Registered Charlty Number
1002269
Reglstered Company Number
2589184
Prema
Company Limited by Guarantee
Report and Accounts
For The Year Ended
31 March 2024
Number Hut Llmlted
Chartered Certlfled Accountants
13 The Green, Uley, Dursley> Gloucestershlre, GL11 SSN

Prema
Report and accounts
Forthe year ended 31 March 2024
Contents
Pagès
Report of the Council of ManagemenUQlrectors
Independent Examinerfs report
Statement of Flnancial Activities
10
Balance sheet
11
Notes to the 8¢counts
12-22

Prema
Report of the Councll of Management
For the year ended 31 March 2024
Introductlon
The Council of Management, who are also Directors for the pU￿oseS of the Companies Act, have
pleasure in presenting their annual report and unaudited financial statements of the charity for the
year ended 31 March 2024.
Reference and Admlnstratlve Infonnatlon
Charlty name
Prem8
Company Reglstratlon Number 2589184
Charlty Reglstratlon Number
1002269
The Reglstered 0ffl¢o Is
Bethesda Chapel
Uley
Dursley
Gloucestershire
GL115SS
Councll of Management
Coflna Coombs (appointed 16 October 20231
RiCha￿j Edmunds (appointed 16 October 2023)
Karen Hilliard (member and Company secretary)
Laura Nlcholas (Chair from 21 October 2024)
Dr Slmon Opher
Atlanta Paraskava
Melanie Paraskava
Sophia Price
Janette Wallace
Simon Fisher (resigned 16 October 2023)
Kenneth Lush {resigned 31 July 2023)
Kim Lawrence (resigned 22 April 2024)
K8tle Norton (resigned 21 October 2024, Chair to 21 October 2024)
Indépendent Examlnar
Anita Buckley
Number Hut Limited
13 The Green
Uley
Dursley
Gloucestershire
GL11 SSN

Prema
Report of the Councll of Management
For the year ended 31 March 2024
Structure, Goveman¢e and Management
The company is established as a company Ilmited by guarantee and is registered wth the Chaiily
Commission. The affairs of the company are govemed by its memorandum and articles of association.
The Ilability of the member5 in the event of the company being wound up is limited to a sum not
eX￿eding £1,00.
General
The fomier"Prema Pr0￿Ct, existed to oversee the assets of the Prema TNst (shares and Investments
and their bullding, Bethseda Chapel, which is used by Prema for its business). During the Financial
year 199617 the Prema Project took the decision to 'wind up, and to sign over all of its assets to
Prema, thus maklng both the Chapel and the rnonles Invested, the property of the trading company.
At the AGM in November 1997, it was agreed the shares now owned by the company should be
cashed in and the money be invested in the existing COIF account. This "nest egg" was then
invested in the fabfic of Bethesda Chapel as part ol 8 major refurbtshment programme in FY 2015116.
Prema Is overseen by a Councll of Management - independent people who elther have a speclallst
W0￿￿ng knowledge in the area of Prema's trade, or those who have signrficant linkslunder5tanding of
local politlcs and how Prema might be best positioned to enjoy a healthy, continued funding
relatlonship with existing investors. The members receive no remuneration for their time investment tn
Prema - the Council does not take expens8S, it relies solely on goodwlll and belief in the mission of the
organisation.
Recrultmant and appolntment of new membfrrs of the Councll of M•nagement
The Councll of Management holds its AGM each Autumn, New members to the committee are actlveÈy
recwlted (vla the existlng board andlor staff). The Council of Management seeks to bring Indivldua
onto the boa￿1 who have a specialist knowledge or expeiience which would lend itsetf well to Prerna,
operation and plans for future devèlopment.
Objectlves and Actlvltles
Prema exists to allow the community to interface wlth quallty arts activltles through a programme of
creative opportunities and cultural expression. The programme embraces an ambitious education
progRmme of workshops, weekly classes and semlnars as well as an Impressive outreach programme
which offers dynamic arts opportunities to schools and community & health organisations within
Gloucestershire's administrative boundartes (and farther afield too).
In addition to tts prominent education programme, P￿rna is a Centre of Excellence for contemporary
and emerging artfoFms. Arts Council England - South West (Prem8's largost slngle investor) has
Included this organisatton in its portfolio of funded organisation (NPO- Natton81 Portfolio Organisation)
in recognition of Prema's strategic devebpmental role for emerging artists and arts practtces. ThFS role
is delÉvered via a programme of Perfonr*ance, Physical Theat￿, New Dance and Installation based
visual art and all the hybrids between established and emerging artforms. ACE (SW) also maintains
investment In Prema by way of supporting the full participatory and education programmes delivered
by the Centre.

