Company registration number 02836855 (England & Wales) Charity registration number 1025337 LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 BRENNOCKS Chartered Governan Professionals Incorporated Financial Accountants Lyneholm Roweltown Carlisle Cumbria CAO 6LH
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE CONTENTS Page Reference and administrative details of the charity. its trusree5 and advisers Tru5tees' annual report (Incorporating the Directors. report) 3-10 Independent Examiner's report Statement of financial attivities Balance sheer 13,14 Notes to the financial statements 15-22
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE LEGAL AND ADMINISTRATIVE INFORMATION Trustees: Jonathin Pdul ARCHARD (resigned 9 December 2024) Teresa Maria BUDWORTH (appointed 15 August 2024) Jennrfer DRANEL {resigned 19 February 2025) Catharine Elizabeth HODGES Michelle Anna-maria KAMBA5HA (appointed 5 June 2024) Catherine Jeanne LOUCH (appointed 20 June 2024,. resigned 20 February 2025) YULU Jean MCMEAKIN Sylvia Margaret WRIGHT {appointed I l June 2024) Company registration number 02836855 England & Wale5 Charity registration number. 1025337 England & Wales Registered office: 50 St George Street Leicester LEI IQG Page I
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE LEGAL AND ADMINISTRATIVE INFORMATION (continued) Independeni Examiner. Paul Brennock FCG FFA Lyneholm Roweltown Carlisle CA6 6LH Bankers: Lloyd5 Bank PLC 7 High Street Leicester LEI 9FS Page 2
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees (who are also directors of the charity for the purposes Qf the Companies Act) present their annual repon together with the financial ststements for the year ended 31 March 2025. The trustees confirm that the annual report and financial 5tatement5 of the cotnpany comply wtth the current statutory requirements of the companls governing document and the provisions of the Charities Statement of Recommended Practice {SORP) {FRS 102). second edition, October 2019. The Purpose of Leicester Print Worf(shop Studio and Resources Leicester Print Workshop (LPM is the Midlands centre of excellence for fine art printmaking. We are at the forefront of printmaking practice. and we ensure it conunues to be a thriving contemporary art form. We nurture talent and support creaove practitioners 10 develop their skills and achieve their creative ambitions. Our large. open access studio is in a RIBA award winning building, providing specialist facilities for stone and plate lithogrnphy. etchin& engravin& relief. lettery)ress. screen printing. and artist studios. LPW was first established in 1986 and became a registered charity in 1993. In 2015 it moved to new RIBA award- winning building situated in Leicester's Cultural Quarrer, where alongside the studio space. it benefits from a gallery. shop. education space. framing room and I I pernianent artist studios. Leicester Print Wod<shop is an Arts Council National Porrfolio Organisation (NPO). We generate our incotne through our excen5ive eduotion programme. membership and studio user income, as well as Studio rent from longer-terni ten2nrs. while the $t comes from Arts Council England and other fundrnising activiries. Arts Council England funding is to March 2026. and we have applied for a l-year extension to March 2027. p¢ndins th¢ next round of application5. Our commitments as an Arts Council England National Portfolio Organisation. include Providing high qualiry printmaking faalities and development opportunities for arrisrs in the East Midlands and beyond Enabling and encouraging wider participation in printmaking through outreach and events to encourage community members of all ages to ensase with printmaking Contributin8 to LèicÈrtÈr and the East Midlands. cultural eco108y. Studio Momb•rship Leicester Yrint Wlorkshop is home to around 180 art15t member5. Members pay annual subscriptions to acce35 the fully equipped studio during its opening hours. The Studio 15 staffed by expert technicians and following an indurtion. membership is open to 2rtisrs and printmakers of any 3biliry. Page 3
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Course PrognMe Our extensive programme of print-making courses is open to non-members and members alike. The programme ranges from introductory courses for those taking their first sreps inro prini through to year-long alternatives to a higher degree. Courses are tutored by our own expert staff as well as visiting specialist tutors and cover a range of print-making discipline& Outreach Programme We have developed parthership5 with a rnnge of regional schools. community groups, libraries. art organisations 2nd colleges for our outreach progrnmm< taking printmaking into multiple diverse communiry and educarional settings. In addition, Leicester Print Workshop aims to align with our