Registered Charlty Number 1002269 Registered Company Number 2589184 Prema Company Limited by Guarantee Report and Accounts ForThe Year Ended 31 March 2025 Number Hut Llmited Chartered Certrfied Accountants 13 The Green, Uley, Dursley, Gloucestershire, GL115SN
Prema Report and accounts For the year ended 31 March 2025 Content5 Pag8s Report of the Council of ManagementlDire¢tors Independent Examinerfs report Stat8ment of Financial Activities 10 Balance sheet 11 Notes to the accounts 12-22
Prema Report of the Council of Manag6ment For the year ended 31 March 2025 Introduction The Council of Managemenl, who are also Di¢10[$ for the purposes of the Companies Act, have pleasure in presenting their annual report and unaudited financial statements of the charity for the year ended 31 March 2025. Reference and Adminstratlve Infomiatlon Charlty name Prema Company Registratlon Number 2589184 Charlty Reglstratlon Number 1002269 The Reglstored Office is Bethesda Chapel Uley Dursley Gloucestershlre GLI 15SS Councll of Management Corina Coombs Richard Edmunds Karen Hilliard (member and Company secretary) Laura Nicholas (Chair from 21 October 2024) Dr Simon Oph8r Atlanta Paraskava Melanie Paraskava Sophia Price Janette Wallace Emily Batker (appolnted 28 April 2025) Kim Lawrence {res¢gned 22 April 2024) Katie Norton (resigned 21 October 2024. Chair to 21 Oclober 2024) Independent Examlner Anita Buckley Number Hul Limited 13 The Green UY Dursley Gtoucestershire GL11 SSN
Prema Report of the Council of Management For the year ended 31 March 2025 Stwcture, Governance and Management The company is established as a company Ilmited by guarantee and is registered with the Charity Commisston. The affairs of the company are govemed by its memorandum and articles of association. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £1.00. General The fomier'Pr8ma Projéct" exis18d to Ov8@e the assels of the Prema TNst {shar8s and investments and their building, Bethseda Chapel, which is used by Pma for its business>- During the Financial year 199617 the Prema Project took the decision to 'wind up, and to sign over all of tts assets to Prema, thus making both the Chapel and the monies invested, the property of the trading company. At the AGM in November 1997, il was agr88d the shares now owned by th8 ¢ompany should be cashed in and the money be Invesled in the existlng COIF account. Thls "nest egg" was then invested in the fabiic of Bethesda Chapel as part of a major refLrrbishment programme in FY 2015116, Prema is overseen by a Council of Management- independent people who either have a specialist working know18dge in the area of Prema's trade, or those who have significant linkslunderstanding of local politics and how Pma might be best posiltoned to enjoy a hoalthy, continu8d funding relationship with existing investo. The members receive no remuneration for their time investment in Pr6ma - the Council does not take expenses, it relies solely on goodwill and belief in the misslon of the organisation. Recrultment and appolntment of new members ol the Councll of Management The Council of Management holds ils AGM each Autumn. New members to the committee are actively recnJit8d (via the existing board andlor staff). The Council of Management seeks lo bring individuals onlo the board who have a specialist knowledge or experience which would lend itself well to Prema's operation and plans for future development. Objectives and Activities Prema exists to allow the community lo interface with qu81ity arts activities through a programme of creative opportunities and cultural expsSiOn. The programme embraces an ambitious education progrdmme of wort(shops, weekly classes and seminars as well as an impressive outreach programme which offers dynami¢ arts opportunities lo schools and community & health organisations within Gloucestershire's administrative boundaries land farther afield too). In addÉtion to its prominent educalron programme, Prema is a Centre of Excellence for conternporary and emerging artforms. Art5 Council England - South West (Prema's largest single investor) has included this organisation in its portfolio of funded organisalion (NPO - National Portfolio Organisation) in recognition of Prema's strategic developmentsl role for emerging artists and arts practices. This role is deliverEd via a programme of Perfomiance, Physical Theatr&, New Dance and Installation based visual art and all the hybrids between established and emerging artforms. ACE ISW) also maintains investment in Prema by way of supporting the full partlCIP8tory and education programmes delivered by the Centr8.