Prema
Report of the Councll of Management
For the year ended 31 March 2024
Prema also receives grant funding from StrouLI District Council, currentty £5,000 per annum. It should
be noted that the current investment is less than one third of the Council's investment In the mid
199Os. This action was taken due to the compulsion for all local authoiities to dramatically redu￿ their
investments and costs in the light of economic downtum and global recession. It is for this reason that
Prema has sought to diverstty its own eamed income streams and to become less reliant on gTrnt aid
however, the size of this organlsation, its rural locatlon and the ratio of quality vs. afforability means
that Prema is (and will continue to be) unable to funGtion wlthout the investment from Arts Council
England and other grdnt4naking bodles.
Prema's admintstrative base is Bethesda Chapel, South Street, Uley, Dursley GL115SS. We promote
a larrJe number of events at the Centre itself, but we also have a growing demand to promote activities
In other venues - often In partnepship with other promoter5. Our schools outreach programme Is very
popular and we (In accordance with suggestlon from SDC) have wotked In partnership with other
venues and community organisations to offer affordable, accessible, robust creative programmes for
member5 of the cornmunlty (in its broadest context) and to promote devek)pmental, challenging
projects and events which respond to the cultural palette of the locality, but also to show tomomws
mainstream today.
A¢hlevement8 and Perfomianca
Developments, A¢dvldes and A¢hlevements durlng the year
2023-24 has malntained the path of frustratlng uncertalnty, not lust for Prema bui for the economy
throughout the UK. This precarlous sltuation can be attributed to a slow%rowng sense of confidence
Sn people once again engaging with leisure activities followlng the pandemic. But the apprehension
around the virus has been far overshadowed by the cost-of-llving emergency. From the latter part of
the summer of 2022, the UK press foretold of soaring energy prices and the burgeoning cost of
putting food on th8 table for every household. This created a knee-jerk reactlon ￿th most famllies
expEoring ways of economisSng on everything but the essentlals.
This phenomenon has continued to gather pace, resulting in some of Prema's more lucrative
promotions (the creative education programme of workshops and classes) invariably running on lower
enrolments, just covering thelr costs (prior to costof4iving emergency, these were wnning at full
¢apaclty).
Another characteristic of lrfe post-pandemic is the number of audience members who request to cancel
their reservation at the last moment, asking for refunds. This creates additional worf( to resell tickets at
the eleventh hour, which we are often unable to do,. resulting in a fomierly sold-out activlty only just
covering its costs and, in some cases, Incurring 8 financial loss. Our charity has amended its policy
suffounding refunds to mltigate the impact of (and minimise the incidence of) last minute cancellations
and people changing their minds.
A¢￿sS the country, artists are reporting that sales of their work to the public are at an all-time low and
those who are buying art are now electing to purchase smaller. cheaper items.

Prema
Report of the Councll of Management
For the year ended 31 March 2024
In November 2022, we leamt that our appftcation to ACE for NPO (National Portfolio OrganÉsation)
funding had been Su￿$$fUl and that we were to receive a standstill sum of £70,532 per year from
April 2023 until March 2026. at whtch point we WF'II need to reapply to maintain our place within the
portfolio. As a direct result of the shaky economy and its bnJt8I impact upon the creative industries,
ACE has advised thal It intends to open applications to extend these funding contracts by one
additlonal year to afford oryanisations a degree of confidence of inward investment whilst the
economy (hopefully) makes a recovery.
It should be a¢kno￿edged that a standstill in core investment from ACE, a standstill in funds from
Stroud Dlstrict Council and those funders demanding more and more from their investment, it can
appear that arts organisatÉons are forever needing to run faster, just to stand still (and in some case
njnning faster to slowly sllde backwards).
Over the past 15 yea￿, funde￿ have cornpelted every organisatlon to maxlmise it eamed income.
Many are in the position where the fragility of the economy (and the attfibuted consumer confidence)
matched with st8ndstlll investments and ever-soaring costs. plus demands for increased fees
countered by the apprehension of passing those rising costs onto the customer ... combine to create a
somewhat frdctured sector,
In the past, modtfying the centre's actlvltles to become more project-focused through Investment for
delivering community-based actlvlties, often in arts & heatth, has helped us to reach new audlences
and to altract new streams of Snvestment from NHS charitable funds 8nd, more broadly, charitable
tNsts. These opportunities are signtficantly more limited these days and the competition for them is
fierce, We contlnue to build relationships with other sectors to help extend Prema's reach and to bring
new inw8nJ investment into this sm811, dete￿ined charity.
Prem8, being a small and relatively fleet￿1-foot organlsation can (comparatlvely) quickly modfy its
operation to meet demand and experiment wth methods of delivery. We continue to h8ve a dedicated
audience who enjoy and support the dIVe￿ItY and breadth of our programme.
We have streamlined every aspect of our expenditure to rnake the organisation as lean as possible,
still existing on 2.2 staff (fu51-time equivalent) to manage a programme many times larger and more
complex than other arts venues with 4 or 5 times the number of core staff.
cU￿entlY Prema's staffing structure Is:
Artistic Director (full-time)
Education Officer (part-time 0.6>
Technlcal Officer (part tlme - 0.4)
Book-keeper (p8rt4ime - 0.2)
In addition to the cuffent structure, there was a Mafketing off￿er (part-time - 0.6) was that was in post
between Aprtl and August of FY2023124. The Council of Management elected to not replace that role
from September 2023 in order to exercise caution wlth ever-rising costs and lack of spending
confidence from the public with spiralling costs of living.
We are still proud to offer an affordable programme of events which attract over 74,000 peopEe each
year both in visiting our venue but also in Ouf °pertpatetic Prema" programme where we take our brand
of "quality & innovation. out on the road to sNort( in partnetship with other organisations and in the
heart of the community.

