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2024-03-31-accounts

The Garage Trust Limited

(A company limited by guarantee)

Report and Financial Statements For the year ended 31 March 2024

Charity no: 1098975

Company no: 04510240

THE GARAGE TRUST LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS For the year ended 31 March 2024

Page
Legal and administrative information 1
Report of the Trustees 2 – 8
Report of the independent auditors 9 – 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes forming part of the financial statements 15 - 24

THE GARAGE TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION For the year ended 31 March 2024

Trustees: See Trustees Report
CEO: Adam Taylor
Registered office: The Garage
14 Chapelfield North
Norwich
NR2 1NY
Independent auditors: Sexty & Co
Chartered Certified Accountants & Registered Auditors
124 Thorpe Road
Norwich
NR1 1RS
Bankers: NatWest Bank plc
1 Surrey Street
Norwich
NR1 3RW
Solicitors: Leathes Prior Solicitors LLP
74 The Close
Norwich
NR1 4DR

1

THE GARAGE TRUST LIMITED

REPORT OF THE TRUSTEES For the year ended 31 March 2024

The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

Reference and administrative details of the Trust, its Trustees and advisers

The Garage Trust Limited is a company limited by guarantee (number 04510240) and a registered charity (number 1098975). It is governed by its Memorandum of Association and Articles of Association dated 13 August 2002 and amended by special resolution on 30 June 2003 and on the 10 August 2015.

The amended Memorandum and Articles of Association provide for the following changes:

  1. Changes to the charitable objects to reflect the growing work of the organisation. The amended objects are included in the ‘our purpose and activities’ section later in this report.

  2. All other trustees will be appointed by ordinary resolution or by a decision of the trustees.

  3. The nomination and appointment of the ‘Chairman of the Trustees’ was changed from joint responsibility of the two founding organisations to that of the Trustees.

  4. The minimum number of trustees was reduced to 9, the maximum number increased to 13 and the number required to reach quorum adjusted to 5.

  5. A rotation of Trustees clause was included to provide for the automatic retirement at subsequent Annual General Meetings of one third (or nearest number to one third if not a multiple of three) of all of the longest serving trustees from office. The clause includes provision for the retiring trustees to stand for re-election if they so wish.

The names of the Trustees, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of this Report are set out as follows:

Trustees: Jacqueline Bush Tim Brain (appointed 02/2024) Emily Field (appointed 02/2024) Nadine Zubair (appointed 02/2024) Daniel Thower (appointed 02/2024) Ayla Fulstow (appointed 02/2024) Joanne Warr Alison Guy (resigned in 08/2023) Sarah Crompton-Howes Jeremy Gilks Michael Launchbury (appointed Chair) Sarah Hamilton Vivian Chinasa Ezugha John Gordon Saker (resigned 11/2023)

At the 31 March 2024, 12 trustees were in office.

2

THE GARAGE TRUST LIMITED REPORT OF THE TRUSTEES For the year ended 31 March 2024

Our purposes and activities

The purposes of the charity (objects) are defined in the Memorandum and Articles of Association of The Garage Trust Limited. The Garage Trust Limited is a company limited by guarantee (number 04510240) and a registered charity (number 1098975). It is governed by its Memorandum of Association and Articles of Association dated 13 August 2002 and amended by special resolution on 30 June 2003 and on the 10 August 2015. The Garage Trust operates two sites The Garage (Norwich) and The Workshop (King’s Lynn).

Together, The Garage and The Workshop are a hub for performing arts, creative playground – from first steps to professionals; it’s a safe place for everyone to learn, experience and create, to be inspired to succeed.

Our Vision : To change people’s lives through art.

Our Mission : To be ‘the place’ for performing arts.

The venues in Norwich and King’s Lynn are creative spaces for the communities of Norfolk and beyond. The trust works with local and national partners to provide high quality performing arts programming, participation, education and training for all ages. Venues are open to everyone, but the trust has a particular focus on young people from all backgrounds.

The Garage Trust operates year-round, in Theatre, Music and Dance. This programme of activity includes:

Public benefit

In shaping objectives for the year and planning activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging.

