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2025-03-31-accounts

STUDIO UPSTAIRS ANNUAL REPORT & ACCOUNTS 2025

STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

CONTENTS

WELCOME TO OUR ANNUAL REPORT! .......................................................................... 3 ADMINISTRATIVE INFORMATION ................................................................................... 4 OBJECTIVES AND ACTIVITIES OF THE CHARITY ......................................................... 5 OUR IMPACT ..................................................................................................................... 7 REACHING OUT AND CHALLENGING STIGMA .............................................................. 9 LOOKING AHEAD – OUR PLANS FOR 2026 AND BEYOND ......................................... 11 INDEPENDENT EXAMINER'S REPORT ......................................................................... 13 FINANCIAL STATEMENTS .............................................................................................. 14 NOTES TO THE FINANCIAL STATEMENTS .................................................................. 16

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

WELCOME TO OUR ANNUAL REPORT!

A warm hello to every artist, member, supporter and friend who makes Studio Upstairs what it is. This year has asked a lot of us. Rising costs, the long shadow of the pandemic’s aftermath, and the energy it has taken to settle into our new South London home have tested resilience across our community.

Yet in the middle of all that noise, something remarkable has kept happening: people walk through our doors and find space to breathe, make, connect and simply be.

That space doesn’t exist by accident. It is held open every day by your generosity, by the courage of everyone who shows up with their difficulties and their gifts, and by a team that refuses to let financial or logistical hurdles become barriers to care.

In studios and online, in one-to-one support and in the quiet moments when someone picks up a brush for the first time in years, we keep seeing creativity do what it has always done here: turn chaos into meaning, isolation into belonging, and despair into possibility.

None of this would be possible without you: those who give monthly, those who remember us in legacies, those who spread the word, and those who simply believe that mental health recovery deserves the dignity of real artistic community. So, thank you, truly, for standing with us again this year. The work feels more urgent than ever, and your trust gives us the strength to keep going.

With deep gratitude from the Studio Upstairs team and community!

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

ADMINISTRATIVE INFORMATION

Charity Name Studio Upstairs Company Registration Number 32324178 (Incorporated 6 August 1996) Charity Registration Number 1058590 (Registered 10 October 1996) Website address www.studioupstairs.org.uk Registered Office & Operational 82 London Road Address 1 London CR0 2TB Unit E3 Address 2 Dalston Culture House 3 Bradbury Street London N16 8JN Address 3 Units 1&2, Albion Dockside Estate Hanover Place Bristol BS1 6UT

Directors and Trustees Mr Keith Miller Mr Alex Holmes Mrs Pernilla Rosendahl Ms Grace Sims Ms Dianne DeFreitas Managing Director Mrs Zlatinka Hristova Company Secretary

Accountants Shorish Barzinji & Co Ltd 108 High Street Croydon CR0 1ND Independent Examiner Mr Nabeel Qureshi TAXACCOLEGA Chartered Certified Accountants 187A London Road Croydon CR0 2RJ

Bankers

X Facebook Instagram

Santander UK PLC 2 Triton Square Regent's Place London NW1 3AN

x.com/Studio_Upstairs www.facebook.com/StudioUpstairs www.instagram.com/studioupstairs

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________ OBJECTIVES AND ACTIVITIES OF THE CHARITY

What we’re here to do

Studio Upstairs offers a long-term, non-clinical alternative to traditional mental health services, rooted in creative practice and community.

Who we serve

We work with adults living with serious mental health challenges, many of whom have struggled to find sustained support through existing services. We meet people wherever they are, with whatever they’re facing, and walk alongside them for as long as they need.

How we do it

Public benefit

The trustees keep the Charity Commission’s guidance on public benefit at the heart of every decision. Our work reduces reliance on acute mental health services and supports long-term recovery. The evidence is in the stories on these pages and in the thousands of studio hours we give each year, hours that can contribute to reduced crisis presentations and reliance on acute services, and quietly rebuild lives.

We will continue to strive for a future where creativity, community, and courage are the cornerstones of mental health recovery.