Prema
Report of the Council of Management
For the year ended 31 March 2024
Golng concern
As we experience trying financial times In the UK alongside an increasingly politicized culture, the
certainty of continued core funds for Prema k)oks increasingly shaky. As reported above.
Gloucestef5hire County Council have disinvested from all but their essential seNices and the stabiltty
of investments from Stroud District Counci5 is somewhat fragile. The certainty of monies from Arts
Counctl England matched with a reduction in staff working houts means that we can look foDNard to a
future - one which Is farfrom certain - but a future nonetheless.
Rlsk
As highlighted above, the future looks uncertatn. This is not partlcular to Prema - every arts
organisation in England, Wales and Scotland is experiencing similar financial problems due to the
effects of the pandemic. Prema is 8 relatively admin-light organisation. Belng small and Independent, It
means that Prema can quickly and effectively change or adapt to the funding climate. Its brand is
strong, Its programme even stronger and we believe that through careful planning and robust
communication with our peer organisations and fundets, that we may still look foward to a long and
healthy future.
Fundralslng
Prema h85 continued to work with other arts organisations in the county to boost fundraislng capacity
and skills 80 that we are able to bulld prolects and initiatives as well as explorfng 8 more sustainable
seam of income. We fundraise through a variety of means - a pemianent collection box on slte,
person81ised letters sent to those who are frequent useTr of the arts centre and also developing
relationships ￿th 'high-worth individuals, who have an established reputation as benefactors for
partIcu￿r creatlve or communitv-based projects,
Donatlons were minimal in the year to 31 March 2024, at a slmllar level to the prfor year, All donations
that were received in the year have been included within unrestricted funds.
Flnanclal revlew
The financial statements are set out on pages 9 to 22. As shown in the Statement of Flnanclal
Actlvities schedule, there has been net expenditure In the year of £8,572 (year ended 31 March 2023:
total net income of £8,881).
The movement from the net Income to net expenditure can be considered as being attributed to the
reduction in reported grant income. The prior year figure induded £17,315 from Arts Council England
that was a delayed re￿Ipt relating to FY 2021122, due to Lgte quarterly reporting to the funder. The
receipts from Arts Council England in 2023124 totalled £70,532, which is the expected contracted
annual amount.
Income in 2023124 from both Trading Activitles and charitab￿ Activities were also lower than in
2022123 (by £6,711 and £7,618 respectively). This was somewhat matched by reductions in
expenditure, as noted above where every aspect of expenditure has been considered and reduced
where possible - without which the in-year deficit could have been considerably greater.

Prema
Report of the Councll of Management
For the year ended 31 March 2024
Reserves
Despite the In-year deficit, all funds ¢ontlnue to have positive fund balances at the year end, with
cumulative charity funds totalling £536,707 (£553.622 at 31 March 2023).
The Council of Management consider unrestricted funds not cornmltted or invested in tangible fixed
assets held by the charity are adequate, and will continue to monitor tr8nsactions with the aim of
retaining sufficient reseNes for the future by both investigating ways of increasing income and
reducing costs.
Unrestrlcted fvnds
Durfng the year ended 31 March 2024 there was net expenditure of £4,681 (net income of £12,776 in
the prevlous year).
Unrestiicted funds held at 31 March 2024 lotalled £115,513, decreased from £120,194 held at the
previous year end. As reported in the main flnancial review, the prior year In-year movement was
artrficially swelled by a d6ferred quarterly payment from Arts Council England (£17,315) that was
originally due in FY21122 which arrived in FY22123.
Restrlcted funds
Restricted funds comprise National Lottery funded 8SS8ts, grani and donation funded building works a
piano bursary and grant Income received from Create Gk)ucestetshlre relatlng to the 'Off we go"
project.
There was net expenditure within restricted funds of £2,891 in the year, and £1,200 endoW￿ent
funds, relating to the continued depreciation of the historic buildings cost.
Speclflc changes In Ilxed assets
Changes in fixed assets are shown In detail in the notes to the accounts. TheTr were no additions or
disposals of fixed assets in the year.
Share capltsl
The company is Ilmlted by guarantee and therefore has no share capltal.
Independent examlner
There has been no change of independent examlner during the year, which remains as Anita Buckley
from Number Hut Limited.