The Garage Trust relies on grants and the income generated from hires and course fees to cover its operating costs. In setting the level of hire charges, fees, concessions and free bursaries, the Trustees give careful consideration to the accessibility of programmes and facilities in relation to the charitable objectives.

3

THE GARAGE TRUST LIMITED REPORT OF THE TRUSTEES For the year ended 31 March 2024

The 2023/34 results set out in these financial statements demonstrate strong recovery in the participation, co-design and education work within the communities that The Garage Trust operates (in Norwich and King’s Lynn). The numbers of participants in both locations (both paid for provision and in community projects) hit their highest numbers on record in late spring and then again in autumn – marking a significant move towards full cost recovery – against a back drop of a cost of living crisis.

The Garage Trust was able to develop and practice community codesign and cocreation working primarily through a Paul Hamlyn and National Lottery Community foundation funded project working with groups in King’s Lynn and Norwich in proximity to our sites. For the 12 months of this project, the organisation engaged with a diverse series of groups cocreating cultural activities and events for a wider group of participants and audiences. From BBQs and Gigs curated by those experiencing homelessness to running a picnic in the park and festival to celebrate the coronation.

As ever, intervention programmes have been essential to the success in working with people who face challenging circumstances. This year, the management has compiled the methodology developed over years and have applied this in intervention and codesign activity. These intervention programmes based in schools and in cultural settings have a 90% success rate in retaining young people and helping them to achieve and succeed in their settings and progress onto The Garage Trust programmes and holiday activities

The weekly programmes of dance, music and drama classes complimented by holiday activities and afterschool clubs have seen some change post pandemic. Whilst the ethos and approach remains the same; there is now higher engagement in early years and high retention in our classes for older participants. Staff teams are also reporting a large increase of challenging behaviours in school aged young people and higher mental ill health. The Garage Trust delivers in the region of 220 weekly regular classes across two sites and in community settings. The efforts in programme development remain focussing on quality, curriculum, opportunities and retention.

The education programme for The Garage and the workshop is seeing a resurgence of bookers following a lull during the pandemic, across Introduction to creative industries and GCSEs. Not only do these programmes exhibit quality qualifications and training routes but also present opportunities for a really diverse group of learners – from a high proportion of trans and non binary students to those young people who between them and their parents’ seeking alternative education routes have identified our programmes as a safe place to learn and achieve.

As part of these facets of work, the Trust has also been undertaking work readiness programmes for those not presently working, using the cultural sector as the basis for the sessions. From skills based programmes in team work and communication as part of youth training activities through to introduction for the creative industries programme for graduates looking for a route into the cultural sector; both having high success rates for progression.

4

THE GARAGE TRUST LIMITED REPORT OF THE TRUSTEES For the year ended 31 March 2024

Another series of successful co-productions for children in the Trust theatres in Norwich and King’s Lynn were held over Christmas 2023. ‘A Pinocchio Adventure’ was presented as a two hander actor musician performance for U8s with My First : A night before Christmas (which unsurprisingly sold less well after Christmas!) ensured thousands of young people and their families had a great Christmas experience. Whilst these audience numbers aren’t yet as high as pre-pandemic numbers, management continues to work on planning future productions as they fill a niche across the county landscape for early years performances.

The Garage Trust commissioned a series of productions for young people in 2023 and those with PMLD. The productions receiving critical acclaim such as ‘’Bar at the edge of time’ by Frozen Light theatre company, commissioned productions by thisegg and on going support of Snoo Wilson playwrighting prize with UEA. These nationally significant productions and events complement the seasons of performance for young audiences both on stages but also in open air settings in community parks for the last two years.

The Garage Trust was able to bring in an international project to programme artists from Spain, Italy and France to perform outside the historic monuments in King’s Lynn with participations from the programme of The Workshop, King’s Lynn. Whilst this was a lowkey event, playing only to the local community and parents, it was highly successful in working to present professional performances whilst working with children and young people. As part of this consortium and additional partnerships through Norwich twinning we have been able to build on International practice sharing both in person and more regularly on line.

Programme Data Confidence

At the end of term 86% felt an increase in confidence. Social skills At the end of term 86% felt they have increased their social skills. Teamwork 100% of participants had felt an increase in teamwork skills. Communication skills 57% felt an increase in communication skills scoring 4&5’s. Happiness 43% at the end of the programme had increased in happiness. Overcoming challenges At the end of term 86% had an increase and felt that they could overcome challenges

100% of participants wanted to continue with The Garage after their foundation course.

