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← East Street Arts

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 03598612 (England and Wales) REGISTERED CHARITY NUMBER: 1077401

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

East Street Arts

East Street Arts

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 7
Report of the Independent Auditors 8 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 28

East Street Arts

Reference and Administrative Details for the Year Ended 31 March 2025

TRUSTEES C W Arnold
R A Barradas Simoes
J M Brady
R A J S Gillam
L K Iredale
K B O'Hare
M Parikh
C Price
N M Ramshaw
S S Sambhi
M Wilson
REGISTERED OFFICE Patrick Studios
St Marys Lane
Leeds
West Yorkshire
LS9 7EH
REGISTERED COMPANY 03598612 (England and Wales)
NUMBER
REGISTERED CHARITY 1077401
NUMBER
AUDITORS S&W Audit
Statutory Auditor
Chartered Accountants
3rd Floor
56 Wellington Street
Leeds
West Yorkshire
LS1 2EE
SOLICITORS Blacks Solicitors LLP
City Point
29 King Street
Leeds
LS1 2HL
BANKERS Unity Trust Bank
Four Brindleyplace
Birmingham
B1 2JB

Page 1

East Street Arts

for the Year Ended 31 March 2025

Report of the Trustees

The Trustees, who are also directors of the charity for the purposes of the Companies Act, present their Annual Report and the audited financial statements for the year ended 31 March 2024. This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR102) (effective 1st January 2015) and in accordance with the Companies Act 2006.

Executive Summary

This report provides an in-depth analysis of East Street Arts' (ESA) financial and operational status for the fiscal year ending 2024, highlighting the challenges faced and the leadership-driven initiatives implemented to ensure recovery and growth. Compiled by the Executive Director, Peopleshare Accountants, and Trustees, this report emphasises financial analysis and strategic decision-making as cornerstones of ESA’s road map to stability.

1. Overview

2024-2025 has been a year of consolidation, renewed organisational discipline, and strategic repositioning for East Street Arts (ESA). The organisation has worked with determination to strengthen its financial systems, clarify its operating model, and reaffirm its commitment to supporting artists, communities, and the cultural infrastructure of Leeds and the wider UK.

Despite a challenging external environment - characterised by rising operational costs, pressured funding streams, and an increasingly competitive sector - ESA has continued to deliver meaningful artistic opportunities, maintain a significant national portfolio of creative workspaces, and advance its role as a key advocate for sustainable artist-led infrastructure.

The organisation ends the year more stable, more focused, and better prepared for long-term resilience.

OBJECTIVES AND ACTIVITIES

2. Charitable Purpose and Public Benefit

ESA exists to create the conditions for artists to develop their practice, build sustainable careers, and contribute to the cultural and civic life of their communities. This purpose is delivered through:

The Trustees confirm that all activities undertaken in 2024-25 have directly contributed to the organisation's charitable objectives and have delivered clear public benefit through:

Page 2

East Street Arts

for the Year Ended 31 March 2025

Report of the Trustees

OBJECTIVES AND ACTIVITIES

3. Organisational Structure and Governance

This year saw targeted adjustments to ESA's staffing and governance structures to ensure that the organisation remains financially sustainable and fit for the future.

Key developments included:

Trustees have remained closely involved in financial oversight, organisational risk management and strategic direction, providing essential governance continuity throughout the year.

Page 3

East Street Arts

Report of the Trustees for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

4. Operational and Strategic Progress

4.1 Artist Support and Development

ESA delivered a broad range of artist-focused activity throughout the year, including:

- technical support for more than 30 artists, including 3D printing, laser cutting, digital fabrication, and installation advice

ESA's residency programme matured considerably, moving toward a clearer annual structure and more coherent public-facing offer. Partnerships with universities, international studios and sector bodies strengthened the organisation's profile and broadened the opportunities available to artists working with ESA.

4.2 Community Engagement and Public Cultural Activity

ESA delivered a steady programme of public-facing events, creative workshops, screenings, talks and exhibitions across Patrick Studios, Convention House and partner venues.

Highlights included:

These activities reinforced ESA's position as a cultural anchor in Leeds, contributing to local identity, creative learning and neighbourhood cohesion.