local context of inner-city Leicester, as a cultural organisation, participating in joint events within the Culturdl Quarter. including free children's activities as part of Cultural Quarter Earlie& and participating in the diverse festivals across the city. The trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake. LPW'5 Strategie5 for Achieving the Objertiyes LPW operates within a clear govern2nce and m2n2gement frnmework to ensure that we meet our obligation5 as an Arts Council N2tional Porrfolio Organisation. our legal duties 25 a charity 2nd our responslbllliles [ovrdS the members. artists and the community we serve. We produce an annual attivity plan shared with the Arts Council. which sets out our plans and targets for each financial year. Trustees review progress against this attiviry plan and other key indicators of performance. quarterly. Achievements and Performance This financial year was a period of significant change in both the people and in the financial fortunes of Leicester Print Workshop. The trustees are pleased to report that following gÈveral years of financial losses. this year. a small surplus was achieved. Page 4
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 1025 (CONTINUED) People Following the deparcure of our fonner Chair shorrly before the beginning of the period being reported. Tonia Lu stepped in as inierim chair, overseeing the recruitmenc of a replacement. Shortly afteNards Sadie Young, the Director. also announced her decision to step down to pursue opportunities in a different field. Tonia worked with the remaining staff and rrustees to implemeni an interim staffing structure. as well as reviewing the financial systems at Leicester Print Workshop to improve oversight and reporting. The Trustee are indebted to Tonia for her diligent and conscientious leadership during this transition period. The new Chair. Teresa Budworth, joined the organisation in August 2024. Teresa is 2 chartered director and an experienced chariry leader. having previousty served a5 Chief Executive of a qualification awarding body, and most recently as Chair of Trustees of the National Fire Chiefs, Council. She is also an artist and novice printmaker. The board was further strengthened by two new Truses. Sylvia Wright YS one of the founder members of Leicester Print Workshop nearly 40 years ago. She has had 2 long a distinguished career in arts managemenL including as Head of Leisure and Culture at Charnw¢)od Borough Council and Head of Arts at Leicester Ciry Council. Sytyia has taken thc Icad on ensuring that Leicester Print Workshop meets its obligarinns xx xn Arts Council National Porrfolio Organisation. Michelle Kambasha 15 a communication5 and public relations executiye and journalist with bylines in the Guardian, Telegraph and the Independent. She has worked with the suff team on developing the marketing plan5 for Leicester Print Workshop. The Staff at Leiiescer Princ Workshop have worked tirelessly throush a period of unccrtainty. takins on addition21 responsibilirie_q for t2sks fornierly the remit of the Director. The trustees wish to record their appreciation of the staff who through their commitment and enthusiasm have achieved a great deal during this period. which is refiecd by the improved financial results. This year was also marked by our deep sadness at the death of our former Dlrector, Lucy Phillip5. Lutys vision and dedication were instrumentsl in moving Leicester Print Workshop into our wonderful buildin& a legxcy that continues to shape the heart of our communiry. The fund e5tabli51id in her memory has aSready benefited a number of artists, including some undertaking projects at Leicester Print Workshop, ensuring that Lucls passion for supporting creatlvity lives on through the work of others. Her contribuuon 15 remeiTibci'ed witli immense gratitude by trustees. staff. and artists alike. Page 5
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Community Engagement This year we continued to build on our commitrnent to c¢)mmuntry engagemenL with our CuFtural Quarter Earlies initiative. Throughout the year. our dedicated volunteers and sraff provided a range of farnily-friendly art and prinr activitie5. all entirely free of charge. These sessions have proven increasingly popular. with numbers attending rising steadily month by month. refiecting the growing interest in acce55ible creative opportunities within our community. A particular highlight of the year vos our Print FestiYal in June 2024. The event welcomed nearly 300 visitors, who had the chance to experience a vibrant range of printmaking demonstrations and exhibitions. The festival also provided an excellent p12rfom to showcase our course programme. including a selettion of introduccory classes designed specifically for those new co the art form. Thi5 celebration of