Prema Report of the Council of Management For the year ended 31 March 2025 Prema also receives grant funding from Stroud District Council, cuffently £5,000 per annum, It should ba noted that the current investm6nt is less than one third of the Council's investnnt in the mÉd 1990s. This action was taken due to the compulsion for all local authorities to dramatically reduce their investments and costs in the light of economic downlum and global recession. It is for this reason that prna has sought to diversify its own eamed income streams and to become less reliant on grant aid however, the size of this organisation, its tural location and the ratio of quality vs. afforability means that Pr&ma ts (and 11 continue lo be) unabte to function without the investment from Arts CoLfjncil England and other grant-rnaking bodies. Pr8ma's administrative base is Bethesda Chapel, South Street, Uley, Dursley GL11 SSS. We promote 8 targe number of events at the C8ntre itself. but we also have a growing demand to promote activities in other venues- often in partnership wilh other promoters. Our schools oulreach programm8 IS V8ry popular and we (in acc(Jrdance with sugg8Stion from SDC) have Wo@d in partnership with other venues and community organisations to offer affordable, accessible. rt)bust ¢alIve programmes for members of the community lin its broadest contexl) and to prnOte dev81opmental, challenging projects and events which respond to the cultural pa18tt8 of the locality, but also to show tomorrows mainstream today. Achlevements and Perfomiance Developments, Actlvitles and Achievements during the year 2024-25 has maintain8d a palh of marf<8d uncertainty, not just for Prema but for the econorny throughout the UK. From Prema's perspective. this un¢ertainty is most apparent when looking at levels of eamed income in comparison to pr8vious years. Household budgets are getting tighter by the month with soarrng food prices, stagnating salary levels and almost every business n88ding lo rais8 their costs, simply to stay afloat. In previous years, much of oureducation and participatory programme operated at full capacity, tuming 8 faidy profit each year. As FY 2024-25 has pgreSsed, we have se8n many of these activities barely Covering their costs due to lower enrolments alongside a decision from this organisation to not drastically raise the prices of our activities (maintaining an affordable programme and to ensure that We' able to reach a broader, mora div8rs8 audience from across our whole community. We have nolic8d an emerging pattem that people now leave booking tickets or enrolling on a class or woikshop until the very last minute (sometimes, just 24 hours before the promoted event). This results n tjs needing to "hold our nerve" on a regular basis, hoping thal the bookings wlll arrive in the fin8110 days before the activily takes place. This phenomènon is s8en throughout th6 UK, especi815y with the smaller, independent venues such as our arts ¢entre. The pattem is seen throughout Europe, USA and Canada, Australia elc. The way in which audiences engage with culture seems forever Changed following the Covid pandemic in 2020121 and now the cost of living emergency across the Wofld. Artists, makers & craftspeoplè are reporting that sales of their worf( to the public are at an all-ti low 1300/,-500kn down on 24 months ago) and those who a buying art seem to favour smaller, cheaper items.
Prema Report of the Council of Management For the year ended 31 March 2025 In November 2022, we leamt that our application to ACE for NPO (National Portfolio Organtsation) funding had been successful and that we were to receive a standstill sum of £70,532 per year from April 2023 until March 2026, at which point we would need to reapply to maintain our place within the portlolio. As a direct result of the insecure economy, ACE has extended ils comrvmtment lo NPOS until March 2027. Subsequently, this has been further extend6d to March 2028 (pending an application process in eady 2026). It should be acknow18dged that a standstill in core investment from ACE, a standstill in funds from Stroud District Council and those fund8rs demanding more from their investment, it can appear that arts organisations are foVer needing to run faster, just to sland still (and in some case running faster to slowly sltde backw8rdsl. We continue to build relationships with other sectors to help extend Prema's 8¢h, build new audiences and to bring new inwattl investment into this small, detenT¢ined charity. Prema, being a small and comparatively fleet-of-foot organisation can readily modify its Operation to meet demand and experim8nt with methods of delivery. We continue to have a dedicated audience which enjoys and supports the diversity and badth of our programme. In response to research and dialogue with otjr use, we seek to promote a greater number of shorter, signrficantly cheaper actlvities to attract larger, more reliable audiences. However, the58 require just as many staffing resources - once again, running faster to stand still. There is a feeling across the sector of "if we can just weather the storm until consum8r confidence grows again Right now, Prema 18 in the more-fortunate-than4nany position that we have 8[adY streamlined 8V8ry aspect of our expenditure to make the organisation as lean as possible, existing on jusl 2.2 staff (full- 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. Cuffently Prema's staffing structure is: Artistic Dire¢lor {full-timel Education Officer (part-time - 0.6) Tachnical Officer (part time - 0.4) Book-keeper (part4ime - 0.2) Pr&ma is proud to maintain a robust and successful programme of events which attracts over 70,000 people each year both in visiting our venue but also In our"peripat&tic Prema. programme where we lake our brand of'quality & innovation" out on the road to work in partnership with other organisations and in the heart of the communtiy. Going concern As we experience trying financial times in Ihe UK alongside an increasingly politicized culture, the certainty of continued core funds for Prema looks increasingly shaky. AS reported above, Gloucestershire County Council have disinvested from all but their essential services and the stabilily of investments from Stroud Distftct Council Is somewhat fragile. The certainty of monies from Arts Council England matched with a reduction in staff wotking hours means Ihal we can look forward to a future - one whtch is far from certain - but a future nonetheless.