Prema
Report of the Councll of Management
For the year ended 31 March 2024
Statemont of Responslbllltles of the Councll of Management
The Charities Act and the Companies Act requtre the Council of Management to prepare financial
statements for each financial year which gtve a tNe and fair view of the state of affai￿ of the charity as
at the end of the financial year and of the surplus or deficit of the charity. In preparing those financFal
statements the Board is required to :.
select suitable accounting policies and then apply them consistently,.
- make judgements and estimates that are reasonab￿ and pwdent. and
- prepare the flnancial statements on the going concem basis unless it is
Inappropriate to presume that the charfty wll continue in business.
state whether applicable accounting standards and statements of
recommended practice have been followed , subject to any material
departures disdosed and explalned In the flnancial statements;
The Councll of Management are also responslble for maintaining adequate 8ccounting records vthich
disclose with reasonable accuracy at any time the financial position of the charity and which are
sufficient to show and explain the cherity's transactions and enable them to ensure that the financial
statements comply with the Companies Act 2006 and comply with regulations made under the
Charities Act. They are also responsible for safeguardlng the assets of the charity and hence for
taklng reasonable steps for the prevention and detectlon of fraud and other iffegularities,
The Council of Management are also responslblo for the contents of the their report, and tha
responsibility of the independent examiner in relation to the Council of Managements, report is limited
to examining the report and ensuring that , on the face of the report, there are no inconslstencies with
the figures disclosed in the flnanclal statements.
Mathod of preparatlon of accounts
The Council of Managemeni have adopted the provisions of Accounting and Reporting by Chartlies .
Statement of Recommended Practtce appllcable to charities preparing thelr accounts in accordance
wlth the Financial Reporting Standard appllcable in the UK and Republic of Ireland '(FRS102)
(effectfve 1 January 2019).
Approval
This report and the annual accounts were discussed at a meeting of the Council of Management and
were approved by the Council of Management on date 21 October 2024.
Karen Hilliard
Member of the Council of Management and Company Secretary
Date 19 November 2024

Prnma
Report of thè Independent Examlner to the Councll of Management
on the accounts of the Charfty for the year ended 31 March 2024
I report on the finanGial statements of the Charity for the year ended 31 March 2024 which are set out
on pages 10 to 22.
Respectlve rosponslbllltles of Councll of Managom•nt and examlner
The charity's Council of Management (who are also the directo￿ of the company for the purposes of
company Lqw) are responsible for the preparation of the accounts, The chaFity's Council of Management
conslder that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the
2011 Charities Act), and that an independent examination is needed.
am qualrfied to undertake th6 examlnation by being a qualified member of the Ch8rtered Association
of Certrfied Accountants.
Having satisfied myself that the chaiity Is not subject to audit under company law. or other4vise, and is
eligible for Independent examination. it is my responsibtlity to:
examine the accounts under sectlon 145 of the 2011 Charities Act,
to follow the procedures lald down In the general Dlrectlons glven by the Charity Commission under
sect50n 145(5)(bl of the 2011 Charltles Act, and
to state ￿ether particular matters have come to my attention.
Bas58 of Independent examlner's rèport
My examinatlon vrfas carried out in accordance with gener81 Directions glven by the Charity Commission.
An independent examlnation Includes a revlew of the accountlng records kept by the Charity and a
comparison of the accounts presented with those records. It also includes consideration of any
unusual items or disclosures in the accounts, and seeking explanations from the Council of
Management Con￿mIng any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit. and
consequently no opinlon is given as to ￿knether the accounts present a 'true and fairf view and the
report is limFted to those matters set out in the next statement.

P￿ma
Report of the Independent Examlner to the Councll of Management
on the accounts of the Charity for the year ended 31 March 2024
Independent examlner'$ statement
In connection with my examination, no matter has come to my attention.,
(1) which gives me reasonable cause to believe that In any material respect the requirements:
to keep accounting records in accordance with section 386 of the Companies Act 2006 and
to prepare accounts which accord with the accounting records, compty with the accounting
requlrements of section 396 of the Companies Act 2006 and with the methods and principles of the
Statement of Recommended Practice.. Accounting and Reporting by Chaiities
have not been met or
(2) to which, in my opinion, attention should be drawn In order to enable a proper understanding of the
accounts to be reached.
Anlta 8u¢kley
Number Hut Limited
13 The Green
Uley
Dursley
GloUceste￿hlr8
GL11 SSN
Date 19 November 2024
Relov8nt professional qu81ification(s) or body: FCCA (Fellow of the Association of Chartered
Certtfied Accountants)