Our studios in London and Bristol are open every week. Members drop-in, pick up materials, and make art alongside trained artists and art therapists in an atmosphere of respect, curiosity and zero pressure. Some come for a few months, some for longer. Some sell their work, some never show anyone until they are ready.

Our members help to shape the programme. They run monthly forums and help plan exhibitions. This isn’t ‘service delivery’. It is a long-term artistic community where relationships, trust and mutual care are central.

Looking after the money and the mission

We know funding can be shaky. That’s why we’ve deliberately diversified our income, more sources, more confidence, so that one lost grant can never close our doors.

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

STRUCTURE, GOVERNANCE AND

MANAGEMENT

Studio Upstairs is both a registered charity and a company limited by guarantee. A board of trustees, passionate people with lived and professional experience, steers the ship. They meet regularly, challenge us when we need challenging, and protect the soul of the place.

Day-to-day running is in the hands of our Managing Director, Zlatinka Hristova, and a brilliant team of studio managers, artists and therapists.

Reserves: why we keep a safety net

We aim to hold six to eight months of running costs in reserve. That’s not hoarding — it’s common-sense protection for the people who rely on us. If a big grant ended tomorrow, we could still pay the rent, keep the studios warm, and give staff and members proper notice and support. It’s the responsible thing to do, and it lets everyone sleep a little easier.

At year end, reserves were in line with this policy.

Designated funds are money we’ve ring-fenced for a reason.

Every year the trustees review the biggest risks we face (funding gaps, rising costs, a sudden surge in demand) and make sure we have sensible plans in place. We keep proper financial controls, authorise spending carefully, and talk openly about money at every board meeting.

How trustees join us

They include:

Geoff Mack Fund, which we aim to replenish and which pays for places for members who can’t afford even our small contributions.

Facilities Fund keeps the roofs from leaking and the lights on.

Whenever we need new blood we advertise openly, run a proper skills audit, introduction meetings and shortlist fairly. Current trustees interview and vote. Every new trustee gets a full induction and ongoing support so they can contribute from day one.

These funds are set aside from unrestricted donations, so we can plan ahead.

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

OUR IMPACT ____________________

Creativity, Community, and Recovery

This year, Studio Upstairs not only maintained its vital support but expanded its reach, demonstrating the resilience and dedication of our community. Our studios remain safe, vibrant, and non-judgmental spaces where individuals living with serious mental health challenges can find stability, belonging, and a path to recovery through creative practice.

Studio Upstairs measures success in ‘lives steadied’, offering a long-term alternative to clinical models. We measure sustained positive change through regular reviews and surveys. The trustees consider that the charity has met its objectives for the year.

Key Metrics Year 2025 Supported service hours 4,800 Individuals supported 188 Volunteers 9,180 hours Value of Volunteer Time £137,700

Financial Overview

This year we brought in £326,268 (last year £318,135) and spent £324,728 (last year £317,965).

The Evidence of Change

Unlike time-limited interventions, many members remain engaged for several years. This continuity is associated with fewer crisis episodes and reduced reliance on acute services.

Our internal and external evaluations consistently prove the efficacy of the studio model:

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

Other highlights of the year

We were delighted to be chosen as one of just eight organisations across the UK to be profiled in Creatively Minded 2025 , the beautiful new publication from the Baring Foundation, curated by David Cutler.

The eight-page feature celebrates Studio Upstairs as a living example of what long-term, artist-led, therapeutic community can achieve when it is allowed to put creativity and dignity at the heart of mental health recovery.

Being included alongside some of the country’s most respected arts-and-health projects felt like a proper milestone, thirty years into our journey, and the piece has already opened new conversations with trusts, NHS partners and artists who want to learn from the model we’ve quietly built together. You can read the full profile on the Baring Foundation website

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

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REACHING OUT AND

CHALLENGING STIGMA

We refuse to let mental health remain the last acceptable prejudice. This year we took that fight further than ever – not just inside our studios, but into galleries, streets, screens and conversations across the country.

What we did

Opened exhibitions that put our members’ work centre stage that drew hundreds of firsttime visitors.