Prema Report of the Councll of Management Forthe year ended 31 March 2025 Risk As highlighled above. Ihe future looks uncertain. This is not particular to Prema every arts organisation in England, Wates and Scotland is experiancing similar financial problems due to the effects of the pandemic. Prema is a relatively admin-light organisation. Being small and independent, it m@ans that Prema can quickly and effectively change or adapt to the funding climate. Its brand is strong, Éts programme evèn stronger and we belseve that thff)ugh careful planning and robust communiGation wth our peer organisatlons and funders, that we may still look foal to a long and healthy future. Fundraising Prema has continued to WOTk with other arts organisations in Ihe county lo boost fundraising capacity and skills so that we are able to build projeGt5 and initiatiV8s as well as exploring a more sustainable seam of incoma. We fundraise through a variety of means - a peffnanent coltection box on site, personalised letlers sent lo thos& who ar8 frequent users of the arts centre and also developing relationships wth 'high-worth individu81s' who have an established reputation as benefactors for particular cr8atlV8 or communilv-based proiects. Donations wKre minimal in th8 y8ar to 31 March 2025, at a similar18V81 to the prior year, All don8tion$ that were received In the year have been included within unrestricted funds. Flnanclal review Reserves The financial stalements are set out on pages 9 to 22. As shown in the Stat8m8nt of Financial Activities schedule, there has been net income in the year of £5,044 (year ended 31 March 2024.. total nel expediture of £8,572). In addition, there was net expenditure in the year of £8,332 lyear ended 31 March 2024 '. net £8,343) in expendable restricted fundsldeferred income, as shown in note 18, relatijng to the 8mortisation of All funds continue to have positive fund balances at the y@ar end, with cumulative charity funds totalling £533,419 at 31 March 20251£536,707 at 31 March 2024). The Council of Managemont consider unroslricted funds not committed or invested in langible fix8d assets held by the charity are adequate, and will continue to monitor transactions with the aim of retaining sufficient Serv&S for Ihe futurè by both investigating ways of increasing income and reducing costs.
Prema Report of the Council of Management For the year ended 31 March 2025 Unrestricted fvnds During tha yèar ended 31 March 2025 there was net income of £8,935 in unstriCted funds {net expenditure of £4,681 in the previous yearl. The rrrf)vement from the net income can be considered as being atlribuled to modest increases in income from charitable activities, trading activities and other income, accompanied with Savings where possible in expenditure. As noted last year, every aspect of expenditure has continued to be constdered and reduced wher8 possible. Unrèstricted funds held at 31 March 2025 totalled £124,448, increased from £115,513 held at the previous ye8r 8nd. Restricted funds Restiicted funds comprise National Lottery funded assets, grant and donatton funded building worf(s, piano bursary and grant incom8 r8ceived from Create Gloucestershir8 relating to the "Off we go" project and a UWE project. There was net expenditure within fBStricted funds of £ 2,691 in restricted Nalional Lottery and donatlon funded building works restricted funds, £8,332 in the expendable restricted fundld8ferred income (see note 18} and £1,200 in endownment funds in the year. Net expenditure can be attributed to the continued depreciation of the fixed assels that were orginally fund8d by reslrict8d funds and the amortisation of restricted grants to match incoff£ or activitiy in the year. Total restricted and endownment funds held at 31 March 2025 was £408,971, reduced from £421,194 held at 31 March 2024. Specific changes in fixed assets Changes in fixed assets are shown in detail In the notes to the accounts. There were no additions or disposals of red assels in the year. Share capital The company is limited by guaranlee and therefore has no share capital. Independent examlner There has been no change of independenl examiner during the year, which remains as Anita Buckley from Number Hut Limited.