“We have once again enjoyed the amazing collaboration between ourselves. The workshops this year have been fun unique and extremely beneficial to our clients. The radio programme was a wonderful opportunity for our clients to tell their stories and to have their voices heard. Thank you for your hard work and dedication to us and enabling our clients to acquire new skills and experiences.” Angela Middleton, Support Services Manager at Purfleet Trust

5

THE GARAGE TRUST LIMITED

REPORT OF THE TRUSTEES For the year ended 31 March 2024

Artistic Excellence

The Trustees are committed to artistic excellence within all aspects of the program, believing that those accessing The Garage should have the very best artistic experience regardless of their background or experiences. Senior management personnel undertake a number of visits to peer organisations to benchmark its work.

Volunteers

The Trustees recognise the importance of volunteers. Eight people volunteered during the year. A total of 238 voluntary hours were undertaken.

Related parties

None of The Garage Trustees receive remuneration or other benefits from their work with the Trust. Any connection between Trustees or management of the Trust with any area relevant to the Trust must be formally declared to the full board of Trustees as any other contractual relationship with a related party.

The governors and connected persons have related party transactions as follows:

Further details of these transactions are provided in the financial statements.

Financial review

The financial statements have been prepared in accordance with current statutory requirements and comply with the terms of the charitable company’s governing document. There have not been any material changes to accounting policies.

Results for the year

The surplus on unrestricted funds for the year was £3,015 with unrestricted reserves being £108,980 at the year end.

Restricted funds held on 31 March 2024 increased to £199,825 leaving total funds carried forward of £308,805. Total income was £1,585,267 of which 61% (2023: 48%) was restricted. Income from grants and contracts continued to be critical to the ability of The Garage Trust Limited to maintain its activities. Major sources of funding are disclosed in the notes to the financial statements. A breakdown of expenditure for the year is also disclosed in the notes to the financial statements.

Reserves policy

On 31 March 2024, free reserves had increased. The Trustees are continuing to work towards a minimum reserve of three months operational commitment, with an optimum of six months within two years. This is reflected in the budget for 2024-25.

6

THE GARAGE TRUST LIMITED REPORT OF THE TRUSTEES For the year ended 31 March 2024

Plans for the future

The Trustees identified long term strategic objectives to support the Executive Director to:

Funds held at custodian trustee on behalf of others

On 31 March 2024, the charity held £1,058 (2023: £1,058) as custodian trustee on behalf of Music History.

Risks and Uncertainties

The trustees acknowledge the Charity Commissioner’s requirement for them to undertake a review of the major risks to which the Trust is exposed. The Trustees continued to review the major risks to which the Trust is exposed, and to establish systems and actions to mitigate those risks identified in the risk register where not already covered by the Trust’s existing systems and risk management strategies.

The principal risks that the Trustees have identified as high risk are as follows:

Trustees' responsibilities statement

The trustees for the purposes of company law are responsible for preparing the Trustees’ Annual 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 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 these financial statements, the trustees are required to:

7

THE GARAGE TRUST LIMITED

REPORT OF THE TRUSTEES For the year ended 31 March 2024

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

In so far as the trustees are aware:

Auditors

A resolution proposing that Sexty & Co be re-appointed as auditors of the Trust will be put to the Annual General Meeting.

Approved by the Board of Trustees on 5 September 2024 and signed on its behalf by:

Michael Launchbury Chair of Trustees

8

THE GARAGE TRUST LIMITED

REPORT OF THE AUDITORS TO THE MEMBERS

Opinion

We have audited the financial statements of The Garage Trust Limited (the charitable charity) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Cashflow statement and the related 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, 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 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 trustees’ annual report, other than the financial statements and our auditor’s report 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.

9

THE GARAGE TRUST LIMITED

REPORT OF THE AUDITORS TO THE MEMBERS OF THE GARAGE TRUST LIMITED (CONTINUED)

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

Matters on which we are required to report by exception

In the light of our 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 directors’ 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 trustees’ responsibilities statement set out on pages 7 and 8, 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.

