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← The Arts Depot Trust Limited

2025-03-31-accounts

Charity registration number 1083893 (England and Wales) Company registration number 03536243

THE ARTS DEPOT TRUST LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE ARTS DEPOT TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Charity number (England and Wales) 1083893 Company number 03536243 Registered office 5 Nether Street North Finchley London United Kingdom N12 0GA Auditor Xeinadin Audit Limited 46-48 East Street Epsom Surrey United Kingdom KT17 1HQ

THE ARTS DEPOT TRUST LIMITED

CONTENTS

Page
Trustees report 1 - 13
Statement of trustees responsibilities 12
Independent auditor's report 13 - 15
Statement of financial activities 16
Consolidated Balance sheet 17
Company Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20 - 38

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

In shaping our objectives for the year and planning our activities, the trustees have considered The Charity Commission's guidance on public benefit, including the guidance "public benefit: running a charity (PB2)".

artsdepot is a creative home for everyone, with a year-round programme: the best in arts and family performance, arts participation, cultural education and outreach work for its community and the arts sector.

Our mission is to reach every family in Barnet with a creative arts experience by 2027.

artsdepot is committed to providing services for the residents of the London Borough of Barnet and beyond, specifically within neighbouring communities in Brent, Haringey, Camden and Enfield. These residents currently make up the core users of artsdepot through attending performances, classes, courses, workshops and new opportunities for participation.

Our two theatres show the best of music, comedy, dance, plays and spoken word. We have a wide range of participation activities including onsite Matinee Lunch clubs, a wide range of festivals in our building and beyond, over 30 weekly classes offering arts and education opportunities for all ages, and off-site falls prevention through dance work. artsdepot is home to London Studio Centre, a performing arts higher education provider with 350+ undergraduates on-site.

Currently artsdepot is the main arts offer within Barnet and the borough’s only performance venue that is a National Portfolio client of Arts Council England. We have a thriving artist development programme. We also provide a venue for performance for Barnet Schools Music and Dance Festivals, Coram Shakespeare Schools, National Theatre Connections and other performing arts schools.

A founder member of Future Arts Centres, artsdepot often works in collaboration with other arts centres to research and support them to access partnerships and funding.

artsdepot is committed to delivering on our vision through 3 strategic objectives:

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENT AND PERFORMANCE

We continue to navigate through the challenges of high inflation and increased cost of living, which have had an impact not only on how we function internally but also in how we support the wider community and the users of artsdepot.

A creative home for everyone

As we work to become increasingly accessible, engaging the many diverse communities of our borough, we achieved significant impact over this period. That included welcoming 187,000 visits to our venue, with 10,608 children and young people taking part in creative learning and performance opportunities, and we reached 1,645 people in community settings.

Key impacts over the period:

Environmental Sustainability

We have made steady progress in meeting our goals to become a more sustainable organisation. In addition to cumulative work done over the past few years, we have now moved to a new waste supplier which allows us to separate glass from other recycling waste. We continue to partner with local organisations to be a bee friendly buzz stop and our café has achieved the kids in museums family café standard.

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

artsdepot as a destination

Programming Highlights

As the flagship place for culture in Barnet, our wide-ranging programme had something for everyone in most artforms.

Young audiences

Tall Stories’ December 2024 presentation of The Gruffalo’s Child proved as popular as ever attracting 12,355 audiences, with the second most popular children’s show The Gruffalo over October 2024 Half Term delighting 3,563 young visitors and their parents/ carers.

Family Audiences

Our family programme continued to excite and delight, with storytelling, music and dance, including Nick Cope’s Family Show, The Smeds and the Smoos and Dogs Don’t Do Ballet amongst others.

Adult Audiences

We continued our modern-day classics programme with Joe Orton’s ‘What The Butler Saw’, and Oscar Wilde’s ‘The Picture of Dorian Grey’. We were the launch venue for new shows from Su Pollard with ‘ Still Fully Charged’ and Michael Palin’s ‘There and Back’. Our comedy offer continued to flourish with Shaparak Khorsandi, Omid Djalili and Emmanuel Sonubi amongst many. Dance and Opera came from Shechter II, Lost Dog, Lila Dance and Opera UP close.

Gallery

We presented a Creativity of Freedom exhibition Autumn half term curated by Abdul Waheed Adeniran from works owned by Outside In – a charity which provides a platform for artists who encounter significant barriers to the art world due to health, disability, isolation or social circumstance. Profiled artists included Friedrich Nagler, Jasna Nikolic, Chaz Waldren, Laila Kassab and Ben Wilson. We have since supported Abdul to access the Koestler Artists Mentoring Programming.

Dame Eveyln Glennie – 20[th] anniversary performance

20 years on from Dame Evelyn’s performance in our inaugural programme she returned to share her incredible talent for music, and intriguing life story, overcoming deafness to become a world renowned percussionist. A post-show panel discussion was led by Southbank Centre’s former Director of Music Gillian Moore CBE, and a disabled young musician from Barnet Education Arts Trust.

Access & Inclusion

2024/25 saw us expand the number of interpreted & accessible performances partly driven by a coproduction with How It Ended theatre company making Hans Christian Anderson’s The Fir Tree utilising puppetry and music to create a rich audio-visual experience. The show was designed to be accessible for audiences with autism & sensory impairments; all performances were relaxed. Our programme in the year included 11 shows with BSL interpretation, 4 audio described, 5 touch tours, 1 stage captioned – and 60 relaxed performances. 15 performances were presented or translated in foreign languages including Farsi, Hindi, Hebrew and Romanian.

Following a drive to become a more inclusive employer we are pleased to report that having completed our annual staff survey, disabled team members have increased from 12.9% April 2024 to 23.3% April 2025 in our permanent staff team. We also employ staff on casual contracts where 8.3% were disabled in 2024 rising to 13.2% in 2025.