Prema Report of the Council of Management For the year ended 31 March 2025 Statement of Responsibilities of the Council of Management The Charities Act and the Companies Act require the Council of Management lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or defictt of the Charity. In preparing those ftnancial statements the Board is required to :. select suitable accounting policies and then apply them consistently- make judgement5 and estimates that are reasonable and pnjdent; prepare the financial statements on the going concem basis unless It is inappropriate lo presume that the charity wdl continue in business state thether applicable accounting standards and statements of recommended practice have been followed, subject to any material deparlures disclosed and explainerj in tho financial statements; The Council of Management are also responsible for maintaining adequate accounting records which d isclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charily's transactions and enable them lo 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 safeguarding the assets of the charity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Th8 Council of Management are 81so responsible for the contents of the their report, and the responsibility of the independent examiner in relation to the CounGil of Managements, report is limited to examining tha report and ensuring that , on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements. Method of preparatlon of accounts The Council of Manag8m8nl have adopted th8 provisions of Accounting 8nd Reporting by Charities . Staternent of Recommended Practic8 applicable to charities preparing their accounts in accordance with the Financial Reporting St8nd8rd applicable in the UK and Republic of Ireland "(FRS102) (effective 1 January 2019). Approval This report and the annual accounts were discussed at a meeting of Ihe Council of Management and were approved by the Council of Management or¢ 20 October 2025. Karen Hilliard Member of the Council of Management and Company Secretary Date 11 December 2025
Prema Report of the Independent Examiner to the Councll of Management on the accounts of the Charity for the year ended 31 March 2025 I report on the financtal statements of the Charity for the year ended 31 March 2025 which are set out on pages 10 to 22. Respective responslbllities of Council of Management and examlner The charity's Council of Management (who are also the directors of the company for the puOSe$ of company lawl are responsible for the preparation of the accounts. The charity's Council of Management consider that an audil is not required for this year under section 144{2) of the Chaiilies Act 2011 (the 2011 Ch8fiti8s Act). and that an independ6nt examination is needed. l am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accountants. Having satisfied Myse that the charity Is not subject lo audit under company law, or OtheISe, and is 81igibl8 for ind8pendent examinatton, it is my fesponsibiltty to- examine the accounts under section 145 of the 2011 Charities Act, to follow the procedures laid down In the general Directions given by the Charity Commission under section 145(51(b) of the 2011 Charitias Act, and to state whether partlcular matters have come to my attention. Basis of Independent examlnerfs report My examination was carried out in accordance wlth general Directions given by the Charity Comrnission. An independenl examination includes a review of the accounting records k&pt by the Charity and a comparison of the accounts presented with those records. It also wicludes Gonsideration of any unusual itèms or disclosuros in the accounts, and seeking explanations from the Council of Management conceming any such matters. Th8 proc@dures undertaken do not provide all the èvidence that WOLEld be required in an audit, and consequently no opinion is given as to whether the accounts present a 'tnJe and fairf view and the report is limlted to those matters sel oul in the next statement.
Prema Report of the Independent Examiner to the Council of Management on the accounts of the Charlty for the year ended 31 March 2025 Indèpendent examinerfs statement In conneclton with my examination, no matter has Gome to my attentton: (1) which gives me reasonable cause to believe that in any material spect the requirements.. to keep aGcounting records in accordance wÉth sectFon 386 of the Companies Act 2008 and lo prepare accounts which accord with the accounting fycords, ¢on¥)ly wÉth the accounting requirements of So¢ln 396 of the Companies Act 2006 and with the methods and principles of the statement of Recommended Practice: Accounting and Raporting by Charities have not b86n met or (2) to which, in my opinion, attention should be drawn in Ofder to enab18 a proper und8r8tanding of the accounls to be reached. Anita Buckley Number Hut Limited 13 The Green Uley Dursley Gloucestershire GL115SN Date 11 December 2025 Relevant professtonal qualificationls) or body.. FCCA (Fellow of Ihe Association of Chartered C8rtrfied Accountants>