10

THE GARAGE TRUST LIMITED

REPORT OF THE AUDITORS TO THE MEMBERS OF THE GARAGE TRUST LIMITED (CONTINUED)

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.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website www.frc,org,uk/auditorsresponsilites. The description forms part of our Report of the Auditors.

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 member 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’s members as a body, for out audit work, for this report, or for the opinions we have formed.

I A Barlow FCCA (Senior Statutory Auditor) For and on behalf of Sexty & Co Chartered Certified Accountants & Statutory Auditor 124 Thorpe Road Norwich NR1 1RS

11

THE GARAGE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) For the year ended 31 March 2024

Note
Income from:
Donations
3
Charitable activities
4
Bank interest
Investment income
Other
Total income
Expenditure on:
Charitable activities
Other
Total expenditure
5
Net income / expenditure
Transfers between funds
Net movements of funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14		 Unrestricted
General
Restricted
Total
2024
Total
2023 (as
restated)
£
£
£
£
29,032
6,440
35,472
49,412
554,730
959,232
1,513,962
1,006,558
1,068
-
1,068
(2,067)
13,418
-
13,418
(494)
21,347
-
21,347
-
619,595
965,672
1,585,267
1,053,409
604,519
929,145
1,533,664
1,132,345
12,061
-
12,061
8,634
616,580
929,145
1,545,725
1,140,979
3,015
36,527
39,542
(87,570)
-
-
-
-
3,015
36,527
39,542
(87,570)
105,965
163,298
269,263
356,833
108,980
199,825
308,805
269,263

The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

The notes form part of these accounts

12

THE GARAGE TRUST LIMITED (REGISTERED NUMBER: 04510240)

BALANCE SHEET As at 31 March 2024

Note 2024 2023 (as
restated)
£ £
Fixed Assets
Tangible assets 9 80,067 26,965
Investments 10 44,237 42,929
124,304 69,894
Current assets
Debtors 11 115,019 103,116
Cash at bank and in hand 272,480 268,538
387,499 371,654
Creditors:
Amounts falling due within one year 12 (202,998) (172,285)
Net current assets 184,501 199,369
Net assets 308,805 269,263
Charity funds
Unrestricted 14 87,509 86,405
Designated 14 21,471 19,560
Restricted 14 199,825 163,298
Total charity funds 14 308,805 269,263

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the FRS 102 SORP.

The financial statements were approved by the Board of Trustees on 5 September 2024 and were signed on its behalf by:

Michael Launchbury Chair of Trustees

The notes form part of these accounts

13

THE GARAGE TRUST LIMITED

STATEMENT OF CASH FLOWS As at 31 March 2024

Cash flow from operating activities
Net income / (expenditure) for year
Depreciation of tangible fixed assets
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Payments to acquire investments
Net cash flow from investing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents at 31 March		 2024
2023 (as
restated)
£
£
39,542
(87,570)
27,392
562
(11,903)
(55,405)
30,713
41,544
85,744
(100,869)
(80,494)
-
(1,308)
(42,929)
(81,802)
(42,929)
3,942
(143,798)
268,538
412,336
272,480
268,538
272,480
268,538
272,480
268,538

14

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of accounting

The Garage Trust Limited is a charitable company limited by guarantee registered in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

For donations and grants to be recognised the charity will have been notified of the amounts and the settlement date. If there are conditions attached to the donation or grant and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

15

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

1. ACCOUNTING POLICIES (CONTINUED)

Expenditure recognition (continued)

Resources expended are allocated to particular activities where the cost relates directly to that activity. However, the costs of the overall co-ordination each activity, comprising the salary and on costs of administrative and finance support and office overheads are charged to that activity on the basis of staff hours used.

Volunteers

The value of services provided by volunteers has not been included; this amounted to 238 hours during the year (2023: 224).

Fixed assets and depreciation

Assets that cost over £5,000 are capitalised and depreciated at the following annual rates to write off their cost over their estimated useful lives as follows:

Computer Equipment 3 years straight line basis Fixtures & Fittings 3 years straight line basis Plant and Machinery 3 and 5 years straight line basis Freehold property 50 years straight line basis

Depreciation is charged in full in the year of acquisition and none in the year of disposal.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Leases

Rentals payable and receivable under operating leases are charged to the SOFA on a straight-line basis over the period of the lease.