Prema
statement of Financlal Actlvltles
forthe year ended 31 March 2024
Unrèstrlcted
fiinds
2024
Restrlcted Endowmont
funds
nds
2024
Total thls
year
2024
Total last
year
2023
Note
2024
Income:
Donations and legacies
Income from Charitable activlles
Income from tradlng activites
Investment in￿rne
Other income
Total In¢omo
78,892
41,517
18,159
578
500
139 646
78,892
43,371
18,159
578
95,651
50,989
24.870
158
1,854
147 988
178 731
Ex￿ndIture
Costs of raising funds
Charitable activities
Other
Tolal eX￿ndItur*
10,562
133,765
10,562
145,998
12.437
157,413
11,033
1,200
144 327
156560
169 850
N•t In¢omel•xpondllur8
4,681
2,691
1,200
8,572
8,881
Transfer8 between funds
Other re¢ognlsod galnsl{1088es)
N•t movomenl In fund•
19
Ro¢onclllatlon of fvnds
Total funds brought forwany
120,194
112,300
80,400
312,894
304.013
Total fvnd8 carrled forward
19
115513
109 809
304 322
312 894
The net movement in funds referred lo above is the net incomlng resources 8s deflned In the SORP and is
con¢ilited to the 10181 funds as shown In the Balance Sheet on page 11 as required by the SORP.
All income and expenditure derfves from continuing 8CtNities.
The statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 22 fomi an integral part of these acc￿￿ntS.
10

Prema
Company number
Balance Sheet
as at 31 March 2024
2589184
Unr08trlct8d
fund8
2024
Ro8trlctsd Endowmont
fundts
fund#
2024
2024
Total th14
year
2024
Tolal la8t
year
2023
Note
Flxed assèts
Tangible assets
14
34,892
338,717
79,200
452,809
465,500
Current asBets
Stock
Debtor5
Cash at bank and in hand
rotsl current assets
15
16
3,587
3,587
3,775
Llablllile8
CrodttoTr.' amounts falllng du8 wKhln
one year
17
13,044
13,044
8,838
Net ¢urr8nt assots/(IlabllldosJ
Total not ass•ts
115513
341 994
536 707
553 622
Fund8 of tho Charlty
Unréstrfcted funds
Deslgna18d funds
Expendable restrfcted fundldef8tT8d
Income
Reslrfcted Incorro funds
Endowment funds
86,553
28,960
86,553
28,960
90,489
29,705
232,385
232,385
240,728
112,300
80,400
109,609
109,609
79.200
79,200
Total charlty lund*
115513
341 994
536 707
553 622
For the flnanclal year ended 31 March 2024, th@ charflabl8 CAimp8ny was 6nlitl8d to gxamptlon frnm audlt und8r88dlon
477 of the Companles Act 2006, and no notke has beèn deposlted under section 476 of th8 Act.
The Councll of Manag8mnt acknowlédgè their r&&ponsibillty for ensurfng that thè charlty keeps accountln9 records
whlch Comp￿ with sectk)n 386 of tha Act, and for proparfng ac¢oLtnts whlch glve a tIU8 and falr v￿W of the state of affatrs
of th8 chaffty as at the end of th& financlal y8ar and of its profit or k)ss for the financlal y8ar In accordanc8 ￿th the
requlr8ments of sectbn 394 and 395 and ￿lah oth8mlse ojmply ￿th thè rnqulrnmènts ol the Companlgs Act 2006
relating lo accounts, so far as appl￿ble to the ¢h8llty.
Th6se accounls have been prepared In accordance wlth the special provksions rglatlng lo 6n￿m companies withln Part 15
of the Companl8s Act 2006 and wth the Flnandal Reporting Standard forSmaNer Entllles {gffective January 2015) and
th8 Slatèmant of Rèc¥)nvrtond8d Practic8 appltsble to charillgs.
Approved by th8 Counal of Management on 21 Octob8r2024 and signed on its behaw by
Laura Nlchola$
Paember of the Councll of Managemènt and Chalr
Date 19 November 2024
Th8 notes on pagès 12 to 22 forn an intttgral part of th850 accounts.

Prema
Notes to the Accounts
for the year ended 31 March 2024
1 Accountlng policies
8asl$ of preparation of the accounts
Th8 financial statements have been prepared in accordan¢e wÈth Accounting and R8POrting by Charities..
Statement of Recorrm8nd8d Practice (SORP) applicable to charites preparing th8ir ac£ounts in accordance
V￿th the Financial Reporting Standard for Srnaller Entities. the Finanaal Reporting Slandard for Smaller
Entities {FRS 102) and the Companies Act 2006.
Accounting Conventlon
The financial st8t8m8nts are p￿p8red,0n a going concem basis, und8r th8 historical cost conv8ntion.
Assels and liabililies ar8 initially recognised at historical ￿st or transaction value, unless otherwlse stated in
lh8 r81evant 8ccountlng pollcy notels).
Incomlng Resourcos
Incoming rEsources ere accounted for on a receivable ba81S.
Inveslmont Incom•
Bank Snterest Is Included In the In￿M6 and expenditure account on 8 receivable basis.
Grant Income
Fix8d assets acqulr8d with grant assistance are stated at cost and depreciated over thelr useful economlc
lives, The receipt of the gr8nt is recorded as a reslrfcted fund in the statement of financial activsties.
Depredation charged on fixed assets purchased by grant money is shown as expenditure out of the
restrided fund.
Recognldon of Ilabllltles
Liabilities are recognised on the accruals basis in accordance with nomial aGcounting principles, modlfied
where n8cess8ry in accordance with the guidance given in the SORP.
R•sources Expended
All expenditure is induded on an accru81s basls and Is recognised when there is a legal or constnJctiV8
obligation to pay for expenditure. Charitable expgnditure includ8s bolh direct costs of the programmes and
support costs relating to these activities. Govemance costs include those costs incurTed in th8 goveranc8 of
the charity and ils assets and are primarfly those 8ssociat6d with constitutional and slatutory requirements.
Support costs include central functions and are those functions that assist the work of the tharity but do nol
directly relate to charitable activities.
The allocation and apportionment of costs between charitable activities, govemanca and support costs is
based on th8 US8 of each spectfic resource.
Flxed assets and dep￿rIation
All tangible r￿ed assets are slated at hisloncal cost less depreciation.
Website deVelOp￿nI costs have been capitalised as a tangible fixed asset in a￿ordanCe with FRS 15 and
UITF abslracl 29, It is considered reasonably certain that the website will generate future economic benefit
at least as great as the amount capitalisèd over its anticipated ugeful life of 5 years.
12