creativity further underscored our commitment to making printmaking accessible to 211 and nurturing a welcoming and inspiring community for artists and enthusiasts alik In addition to organising our own Print Festival, we were delighted to participatr in festiva15 throughout the city, further extending our reach and fostsring collaborntion wtthin Leicester's vibrant culturnl landscape. We were delighted to collaborate with Leicester Visual Arcs Network (LVAN) on Leicester Art WeeK hosting the launch eyent in November 2024. Our t¢am also hosced interactive printmaking artivities in Abbp.y rk P2rt of the Me12. inviting feStiwdl-grS of all age5 to discover the joys of printmaking. These citywide engagemenrs enabled us to connecr wirh new audiences. Share our pa55ion for the arts. and contribute to the creativicy that defines our communtty. Our outreach activities this year surpassed expectations. engaging more than 400 young people from local schoo15, universities, and youth organi5ations. These initiatives provided invaluable opportunities for p3rticipants to explore 2 variety of printm2king rechniqiAe.s. sp2rking cre2tive curiosity and hands- on learning. The sesslons were deSlvered collaboratively by our dediiaLed volunceers. fi-eeldnce tutors. and members of the staff team. whose enthusiasm ensured an inclusive 2nd vibrant atmosphere for all involved. Education and Courses Our hi8hly 5UCE¢s>ful pi'ogi"aiiinie of cour5e5 a major fartor in our improyed financial outcomc this year. We offered a diverse blend of clxsses. ranging from introductory sessions designed for those enrirely new to printmakin& to iniensivq year-long courses In speclali51 iethnique5 and tlieiii¥i. Tliese longer course5 have become a compelling alternative to a traditional master's degree, allowing participants to delve deeply into their chosen area while benefitting from expert tuition and a supportlve peer network The populi*iiLy and breadth of our educational offerings not only strengthened our financial position but also reinforc our mission to nurture arristic fAlent 2t every level of experience. Page 6
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTOR5. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Supporting our members Our community of artists and printmakers-both studio holder5 and members-are truly at the heart of everything we do. Their dedication and generosity in volunerIng underpin so much of our programmin& from hosting free events and supporring outreach effort& to sharing their expertise at workshops and festivals. as well as informal peer to peer sharing of Skills within the workshop. Our ongoing commitment to member support includes ensuring that our course offering includes opportunities for more established printmakers to develop their practice ac a discounted price. We have expanded exhibition opporcuniries for members Within our own gallery space, offering artists a vibrant platform to Prent their work to the public. Over the p2St year. our exhibition calendar has been not2bly diverse, featuring an open members. show as well as solo exhlbiEions by Sumiko Eadon and Michelle Keegan, the latter following her residency fellowship. PartiCiP2nts in our year-long course. Leicester City ofmodjines ond Petyle. presented a summary of their experience in a month-long exhibition. and the recipient of the Leicester Print Wcwkshop Award from Loughborough Universitls degree show. Coral Shaw Jackson, had a solo exhibition. Members were invited to join the 20:20 Print Exchange organised by Hot Bed Press. by submitting 25 prints, in any print medium. on 20 cm paper. One print from each edition goes into a touring exhibition: the rest are exchanged among participating arcists and organisations. This event enables members to reach new audiences. nerwork with fellow arcis(s. and gain valuable exposure for their praccice. Our partnership with LCB Depot has significantly enhance(t our exhibition programme by providing acce55 to their print rootn for displaying Mnber5. yrk This instiatiye ha5 attfdrted approximately I.SOO visitors. wtth the exhibits 2ccessible to both their users and the wider public In November 2024. we held our annual Print Fair. We sold ouc all the available space for stallholders 2nd the weekend event attted over 8(K) visitors. Print Fair is complemented by the revit2lisation of our shop. This has established a reLiiI space where members can display and sell their work throughout the year. This combined method of sUPPOrting ani5ts, by offering both exhibition and commercial opportunitie& demonstrntes continued efforts 10 encourage artistic development and prufe55iVlldl tidvdiiceiiieiiL We are especially proud of the rem3rk2ble achievements our members and ttudio holders h3ve celebrated this year. Sarah Kirby held a 5010 exhibiuon at the prestigious Yorkshire Sculpiure Park In Autumn 2024. an event that inspired a members. trip to experience her work in thit exceptional setting. In February 2025. Satta Hashem's solo exhibition opened at Leicester Museum and Art Gallery, drawlng signfftcani aen[lon and acclalm. Our member5 have a150 parLiLiPdterJ 1clY in iia(ioiial event% including the Woolwich Contempornry Print Fair. whère severdl artists-among them Studio Manager. Robyn MaCIennashOW0Sed their work to a broad audience and engaged with the wider printmakins community. Pase 7