Pension costs

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Going concern

The financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2. PRIOR YEAR ADJUSTMENT

The comparative figures have been restated to reflect a change in the treatment of investment balances held by the charity and the income from those investments. The restatement has no effect on the net assets or funds of the charity.

16

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

3. INCOME FROM DONATIONS

NCOME FROM DONATIONS
Paul Bassham Trust
The Chivers Trust
Norman Foundation
Strangward Trust
The David Family
All In Productions
John Jarrold Trust
Other
Total income from donations		 Unrestricted Restricted
Total
2024
Total
2023 (as
restated)
£
£
£
£
4,000
-
4,000
5,000
-
-
-
2,000
2,000
-
2,000
2,000
-
3,000
3,000
-
-
2,000
2,000
-
16,000
-
16,000
10,000
-
1,000
1,000
-
7,032
440
7,472
10,412
29,032
6,440
35,472
49,412

4. INCOME FROM CHARITABLE ACTIVITIES

Arts Council of England
Anguish’s Educational Foundation
Norwich City Council
Norfolk County Council
Norfolk Community Foundation
Architectural Heritage Fund
Children In Need
National Theatre
Youth Music
Paul Hamlyn
Geoffrey Watling Foundation
Ellerdale Trust
The Foyle Foundation
National Lottery Community Fund
CAE Kickstart
St James’ Place
Norfolk Early Childhood Fund
The Henry Smith Charity
Norwich Charitable Trusts
Garfield Weston
Clarion Futures
Youth Investment Fund
Talisman Charitable Trust
Norwich Consolidated Charities
Town Close
Rental of facilities
Other operational income including
courses
Total income from charitable activities		 Unrestricted
Restricted
£
£
2,336
40,538
20,000
-
7,000
1,200
9,667
12,788
-
23,015
-
-
-
39,964
8,650
-
-
50,040
-
79,200
10,000
-
-
-
-
25,000
-
196,071
-
-
-
10,000
-
-
-
27,000
4,000
5,771
-
-
-
-
-
415,847
8,000
-
10,000
-
-
-
55,087
-
419,990
32,798		 Total
2024
Total
2023 (as
restated)
£
£
42,874
90,316
20,000
34,000
8,200
9,100
22,455
11,790
23,015
41,698
-
-
39,964
50,124
8,650
4,500
50,040
44,907
79,200
120,000
10,000
-
-
2,000
25,000
-
196,071
70,250
-
11,359
10,000
-
-
-
27,000
25,000
9,771
-
-
25,000
-
15,000
415,847
4,608
8,000
-
10,000
36,000
-
20,000
55,087
34,232
452,788
356,674
554,730
959,232		 1,513,962
1,006,558

17

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

5. TOTAL EXPENDITURE

TOTAL EXPENDITURE
Employment
Freelance
Artists
Publicity
Legal and professional
Venue hire and premises costs
Materials
Equipment
Catering
Bank charges
Investment Fees
Office and other costs
Depreciation
Irrecoverable amounts and
provision
Auditors Remuneration:
Audit fee
Accountancy and payroll services
Total expenditure		 Charitable
Activities
Governance
Costs
Total
2024
Total
2023 (as
restated)
£
£
£
£
739,571
-
739,571
633,323
107,225
1,600
108,825
51,327
148,396
-
148,396
115,206
71,682
-
71,682
30,780
2,505
-
2,505
7,280
296,409
-
296,409
197,715
59,477
-
59,477
19,476
22,679
-
22,679
26,420
16,214
-
16,214
9,467
1,819
-
1,819
1,801
368
-
368
-
35,029
-
35,029
40,238
27,392
-
27,392
562
4,898
-
4,898
-
-
4,686
4,686
3,250
-
5,775
5,775
4,134
1,533,664
12,061
1,545,725
1,140,979

6. EMPLOYMENT COSTS AND NUMBERS

Salaries
Employer’s National Insurance
Pension costs
Recruitment and training costs		 2024
2023 (as
restated)
£
£
664,329
564,141
35,687
31,626
25,441
20,869
725,457
616,636
14,114
16,687
739,571
633,323

No employee received emoluments of more than £60,000 in either year.