4.3 Creative Workspace and National Advocacy

ESA continued its national leadership role in supporting the development of affordable artist workspace. This included:

ESA's innovative use of space - including trials of rates-linked relief mechanisms and partnership-led occupation models - continues to demonstrate the organisation's practical leadership in a rapidly shifting property landscape.

4.4 Permanent Sites: Patrick Studios, Convention House and the Art Hostel

ESA invested in improvements across its permanent buildings, including:

Page 4

East Street Arts

for the Year Ended 31 March 2025

Report of the Trustees

OBJECTIVES AND ACTIVITIES

The Art Hostel continued to play a distinctive role in ESA's mission by hosting artists, musicians, visiting practitioners and international volunteers. Strong volunteer participation and consistently positive guest feedback reflected the hostel's cultural and social value.

A strategic review of the hostel's operating model is underway to strengthen long-term viability and increase its contribution to ESA's wider programmes.

5. Financial Review

The year presented significant operational and financial pressures, requiring clear action to stabilise the organisation's financial position.

Major achievements included:

While the funding landscape remained highly competitive, ESA continues to pursue new fundraising opportunities and diversify income to support programme growth.

The Trustees are satisfied that ESA remains a going concern and that the steps taken this year have materially strengthened the organisation's future financial resilience.

6. Future Plans and Strategic Priorities

ESA enters 2025-2026 with greater clarity and a stronger platform for growth. Strategic priorities include:

Strengthening Financial Sustainability

Expanding Artistic and Public Programmes

Enhancing Organisational Systems and Capacity

Advocacy for Artist-Led Spaces

ESA will continue to champion the social and economic value of artist-led space nationally, contributing data, case studies and policy insight to partners across local government, the cultural sector and urban development.

Page 5

East Street Arts

Report of the Trustees for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

7. Statement of Directors’ Responsibilities

The Directors acknowledge their responsibility for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards. They confirm that they have acted in accordance with their duties as charity trustees and company directors throughout the year.

8. Conclusion

2024-2025 has been a demanding year for East Street Arts, but also one of decisive progress. Through strengthened systems, clearer strategic priorities and sustained commitment to artists and communities, the organisation has emerged more resilient, more focused and ready for renewed growth.

ESA remains a vital contributor to the cultural life of Leeds and the UK - supporting artists, enabling public access to creativity, and shaping the future of artist-led spaces nationally.

STRATEGIC REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

East Street Arts (ESA) is a registered charity, constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association. The company was incorporated on 15 July 1998 and in the event of the company being wound up, members are required to contribute an amount not exceeding £1.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of East Street Arts for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

East Street Arts

Report of the Trustees for the Year Ended 31 March 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

In so far as the trustees are aware:

AUDITORS

The auditors, S&W Audit, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 19 December 2025 and signed on the board's behalf by:

Nick Ramshaw

Nick Ramshaw (Dec 22, 2025 11:15:21 GMT)

N M Ramshaw - Trustee

Page 7

Report of the Independent Auditors to the Members of East Street Arts

Opinion

We have audited the financial statements of East Street Arts (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 8

Report of the Independent Auditors to the Members of East Street Arts

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

Report of the Independent Auditors to the Members of East Street Arts

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect irregularities. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained a general understanding of the Company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company's industry and regulation.

We understand that the Company complies with the framework through:

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company's ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company:

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

The procedures we carried out to gain evidence in the above areas included:

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 10

Report of the Independent Auditors to the Members of East Street Arts

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Barton

Matthew Barton (Dec 23, 2025 13:44:08 GMT)

Matthew Barton (Hons) FCA CTA (Senior Statutory Auditor) for and on behalf of S&W Audit

Statutory Auditor Chartered Accountants 3rd Floor 56 Wellington Street Leeds West Yorkshire LS1 2EE 23/12/2025 Date: .............................................