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) In summary. the continued vitality of our organisation rests upon an unwavering commitment to both nurturing artistic talent and fostering a vibranL SUPPOrtive community. Through the success of our educational programme& the expansion of exhibition and commercial opportunlile& and the remarkable achievements of our members, we have deepened our impact within the world of printmaking. Looking ahead. we remain dedirdted to enriching our offerings and strengthening the bonds among our artist5. ensuring a flourishing environment where creatiyiiy, collaboration. and professional growth can thrive for years to come. Financial review We have developed diverse income srreams in order to manage financial risk and to be resilient in these changing times. We have various sources of income: Arts Council England National Portfolio Organisation grant £70,290.. Membership Fees of £13.404,. Studio rental and use £39.356.. Courses £71.121- Exhibitions and Shop Sale5 £18.754: Events £2,814: Donations £3,041: Fundrnising £3.522; Bank interesc £412. Total: £222.714. At 31 March 2025 th¢ frcc rc5crvcs of the charity were £61,198 (2Q24- £43,098). In addition. the charity held a designated capiol fund of £570.824 {2024 - £570.824) arising from the improvements undertaken to the property at St George Street. Total reserves of the chariry, including the workshop building. We therefore £632.022 (2024 £613.922). We aim to maintain a reserves level that ensures we can manage cash flow and cope with a drop in income, the demands of a large project or an unexpected expense. and we seek to hold a reserve of £50,000, which coycrs the equivalent of three month3. operating costs. The trustees have assessed the major risks to Nvhich the charity is exposed 3nd are sxti5fied th3t 5Y5tems are in place to mitigaie exposure 10 the major risks. Page 8
LEICESTER PRINT VVORK5HOP STUDIOS AND RESOURCE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 {CONTINUED) Structure, governance and management The entiry is a charitable company limited by guarantee and is governed by tts Memorandum and Articles of Association incorporated 16 July 1993. company registr7tion number 02836855. The trustees, who are also the directors for tne purpose of company law, and who served during the year and up to the date of signature of the financial statements viere: Jonathan Paul ARCHARD (resigned 9 December 2024) Charlotte BRADSHAW (appointed 14 September 2025) Teresa Maria BUDWORTH (appointed 15 August 2024) Jennrfer DRANrrEL (resigned 19 February 2025) Catharine Elizabeth HODGES Heather JOH NSON (appointed l November 2025) Michelle Anna-maria KAMBASHA (appointed'5 June 2024) Catherine Jeanne LOUCH (appointed 20 June 2024: resigned 20 February 2025) YULU Jean MCMEAKSN Sylvla Marga[ WRIGHT (appointed I l June 2024) The appointment of trustee$ 1$ governed by the Memordndum and Articles of Association of the company. None of the trustCC5 ha5 any beneficial interest in the company. Ail of the trustees are members of the company and guarnntee to contribute £ l in the event of a winding up. Whi15t meeting on a regular basis, the board delegdce5 the day co day runniiig of the Ceriti"e to ali on- site management te3m. New Iru5tee5 receive an Inductlon pack and are invited ro iour the workshop and atcend a board meeting before appointmenL The board augments its quarterly meeting schedule with occasional aVY days. designed to addre55 key issues and longer term plannin& This report has been prep2red having tsken 3dv2nt2ge of th@ sm211 comp2nies exemption in the Companies Acc 2006. Page 9
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTORSP REPORT) FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) The trustees, report approved by the Board of Trustees. Tere5a Budworth Trustee and dirertor Dated: 14 November 2025 Pasc 10