Community Focus (Inclusive Arts) presented a show created and performed by disabled people: ‘Everything Starts With a Dot’ in our Studio Theatre. The show explored themes drawn from workshops with the cast including being gay and disabled, the challenge of navigating relationships with autism, and the impact of losing family members. Over July 2024 we hosted Community Focus’s Summer Exhibition.

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Inclusive Summer Camp 2024 – ‘We Will Rock You’

In our fourth year of delivering an Inclusive Summer Camp, 47 children and young people joined us for 11 days learning about musical theatre resulting in a high quality performance for family, friends and a paying audience. All participants received a free daily cooked lunch equivalent to school dinner standards. This year’s group included 20 fully funded places provided for children and young people eligible for Free School Meals, 2 part funded places (50%) for young people from low income families. 12 participants had support needs: conditions included ADHD, autism, dyspraxia, epilepsy, type 1 diabetes, a severe stammer, one wheelchair user and one with a hearing impairment. An Access Specialist on the team helps to ensure these needs are supported.

“It’s her dream to be on the stage. We don’t have much opportunities to be in places like this, except now because of the offer of free spaces – they really like it; they practice at home – I'm proud of them.” Parent.

artsdepot as a sector leader

Continuously seeking ways to broaden access to the arts sector, jobs and creativity, artsdepot is at the forefront of working with communities and artists.

SEN Work Experience & Work Placements

9 young people with Special Educational Needs joined us for a ten-week, 1 day per week, group learning programme where they gained an insight into roles and responsibilities required to run a busy arts centre. All 9 went onto work placements at artsdepot and with partners Community Focus, The Apex Project, DJMC Academy, Maxability (pottery studio for disabled people), 2econd Chance CIC and Chickenshed Theatre. Two went on placement at artsdepot

‘Before I joined the programme I was mostly at home looking for work getting very bored and feeling a bit low. At artsdepot I enjoy having some structure to the week, learning new things and meeting new people.’

Upstanding Citizens

Our falls prevention dance and movement classes relocated from The Age UK Ann Owens Centre in East Barnet to Tarling Road Community Centre in East Finchley. A second pilot group was established at the West Hendon Community Hub. Across these two groups we are helping 15 older people build their strength and improve their wellbeing.

“I have seen many physios but none of them have managed anything which comes close to this”

“I have felt a huge physical improvement and made new friends”

Community engagement

Over the year our Inclusion Group met monthly, reviewing progress against a range of objectives designed to ensure accessible recruitment and that our creative learning, artistic programme and community events were reaching the broadest range of people possible. Activities included:

Romania Day @ artsdepot

In recognition that Romanians have been the largest migrant community to Barnet for several years, artsdepot presented its second Romania Day festival. The event included an art exhibition and sale, a poetry recital and book stall, drama workshops and food stalls profiling Romanian specialities and wines, gift and craft stalls.

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Matinee Lunch Club

197 attendances at 3 Matinee Lunch events: ‘Ragroof Tea Dance, ‘Tricity Vogue’s All Girl Swing Band’ and ‘Hop Skotshne Klezmer Band’. People attend in groups supported by care providers including Jewish Care, St Alban’s (church) Thursday Group, Memory Lane, The Limes, Magnolia Court & Meadowside Care Homes, Minchenden Activities, Friends in Need and Age UK.

“I was a bit reluctant to come but I loved it! It was really sociable and I chatted to lots of people. It was also lovely to bump into people that I knew from other local groups/ events, and catch up.”

“He has dementia and can be very serious, but when he was dancing his face lit up and he looked so happy.”

“None of us slept very well last night as we were too excited to come to the matinee lunch club today!”

Artist residencies & support

In addition to sending quarterly newsletters to an artists e-list (3,912 subscribers), sharing opportunities about funding and support, and providing a series of CPD workshops, we announced 8 new artist residency projects starting over this period: Adi Gortler & Hamza Ali, Xnthony LTD, Dr Daniel Gouly & Josh Middleton, Emma Spearing, Noah Silverstone & Yuxuan Liu, Rachel Bellman & Eden Tredwell & Tanya Truman, Porcelain Delaney, and Roshi Nasehi. Artists were given £1,000 seed funding, access to our team for fundraising, marketing and programming support, and up to 4 weeks free space to test ideas. The total value of a residency is £6,500 including space-in-kind.

50% of our current supported projects attracted project funding from Arts Council England; in two cases we leveraged further support totalling £16,000 of additional funding. We also continued to support former residency artists with access to space, mentoring and resources where available.

With support from The Shared Prosperity Fund via Barnet Council we were also able to mentor 16 additional creative businesses providing seed funding of £500 each to 8 of the mentees in support of training, development and piloting new activities. We delivered 5 artist development workshops with 91 attendances overall, these included Outside The Box (funding from Non-ACE sources), Planning Your Workshop, The Power of Social Media, Tour Booking 101, Build a Career as a Visual Artist.

Working with Barnet Council we have continued to manage the Barnet Arts & Culture Network developing membership over this period from 130 to 204. In this role we share information, host informal networking meetings, and contribute to consultation, scoping and planning.

artsdepot across the borough of Barnet

We delivered our annual Fun Palaces festival at the Colindale Communities Trust. 251 people took part in workshops and creative activities.

Spring Schools Programme

Over Feb/ March 2025, artsdepot worked with MATT+FIONA (https://mattandfiona.org/), an award-winning social enterprise that asks young people how their built environment might be improved and empowers them to bring that vision to life through their work: BUILD, LEARN, CONNECT. The project engaged 119 students at three local schools including 16 at an Islamic faith primary school (Barnet Hill Academy), 30 KS2 students at a primary school (Deansbrook Junior School) and 73 students at a local secondary school (Friern Barnet School). Students designed and built structures out of found and recycled materials which went on to form an exhibition in our Gallery, Easter 2025.