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

What actually changed

Strangers walked into an exhibition expecting “mental health art” and left understanding that this is simply powerful art made by people who happen to live with mental health conditions. Young people messaged us saying, “I saw your posts and finally told someone I’m struggling.” Artists who once hid their diagnoses sold work under their real names and stood proudly at private views.

Stigma doesn’t crumble in a day, but every sold painting, every shared post, every new visitor who says “I get it now” is a crack in the wall.

In our Members’ own words:

“Coming here means my mental health isn’t something that has to be cured. It’s just part of me, and that’s finally all right.”

“ The studio gave me a reason to get out of bed, people who understand, and the best therapy I’ve ever had – and it doesn’t come in a bottle.”

“Studio Upstairs has kept me steady all year. The art, the people, the feeling of belonging, it’s stopped me falling into crisis more times than I can count.”

“This place handed the reins back to me. I choose what help I want, my voice matters, and I feel worth something again.”

“It’s not just somewhere to paint, it’s where I’ve learnt new skills, grown, and found a proper home.”

“I honestly never thought I’d achieve half the things I have here. Making art has given me back my confidence and my sanity.”

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

LOOKING AHEAD – OUR PLANS FOR 2026 AND BEYOND

As we walk into our fourth decade, Studio Upstairs is not standing still. We are growing, adapting and doubling down on what works: real art, real community, real recovery.

Here’s what the next chapter looks like:

Strengthen the foundations

Lock in diverse, long-term funding – more corporate partners, individual giving circles and earned income streams – so we are never again one rejected grant away from closing the doors.

Keep refining our three-year funding roadmap, always with one question in mind: how do we stay here for the next 40 years?

Deepen and widen the work – CREATE | BELONG | GROW

new towns and cities, and shout louder nationally about what creative community recovery can achieve.

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

Reach further, without leaving anyone behind

• Keep the studios at the heart of everything, nothing replaces the magic of turning up, picking up a brush and being met exactly where you are.

• Grow our digital and outreach work so that someone in a rural village or on a locked ward can still feel part of this community.

• Pilot low-cost, high-impact partnerships with NHS trusts, universities and employers who want to learn from what we do.

Stay restless

Every year we will ask: Are we still the safest, bravest, most useful place for people living with serious mental distress? If the answer is ever “maybe”, we change. For us, recovery is not measured in discharge dates, but in paintings finished, friendships made, hospital admissions avoided and lives quietly reclaimed one person, one artwork, one day at a time.

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

INDEPENDENT EXAMINER'S REPORT

I report on the accounts for the year ended 31 March 2025.

Respective responsibilities of Trustees and reporting accountants

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under the Charities Act 2011 and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

An examination includes a review of the accounting 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 you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention: 1. Which gives me reasonable cause to believe that 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, comply with the accounting requirements of the section 396 of the Companies Act 2006 and the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met. 2. To which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Independent Examiner's Details

Name: Nabeel Qureshi, FCCA, ACCA Taxaccolega Chartered Certified Accountants 187 A London Road, Croydon, CR0 2RJ

Date: 30th December 2025

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

FINANCIAL STATEMENTS

INCOME AND EXPENDITURE ACCOUNT 2025

31stMarch
31st March 31st
2025
2025
Restricted Unrestricted
Funds
Funds
Note
£
£

Incoming Resources
Service income
2
-
223,131
Voluntary income
3
98,323
3,110
Investment Income
4
-
1,704		 31stMarch
31st March 31st
2025
2025
Restricted Unrestricted
Funds
Funds
Note
£
£

Incoming Resources
Service income
2
-
223,131
Voluntary income
3
98,323
3,110
Investment Income
4
-
1,704		 31stMarch
31st March 31st
2025
2025
Restricted Unrestricted
Funds
Funds
Note
£
£

Incoming Resources
Service income
2
-
223,131
Voluntary income
3
98,323
3,110
Investment Income
4
-
1,704		 March
31st
2025
Total
Funds
£

223,131
101,433

1,704
 March
2024
Total
Funds
£
240,156
76,620
1,359
Total
Resources Expended
5
Charitable activities costs