Page 11

East Street Arts

Statement of Financial Activities for the Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
6
Core
National grants
Rent of studio space
Temporary spaces
Regional grants
Other trading activities
4
Investment income
5
Total
EXPENDITURE ON
Charitable activities
7
Core
Temporary spaces
Studio spaces
Other projects
Art hostel
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
387,522
211,147
246,749
131,540
326,993
-
26,164
7,678
1,337,793
-
-
-
1,100,666
-
1,100,666
237,127
747,013
984,140		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
54,786
-
54,786
(54,786)
2,007,054
1,952,268		 2025
Total
funds
£
387,522
211,147
246,749
131,540
326,993
-
26,164
7,678
1,337,793
-
-
-
1,155,452
-
1,155,452
182,341
2,754,067
2,936,408		 2024
Total
funds
£
354,799
284,722
143,666
117,693
332,266
66,519
80,547
10,970
1,391,182
387,683
337,708
149,942
563,686
345,879
1,784,898
(393,716)
3,147,783
2,754,067

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes form part of these financial statements

Page 12

East Street Arts

Balance Sheet 31 March 2025

Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 17
NET ASSETS
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
944,042
331,888
461,979
793,867
(97,944)
695,923
1,639,965
(655,825)
984,140		 Restricted
funds
£
1,952,268
-
-
-
-
-
1,952,268
-
1,952,268		 2025
Total
funds
£
2,896,310
331,888
461,979
793,867
(97,944)
695,923
3,592,233
(655,825)
2,936,408
984,140
1,952,268
2,936,408		 2024
Total
funds
£
2,988,193
181,198
396,942
578,140
(132,899)
445,241
3,433,434
(679,367)
2,754,067
747,013
2,007,054
2,754,067

The financial statements were approved by the Board of Trustees and authorised for issue on 19 December 2025 and were signed on its behalf by:

Nick Ramshaw

Nick Ramshaw (Dec 22, 2025 11:15:21 GMT)

N M Ramshaw - Trustee

The notes form part of these financial statements

Page 13

East Street Arts

Cash Flow Statement for the Year Ended 31 March 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of fixed asset investments
Interest received
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2025
£
149,537
(57,198)
92,339
(10,880)
-
7,678
(3,202)
(24,100)
(24,100)
65,037
396,942
461,979		 2024
£
(258,690)
(60,974)
(319,664)
(3,763)
413
10,970
7,620
(16,093)
(16,093)
(328,137)
725,079
396,942

The notes form part of these financial statements

Page 14

East Street Arts

Notes to the Cash Flow Statement for the Year Ended 31 March 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Adjustments
(Increase)/decrease in debtors
Decrease in creditors
Net cash provided by/(used in) operations		 2025
£
182,341
102,763
(7,678)
57,198
-
(150,690)
(34,397)
149,537		 2024
£
(393,716)
107,616
(10,970)
60,974
1
30,410
(53,005)
(258,690)

2. ANALYSIS OF CHANGES IN NET DEBT

Net cash At 1/4/24
Cash flow
At 31/3/25
£
£
£
Cash at bank 396,942
65,037
461,979
396,942
65,037
461,979
Debt
Debts falling due within 1 year (26,812)
558
(26,254)
Debts falling due after 1 year (679,367)
23,542
(655,825)
(706,179)
24,100
(682,079)
Total (309,237)
89,137
(220,100)

The notes form part of these financial statements

Page 15

East Street Arts

Notes to the Financial Statements for the Year Ended 31 March 2025

1. CHARITY INFORMATION

East Street Arts is a private company limited by guarantee incorporated in England and Wales. The registered office is Patrick Studios, St Mary's Lane, Leeds, LS9 7EH.

In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

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 future. The charity's loan facility is reviewed annually by the provider and the trustees are not aware of any reason why the facility would be withdrawn.Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Voluntary income received by way of grants is included in full in the statement of financial activities when receivable, and matched to specific time periods or expenditure where appropriate.

Investment income is included when receivable.

Page 16

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Charitable funds

Income from charitable activities, which includes grants, rent and other income is included when receivable and accounted for when earned, except when donors conditions have not been fulfilled, then the income is include in creditors as deferred income.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2%, 2.5% and 5% straight line
Tenants improvements Straight line over the lease term
Leasehold improvements 7 years straight line
Fixtures and fittings 20% reducing balance
Computer equipment 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts 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.

Page 17

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Taxation

East Street Arts is considered to pass tests set out in Paragraph 1 Schedule 6 of the Finance Act 20210 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are exclusively to charitable purposes.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Short term creditors are measured at the transaction price.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Page 18

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Key sources of estimation uncertainty

Impairment of assets

Where there are indications of impairment, management performs an impairment test. For trade debtors this may simply be a review of the age profile of the debtors against the relevant payment terms and consideration of the debtors' payment history. Any other relevant factors, of which management are aware, will also be considered, together with comparison of historical impairment provisions against actual outcomes.