Prema Statement of Financial Artivities for the year ended 31 March 2025 Unrestrl¢tod nds ReStcted Endowment Jnds funds Totsl this year 2025 Tolal last year 2024 Note 2025 2025 2025 In¢omo: Donaltons and legacles Income from chaiitable activites Income from trading aclivites Investment income Other income Totsl In¢om8 78.403 41,860 23.012 862 500 144 637 78.403 46,957 23,012 862 78.892 43.371 18,159 578 6,988 147 988 5,097 157412 Expondlture Costs of raising funds CharitabF8 activlliès Olhor Totsl oxpondlluro 10,143 125,559 10.143 142.225 10,562 145.998 15,466 1.200 135 702 152 368 156,560 Not Incomo1oxpendSture 8,935 2,691 1,200 5,044 8,572 Tran$fer$ bfrtwoen fvnds Other rocognlBed galnsl(108$osI Net movement In fund$ 19 Recon¢lllatlon of fvnds To181 funds brought fomard 115,513 109,609 79,200 304,322 312,894 Total fvnds carrlgd forward 19 124 448 106 918 309 366 304 322 The nel movement In funds refeTred to above Is the net incomlng resources 8s deftned In the SORP and Is reconcililed lo the total lunlls as shown in tho Balance Sheet on page 11 as required by the SORP. All income and expenditurè dorwos from continuing aclivili¢s. The 51atemenl of ftnancSal a¢livltie$ Includes all galns and losses recognlsed in the year. The notes on pag8s 12 10 22 fom an inlegfal part of these accounts. 10
Prema Company number Balance Sheet as at 31 March 2025 2589184 Unr88tr1ct•d nds 2025 R•strlcted Endowmenl fi&nd8 funds 2026 2025 Tol81 th18 year 2025 Total la8t year 2024 Flxed a$$•ts Tanglbltr 05sets 3t,792 330,444 78,000 440,236 452,809 Curront assots Stock D8bto Ca$h at bank and In hand Tothl currenl Jss•ts 6,117 95,923 102 040 6,117 3,587 527 $27 102 587 Llabllltl•s Cffjdiiors". arnounts lawng due wlhln ono y8ar 9,384 9.384 13,044 Ng1 curront•$$•ts/{Il•blllllos) Total n•t ass•ts 527 330 971 124,448 533419 536 707 Fund$ ofth• CharFty Unrestrfct8d funds D8553naled funds Expendable rgstrict&d lundld$l$rrod Incomo Restricted Incorne funds Endowmts#t lunds 96,223 28,225 96,223 28,225 86,553 28,960 224.053 224.053 232,385 106.918 106,918 78,000 109.609 79,200 78,000 Total charfty t9 124448 330 971 S33419 S36 707 For the 1Sn8n¢lo1 yoÉr ènd8d 31 March 202S. lrta chBdtabl& company was 8ntitlod to oxomplh)n from audlt undei soctlon 477 of th¥ Componlg8 Act 2006, and no notlc• has been deposlt6d under Sectlon 476 01 the Act. Tho Councll ol M8nagenwnt acknoOdge Ihelr msponsibillty lor 8nsisring th8¢ th& ch#rlty k8•p$ &¢¢ounllng r¢¢ord$ whlch comply wlth se¢llon 386 01 th? Act, and for prèparfng accounts whlch glva a tru• and fairvW ol th state of affalrs ol the charity as at the end ol the fin8n¢ial yg8r 8nd of ts pft>fii or b$$ lor tho Ilnancial ygèr in accoanCe wh tho r8qulien*nls 0¢ section 394 #nd 395 and whkh thertr cornply Wlh th¥ r•qu1mnIS of tho Companles Act 2006 rel8tlng lo accounts, so far applicable to the ch8r¥ty. Thèse accounts have been preparnd In accordance with the spec1 provlsions relatlllg to srpall coMpanS wthin Part 16 ol the Companies Act 2008 and with the Financial Reporting Standard lor Sm8119r Entttbs1off&cllv& J8nuAry 201 $1 and thts Statemnt ol R8commend8d Practice appllc8ble to charitles. Approvgd by tho Cound ol Managomont on 20 October 2025 and on Its boh8lf by Laura Nlcholas Member of tho Coun¢ll of AIAnagom•nt and Chalr Oate 11 Uecember 2025 Th6 notes on pages 12 10 22 lorm an lThtegral part of these accounts.
Prema Notes to the Accounts for the yoar •nded 31 March 2025 l Accounting pollcle$ Basls of prep8r8llon of the accounts The financial statements have been prepared in accordance v*th Accounting and Reporting by Charities- Statement of Recommended Practice ISORPI applicable to charites pParing their accounts in accordance with the Financial Reporting Standard for Smaller Entities. the Financial Reporting Standard for Small&r Entities (FRS 1021 and the Companies Act 2006. Accountlng conventlon The financial statements ar8 prepared.on a going concem basis. under the histOriC81 cost eonvention. Ass6t$ and liabilities are inilially r&cogntsed at historical cost or transaction value, unless otherwise slated in the relevant accounting policy nole{sl. Incomlng Resources Incoming resources are accountèd for on a r&c8ivabl8 basis. Invèstment Income Bank intor681 ts included in the income and expenditure account on a receivable ba81S. Grant Income F&d assets acquired wllh grant assistance are stated at cost and depreclated over their useful economic INes. The rec91pI of th8 grant is recorded as a restricted fund in the statement of financial activities. Depreciation ch8NJed on fixed assets purch89ed by grant money is shown as expenditure out of the restricl8d fund, Recognltlon of118bllltl•s Liabllitles are recognlsed on the ac¢wals basis In accordance with nomig18ccounting princip18s, modified where necessary in accordance with th8 guidance given in tho SORP. Resources Expended All expendilure is included on an accru81s basis and is recognised when there is a Iggal QT constructive obligation to pay for expenditure. Charitable expenditure includes both direct costs of the programmes and support costs relating lo these activities. Govemance costs include those costs incurred in the govorance of the charity and its assèts and are primari those assoctated with conslilulional and statulory requirements. Support costs include central functions and are those fun¢lions that assist the Work of the charity but do not directly relate to charitable activities. The allocation and apportionment of costs between charilablo activities, govemance and support costs is based on the ¢Jse of e8ch specific resource. Flxed assets and depreclallon All tangible fixed assets are stated al historical cost less deprecialion. Website development costs have b6&n Ggpitalised as a tangible fixed asset in accordance with FRS 15 and UITF abslTrct 29. It is considered reasonably certain that tho website will generate future economic ben8fi1 at least as great as th& amount capitalised over its anttcipated useful lrfe of 5 years.
