companie. Trustees. re$ponslbiliti•s: The rremtrers have not Nuired the ccfflpany to obtsln an alt In acCtrthn wlth seckn 476 of the Companks Act 2006. The trustees ad(nowledge th"r res)n$.11tieS for c(ffi)YOThj with ra]ulrema)ts the ALt with resrn to accounting ènd the preparation rf accounts. These accounts have been prepared in accordan with the pro¥lslons aWiLable to companfjes Sub to the gn811 companleg re91 and In accordan wlth FRS102 SORP. On thalf of the board John Fletcher Chair Date The note5 on 8 to 11 fomi part of these finanoal siatements.
The Ta¢¢hi-Morris Centre For The Year Erbded 31 2025 l. Accrfwntlng Pollcl¢% 1.1. Basls of prepar9 of flnanclal statements Tkse attounts have been prepared under the historical cost cowwthon. as mcélfied fvr the revaluatKJn of flxed agset investments. with items r&iNJnised at cost transaction value and have been preparal in accordan with: the StateF[nt of Recommended Practke: Acc(MJnting and Retth"ng by Charities preparing theSr accounts in accordance wtth the Financial Rerx)rting Stsndard applicable in the UK arKI Republic of Ireland (FRS 102). the Financial Repo"ng Stsndard appli(xbk in the untl .gdoM èrKI RepubtK of ErdaThJ {FRS 102). and wlth the Charities Att 2011. 1.2. Xn¢om• Income Is recognised In the Statement of Flnancfjal Actfjvltles {SoFA) vthen: the charity boF entitled to the resourtes: It Is more 1Skely than not that the trustees wlll recave the reNAr. the monetary value can be nwsurEd with sufficient reliabilty. 1.3. Expendltyre abllities a reujgnised where (t Is I)Ke likely than not that there Ls a legal or (Jmstruthve obligation commrtkn.ng the tharSty to pay out resources and the anw)unt of the obli93tK 13n be nwsuraj with rea$C#ble certsinty. Support Costs Supwrt costs Indude central functIS an(1 have teen allctated to tIvity cr6t categories on a bas(s consistent wlth the use of resources. 1.4. Tangible fixed arbd depreclatlon Tangible fixed assets are measured at cxyst less acatMUla deweoabon and any accumulated impairn)ent losses. Depredation is provideil at rates calculattyj to wrrte off the cost of the fixed assets. less thr estimated restdual value. over thetr expected useful live5 on the following bases." Ornants. bcoks etc 15% the ra11ng balan Investrnents are Indtyjed at closing mak*et value in the balan sPrt. any 9ain or 105s on InveSthfit Is tryltted or tharged to the Statement of naal Actb¥e5. 1.6. TaMtio The charfty is exempt from Ccryratyon Tax osl its djartse actfjvfjtles. Value Added Tax is not recovwable by the charlty and as suth ts included in the relevant Costs in the nts. 1.7. Fund accounting Unrestr4cted funds are available for use at the dlmtk)n of the tsustees in fvrthernn of the genernl obfrtlves of chatty and which have not tvn designated for other purrK)ses. ElOWment funds are Invested In order to werate suflkknt irKome annually tr) meet the tharivs commÉtment to conffibute to the runnlng of the arts centre. 2. Trustees Remun•ratlon and Expens•s No remuneratlon or other benefits from the charty were received by the trv5tees during the current or prdIng year. The Charity has not met any indFvidual expenses Incurr by the tnjstees during the rrent or prEdIng year. 3. Employee Numbers and Remuneratlo The average numter of employees. Indudlng dlrths, during the year was a5 follows: nil {2023'. nil). No emoyee re[V1 emoluments mre than £60.000. Page 8