“These sessions have sparked my creativity and has made me want to write a book about a girl who goes to school outside in the forest.” Pupil

“The workshops have created a space for students to work in groups on a large-scale project that is adaptable to cater to different learning styles and needs. They develop skills such as negotiation, compromise, and collective decision-making.” Teacher

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Barnet & Culture for Youth (B&CY)

artsdepot is the administrator of B&CY – the cultural education partnership for Barnet. We are currently mid-way through a 3 year programme designed to enrich the cultural education offer in Barnet backed by £500k from Arts Council England, Barnet Council and John Lyon’s Charity.

The funding has enabled us to confirm an artist residency in every SEN school in Barnet, to provide a year-round residency offer within the Pavillion Pupil Referral Unit (PRU) sites, to deliver a monthly workshop for home educated children, to tour shows into schools, provide micro-grants to support arts in schools, deliver a CPD and events programme for teachers and artists, and support a Youth Advocates programme inviting young people to engage in co-curation and arts practice.

Highlights include:

In November 2024 we had Boxville performing to 9 schools across 5 days and 5 school halls – 1,045 children watched the play over 11 performances. We worked with a panel of students across several schools to select a show that interested them, and they chose the popular DIY interactive play Boxville. The show uses sustainable recycled cardboard and puppetry to create an adventure encountering paper dragons, corrugated pirates and space robots!

“It was wonderful. Highly engaging and something different for our pupils. All students thoroughly enjoyed the performance as well as the interactive elements. They were a part of the story and went on a journey with the production group, which was fantastic. They developed the confidence to create, the wonderful memories. A brilliant show.” – Headteacher

During the Autumn Term 2024 we launched a monthly Spark home educated workshop programme. Young people explored beatboxing, rap, looping and illustration, whilst socialising with peers.

PRU Creative Workshops

Rolling Residency at The Pavilion Whetstone – Rap & Music Production with Young Urban Arts Foundation. Music producer and facilitator Sterling worked with young people developing rap, lyric, production and music skills. These workshops have been an impactful way of increasing confidence, wellbeing, communication, peer-support and opportunity. 2 students returned to mainstream school, and their involvement in this project helped in that process.

‘I think the songs have been very successful, we have created a project with good vibes, I have learnt to think outside the box, I look forward to each week and engage very well’ Participant

‘The project has improved my rapping skills, I have 100% engagement in the project, I would like to develop a music video and I am proud of my work’ Participant

“The music showcase was incredible! I was almost in tears, they had produced some fantastic material.” - Deputy Headteacher at Pavilion Whetstone.

Residency at Mapledown SEN School

From October – December 2024 we placed artist Xavier Leopold facilitating 10 weeks of workshops exploring the theme of Identity at Mapledown School. Xavier is a painter, facilitator and children’s author who has worked with students to explore different parts of their character through multiple sensory art forms across painting & sculpture.

‘The project has been a tremendous success, filled with creativity, enthusiasm, and fun for all the students! Under Xavier's guidance, students created unique artworks through the theme of identity. Our students have fed back they enjoyed the sessions and were proud of themselves for what they created!’ Teacher at Mapledown

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Community partners

Our hires and community events continue to be a key part of our business model generating £371,580 over the year to 31[st] March 2025. Importantly, the events and workshops presented by third parties also enable us to support and engage a broad variety of cultural activities, often/always?? produced by other charities, voluntary organisations and education providers.

Last year 7 hired productions were presented or translated in non-British languages. Events of particular relevance to diaspora communities included for example: Axis Trust Gala and Acacia Arts Exhibition for the Turkish community, Avayeh Del In the Memory of Iran (Persia) Concert, Suchismita Ganguly Dance Company ‘Raga & Rhythm’ for the Indian Community, ‘Sunt un Orb’ by Horațiu Mălăele for the Romanian Community, and Guri Alfi Stand-Up Comedy for the Jewish community.

Over the year 1,924 classes were hosted with total attendances estimated at 65,629. The team managed 246 bookings including 136 theatre performances. 5,410 tickets were provided as comps to third party hirers to distribute at their discretion, and we sold 24,354 tickets on their behalf.

Development & Fundraising

Over 2024/25 we received 4,427 donations from ticket buyers, Members and campaign supporters generating £25,735 which supports our Access Funds and community engagement programme. These funds are vital in enabling us to provide affordable and free tickets and workshop places for people and families on low incomes or facing disadvantage.

Our overall fundraising outcome for 2024/25 was £324,966 – this sum includes £30,022 from the National Lottery Heritage Fund in support of our 20[th] anniversary research and exhibition plans, £50,000 from Barnet Council supporting creative education and routes into employment for young people with SEN, £40,000 from John Lyon’s Charity and £60,000 from Arts Council England supporting B&CY, and £24,450 from the Shared Prosperity Fund / Barnet Council to mentor creative businesses.

Many thanks to over 2,000 patrons who supported through ticketing donations and memberships including artsdepot Associates and Advocate Supporters: Jeanette Adak, Johnathan Beeston, Benjamin Cowsill, Joan Fogel, Rolanda Hyams, Nicola Koppelmann, Martin Norwood, Lesley Reuben, Himanshuh Shah and Dr Andreas Zollmann.

We are also very grateful to the following supporters

Arts Council England - The Childhood Trust - City Bridge Foundation

The D’Oyly Carte Charitable Trust - Esmée Fairbairn Foundation - Francis Winham Foundation Garfield Weston Foundation - Jesus Hospital Charity - John Horniman’s Children’s Trust John Lyon’s Charity - The John Thaw Foundation - London Borough of Barnet

London Architecture Festival - Metropolitan & Thames Valley Housing

The National Lottery Community Fund - Ove Arup Foundation - Pentland Brands Plc Red Hill Trust - The Sobell Foundation - Scops Arts Trust - Souter Charitable Trust The Thistle Trust - Waitrose Community Matters - W G Edwards Charitable Foundation Young Barnet Foundation - The Estate of Marjorie Susan Younger

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

At the end of March 2025 there was an unrestricted deficit on the year of £8,989 (2024: £84,167 deficit). The covid recovery plan had foreseen the organisation returning to a surplus in this financial year, however the cost-of-living crisis and another considerable increase in national minimum wage meant that designated funds and reserves were utilised to ensure artsdepot continued to fulfil its objectives and provide a full range of activities for the community.