Prema Notes to the A¢¢ounts for the year ended 31 March 2025 1 A¢¢ountlng pollcfes, continuèd Depreciation has been provided at the following rates in order to write off the assets (less their estimated residual value) over their estimated useful economic lives. Freehold land Buildings Fixtures and fittings Websita 2010 slraighl line basis 20010 reducing balance basis 20% straight line basis Stock Stock Ss included at the lower of cost or nel realisable value. Debtors Trade and olher debtors are regnised at the settlemgnt amount duè 8ft8r any trade dlscount offered. Prepayments ar& valued at the amount prepald after taking account of any trnde discounts due. Crodltsr$ and pmvlslons Creditors and provisions af6 recognised where the charity has a ptBsent obligation resulting ffom a past event that will probably result in the transfer of funds lo a third party and the amount due to Settle th8 obli9atton can be rneasured or esllrnatgd reliably. Creditors and prov¢slons are nomialty recognisèd at thèif settlement amount after allowing for any trade discounts due. Taxadon As a regist6red charfty, the company 15 8xempt from incom8 and cory)or8tion lax to the extent th81 ils income and gains ar8 applicable to charil8ble purposes only. Value Added Tax is not recoverable by thè company, and is thèrefore included in the relevant costs in the Statement ol Financial Activities. Funds $truoture poll¢y The charity maintains 8 g6ner81 unr&strict6d fund which represents funds whtch are expendable at th8 discretion of the trustees in ftsrtherance of the object5 of the charity. Such funds may be held In order to financo both workinq capstal and capital Investment. Restricted fund$ have be6n providèd lo the charity for particular purposes, and tt Is the policy of the board of tnjstees lo carefully the monitor the applicatlon of those fund5 in accordanc8 with the restrictions placed upon them. There is no fomial policy ol transfer between funds or on the allocation of funds to designated funds, other than that described above. 2 Winding up or dissolutlon of the charfty If upon winding up or dissolutton of the charity there remain any assets, aller the salisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similai objects lo the charity. 13
Prema Notes to the Accounts forthe yearended 31 March 2025 3 Income from donatlons and legacles Unrestricted Funds 2025 Re$tri¢ted Funds 2025 Total Funds 2025 Last year totsl Funds 2024 Grants.. Stroud District Council Arts Council 5,000 5,000 5,000 75,532 75.532 75,532 Friends membershlp Donations 834 2,037 834 2,037 900 2,460 4 Income from charftable actlvltles Unrestricted Funds 2025 Restrlctsd Funds 2025 Total Funds 2025 Last year total Funds 2024 Tickèts for perfomiances Classes Workshops Create Gloucestershire "Off we go. UWE Projecl 11,917 16,270 13,873 11,917 16,270 13,673 653 4,444 12,118 13,196 16,203 1,854 653 4,444 5 Income from other tradlng a¢tlvltles Unrestrlcted Funds 2025 Restrlctsd Funds 2025 Totsl Funds 2025 Last year totsl Funds 2024 S81e of dresser goods and seasonal Sale of art Rent income Project management income Create Gloucestet3hire re intems 5,030 8.839 6,338 2,805 5,030 8,839 6,338 2,805 5,653 6,640 5,240 626 23,012 14
Prema Notes to the Accounts for the year ended 31 March 2025 6 Investment Income Unrestrictsd Funds 2025 Restricted Funds 2025 Total Funds 2025 Last year totsl Funds 2024 Bank deposit Inte$1 re¢eived 862 862 578 7 Other Income Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 Last year total Funds 2024 Capital grant amortisation Revenu8 grant amortisatlon Oth8r rev&nue grant rÈceiv8d 5,588 5,588 5.588 900 500 500 500 8 Expendlture on ralslng funds Unfe$trl¢tsd Fund$ 2025 Restric*Èd Funds 202S Total Funds 2025 Lastyear total Funds 2024 Staff costs Other fundraising expenses 10,143 10,143 10,562 10,143 9 Expendlture on charltable actlvltles Unrestrictèd Funds 2025 Restrlcted Funds 2025 Totsl Funds 2025 Last year totsl Funds 2024 Porformance and evonls costs Sale of art costs Wothshop costs Staff costs direct costs Piano Butsary costs Create Gloucestershire "Off we go" UWE Project 9,414 3,342 16,680 33,810 9,414 3,342 16,680 33.810 2,090 653 10,747 16,895 35,207 900 1,854 2,090 653 63,246 7,187 70,433 65,603 Govemance costs Support costs 18,465 43,848 18,465 53,327 20,032 60.363 9,479 125,559 142,225 145,998