Tangible fixed assets and depreciation

In order to implement the charity's accounting policy in respect of tangible fixed assets, management has to estimate the useful life of each category of such assets, determine which category individual assets belong, estimate the possibility and amount of residual values and allocate the cost of some assets between their major components, when such components have different useful lives. Management relies on industry knowledge, local facts, commonly used accounting practices, prior experience, specialist/professional advice (both current and historic) and any other relevant information which they are aware of, in order to make these estimates.

3. DONATIONS AND LEGACIES

Donations
Gift aid
Grants
Grants received, included in the above, are as follows:
Leeds City Council - Arts@Leeds Grant
Art Council England - NPO Grant
4.
OTHER TRADING ACTIVITIES
Other income		 2025
£
1,045
-
386,477
387,522
2025
£
45,354
341,123
386,477
2025
£
26,164		 2024
£
1,576
50
353,173
354,799
2024
£
12,050
341,123
353,173
2024
£
80,547

Page 19

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

5.
INVESTMENT INCOME
Deposit account interest
6.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Income from charitable
activities
Core
Grants
National grants
Rent of studio space
Rent of studio space
Donations and recharges
from temporary space
programme
Temporary spaces
Grants
Regional grants
Grants received, included in the above, are as follows:
Grants
7.
CHARITABLE ACTIVITIES COSTS
Other projects
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Project expenses
Direct costs
Other staffing costs
Programme costs
Bad and doubtful debts
Irrecoverable VAT
Premises costs
Artists fees
Depreciation
Interest payable and similar charges		 Direct
Costs (see
note 8)
£
1,095,171		 2025
£
7,678
2025
£
211,147
246,749
131,540
326,993
-
916,429
2025
£
246,749
Support
costs (see
note 9)
£
60,281
2025
£
439,308
103,323
291,783
2,817
9,074
8,051
-
192,673
5,142
(11,738)
54,738
1,095,171		 2024
£
10,970
2024
£
284,722
143,666
117,693
332,266
66,519
944,866
2024
£
210,185
Totals
£
1,155,452
2024
£
605,796
149,972
261,363
68,866
94,360
6,534
15,934
220,842
50,262
107,616
57,302
1,638,847

Page 20

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

9. SUPPORT COSTS

SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Other projects 40,970 19,311 60,281
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Audit and accountancy 2025
£
12,158		 2024
£
7,000
Depreciation - owned assets 102,763 107,616

10. NET INCOME/(EXPENDITURE)

11. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' expenses

Minoti Parikh received £Nil (2024: £24,450) in relation to provision of training for East Street Arts employees around managing conflict and company culture through data collection and a survey.

None of the other trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Employees		 2025
£
399,859
28,690
10,759
439,308
2025
14		 2024
£
542,698
46,703
16,395
605,796
2024
22

No employees received emoluments in excess of £60,000.

During the year the total remuneration paid to key management personnel was £110,000 (2024: £110,260)

Page 21

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
342,749
Charitable activities
Core
284,722
National grants
111,566
Rent of studio space
117,693
Temporary spaces
332,266
Regional grants
9,700
Other trading activities
17,297
Investment income
10,970
Total
1,226,963
EXPENDITURE ON
Charitable activities
Core
374,825
Temporary spaces
337,708
Studio spaces
149,942
Other projects
355,324
Art hostel
311,600
Total
1,529,399
NET INCOME/(EXPENDITURE)
(302,436)
RECONCILIATION OF FUNDS
Total funds brought forward
1,049,449
TOTAL FUNDS CARRIED FORWARD
747,013		 Restricted
funds
£
12,050
-
32,100
-
-
56,819
63,250
-
164,219
12,858
-
-
208,362
34,279
255,499
(91,280)
2,098,334
2,007,054		 Total
funds
£
354,799
284,722
143,666
117,693
332,266
66,519
80,547
10,970
1,391,182
387,683
337,708
149,942
563,686
345,879
1,784,898
(393,716)
3,147,783
2,754,067