Across the arts sector, our peers report how difficult the financial challenges have been throughout the course of the year. High inflation, particularly on food and the ongoing cost-of-living crisis has led to the public being selective with their money and overall spending less. We have been able to present to trustees a close to balanced budget for the next financial year, despite significantly increased staff costs due to the new National Insurance policies. However, this budget has very little room for artsdepot to respond to changes in the financial climate or make repairs to our already aging equipment.

Work is already underway in the following financial year to review the overall business model, looking for ways to increase or diversify income and make savings where possible. Following the renewal of the lease, artsdepot has embarked on a £3.8m Capital Fundraising project to renew mechanical and electrical services, improve environmental sustainability and make alternations to provide further space. In October we applied for the Stage 2 Arts Council Creative Foundations Fund. We will discover the outcome of this bid in March 2026 and are actively fundraising for additional funds.

At the end of March 2025 artsdepot had three types of funds:

Reserves policy

Trustees’ reserves policy aims to maintain a balanced financial stability with investment in opportunities likely to further artsdepot’s mission.

artsdepot aims to build and maintain free and designated unrestricted reserves equivalent to at least 10 weeks operating costs (c.£400,000) to provide some protection against losses due to reductions in key income sources, adapt to external changes, meet working capital requirements, and enable artistic and capital investment.

Free and designated unrestricted reserves at the end of March 2025 were £397,744 (2024: £345,380). Unrestricted and undesignated reserves at the end of March 2025 were £305,000 (2024: £122,636)

FUTURE PLANS AND ACTIVITIES

Trustees have outlined a 10 year strategy which sees us continuing our Vision of a Creative Home for Everyone by expanding our work offsite. Our current mission is to reach every family in Barnet by 2027. We started 2025/26 launching a new Beyond Our Walls outreach programme supported by Esmée Fairbairn Foundation through to 2029. The programme will help support 50 local creatives in 3 of 5 of Barnet’s most disadvantaged communities (Burnt Oak, Colindale and West Hendon) to develop creative plans, run local events, and manage local seed funding grant pots.

Our 21st birthday has provided an opportunity to gather the story of our creation and work with volunteers to mount an exhibition. We are delighted to include an artist commission, reflecting the impact that artsdepot has had on guests past and present.

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

We are one of 75 organisations invited to join Bloomberg’s Digital Accelerator Programme enabling us to invest £150,000 in digital technologies to develop our business model. As digital activities become the norm, we will investigate new ways of allowing audiences to curate their own experiences and focus on their own content creation.

We are one of 60 arts centres and libraries commissioned to take part in a national Our Freedom: Then and Now programme reflecting on what freedom means 80 years after the end of the Second World War.

We will continue to focus on providing high quality performances and creative experiences at a reasonable cost for our all communities, ensuring that our multi art form offer continues in the building and beyond.

Our artist development programme will support at least 8 artists or companies each year with space, mentoring and seed funding. We will also provide ongoing tailored support to three organisations for three years.

Key to ensuring our longevity and future success has been securing a new 50 year peppercorn lease which will enable us to access capital funding and increase our environmental sustainability. The building now requires investment to grow the opportunities for audiences and participants for the foreseeable future.

We continue to focus on working with our artistic and school communities both through B&CY and the Arts and Culture network to build the sector in Barnet. We will be a key part of the Barnet Cultural Impact Award work in 2026.

Should funding allow we will seek to produce and co-produce our own work for touring and we will partner with companies based outside of London to give them a London base

We remain committed to expanding the workforce in the arts by providing work experience for disabled young people and participating in programmes to increase diversity and inclusion.

Our diversity and inclusion plan will see us increasingly reflect communities in our borough through our workforce and the offer to our communities and ensure we are accessible to all both with our onsite and offsite programmes. We are one of 60 arts centres and libraries commissioned to take part in a national Our Freedom: Then and Now programme reflecting on what freedom means 80 years after the end of the Second World War.

We will continue to focus on providing high quality performances and creative experiences at a reasonable cost for our all communities, ensuring that our multi art form offer continues in the building and beyond.

Our artist development programme will support at least 8 artists or companies each year with space, mentoring and seed funding. We will also provide ongoing tailored support to three organisations for three years.

Key to ensuring our longevity and future success has been securing a new 50 year peppercorn lease which will enable us to access capital funding and increase our environmental sustainability. The building now requires investment to grow the opportunities for audiences and participants for the foreseeable future.

We continue to focus on working with our artistic and school communities both through B&CY and the Arts and Culture network to build the sector in Barnet. We will be a key part of the Barnet Cultural Impact Award work in 2026.

Should funding allow we will seek to produce and co-produce our own work for touring and we will partner with companies based outside of London to give them a London base

We remain committed to expanding the workforce in the arts by providing work experience for disabled young people and participating in programmes to increase diversity and inclusion.

Our diversity and inclusion plan will see us increasingly reflect communities in our borough through our workforce and the offer to our communities and ensure we are accessible to all both with our onsite and offsite programmes.

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Directors and Trustees

The Arts Depot Trust Limited is governed by Memorandum and Articles of Association incorporated on 27 March 1998 and amended by special resolutions dated 21 September 2000, 25 July 2001, 29 July 2004,22 September 2008 and 9 June 2025.