Prema Notes to the Accounts for the year ended 31 March 2025 10 Govemance and support costs Unrestrlcted Funds 2025 Restricted Funds 2025 Total Funds 2025 Last year totsl Funds 2024 Governan¢e costs: Staff ¢osts Rates, insUnce and licences Heat, light and cleaning Repairs and renewals Generdl office costs Independenl Examiner Services Bank and card chaffJes 10,142 1,352 2,898 688 1,944 850 611 10,142 1,352 2,898 668 1,944 850 611 10,563 1,421 3,948 898 1,685 850 687 Support costs: staff costs- support Dr8ssar and other materials costs Catering costs Marketing and advertising Consultancy Exhibittons costs Travel Heal, light and cleaning Repairs and renewals General office costs Rates, insurance and licences Other Charitable expenditure Bank and card char9es Depreciation of buildings Depreciation of fixtures and fittings Lossl(profit) on disposal of fixed asset 13,524 5,306 111 856 13,524 5,306 111 856 14,082 5,307 108 2,929 3,513 131 6,762 1,560 4,408 3,152 3,513 131 6,762 1,560 4,408 3,152 4,966 162 9,213 2,096 3,936 3,316 1,427 700 2,398 1,427 10,160 2,417 1,557 10,160 2,531 9,460 19 The allocatn and apportionment of costs be&¢n goveman¢e and support costs as set out above is based Ihe use of each specific resourcè. 16
Prema Notes to the Accounts for the year ended 31 March 2025 11 Other expendlture There were no items of expenditure that was neither related to raising funds for the charity, nor part of ils expenditure on charitable activities. 12 Net Incomelexpendlture for the year 2025 2024 The peKentage of incorne accruing outside the United Kingdom was The net Incomelexpendlture for the yèar 18 ststed after charglng: Depreciation of owned fixed assets Independent Examiner .' Independent Examination 12,577 850 12,691 850 See note 20 for details of expenses paid to tnjstees or persons connected with them, 13 Slaff costs and emoluments 2025 2024 Gross Salaries '. staff Employerfs Nalional Insurance Employerfs penslon contrfbutlons 66,354 69,137 1,265 1,277 Numbers of full tirne employees or full tim8 8quiVantS 2025 2024 Engaged on charitable activities Engaged on fundraising activities Engaged on management and administration There were no employèes wlth emoluments in excess of £60,000 per annum. See nole 20 for details of salary paid to tnjstees or persons connect8d with them.
Prema Notes to the Accounts for the year ended 31 March 2025 14 Tanglble flxed assets Freehold Land and buildlngs Flxtures and equipment Websits Total Assèt cost, valuation or rèvalued amount At 1 April 2024 538,007 Additions Disposals At 31 March 2025 106,399 15,456 659,862 538,007 106,399 15,456 659 862 Accumulated depreclatlon and Impalrment provlsions At 1 April 2024 91,440 Charge for the year 10,160 Eliminated on disposals At 31 March 2025 100,157 2,413 15,456 207,053 12,573 101600 102 570 219626 Net book valu8 At 31 March 2025 436 407 440,236 At 31 March 2024 446 567 452 809 All assets are used for direct charitable purposes and there are no inalienable or heritage assets. Thera were no fixed asset additions in the year ended 31 March 2025. Significant buildings additions took place in the year ended 31 March 2016 and are belng depreclated over an estimated useful life of 50 years. The grants received to fund the building woths have been included as deferred incomè (see notè 18) and arè also being amortised over the same 50 year period. The historic buildings cost bFDught foward were also depreciated in the thal year, on the same basis, assuming an estimated useful life of 50 years, and contlnue to do so. 15 Stock 2025 2024 Goods held for sale
Prema Notes to the Accounts for the year ended 31 March 2025 16 Debtors 2025 2024 Trade deblors Other Deblors Prepaid expenses AccnJ&d income 3,811 1,713 593 1,454 1.672 461 3.587 17 Credltors: amounts falllng due wlthln one year 2025 2024 Trade creditors Ac¢rued expenses Deferred income Taxation and social security other creditors 822 5,367 2,399 616 180 826 4,355 7,009 610 244 18 Expendable restrlctad fundldefarred Income At 1 April 2024 Recelv8d Amortlsatlon In the year harg• At 31 March 2025 Capital grants: Summerfield Charilable Trust GloUceslehlre Envlronmental TNst Arts Council England 24,600 27,313 177,239 600 666 4,323 24,000 28,647 172,916 Revenue grants: Piano bursary Create Gloucestershire 'Off we go" UWE Project 2,580 653 2.090 653 490 232 385 4,444 224,053 Gr8nts of a capital nature were received in Ihe year ended 31 March 2016. They have been included in the balance sheet as deferred income and are being written off over Ihe life of the assets to which the grants felate. Amortisation of the grants has been calculated al 20/0, wrilting off the grants over a period of 50 years, matching ihe deprectation of the building works. A revenue grant was received in the year ended 31 March 2019, which is to be used to provide piano lessons to children who othefwise would not be able to afford them. The income is being amortise¢J matching the costs of the piano lessons.