Prèma
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies, Contlnuod
Depreciatlon has b68n provid8d at the follo￿.ng rates In order to write off the assets (less Ih&ir estimted
residu81 value) over their estimated useful economic lives.
Freehotd land
Buildings
Fixtures and fittings
Website
2tyA slraight line basis
20Vo reducing balance basis
20 /0 slraight line basis
Stock
Stock Is included at th8 lowèr of cost or net realls8ble value.
Debtors
Trade and other debtors are recognised at the seltlement amount due after any trade discount off6r@d.
Prepayments are valued at the amount prepaid after taking account of any trdde discounts due,
Creditors andprovlslons
Creditor$ 8nd provislon5 arn recognised where the charity has a present obllgalion resulting from a past
event that will probably result in the Iransfer of funds to 8 third party and the amount due to settle the
obligation CAn be measur8d or estimated reliabty. Creditor6 and Provisions arg nomally recognised at their
settl8mgnt amount afler allowing for any trade discounts due.
Taxadon
AS a registered ch8rily. the company Is 8X8mpt from incom8 and corporation tax to thè éxtent that its income
and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the comp£ny.
and is therefore in¢luded in the relevant costs in the Statament of Financial Activities.
Funds structure policy
Th8 charity maintains a g6n8ral unrestricted fund which fepresenls funds which are expen(lable at the
discretion of the twstees in further8nce of the objects of the ch81iiy. Such funds may be held in order to
finance bolh wortino Capital and capital investment.
Restricted funds have been provided to the charity for p8rlicul8r pU￿03&s, and it is the policy of the boaffl
of trustees to caftfully the monitor the application of those funds in accordance with the rgstfictions placed
upon them.
There is no fotrnal policy of tr8nsf6r between funds or on the allocation of funds to designated funds, oth8r
than that described abov8.
2 Winding up or dissolution of the charlty
If upon winding up or dissolution of the charity there remain any assets, afterthe satisfaction of all debts
and liabilities, the assets represented by Ihe accumLtlated fund shall be transferred to some Other charitable
body or bodies having similar obj8Cts to the charity.
13

Prema
Notes to the Accounts
for the year ended 31 March 2024
3 Income from donatlons and legacies
Unrestricted
Funds
2024
Restrlcted
Funds
2024
Total
Funds
2024
Last year
total Funds
2023
Grants..
Stroud DIstr￿t Council
Arts Council
5,000
5,000
5,000
75,532
75.532
92,847
Friends membership
Donatlons
900
2,460
900
2,460
510
2,294
4 Income f rom charltable actlvltles
Unrestrl¢tsd
Funds
2024
Restrlcled
Funds
2024
Total
Funds
2024
Last year
total Funds
2023
Tickets for perfomiances
Classes
Worf(shops
Create Gloucestershlre °Off we go"
12,118
13,196
16,203
12,118
13,196
16,203
1,854
9,253
12.655
20,088
8,993
1,854
5 Incomo from other tradlng actlvltles
Unrostrictsd
Funds
2024
Restrlcted
Funds
2024
Total
Funds
2024
Last year
total Funds
2023
Sale of dresser goods and seasonal
Sale of art
Rent Income
Project management incom8
Create Gloucestershire - re intems
5,653
6,640
5,240
626
5,653
6,640
5,240
626
3,400
4,952
5,818
10.700
14