The trustees, who are also the directors of The Arts Depot Trust Limited for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr M L H Norwood (Deceased 13 October 2025) Ms A Morris Professor A Naqvi (Resigned 8 January 2025) Ms K Addy Mr M A Conradi Mr N R G Hinds OBE Ms S Amini Ms N Koppelmann (Resigned 9 May 2025) Cllr S Conway Ms A Darr (Resigned 22 September 2025) Mr S Mustafa Ms J Rughani Ms S Tretera Ms S Wolfe Mr K Chua Ms M C Deletant (Appointed 30 September 2025) Cllr Z Beg (Appointed 9 September 2025)

Company Secretary - Ms V Donhue

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The Board of trustees meets four times a year and is currently composed of 13 members with experience and skills in arts management, finance, business development, HR, information technology, legal, management consultancy, marketing and PR.

Observers from Arts Council England are invited to attend trustee meetings.

A finance sub-committee meets quarterly to review financial performance, budgets, human resource, legal, operational and audit matters. The risk factors facing the organisation are presented on the Risk Register and discussed by the committee before presenting an updated register to the Board each meeting.

Trustees also support policy development in artistic, community access and development activities on a consultative basis.

The Board of trustees can be composed of a minimum of 3 and maximum of 15 members including the CEO/Creative Director.

New trustees are appointed with reference to the skills, experience and diversity of the Board at the time. A combination of internal and external networks are used in recruiting new trustees, who may serve up to two consecutive three-year terms.

All new trustees undergo a full induction which covers artsdepot's governance including: trustee role and responsibilities; financial position; funding and activities; organisational structure and personnel; strategic plans; main partners and relationships and trustee training and development.

THE ARTS DEPOT TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Senior Management Team

CEO/Creative Director - Ms M Deletant

The CEO/Creative Director is responsible for the strategic and day to day management of artsdepot including the content of the artistic programme and is supported by a senior management team which includes a Development Director, Head of Finance, Head of Operations and Head of Programming and Participation.

The charity has a wholly owned subsidiary, Arts Depot Productions Limited, which was established in October 2004. Its principal activities are the provision of artistic and other activities. Its results have been consolidated in these accounts.

Chair of Trustees

We are extremely sad to report that in October 2025, Martin Norwood, Chair of the Board of trustees of The Arts Depot Trust passed away.

Martin cared deeply for and was dedicated to artsdepot. He served over two periods on the Board from 2008 - 2016 and from 2019 - 2025. He supported the organisation through the turbulent times of withdrawal of funding, COVID and staff changes with a calm, considered manner.

He would often drop in to see the team and hear how things were going. Both staff and trustees learned hugely from him.

Martin was a kind, warm and generous person, and we will all miss him tremendously.

Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees report was approved by the Board of trustees.

..............................

Mr S Mustafa Trustee

Date: .............................................

THE ARTS DEPOT TRUST LIMITED

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors of The Arts Depot Trust Limited for the purpose of company law, are responsible for preparing the Trustees Report 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 which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

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

THE ARTS DEPOT TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE ARTS DEPOT TRUST LIMITED

Opinion

We have audited the financial statements of The Arts Depot Trust Limited (the ‘charitable company’) for the year ended 31 March 2025 which comprise the Consolidated statement of financial activities, the Group and Company balance sheet, the Consoldiated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company and charitable group 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 and charitable groups 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

THE ARTS DEPOT TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE ARTS DEPOT TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and charitable group and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees report.

We have nothing to report in respect of the following matters in relation to which 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 charity for the purpose 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 charity’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.

Auditor's 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 an auditor's report 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

THE ARTS DEPOT TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE ARTS DEPOT TRUST LIMITED

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor’s 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.

Hazel Day BSc (Hons) FCA DChA (Senior Statutory Auditor)

For and on behalf of Xeinadin Audit Limited, Statutory Auditor Chartered Accountants 46-48 East Street Epsom Surrey KT17 1HQ United Kingdom Date: .........................

THE ARTS DEPOT TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
funds
Restricted
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
326,963
78,166
Charitable activities
5
1,036,789
223,718
Other trading activities4
824,289
-
Other income
1,268
-
Investments
6
20,685
-
Total income
2,209,994
301,884
Expenditure on:
Raising funds
7
48,561
649
Other trading activities7
216,513
-
Charitable activities
8
1,979,827
354,688
Total expenditure
2,244,901
355,337
Net gains/(losses) on
investments
13
-
-
Net income/(expenditure)
(34,907)
(53,453)
Tax credit 1479,371-
Transfers between
funds
7,900
(7,900)
Net movement in
funds
10
52,364
(61,353)
Reconciliation of funds:
Fund balances at 1 April 2024
345,380
181,024
Fund balances at 31 March
2025
397,744
119,671		 Total
Unrestricted
funds
Restricted
funds
2025
2024
2024
£
£
£
405,129
219,996
217,966
1,260,507
1,089,985
186,086
824,289
813,497
-
1,268
3,371
-
20,685
22,014
-
2,511,878
2,148,863
404,052
49,210
61,715
-
216,513
206,635
-
2,334,515
2,087,696
280,059
2,600,238
2,356,046
280,059
-
(977)
-
(88,360)
(208,160)
123,993
79,371 - -
-
68,714
(68,714)
(8,989)
(139,446)
55,279
526,404
484,826
125,745
517,415
345,380
181,024		 Total
2024
£
437,962
1,276,071
813,497
3,371
22,014
2,552,915
61,715
206,635
2,367,755
2,636,105
(977)
(84,167)
-
-
(84,167)
610,571
526,404

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE ARTS DEPOT TRUST LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

2025
Notes
£
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stock
4,197
Debtors
17
237,181
Cash at bank and in hand
1,092,267
1,333,645
Creditors: amounts falling due within
one year
18
(930,094)
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
21
Unrestricted funds
22		 2024
£
£
112,566
1,298
113,864
3,918
145,977
990,589
1,140,484
(775,644)
403,551
517,415
119,671
397,744
517,415		 £
154,513
7,051
161,564
364,840
526,404
181,024
345,380
526,404

The financial statements were approved by the trustees on .........................