Governance costs

Costs of generating
funds
 98,323

102,173

-

-
 227,945
211,873
735
9,947		 326,268

314,046
735

9,947
 318,135
307,265
615
10,085
Total

Net income (expenditure)

Total funds brought
forward
 102,173

(3,850)
47,591
 222,555

5,390

146,819
 324,728

1,540
194,410
 317,965
170
194,240
Total funds carried
forward		 **43,741 ** 152,209
 195,950
 194,410

Movements in funds are shown in Note 13 to the financial statements. The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 17 to 21 form part of these financial statements.

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

BALANCE SHEET

____________
ALANCE SHEET		 __ _______ _______ _______ _______ _____
Note
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Debtors
8
Stocks & work in progress
Prepayments
Cash at bank and in hand
CREDITORS
Amount falling due within
one year
9
Net Current Assets
TOTAL ASSETS LESS CURRENT
LIABILITIES
CAPITAL AND
RESERVES
10
Restricted Funds
Unrestricted Funds
TOTAL
The accounts were approved by the Board on:		 31st March
2025
£
£
3,294
8,084

8,416
10,000
178,930		 31st March
2024
£
37,986
-
-
164,451		 £
4,392

190,018
2025
£
8,084
8,416
10,000
178,930
205,430
(12,774)

 202,437
(12,419)
192,656
195,950
43,741
152,209
195,950
12/01/2026
194,410
47,591
146,819
194,410

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________ NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

(a) Basis of preparation:

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, the Charities Act 2011, and the Companies Act 2006.

(b) Incoming resources:

All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Income from charitable activities is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Incoming resources from charitable activity are accounted for when earned.

Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Income resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.

Income from donations and legacies are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. Grant of a general nature provided by government and charitable foundation which are not conditional on delivering certain levels or volumes of a service or supply of charitable goods are recognised as income from donations and legacies.

(c) Resources expended:

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates: Expenditure on raising funds comprise the costs associated with attracting income from donations and legacies.

Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis, such as consultants, estimated usage or space occupied. Material allocations of costs made within the accounts are:

Cost function Office expenses Senior Management Services

Basis of allocation Estimated Usage Time spent
Charitable Activities 95%
 75%
Governance Costs
 1%
 10%
Generating Voluntary income 4%
 15%

(d) Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

(e) Fund accounting: funds held by the charity are either:

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

(f) Operating Leases: Rentals are charged to the income and expenditure account in equal

annual amounts over the period of the lease.

2. CHARITABLE INCOME

2. CHARITABLE INCOME 2. CHARITABLE INCOME
31st March 2025
31st March 2025
31st March 2025
31st March 2024
Restricted
Unrestricted
Total
Total
Funds
Funds
Funds
Funds
Therapeutic Art Studio
£
£
£
£
Fees for Funded Places
- 157,243 157,243
173,378
Members contributions
- 56,555 56,555
58,115
Workshop Fees
- 4,650 4,650
6,921
Artwork Sales
2,592 2,592
-
Other income
-2,091 2,091
1,742
Total
 - 223,131 223,131
240,156

3. VOLUNTARY INCOME

3. VOLUNTARY INCOME 3. VOLUNTARY INCOME 3. VOLUNTARY INCOME
31st March 2025
31st March 2025
31st March 2025
31st March 2024
Restricted
Unrestricted
Total
Total
£
£
£
£
Grants
76,146
-76,146
65,011
Donations
22,1773,000 25,177
11,477
Friends Scheme
-110
110
132
Total
98,323 3,110 101,433
76,620
4. INVESTMENT INCOME
31st March
2025
31st March
2025
31st March
2025
31st March
2024
Restricted
Unrestricted
Total
Total
£
£
£
£
Interest received
1,704 1,704
1,359
Total
**1,704 **		 1,704
 1,359