Prema
Notes to the Accounts
for the year ended 31 March 2024
6 Investment Income
Unrestricted
Funds
2024
Restrlcted
Fund$
2024
Totsl
Funds
2024
Last year
totsl Funds
2023
Bank deposit interest received
578
578
158
7 Other Income
Unrostrl¢ted
Funds
2024
Restrlcted
Funds
2024
Total
Funds
2024
Last year
total Funds
2023
Capital grant amortisation
Revenue grant amOrtisat￿n
Other revenue grant received
5,588
900
5,588
900
500
5,588
975
500
500
500
8 Expenditura on ralslng funds
Unrestrictsd
Funds
2024
Rostrlct¢d
Funds
2024
Total
Funds
2024
Last year
totsl Funds
2023
Staff costs
Otherfundralslng expenses
10.562
10,562
12,437
9 Expendlture on charttable actlvitlas
Unrestrlcted
Funds
2024
Restrict8d
Funds
2024
Totsl
Funds
2024
Last year
total Funds
2023
Perfomance and events costs
Workshop costs
Staff costs - direct Costs
Piano Bursary costs
Create Gloucestershire 'Off we go.
10,747
16,895
35,207
10,747
16,895
35,207
900
7,924
17,442
41,458
975
900
62,849
2.754
65,603
76,792
Govemance CLlSts
Support costs
20,032
60,884
20,032
60.363
21.199
59,422
9,479
133 765
145 998
157 413
15

Préma
Notes to the Accounts
for the year ended 31 March 2024
10 Govomance and support costs
Unrestricted
Fund8
2024
Restrlctsd
Funds
2024
Total
Funds
2024
Last year
total Funds
2023
Governance costs:
Staff costs
Rates, insurdnce and licences
Heat, light and deaning
Repairs and renewals
General office Costs
Independent Examiner SeNices
Bank and card charges
10.563
1.421
3.948
898
1,685
850
667
10,563
1,421
3,948
898
1,685
850
667
12,437
1,455
3,408
766
1,672
850
611
Support ¢￿th:
Staff costs - support
Dresser and other materials costs
Caterfng costs
Mart(eting and advertising
Consultancy
Exhlbltlons costs
Travel
Heat, light and deaning
Repairs and renewals
General office costs
Rates, insurance and IEconce8
Other charitable expenditu
Bank and card charges
Depreciation of bulldlngs
Depreciation of fixtures and fittings
Lossl(profrt) on dlsposal of fixed asset
14.082
5,307
108
2,929
14,082
5,307
108
2,929
16,583
4,991
233
810
1,561
4,222
496
7,952
1,786
3.920
3,395
20
1,425
10,160
2,716
144
4,966
162
9,213
2,096
3,936
3,316
4,966
162
9,213
2,096
3,936
3,316
1,557
700
2,512
1,557
10,160
2,531
9,460
19
The allocation and apportlonffent of costs between govemance and support costs as set out above Is
based the use of each spec¢fic resource.
16

Prema
Notes to the Accounts
for the year ended 31 March 2024
11 Other expendlture
There were no items of expenditu￿ that was neither related to raising funds for the charity, nor part of
ts expenditure on charitable activities.
12 Net Incomelexpendlture for the year
2024
2023
The percentage of income accruing outside the United Kingdom was
The nel Incomelexpendlture for the year Is slatsd after charglng:
Depreclation of owned fixed assets
Independent Examinar: Ind6pend6nt Examinatlon
12,691
850
12,876
850
See note 20 for details of expense8 paid to trustees or pernons connectod with them.
13 Staff costs and emoluments
2024
2023
Gross Salaries . staff
Employerfs Natlonal Insurance
Employerfs penslon contributions
69,285
81,786
Numberd of full time employees or full tlme equfvalents
2024
2023
Engaged on charitable activities
Engaged on fundraising activities
Engaged on management and administration
Ttte￿ were no employees wlth ermluments in excess of £60,000 per annum.
See note 20 for details of salary paid to trustees or persons conneGted with them,
17

Prema
Notes to the Accounts
for the year ended 31 March 2024
14 Tangiblè fixed assets
Freehold
Land and
buildings
Flxtures
and
equlpment
Webslts
Total
As88t cosl valuation or revalued amount
At l April 2023
538.007
Additb)ns
DSsposals
At 31 Ma￿h 2024
106.399
15,456
659,862
538 007
106 399
659 862
Accumulated depreclatlon and Impalrmont prov18ions
At 1 April 2023
81,280
Charge for the year
10,160
Eliminated on disposals
At 31 March 2024
97,626
2,531
15,456
194,362
12,691
100 157
207 053
Net book value
At 31 March 2024
446 567
452 809
At 31 Ma￿h 2023
456 727
465 500
All assets a￿ used for direct charitable pu￿0$&$ and there are no inalienable or heritage assets.
There were no fixed asset additions in the year ended 31 March 2024.
SlgnÉficant buildings additlons took place in the year ended 31 March 2016 and are belng dep￿CIated
over an estimated useful lrfe of 50 years. The grants received to fund the building worl(s have been
Included as deferred income (see note 18) and are also being amortised over the same 50 year
period.
The historic bulldings cost brought forward were also depreciated In the that year, on the same bas￿,
assuming an estimated useful Ilfe of 50 yeats, and continue to do so.
15 Stock
2024
2023
Goods held for sale
18