Page 22

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

14. TANGIBLE FIXED ASSETS

COST
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
COST
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Improvements
Fixtures
Freehold
to
and
property
property
fittings
£
£
£
3,398,129
71,603
201,674
-
-
10,880
3,398,129
71,603
212,554
564,375
21,310
97,665
69,939
10,229
22,458
634,314
31,539
120,123
2,763,815
40,064
92,431
2,833,754
50,293
104,009
Tenants
Computer
improvements
equipment
Totals
£
£
£
128,751
76,016
3,876,173
-
-
10,880
128,751
76,016
3,887,053
128,752
75,878
887,980
(1)
138
102,763
128,751
76,016
990,743
-
-
2,896,310
(1)
138
2,988,193

The Unity Trust Bank PLC have a legal charge on the property known as Patrick Studios, St Mary's Lane, Leeds, LS9 7EH dated 18th March 2020 pursuant to Chapter A1 Part 25 of the Companies Act 2006. The property had a carried forward value of £1,069,148 (2024: £1,097,828) at the year end.

The Unity Trust Bank PLC also have a legal charge on the property known as New York Studios, New York Road, Leeds, LS9 7DW dated 18th September 2018 pursuant to Chapter A1 Part 25 of the Companies Act 2006. The property had a carried forward value of £489,184 (2024: £500,451) at the year end.

Page 23

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Trade debtors
74,912
Other debtors
244,771
Prepayments and accrued income
12,205
331,888
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Bank loans and overdrafts (see note 18)
26,254
Trade creditors
13,463
Social security and other taxes
6,248
Other creditors
12,216
Accruals and deferred income
39,763
97,944
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
£
Bank loans (see note 18)
655,825
18.
LOANS
An analysis of the maturity of loans is given below:
2025
£
Amounts falling due within one year on demand:
Bank loans
26,254
Amounts falling due in more than five years:
Repayable otherwise than by instalments:
Bank loans more 5 yrs non-inst
655,825		 2024
£
66,507
104,676
10,015
181,198
2024
£
26,812
26,674
10,446
20,608
48,359
132,899
2024
£
679,367
2024
£
26,812
679,367

A loan from Unity Trust Bank PLC, secured by way of legal charge on the properties known as New York Studios, New York Road, Leeds, LS 9 7DW and Patrick Studios, St Mary's Lane, Leeds, LS9 7EH. The Charity has a fixed repayment schedule in place with the loan to be repaid in full by March 2040.

Page 24

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

19. MOVEMENT IN FUNDS

At 1/4/24
£
Unrestricted funds
General fund
747,013
Restricted funds
Capital Project
1,087,401
Barkston Ceramics
4,110
MARYS Capital Project
426,296
ACE Convention House
290,698
Leeds CC Convention House
84,335
Art Hostel Commissions
11,014
Art Hostel Refurbishment
103,200
2,007,054
TOTAL FUNDS
2,754,067
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
1,337,793
Restricted funds
Capital Project
-
MARYS Capital Project
-
ACE Convention House
-
Art Hostel Refurbishment
-
-
TOTAL FUNDS
1,337,793		 Net
movement
in funds
£
237,127
(32,816)
-
(7,047)
(4,694)
-
-
(10,229)
(54,786)
182,341
Resources
expended
£
(1,100,666)
(32,816)
(7,047)
(4,694)
(10,229)
(54,786)
(1,155,452)		 At
31/3/25
£
984,140
1,054,585
4,110
419,249
286,004
84,335
11,014
92,971
1,952,268
2,936,408
Movement
in funds
£
237,127
(32,816)
(7,047)
(4,694)
(10,229)
(54,786)
182,341