..............................

Mr S Mustafa

Trustee

Company registration number 03536243 (England and Wales)

THE ARTS DEPOT TRUST LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025

2025
Notes
£
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
201,528
Cash at bank and in hand
668,319
869,847
Creditors: amounts falling due within
one year
18
(442,190)
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
21
Unrestricted funds
22		 2024
£
£
81,670
1,300
82,970
213,391
563,086
776,477
(378,283)
427,657
510,627
119,671
390,956
510,627		 £
114,364
7,053
121,417
398,194
519,611
181,024
338,587
519,611

The financial statements were approved by the trustees on .........................

..............................

Mr S Mustafa Trustee

Company registration number 03536243 (England and Wales)

THE ARTS DEPOT TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
26
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Proceeds from disposal of investments
Investment income received
Net cash generated from/(used in) investing
activities
Net cash generated from financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
(3,033)
1,921
20,685		 £
82,105
19,573
-
101,678
990,589
1,092,267		 202
4
£
(117,565)
-
-
22,014		 £
(71,915)
(95,551)
-
(167,466)
1,158,055
990,589

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

The Arts Depot Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 5 Nether Street, North Finchley, London, N12 0GA, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The principal accounting policies adopted are set out below.

Consolidated Financial Statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Arts Depot Productions Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The Charity’s own accounts showed a net deficit for the year of £8,984.

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 future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.4 Income

All incoming resources are included in the Statement of Financial Activities when:

-the charity is legally entitled to the funds

-any performance conditions attached to the income have been met or are fully within the control of the charity

-there is sufficient certainty that receipt of the income is considered probable

Donations and legacies

Grants/ donations are recognised in incoming resources in the year in which they are receivable, except as follows:

Charitable activities

Theatre income - Income from box office, performance fees and sundry other theatrical income is included in incoming resources in the period in which the relevant show takes place.

Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources or restricted funds when receivable.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Commercial trading activities (of subsidiary)

Income from commercial activities is included in incoming resources in the period in which the group is entitled to receipt.

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Costs of raising funds

Costs incurred in attracting donations and those incurred in trading activities that raise funds.

Charitable activities

Theatre production costs - costs incurred in production and running of productions toured in the year.

Support costs

The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to theatre production costs.

Governance costs

Costs associated with the constitutional and statutory requirements of the charity.

1.6 Tangible fixed assets

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:

Leasehold land and buildings over the life of the property lease
Office equipment 33% on cost, 25% on cost and 20% on cost
Theatre equipment 33% on cost, 25% on cost and 20% on cost

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.

Individual fixed assets costing £500 or more are capitalised at cost.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 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).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.10 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.

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.

1.11 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.12 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.

1.13 Retirement benefits

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

1.14 Related party exemption

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies (Group only)

Unrestricted
funds
Restricted
funds
2025 2025
£ £
Donations and gifts
19,678 78,166
Grants
307,290 -
326,968 78,166
Grants
Arts Council England -
NPO funding
307,290
-
307,290
-		 Total
Unrestricted
funds
Restricted
funds
Total
2025
2024
2024
2024
£
£
£
£
97,844
6,018
124,654
130,672
307,290
307,290
-
307,290
405,134
313,308
124,654
437,962
307,290
307,290
-
307,290
307,290
307,290
-
307,290

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
funds
Restricted
funds
2025 2025
£
£
Rental income
609,651
-
Catering income
214,638
-
824,289
-
5
Income from charitable activities (Group only)
Unrestricted
funds
Restricted
funds
2025
2025
£
£
Theatre and projects
Programming
630,168
-
Hires
371,580
-
Education projects
3,650
-
Grants
31,391
223,718
1,036,789
223,718		 Total
Unrestricted
funds
Restricted
funds
Total
2025
2024
2024
2024
£
£
£
£
609,651
604,962
-
604,962
214,638
208,535
-
208,535
824,289
813,497
-
813,497
Total
Unrestricted
funds
Restricted
funds
Total
2025
2024
2024
2024
£
£
£
£
630,168
671,723
-
671,723
371,580
324,950
-
324,950
3,650
-
-
-
255,109
-
279,398
279,398
1,260,507
996,673
279,398
1,276,071

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5 Income from charitable activities (Group only)

(Continued)

Performance related grants analysis

Theatre and Theatre and
projects projects
2025 2024
£ £
City Bridge Trust 23,200 28,540
Creative Industries Insight Programme - 10,000
Francis Winham Foundation 1,120 2,450
NT Connections 5,715 7,955
Ove Arup Foundation 5,000 5,000
The Redhill Trust - 2,000
Sobell Foundation 5,000 5,000
The W G Edwards Charitable Foundation - 1,890
John Lyons Charity 65,000 62,000
Young Barnet Foundation 9,264 23,181
Souter Charitable Trust - 3,000
Jesus Hospital Charity 3,000 2,000
Schools project contributions from schools involved 1,200 1,000
D'Oyly Carte Charitable Trust - 3,000
London Borough of Barnet 76,360 89,732
BELS (Barnet Education Services) 20,000 -
Arts Council - 23,000
Metropolitan Thames Valley - 3,150
Tsitsit Fringe 3,000 1,500
Scops Arts - 3,000
West Hendon Arts & Culture Society 2,000
NLHF 30,023 -
BACE (Barnet Holidays service) 500 -
The Thistle Trust 3,000 -
New London Architecture 4,700 -
Metropolitan Thames Valley Housing 1,150 -
Chapman Charitable Trust 2,000 -
John Horniman's Children's Trust 3,000 -
Garfield Weston Foundation 20,000 -
John Lewis Partnership Foundation 1,125 -
The Childhood Trust 2,000 -
Other donations and Contributions 17,948 -
303,305 279,398