Prema
Notes to the Accounts
for the year ended 31 March 2024
16 Debtors
2024
2023
Trade debtor8
Other Debtors
Prepaid exp6nses
Accrued Incoff
1.253
468
1,649
405
1,454
1,672
461
17 Credltors: amounts falllng due wlthin one year
2024
2023
Trade credltors
Accrued expenses
Deferred income
Taxation and social security
Other creditors
826
4.355
7,009
610
244
836
4,988
2,194
576
244
18 Expendable restrlcted fundldeforred Income
At 1 Aprll
2023
ReGelved Amortlsatlon
In the year
Charge
At 31 March
2024
Capltsl grants:
Summerfield Charftable Trust
Gloucestershi￿ Environmental Trust
Arts Council England
25.200
27.979
181,562
600
686
4,323
24,600
27,313
177,239
Revenue grants:
Piano bursary
Create Gloucestershire "Off we go.
3,480
900
2,580
653
232 385
240 728
GTrnts of a capital natu￿ werp received in the year ended 31 March 2016. They have been included
In the balance sheet as deferred income and are being ￿itten off over the lrfe of the assets to which
the grants relate. Amortisation of the grants has been calculated at 2Yo, Writting off the grants over a
period of 50 years, matching the depreciation of the building WO￿$.
A revenue grant was received in the year ended 31 March 2019, which is to be used to provide piano
lessons to children who otherwkse would not be able to afforrl them. The income is being amortised
matching the costs of the piano lessons.

Prema
Notes to the Accounts
for the year ended 31 March 2024
19 Movements in and analysis of Funds
At 1 Aprll
2023
Incomlng
resources
Outgoing
resources
At 31 March
2024
Unrestiicted Funds
Restricted Funds
Expendable restrictedldeferred incom(
Endowment Funds
Total Funds
120,194
112,300
240,729
139,646
144,327
2,695
8,342
115.513
109,605
232,387
553 623
139846
158 564
536 705
un￿StrICted funds included above can be further analysed as..
General
unrestrlcted
DBslgnated
funds
Total
unrestrlcted
Inco
Expenditure
Net Incomel expenditure In the year
139,646
143 582
3,936
139,646
144 327
4.681
745
745
Funds brought fopNard
90,489
29,705
120,194
Funds ¢arrled forward
115 513
The Council of Management designated the balance held at 31 March 2014 in a COIF Chaiities
Deposit Fund acccount as to be used for the specific purpose of the planned future bullding works.
The building woth took place in the year to 31 March 2016. The outgoing tBsources flgure above
relates to depreciation charge.
Restitted funds can be further analysed as:
SOFA
Net 5ncomel At 31 March
expendlture
2024
At 1 Aprll
2023
Grants
recelved
Restrlcted Funds
National Lottery Project
Donation funded 2015116 build works
68,024
1.640
66,384
112300
109605
Expendable restrlctedldeferred tn¢omè
Grdnt funded 2015116 build worfis
Piano bursary
Create Gloucestershire "Off we go"
234,742
3,480
5,588
900
229.154
2,580
653
232 387
240 729
Endowmont Funds
Bethseda Chapel
The National Lottery project relates to capital assets acquired out of restricted funds received in an
earfier year, and ￿1¢h a￿ subject to the depreciation policy applying to the category of asset
20

Prema
Note8 to the Accounts
for the year ended 31 March 2024
19 Movements in and analysls of Funds, continued
See note 18 forfurther details ￿ga￿Ing the capital grants received.
Restrlded funds Included in the Statemont of Financial Actlvltles..
Donations
and legacies
Net incomel
expendlture
Other income
Expendtture
National Lottery Projecl
Depreciation of buildings
Deprectation of fixtutES and fittings
1,617
23
Grant funded 2015116 bulld works
Capital grant amortisation
Depreciation of buildings
5,588
Donatlon fvnded 2015116 bulld works
Dep￿C￿￿tIOn of buildings
Expondabl• restrlctedldeforrod In¢omo . plano bursary
Revenue grant amortlsatlon
Piano bur3ary costs
900
900
900
900
Expondable r•Strl¢te￿d8fOrred Income
Revenue grant amrtisation
"Off we go" expenses
Off we go"
1,854
Total of all restrided funds
Restrlcted endowment funds included in the Statement of FIna￿la1 Activltles:
Donations
and legacies
Other income
Expenditure
Net incomel
expenditure
Endowmenl fvnd
Depreciation of buildings
21

Prema
Notes to the Accounts
for the year endèd 31 March 2024
20 Related party transactlon8
No members of the Council of ManagementlDirectors have be6n paid ￿MUneration or received any
oth8r beneftts from any related entities, nor paid any twstee expenses, during the year or pr8ViOUS
year,
The Council of Management consider there rs one employee who can be considered as key
management personnel. That employee received a salary (included in the fIgU￿S in note 13), the
reimbursement of expenses patd for personally, and a payment of £900 (prior year £390) of self
employment income in respect of piano lessons provided in accordance with the restricted piano
bursary funds. The transaction is considered to have been made at arms length and on nomial
contractual tenns,
Ther8 w￿re no other transactions with, nor year end balances outstanding with, any other related party.
22