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE Independent examinerfs report to the trustee5 of Leicester Print Workshop Sthdios and Resource I report to the trustees on my examin3ti0n of the financial statements of Leices(er Princ Workshop Studios and Resource (the charity) for the year ended 31 March 2025. Responsibilities and basis of report As the trustees of the chariry (and also its direccors for the purposes of company law) you are responsible for the preparation of the financial sratements in accordance with the requirements of the Companies Art 2006 (the 2006 Att). Having satisfied myself that the financial Statements of the charity are not required to be audited under Part 16 of the 2006 Acc and are eligible for independent examination. I report in respect of my examination of the charity's financial statements c2rried out under section 145 of the Charities Act 2011 (the 201 l Act). In carrying out my examinauon I have followed 211 the applicable Direction5 given by the Charity Commission under section 145(5){b) of the 2011 A Independent examiner's statement I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe that in any Marial respecc: accounting record5 viere riot kept iii re5peLI uf cliar"iLy as I'eguil'ed by sec(ioii 386 of the 2006 2 the financial statements do not accord with those records. or 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Att other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination: or 4 the financial statements have not been prepared in accordance with the methods and principle5 of the Statement of Recommended Pr3Ctice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with thc Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matcers in conneciion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial stitements to be reached. Dared 14 November 2025. Paul Brennock FCG FFA Brennocks Lyneholm. Roweltown Carlisle CA6 6LH Page 11
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE STATEMENT OF FINANCIAL ACTIVITIES (incorporatins inrome and expenditure account) FOR THE YEAR ENDED 31 MARCH 2025 Unrestric ted funds 2025 Total funds 2025 Total fvnds 2024 Note INCOMING RESOURCES Donations and legacies 72.705 72.705 89.433 Charitable activities 146,075 146.075 116.149 Investments 412 412 15 Other income 3,522 3.522 653 TOTAL INCOMING RESOURCES 222.714 222.714 206.250 RESOURCES EXPENDED Charitable activities 204.614 204.614 244.019 TOTAL RESOURCES EXPENDED 204,614 204,614 244.019 MOVEMENT IN TOTAL FUNDS- NET INCOMEI(EXPENDITURE FOR THE YEAR 18.100 18.100 (37.769) Total funds at l April 2024 613.922 613.922 651.691 TOTAL FUNDS AT 31 MARCH 2025 632,022 632,022 613.922 The notes on pases 15 to 22 form part of these financial statements. Page 12
LEICESTER PRINT VVORKSHOP STUDIOS AND RESOURCE BALANCE SHEET AS AT 31 MARCH 2025 Note 2025 2024 FIXED ASSETS Tangible assets 10. 572,634 588.408 CURRENT ASSETS Stocks 1.500 1.50Q Debtor5 12. 2.275 22.024 Cash at bank and in hand 60,214 45.442 CREDITORS: amounts falling due within one ear 13. (4.601) (43.452) NET CURRENT ASSETS 59.388 25,514 TOTAL ASSETS LESS CURRENT LIABILITIES 632.022 613.922 CHARITY FUNDS Designated funds (Big Move) 14. 570.824 570.824 General unrestricted funds 14. 61.198 43.098 TOTAL FUNDS 632.022 613.922 The (r"usiees coiisider that the company 15 enriiled to exempilon from the requiremeni 10 have an audit under the provisions of section 477 of the Companies Act 2006 C'the Act") and members have not required the company to obtain an audit for the year in question under section 476 of the Att. The Balance Sheet is conrinued on page 14. Page 13
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE BALANCE SHEET AS AT 31 MARCH 2025 (CONTINUED) The trustees acknowledge their responsibilities for comptying with the requirements of the Companies Att 21J)6 with respett to accounting records and for P)aring firvancial statements which give a true and fair view of the s(ate of affairs of the company as at 31 March 2024 and of its net incoming resources for the year in accordance with the requirements of sections 394 and 395 of the Att and which othemse compty with the requirements of the Companies Act 2(X)6 relating to financial Staments so far as applicable to the company. The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2(Y)6 and in accordance with the Firwiual Reporting Stsnd¥d for Smaller Entitles (effective April 2008). The financial ststements were approved by the trustees on 14 November 2025 and signed on their behalf by. Tere5a Budworth (Directorffrustee) Page 14