The average number of staff employed during the year, calculated on the basis of full-time equivalents was 24 (2023: 23)

18

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

6. EMPLOYMENT COSTS AND NUMBERS (continued)

Key management personnel include all persons that have authority and responsibility for planning, directing, and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity included £55,016 (2023: £48,379) salary costs and £2,201 (2023: £1,935) pension costs.

7. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS

The trustees neither received nor waived any remuneration or expenses during the current or previous year.

No Trustee or other person related to the Trust had any personal interest in any contract or transaction entered into by the Trust during the year (2023: Nil).

8. TAXATION

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

9. FIXED ASSETS

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for year
Eliminated on disposal
At 31 March 2024
Net book value
At 1 April 2023
At 31 March 2024		 Freehold
Property
Plant &
Machinery
Computer
Equipment
Fixtures &
Fittings
Totals
£
£
£
£
£
28,089
181,936
23,719
80,570
314,314
-
-
-
80,494
80,494
-
-
-
-
-
28,089
181,936
23,719
161,064
394,808
1,124
181,936
23,719
80,570
287,349
562
-
-
26,830
27,392
-
-
-
-
-
1,686
181,936
23,719
107,400
314,741
26,965
-
-
-
26,965
26,403
-
-
53,664
80,067

The freehold property which was purchased on 29[th] September 2021 has been included at a cost of £28,089 which is also considered to equate to fair value by the trustees.

19

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

10. FIXED ASSET INVESTMENTS

Investments
2024
2023 (as
restated)
£
£
42,929
93,477
1,308
-
-
(50,548)
-
-
44,237
42,929
Investments
£
9,737
34,500
44,237
2024
2023 (as
restated)
£
£
30,662
36,428
84,357
66,688
115,019
103,116		 Investments
2024
2023 (as
restated)
£
£
42,929
93,477
1,308
-
-
(50,548)
-
-
44,237
42,929
Investments
£
9,737
34,500
44,237
2024
2023 (as
restated)
£
£
30,662
36,428
84,357
66,688
115,019
103,116
VALUATION
At 1 April
Additions
Disposals
Revaluations
At 31 March
Cost or valuation at 31 March 2024 is represented by:
Valuation in 2024
Costin 2019
11. DEBTORS
Trade debtors
Other debtors
115,019
103,116

20

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

12. CREDITORS

REDITORS
Trade creditors
Taxation and Social Security
Deferred income
Other creditors		 2024
2023 (as
restated)
£
£
48,975
28,396
15,674
90,802
6,779
70,125
47,547
66,985
202,998
172,285

13. DEFERRED INCOME

Deferred income comprises of the following amounts which have been designated as relating to future periods by the grant providers:

Balance as at 1 April 2023
Amounts released in the year:
National Theatre
Deferred Course Fees & Project Income
Amounts deferred in the year:
National Theatre
Deferred Course Fees & Project Income
Balance as at 31 March 2024		 Unrestricted
Restricted
Total
£
£
£
70,125
-
70,125
(1,000)
-
(1,000)
(69,125)
-
(69,125)
(70,125)
-
(70,125)
1,000
-
1,000
89,802
-
69,125
90,802
-
90,802

These amounts are included in Creditors: Deferred Income.