Prema Notes to the Accounts for the yearended 31 March 2025 19 Movements In and analysls of Funds At 1 April 2024 Incoming resources Outgoing resources At 31 March 2025 Unrestricted Funds Restricted Funds Expendable rèstrictedldef8rred tncomi Endowment Funds Total Funds 115,513 109,605 232,387 79,200 536,705 144,637 135,702 2,687 12,775 124,448 106,918 224,056 78,000 533,422 4,444 149 081 152364 UnEslricted funds included above ¢an be further analysed as: Gèneral unrèstrlctod Deslgnatod funds Total unrestrictsd Incon Expenditure Net incomel expenditure in the year 144,637 134967 9,670 144,637 135702 8,935 735 735 Funds brought forward 88,653 28,960 115,513 Funds carrled forward 124 448 The Council of Management designated the balance held at 31 March 2014 in a COIF Chaiities Deposit Fund acccounl 8S to be used for the specific purpos8 of the planned future building wort(s. The building work took place in the year to 31 March 2016. The outgoing resources figure 8bove Restricted funds Can be further analysed as.. SOFA Nét incomèl At 31 March expendlture 2025 At l April 2024 Grants recelved Restricted Funds National Lottery Projecl Donation funded 2015116 build works 66,384 1,632 1,055 2,687 64,752 42,166 106918 109,605 Expondable restrictedldeferred income Grant funded 2015116 build woths Piano butsary Create Gloucestershire "Off we go" UWE Project 229,154 2,580 653 5,588 2,090 653 4,444 12,775 223,566 490 4,444 232 387 224 056 Endowment Funds Bethseda Chapel 78,000 The Nation81 Lottery project relates to capital assets acquired out of restricted funds received in an eadier year, and which a subject to the depreciation policy applying lo the category of asset 20
Prema Notes to the Accounts for the year ended 31 March 2025 19 Movements In and analysls of Funds, contlnued See note 18 forfurther dètails regarding the capitsl grdnts received. Restrlcted funds Included In the Statement of Flnanclal Actlvltles: Donations and legacies Other income Expenditure Nel incomel expenditure Natlonal Lottèry Project Depreciation of buildings D8preciation of fixtures and fittings 1,617 Grant funded 2015116 bulld works Capital grant amortisation Depreciation of buildings 5,588 Donatlon funded 2015116 build works Depre¢i8tion of buildings Expendable restrictedldeferred Income . plano bursary Rèvenue grant amortisation Piano bursary costs 2,090 2,090 2,090 Expendable restrlctedldeferred income Revenue grant amortlS8tion "Off we go" expenses Off we go" 653 653 653 653 Expendable restrictedldeferred Income . UWE Project Revenue grant amortisation "Off we go. expenses 4,444 4,444 Total of all restricted funds Restrlcted endowment funds included in the Ststsment of Financlal Activltles: Donations and legacies Net incomel expenditure Other income Expenditure Endowmentfund Depreciation of buildings 21
Prema Notes to the Accounts forthe year ended 31 March 2025 20 Related party transactlons Transactions with Council of ManagemenUDirectors No members of the Council of ManagementlDirectors have been paid any remuneration or received any other benefrts from employment with the charity or a related entity during the year. Disclosabte transactions that took place during the year,. Karen Hilliard Relationship '. mémbèr of thè Council of Management and Company S6cratary Included in expenditure on charitable activiti&s .' dresser, and other materials costs 152 The above transaction is considered to have been made at arms length and on normal contrd¢tual tern There was no balance outstanding at the year end. Transactlons with key management porsonnol The Council of Manag8ment Considerthere Is one employee who can be ronsidered as k8y management peonnel. That employee received a salary (included in Ihe figures in note 13), the reimbursement of expenses patd for personally. and a payment of £2,090 (prior year £900) of self employment income in respect of piano lessons provided in a¢cordants with thè restricted piano bursary funds. The Iransaction is considered to have been made at amis18ngth and on nomal contractual tenns. There were no other tfdnsactions with, nor yèar end balances outstanding wrth, any other r6tatod party. 22