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Income from investments (Group only)

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 20,685 22,014

7 Expenditure on raising funds (Group only)

Unrestricted
funds
2025
Restricted
funds
2025
£
Fundraising and publicity
£
Freelance development
38,566
-
Other fundraising costs
1,566
649
Staff costs
8,429
-
48,561
649
Trading costs
Other trading activities
515
-
Staff costs
215,998
-
216,513
-
Total costs
265,074
649		 Total
2025
Unrestricted
Restricted
funds
funds
2024
2024
£
£
£
38,566
-
-
2,215
10,866
-
8,429
50,849
-
49,210
61,715
-
515
106
-
215,998
206,529
-
216,513
206,635
-
265,723
268,350
-		 Total
2024
£
-
10,866
50,849
61,715
106
206,529
206,635
268,350

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Expenditure on charitable activities (Group only)

Theatre and Theatre and
projects projects
2025 2024
£ £
Direct costs
Staff costs 548,750 551,592
Advertising 52,188 38,972
Artistic projects 32,749 34,308
Education projects 116,024 65,903
Programming 482,919 544,747
Gallery costs 1,797 425
Staff costs 9,827 4,090
1,244,254 1,240,037
Share of support and governance costs (see note 8)
Support 1,078,661 1,116,430
Governance 11,600 11,288
2,334,515 2,367,755
Analysis by fund
Unrestricted funds 1,879,827 2,087,696
Restricted funds 354,688 280,059
2,234,515 2,367,755

9 Support costs allocated to activities (Group only)

Staff costs
Depreciation
Office costs
Premises costs
Computer costs
Facilities costs
Bank charges
Loss on disposal of investment
Legal / professional
Governance costs

Analysed between:
Theatre and projects		 2025
£
451,965
44,790
22,678
418,727
55,617
48,981
11,128
3,832
20,943
11,600
1,090,261
1,090,261		 2024
£
459,833
47,508
21,828
412,348
70,327
54,538
15,592
-
34,456
11,288
1,127,718
1,127,718

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10
Net movement in funds (Group only)
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
- for other financial services
Loss on disposal of investment
Loss on disposal of tangible fixed assets
Depreciation of owned tangible fixed assets		 2025
£
2024
£
6,000
5,775
6,000
5,513
3,832
-
44,789
47,509

11 Trustees (Group only)

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

12 Employees (Group only)

The average monthly number of employees during the year was:

2025
Number
Trading & raising funds
17
Theatre & arts centre
121
Arts & education projects
2
Total
140
Employment costs
2025
£
Wages and salaries
1,035,879

Social security costs
74,920

Other pension costs
17,154

1,127,953		 2024
Number
20
115
2
137
2024
£
1,072,151
83,557
18,562
1,174,270

The number of employees whose annual remuneration was more than £60,000 is as follows:

2025 2024
Number Number
£60,000 - £70,000 1 -

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Employees (Group only)

Employees (Group only) (Continued)
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2025 2024
£ £
Aggregate compensation 214,061 234,222

13 Gains and losses on investments (Group only)

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments - (977)
14 Taxation (Group only)
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Tax credit receivable in respect of creative tax reliefs 79,371 -

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15
Tangible fixed assets
Group
Leasehold
land and
buildings
Office
equipment
Theatre
equipment
£
£
£
Cost
At 1 April 2024
373,615
483,750
26,697
Additions
-
3,033
-
Disposals
- (190)
-
At 31 March 2025
373,615
486,593
26,697
Depreciation and impairment
At 1 April 2024
278,971
423,881
26,697
Depreciation charged in the year
24,651
20,139
-
At 31 March 2025
303,622
444,020
26,697
Carrying amount
At 31 March 2025
69,993
42,573
-
At 31 March 2024
94,644
59,868
-
Parent
Leasehold
land and
buildings
Office
equipment
Theatre
equipment
£
£
£
Cost
At 1 April 2024
373,615
307,313
26,697
Additions
-
1,133
-
Disposals
- (190)
-
At 31 March 2025
373,615
308,256
26,697
Depreciation and impairment
At 1 April 2024
278,971
287,592
26,697
Depreciation charged in the year
24,651
8,987
-
At 31 March 2025
303,622
296,579
26,697
Carrying amount
At 31 March 2025
69,993
11,677
-
At 31 March 2024
94,644
19,721
-		 Total
£
884,062
3,033
(190)
886,905
729,549
44,789
774,339
112,566
154,513
Total
£
707,625
1,133
(190)
708,568
593,260
33,638
626,898
81,670
114,365

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Fixed asset investments
Group Unlisted
investments
£
Cost or valuation
At 1 April 2024 7,051
Disposals (5,753)
At 31 March 2025 1,298
Carrying amount
At 31 March 2025 1,298
At 31 March 2024 7,051
Parent
Unlisted Other Total
investments investments
£ £ £
Cost or valuation
At 1 April 2024 7,051 2 7,053
Disposals (5,753) - (5,753)
At 31 March 2025 1,298 2 1,300
Carrying amount
At 31 March 2025 1,298 2 1,300
At 31 March 2024 7,051 2 7,053
2025 2024
Other investments comprise: Notes £ £
Investments in subsidiaries 25 2 2

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17
Debtors
Group
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Parent
Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
18
Creditors: amounts falling due within one year
Group
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
Parent
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2025
£
96,256
82,167
58,758
237,181
2025
£
61,602
78,726
2,550
58,650
201,528
2025
£
16,649
454,017
66,475
368,652
905,793
2025
£
14,647
233,352
47,085
146,386
442,190		 2024
£
115,675
2,610
27,692
145,977
2024
£
103,376
81,516
13,590
14,909
213,391
2024
£
17,521
329,825
96,585
331,713
775,644
2024
£
17,568
138,868
42,991
178,856
378,283

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20 Leasing agreements (Group only)

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2025
2,517
419
2,536		 2024
2,517
2,936
5,453

Donated services were received from the London Borough of Barnet in the form of buildings utilized by The Arts Depot Trust Limited for the delivery of its activities.