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

____________________

5. RESOURCES EXPENDED

Staff Salaries and vol. expenses
Training & Supervision Costs
Team and Community Events
Employer N I Co
Pension Contributions
Rent and Utilities
Office Costs
Studio Art Materials
Artists Fees Sales
Shipping, Freight and Delivery
Equipment
Marketing and Communications
Accounts and Audit Costs
Legal Fees/ DBS Checks
Bank Charges
Insurance
Project and Exhibitions Costs
Bad Debt Written Off
Depreciation
Independent examiner		 Charitable
Activities
£
180,277
3,960
22
477
3,257
86,738
5,543
5,725
1,624
974
119
2,306
6,783
3,256
1
2,984
2,702
5,250
1,098
950		 Governance
£
-
-
-
-
-
-
-
-
-
-
-
-
357
171
-
157
-
-
50		 Generating
Funds
£
9,488
-
-
25
171
-
-
-
-
-
-
121
-
-
-
-
142
-
-		 Total 2025
£
189,765
3,960
22
502
3,428
86,738
5,543
5,725
1,624
974
119
2,427
7,140
3,427
1
3,141
2,844
5,250
1,098
1,000		 Total 2024
£
180,644
3,895
18
1,252
1,632
81,394
4,056
5,855
176
735
1,293
1,243
6,443
2,500
6
2,355
1,8608
3,396
1,464
1,000
Total Resources Expended 314,046 735 9,947 324,728 317,965

Staff employed

Gross salary
Employer's NI Contributions
Employer's Pension Contributions (SPS)		 YE
31-Mar-25
48,965
5,502
1,469
55,936		 YE
31-Mar-24
54,406
6,253
1,632
62,291

6. TAXATION

The company is a registered charity and it is considered that its activities are such that no taxation liability will arise.

7. TANGIBLE FIXED ASSETS

Plant &
Furniture Machinery Equipment Total
COST £ £ £
At 1st April 2024 970 47197 19704 67871
Total 970 47197 19704 67871

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025

STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025 STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025 STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025
____________________
DEPRECIATION
At 1st April 2024
425
43350
19704
63479
Charge for the year
136
962
0
1098
At 31st March 2025
561
44312
19704
64577
NET BOOK VALUE
At 31st March 2025
409
2885
0
3294
At 31st March 2024
545
3847
0
4392
8. DEBTORS
31st March
31st March
2025
2024
Trade debtors
6,000
29,751
Other debtors
2,084
8,235
Prepayments and accrued income
-
-
Total Debtors
8,084
37,986
9. CREDITORS
31st
March
31st March
2025
2024
Amounts falling due within one year
Creditors
(12,774)
(12,419)
Accruals and deferred income
Total Creditors (12,774)
 (12,419)

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Debtors
Stocks and work in progress
Prepayments and accrued income
Cash at bank and in hand
Creditors		 General
Funds
£
3,294
6,000
1,340
2,100
1,094
(12,774)		 General
Funds
£
3,294
6,000
1,340
2,100
1,094
(12,774)		 Designated
Funds
£
-
2,084
7,076
7,900
134,095
-		 Designated
Funds
£
-
2,084
7,076
7,900
134,095
-		 Restricted
Funds
£

-
-
-
-
43,741
-		 Restricted
Funds
£

-
-
-
-
43,741
-		 Total 2025
£
3,294
8,084
8,416
10,000
178,930
(12,774)

Total 1,054 151,155 43,741 195,950

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STUDIO UPSTAIRS TRUSTEES ANNUAL REPORT & ACCOUNTS YEAR ENDED 31ST MARCH 2025 ____________________

11. CAPITAL

The company has no share capital being limited by guarantee. Each member undertakes to contribute £1 in the event of the company being wound up.

12. RELATED PARTIES

There were no related-party transactions during the year that need to be disclosed.

13. MOVEMENT IN FUNDS At 1 April Incoming Outgoing Incoming Outgoing At 31 March
2024 2025
Restricted Funds 47,591 98,323 102,173 43,741
Unrestricted Funds 146,819 227,945 222,555 152,209
Total funds 194,410 326,268 324,728 195,950

None of the trustees received any payment or benefit from Studio Upstairs during the year, and no one claimed any expenses (same as last year).

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