Page 25

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1/4/23
in funds
£
£
Unrestricted funds
General fund
1,049,449
(302,436)
Restricted funds
Capital Project
1,120,981
(33,580)
Barkston Ceramics
4,110
-
MARYS Capital Project
433,301
(7,005)
ACE Convention House
299,579
(8,881)
Leeds CC Convention House
84,335
-
Add Fuel
23,962
(23,962)
Art Hostel Commissions
11,014
-
Art Hostel Refurbishment
115,437
(12,237)
Garfield Weston
615
(615)
Haribo Happiness
5,000
(5,000)
2,098,334
(91,280)
TOTAL FUNDS
3,147,783
(393,716)
Comparative net movement in funds, included in the above are as follows:		 At
31/3/24
£
747,013
1,087,401
4,110
426,296
290,698
84,335
-
11,014
103,200
-
-
2,007,054
2,754,067
Unrestricted funds
General fund
Restricted funds
Capital Project
MARYS Capital Project
ACE Convention House
Add Fuel
Art Hostel Refurbishment
Garfield Weston
Haribo Happiness
Arts Council Creative Workspace
Leeds CC - Arts @ Leeds
A City Less Grey
Leeds Creative Labs Artist
Carnival Mural Project
Neighbourhood Plan
The Netherlands Creative Exchange
Project
Bradford MDC
TOTAL FUNDS		 Incoming
resources
£
1,226,963
-
-
-
-
-
-
-
22,500
12,050
50,000
6,250
2,000
5,000
9,600
56,819
164,219
1,391,182		 Resources
expended
£
(1,529,399)
(33,580)
(7,005)
(8,881)
(23,962)
(12,237)
(615)
(5,000)
(22,500)
(12,050)
(50,000)
(6,250)
(2,000)
(5,000)
(9,600)
(56,819)
(255,499)
(1,784,898)		 Movement
in funds
£
(302,436)
(33,580)
(7,005)
(8,881)
(23,962)
(12,237)
(615)
(5,000)
-
-
-
-
-
-
-
-
(91,280)
(393,716)

Page 26

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Capital Project
Barkston Ceramics
MARYS Capital Project
ACE Convention House
Leeds CC Convention House
Add Fuel
Art Hostel Commissions
Art Hostel Refurbishment
Garfield Weston
Haribo Happiness
TOTAL FUNDS		 At 1/4/23
£
1,049,449
1,120,981
4,110
433,301
299,579
84,335
23,962
11,014
115,437
615
5,000
2,098,334
3,147,783		 Net
movement
in funds
£
(65,309)
(66,396)
-
(14,052)
(13,575)
-
(23,962)
-
(22,466)
(615)
(5,000)
(146,066)
(211,375)		 At
31/3/25
£
984,140
1,054,585
4,110
419,249
286,004
84,335
-
11,014
92,971
-
-
1,952,268
2,936,408

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Capital Project
MARYS Capital Project
ACE Convention House
Add Fuel
Art Hostel Refurbishment
Garfield Weston
Haribo Happiness
Arts Council Creative Workspace
Leeds CC - Arts @ Leeds
A City Less Grey
Leeds Creative Labs Artist
Carnival Mural Project
Neighbourhood Plan
The Netherlands Creative Exchange
Project
Bradford MDC
TOTAL FUNDS		 Incoming
resources
£
2,564,756
-
-
-
-
-
-
-
22,500
12,050
50,000
6,250
2,000
5,000
9,600
56,819
164,219
2,728,975		 Resources
expended
£
(2,630,065)
(66,396)
(14,052)
(13,575)
(23,962)
(22,466)
(615)
(5,000)
(22,500)
(12,050)
(50,000)
(6,250)
(2,000)
(5,000)
(9,600)
(56,819)
(310,285)
(2,940,350)		 Movement
in funds
£
(65,309)
(66,396)
(14,052)
(13,575)
(23,962)
(22,466)
(615)
(5,000)
-
-
-
-
-
-
-
-
(146,066)
(211,375)

Page 27

East Street Arts

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

20. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £10,759 (2024: £16,395).

At 31 March 2025, there were balances (including employee and employer contributions) of £3,591(2024: £5,549) outstanding.

21. RELATED PARTY TRANSACTIONS

Trustees received amounts in the year as detailed in Note 12.

No further related party transactions took place that are required to be disclosed.

22. DESIGNATED FUNDS

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Programme Development, Asset
Maintenance & Development
Historic England Cultural Project		 Balance at 1
April 2024
50,000
50,705
100,705		 Incoming
resources
-
-
-		 Resources
expended
-
-
-		 Balance at
31 March
2025
50,000
50,705
100,705

The purposes of the designated funds with balances in the year are as follows:

Historic England - Cultural Project

To cover the costs of a new Briggate three year project.

Page 28