The value of the premises has been accounted for at a nominal charge of £1 (2024 £1) since the trustees cannot reliably estimate the value of the services received due to the specialist nature of the premises.

21 Retirement benefit schemes (Group only)

Retirement benefit schemes (Group only)
2025 2024
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 17,154 18,561

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

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Group
Arts Education & Participation
Artistic Development
Previous year:
Arts Education & Participation
Capital fund
Artistic development
Parent
Arts Education & Participation
Artistic Development
Previous year:
Arts Education & Participation
Capital fund
Artistic development		 At 1 April
2024
£
Incoming
resources
£
Resources
expended
£
174,424 267,012
(298,765)
6,600 33,672
(38,272)
181,024
301,884
(355,337)
At 1 April
2023
Incoming
resources
Resources
expended
£ £
£
115,492 270,208
(215,224)
- 68,714
-
10,253 65,130
(64,835)
125,745
404,052
(280,059)
At 1 April
2024
£
Incoming
resources
£
Resources
expended
£
174,424 268,212
(317,065)
6,600 33,672
(38,272)
181,024
301,884
(355,337)
At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
115,492 270,208
(215,224)
- 68,714
-
10,253 65,130
(64,835)
125,745 404,052
(280,059)		 Transfers
£
At


(7,900)
-
(7,900)
Transfers
At

£

3,948
(68,714)
(3,948)
(68,714)
Transfers
£
At


(7,900)
-
(7,900)
Transfers
At

£

3,948
(68,714)
(3,948)
(68,714)		 31 March
2025
£
117,671
2,000
119,671
31 March
2024
£
174,424
-
6,600
181,024
31 March
2025
£
117,671
2,000
119,671
31 March
2024
£
174,424
-
6,600
181,024

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

23 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Group

At 1 April
2024
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Gains and
losses
£
At


Designated fund
222,744
-
-
(130,000)
-

General funds
122,636 2,289,365
(2,244,901)
137,900
-
345,380 2,289,365
(2,244,901)
7,900
-
The income figure for general funds includes the tax credits of £79,371 as detailed in note 14.
Previous year:
At 1 April
2023
Incoming
resources
Resources
expended
Transfers
Gains and
losses
At

£
£
£
£
£

Designated fund
212,744 113,645
(103,645)
-
-
General funds
272,082 2,035,218
(2,252,401)
68,714
(977)
484,826 2,148,863
(2,356,046)
68,714
(977)
Parent
At 1 April
2024
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Gains and
losses
£
At


Designated fund
222,744
-
-
(130,000)
-
General funds
115,843 1,333,228
(1,284,927)
137,900
-
338,587 1,333,228
(1,284,927)
7,900
-
Previous year:
At 1 April
2023
Incoming
resources
Resources
expended
Transfers
Gains and
losses
At

£ £
£
£
£

Designated fund
212,744 10,000
-
-
-
General funds
265,291 1,188,508
(1,405,693)
68,714
(977)
478,035 1,198,508
(1,405,693)
68,714
(977)		 31 March
2025
£
92,744
305,000
397,744
31 March
2024
£
222,744
122,636
345,380
31 March
2025
£
92,744
298,212
390,956
31 March
2024
£
222,744
115,843
338,587

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

24 Analysis of net assets between funds

24
Analysis of net assets between funds
Group
Unrestricted Restricted
funds funds
2025 2025
£ £
At 31 March 2025:
Tangible assets
112,566
-
Investments
1,298
-
Current assets/(liabilities)
283,880
119,671
397,744
119,671
Unrestricted
Restricted
funds funds
2024 2024
£
£
At 31 March 2024:
Tangible assets
154,513
-
Investments
7,051
-
Current assets/(liabilities)
183,816 181,024
345,380 181,024
Parent
Unrestricted Restricted
funds funds
2025 2025
£
£
At 31 March 2025:
Tangible assets
81,670
-
Investments
1,300
-
Current assets/(liabilities)
307,986
119,671
390,956
119,671
Unrestricted
Restricted
funds funds
2024 2024
£ £
At 31 March 2024:
Tangible assets
114,364
-
Investments
7,053
-
Current assets/(liabilities)
217,170
181,024
338,587
181,024		 Total
2025
£
112,566
1,298
403,551
517,415
Total
2024
£
154,513
7,051
364,840
526,404
Total
2025
£
81,670
1,300
427,657
510,627
Total
2024
£
114,364
7,053
398,194
519,611

THE ARTS DEPOT TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

25 Related party transactions (Group only)

There were no disclosable related party transactions during the year (2024 - none).

26 Subsidiaries

These financial statements are separate charity financial statements for Arts Depot Productions Limited.

Details of the charity's subsidiaries at 31 March 2025 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Arts Depot Productions England Theatre productions Ordinary 100.00
Limited

The results for the year for Arts Depot Productions were:

Turnover £1,221,497 (2024 £1,186,997), cost of sales £633,023 (2024 £680,611), administrative expenses £657,745 (2024 £506,386). Tax credits totaling £79,371 (2024 nil) were claimed leaving a nil net profit for the year (2024 £nil)

27 Cash generated from operations
Deficit for the year after tax
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Loss on disposal of investments
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in stocks
(Increase) in debtors
Increase in creditors
Cash generated from operations		 2025
£
(8,989)
(20,685)
-
3,832
191
44,789
(279)

(91,204)

154,450
82,105		 2024
£
(84,167)
(22,014)
977
-
-
47,509
-
(78,093)
63,873
(71,915)

28 Analysis of changes in net funds

The charity had no material debt during the year.