21

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

14. FUNDS RECONCILIATION

Restricted funds
Bursary Scheme
Children In Need
ICI Programme (Norwich)
ICI Programme (King’s Lynn)
Capital Appeal
Youth Music
Chair’s Bursary Fund
Music Foundations
Restricted Edu. Funding
Youth Investment Fund
Paul Hamlyn
Co-Design King’s Lynn
Co-Design Norwich
Marney’s Fund
Garfield Weston
Norfolk Community Foundation
Arts Council Supported
Programming
Dan.ce
Jubilee – The National Lottery
Community Fund
National Lottery Cost of Living
Fund
KLRYF
Total restricted funds
Unrestricted funds
Free reserves
Designated funds
Total unrestricted funds
Total funds		 At 1
April
2023
Income
Expenditure
Transfers
At 31
March
2024
£
£
£
£
£
481
7,641
(21,750)
19,400
5,772
(560)
39,964
(39,404)
-
-
4,684
-
(9,814)
20,000
14,870
-
-
(5,920)
6,000
80
43,228
253,347
(198,069)
-
98,506
(6,962)
50,040
(43,371)
(1,500)
(1,793)
28,642
-
(4,200)
(14,400)
10,042
2,863
18,298
(28,009)
18,860
12,012
-
31,346
(29,241)
-
2,105
-
187,500
(187,500)
-
-
43,032
163,091
(166,288)
(25,860)
13,975
14,232
1,542
(14,647)
900
2,027
18,082
7,500
(23,580)
9,000
11,002
784
-
-
-
784
(5,000)
50,000
(30,000)
(20,000)
(5,000)
16,666
23,015
(23,681)
(11,500)
4,500
-
40,538
(9,550)
(24,420)
6,568
-
-
(45)
24,420
24,375
3,009
21,250
(24,259)
-
-
-
65,930
(65,030)
(900)
-
117
4,670
(4,787)
-
-
163,298
965,672
(929,145)
-
199,825
86,405
598,248
(595,233)
(1,911)
87,509
19,560
-
-
1,911
21,471
105,965
598,248
(595,233)
-
108,980
269,263
1,563,920
(1,524,378)
-
308,805

22

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

Funds description Restricted funds

Bursary Scheme Children in Need ICI Programme

Capital Appeal Youth Music Chair’s Bursary Fund Music Foundations

Dan.ce

Restricted Edu Funding

Paul Hamlyn

Co-Design King’s Lynn Co-Design Norwich Marney’s Fund

Garfield Weston Children In Need – Core Support Norfolk Community Foundation

Arts Council Programming Supported

Purpose

Grants to support disadvantaged people to access courses Grant to support Creative Arts Worker post and activity Grant to support introduction to creative industries programme delivered in house

Grant for capital developments and improvements Grant to develop music making activities for young people To fund future bursaries and the future operation of The Garage Grant to support young people from challenging circumstances access music classes

Grant to develop internation inclusive participation and performance

Grant to support access arrangement for learners on education programmes

Community codesign, intervention programmes, agent for change and evaluation

at least three community codesign projects – part funded by PHF at least three community codesign projects – part funded by PHF Restricted fundraising for bursaries given out in the name of deceased former colleague Marney Meakin Funding for inclusion programme Funding for Charitable inclusion work Restricted project activity funded by Norfolk Community Foundation

Performance Programming by for and with children and Young people

Jubilee – The National Lottery Celebration and Legacy work from the Queen’s Jubilee Community Fund KLRYF King’s Lynn Youth Retraining Framework Youth Investment Fund Improvement in youth services for Norwich site National Lottery Cost of Living Fund Grant to support organisation increased costs due to inflation and individual experiences impact from cost of living increase

Designated funds

Project Investment Fund

A fund for the accumulation of amounts raised to be invested for the medium and long term sustainability of the organisation

15. ANALYSIS OF ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current Liabilities
Total		 Unrestricted
Restricted
Total
£
£
£
70,641
53,663
124,304
229,277
158,222
387,499
(190,938)
(12,060)
(202,998)
108,980
199,825
308,805

23

THE GARAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

16. RELATED PARTY TRANSACTIONS

Norfolk County Council

Norfolk County Council owned the freehold of the premises occupied by The Garage Trust Limited until 29[th] September 2021. The charity then purchased the freehold from the Norfolk County Council for £28,719.

During the year funding was received, as follows: Norfolk County Council Cultural Services £13,686 (2023 £12,160) Norfolk County Council ESF £Nil (2023 £(370))

All In Productions

A Taylor has an interest in All-In Productions who hired venue and office space from The Garage Trust Limited on normal terms. During the year All In Productions donated £16,000 (2023: £10,000) to The Garage Trust Limited in relation to co commission hosted at The Garage, of which £14,000 (2023: £10,000) was included in the financial statements as a debtor at 31 March 2024. During the year The Garage Trust Limited charged All In Productions £2,520 (2023: £4,228) in relation to venue hire and associated services, of which £Nil (2023: £2,040) was included in the financial statements as a debtor at 31 March 2024.

17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme and contributions are charged in the Statement of Financial Activities as they accrue. The charge for the year was £25,441 (2023 £20,869).

24