Notss to the Flnandat Stat¢meTrts {contInU) For Tht Year Ended 31 M•rth 2015 Tanglbk Assets OrnaEneTrts, As at l April 2024 5,275 As at 31 March 2025 5,275 Dtprecigtlon As at l April 2024 5,240 As at 31 Marth 2025 5.240 Net Book Value As at 31 March 2025 35 As at l April 2024 35 2025 2024 Market Value at l Aprfl 2024 Income receSveJ Management charges Wlthdrawals Revaluation gatnsl{k6ses) 1,526.161 39,576 (9.7661 I41,4() 4.557 1,501,720 37,785 (10.477) (73,6561 70.789 Market value at 31 March 2025 1.519,120 I26,161 Inve5trnents at mat*et value comkvlse:_ lftve5tment propety - land at White Street North Cuny HSBC managaj Investment wrtfolio- Lfstey shares aThJ unit trusts HSBC manaoed investment )rtfoliO - Qsh 1.495.505 18,615 1,482,615 38,546 1,519,120 1,539,024 1,526,161 1,539,024 Hlstortcal C05t as at 31 Marth 2025 6. Debtors 2025 2024 TMAC repayment Prepayments accrued irKome 7. Credltors: Amounts Falllng Due One Year 2025 2024 Bank overdraft Grant payable to arts ntre Accn•ls and deferred Income 227 40.097 1,800 40.097 1,800 41W7 41124 dge9
The Tacch141orrls Centre Not•s to the Flnanclal Statsments {eorbtlnyed) For Th• Yéar Ended 31 MaY¢h 2025 . An•tysls of charItab Funds 8.1 Mowmert In fvmls G•lns/{losseg) n•1 At 31 Mar 2025 General fund Rev8luati¢)n reserve (41.103) 4.014 729 (34,521) 41,408 (33,4871 4,014 UnreStfiC funds (37.089) 729 (3*5ZI) 41A08 (29,473) Ta(rhl-Mcfrfs Arts Centre Fu1 1.521.161 39.Y16 9.766 4 557 (41.408 l 514,E20 IA21.161 39.576 (9,766 4,557 41 408) 1.514.120 Totsl Charlty fvnd8 1884,072 40.305 44287 4,557 1,484,647 8.2 Analysls of not a6s¢ts between fvnds UnreStrIrt Endowmenf At 31 Mar lunds funds 2025 Year ended 31 fvlprch 2025 Tangible assets Investments Current assets Creditors less than l year 35 35 1.514,120 1.519,120 7.389 41,897} 7,389 41,897 29h73) 1,514120 1,484m7 Vnrestricted Endowm•rt At 31 Mar funds funds 2024 Year énded 31 March 2024 Tttngible assets Investments Current assets Credltors than l year 35 35 1,521,161 1.526,161 42.124 42,1241 (37.809 1,521,161 1 484.072 .3 Detalls of funds Tawhl-morrls Arts Centr¢ Fund:_ This fvwKI vms establlshed to erate IrKome aduate to meet the dwrfty's ongoing ¢xMnmrtrnent to the running costs of the arts cth a1 Is Inves in a manag&J Investment portrollo wtth HSBC. Page 10
Not•s to the Financial Slatements {¢ortlnu•d) For The Y•aT Endèd 31 March 2025 9. Commltmonts The chaiity's contributlon b) the cc6ts of oOting the arts wtre are agfeaj in the Managerrent Commritee budyet annually and paid quarterty. The arnount committed for the year endlng 31 March 2026 19 £72,1. Nldrtlonally, the trust may be requlrvj to contribute to any defidt over the ntre'S b1get. 10. R•lat•d Party TransxtloTrs The charlty awar1 grdnts of £30,{ (2024- £100.234) to the Tch1-MOrrIS Arts Centre managnt Comm6ttee, a Jolnt venture between the charity, Monkton W0C Acadany and the cat L&irning FounL1atron. 11. Company Limit•d by Guarartee The charfjty Is a o)mpany Ilmlted by guardntee and dces t have share (Jpital. Each memberfs guaraFttee 15 lirnlted to £1. Page li