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Charity infomiation Leicester Print Workshop Studios and Resource is a private comp2ny limited by guarantee incorporated in England and Wales. The registered office is 50 St George StreeL Leicester. LE I I QG. l. l Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Att 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" (published in Ottober 2019). The charity is a Public Benefit Entiry as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities apptying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial Statements are prepared in Pounds Sterling, which 15 the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are Set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable fuiure. Thus the trustees continue to adopt thp. gning rnnce.rn b2sis of 2ccoiJnting in preparing the financial 5tatemen(& 1.3 Charitable funds Unrestricted funds are aN?ilable for use at the discretion of the trustees in further2nce of their charitable objectives. Designated fund5 comprise unrestricced funds that have been set aside by the rru5tee5 for particular purposes. Restricted fund5 are subject to specific conditions by donors as to how they may be used. The purposcs and uses of the restricted funds are set out in the note5 to the financial statements. 1.4 Income Income 15 recognised when the charity is legally entitled to it after any performance condicions have been me( the amounts c2n be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipL Other donation5 are recogni5ed once the charity ha5 been notified of the donation. unless perfomance conditions require deferral of the amounL Income tax recoverable in relation to donation3 received under Gift Aid or deeds of covenant is recognised at the time of.the donation. Page 15
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 {continued) Gifts in kind for distribution are included at Ydlua(ion and recogni5ed as income when they are distributed to projects. Donaced facilities are included at the value to the charity where this can be quantified and a third party 15 bearing the COSL No amounts are included in the financial statements for services donated by volunteers. 1.5 Expenditure Expenditure is included in the Statement of Financial Activiries on an accruals basi& inclusive of any VAT which cannot be recovered. Charitable expendtture comprises those costs incurred by the chariry on the delivery of its attivicies and service5 for its beneficiaries. It includes both costs that can be allocated to such activities, and those costs of an indirett nature necessary to support them based upon either time spent on the actual activities or usage. 1.6 Tangible fixed a55ets Tangible fixed a55ecs are inicially measured at cost and Subsequently measured at cost or valuation. net of depreciation and 2ny impairnieni losse Depreciltion is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following base Freehold land and buildings Straight line over fifty years Fixtures and fittings l 0% per annum on a strdight line basis Plant & Machinery l Oyo on a straight line basis Computers 25% per annum on a straight line basis The gain or loss arising on the disposal of 2n asset is detsrmined as the difference betwe the sale prixeed5 and the carrying value of the ass"e4 and is recognised itb the statement of financial attivities. 1.7 Impairment of fixed assets At each reporting end d3te. the charity reviews the CaIng amounts of its tangible assets to deterniine wliethei" there 15 any indication that those a55ets have 3uffered an impairment 105s. If any such indication exists the recovernble amount of the asset is estimated in order to determine the extent of che impairment loss (rf any). 1.8 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the st¢xks to their present location 2nd corKlition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and COSLNet realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in markeun& sellins and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call wrth banks, other short-term liquid investments with original maturities of three months or Icss and bank overdrafts. Bank overdrnfts are shown within borrowings in current liabilitse5. Page 16
LEICESTER PRINT WORKSHOP 5TUD105 AND RESOURCE NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) l. l O Financial instruments The tharity has elerted to apply the provisions of Section I I 'Basic Financial Instruments, and Sertion 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the chariry's balance Sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offse( with the net amount5 presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise.the asset and settle the liability simultaneously. Basic finonciol assets Basic financial assets. which include debiors and cash and bank balances. are initially measured at transaction price including trnnsaction costs and are subsequently carried at amorrised cost using the effettive interest method unless the arrangement consiirutes a financing transaction, where the transaction is measured at the present value of the fijture receipts discounted at a market rate of interesL Financial assets cl35sFfied as receivable within one year are not amortised. Basic financial liobilrties Basic financial liabilities, including creditor5 and bank loans are initially recognised at transattion price unless the arrangement constitutes a financing transaction, where the debt instrument 15 measured at the present value of the future paymenrs discounted at a market rate of intere5L Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised COSL using the effective interest rate method. Trade creditors are obligations to pay for goods or servitts that have been acquired in the ordinary course of operntions from suppliers. Amounts payable are ctasstfied as current liabilities rf paym. ent is due within one year or le55. If noL they are presented as non-current liabilities. Trade creditors arc recognised initially at transattion pri and subsequently measured at amortised cost using the effettiye interest method. Derecognition of financial liabilitics Financial liabilities are derecognised when the charitys contrdctual obligats.ons expire or are discharged or cancelled. l. I l Employee benefits The cost of any unused holiday entrtlement is recogniséd in the period in which the employee's servlces are rcccivcd. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide terminaiion benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are tharged as an expense as they fall due. Page 17
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) 2. DONATIONS AND LEGACIES Unrestri cted funds 2025 Total funds 2025 Total fund5 2024 Donations and grfts Grants receivable for core activities. 2,415 2,415 1.247 70,290 70,290 88,186 72,705 72,205 89.433 Grants receivable fnr core activities Arts Council England 70,290 70.290 88,186 3. CHARITABLE ACTIVITIES Unrestr irted funds Total fund5 2025 Totol fvnds 2024 2025 Operating activities 146.075 146.075 116.149 146,075 146,075 116,149 4. INVESTMENTS Total 2025 Total 2024 Interest receivable 412 15 5. OTHER INCOME Total 2025 Totol 2024 Other 3,S22 653 3,522 653 Page 18
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued 6. CHARITABLE ACTIVITIE5 General fund 2025 Big Move 2025 Total 202S Total 2024 Direct project costs and materials Purchases 31,974 31,974 57.948 Projecr expenditure and other direct costs 31.834 31,834 2.927 Support costs Staff costs 62,676 62.676 105.550 Depreciation Marketing Premises costs 15,774 6,390 27.047 15,774 20.065 6,390 27.047 5.572 12.616 Insurdnces 6,114 6,114 9,995 4.498 5.617 Gas and electricity Telephone and internet Printing. postagc and stationcry Sundry expenses Legal and professional Ind¢pendent eminer'S fees Bank charges 9,995 16.495 4,498 1,512 6.248 1,512 1.253 1,624 2.188 1,624 1.584 2,188 2.608 2.100 2,100 888 5.411 888 125 204.614 204,614 244,019 Paxe 19
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued TRUSTEES During the year no trustee received any remuner2tion (2024: £nil) During the year no trustee received any reimbursement of expenses (2024: £nil) 9. EMPLOYEES The average monthly number of employees during the year was: Total 2025 Total 2024 Direct charitable expenditure and administration Trustees and directors 15 13 Employment costs Total 2025 Totol 2024 Provlsion of support services and community develo ment Wages and salaries Social security costs 60.321 88.239 5.820 Other pension costs 2.126 11.491 62,447 105.550 There were no employees whose annual remunerntion vrds £60.000 or more. Page 20
LEICESTER PRINT WORKSHOP STUD105 AND RESOURCE NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued 10. TANGIBLE FIXED A55ET5 Freehold land and buildings Flxtures & f(tting5 Plant & Machinery Total £ Cost At l April 2024 Additions 712,768 40,759 2,500 756,027 At 31 March 2025 712.768 40,759 2,500 756,027 Depreciation and impairment At l April 2024 127.629 39.490 500 167,619 Depreciation charged in the year At 31 March 2025 14,255 1.269 250 15,774 141,884 40,759 750 183,393 Carrying amount At 31 March 2025 570,884 1.750 572,634 At 31 March 2024 585,139 1.269 2.000 588.408 I I. STOCKS 2025 Totol 2024 Raw materials and consumables 1,500 1,500 12. DEBTORS 2025 2024 Amounts falling due within one year 2.275 22.024 Page 21
LEICESTER PRINT WORKSHOP STUDIOS AND RESOURCE NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued 13. CREDITORS: AMOUTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other taxation and social security Trade creditors 6.416 3.515 30,064 Other creditors 184 3,072 Accruals and deferred income 902 3,900 4,601 43,452 14. FUNDS MOVEMENT AND ANALYSIS Brought fonvard Incoming resource5 Resource5 ÈxpÈnded Carried forward Unrestricted funds General funds Unrestricted fund5 Desi nated funds Restricted funds Other restricted fijnds Total funds 43.098 222,714 (204.614) 61,198 570,824 570,824 613,922 222.714 (204.614) 632,022 The income funds of the charity include designated funds which have been set aside out of unrestricted funds for specific purposes. Degign2ted ftinds represe.nt thr)%p_ sums held within unrestricted funds which have been ideniified by the trustees for specific future purposes. Contained therein are monies set aside for the Big Move. 15. RELATED PARTY TRANSACTIONS There were no rÈlxted pArty transactions during the year (2024- none). Page 22