The Garage Trust Limited IA company limltsd by guarantse} Report and Financial Statements For the perlod ended 31 July 2025 Charity no.. 10g8975 Company no.. 04510240
THE GARAGE TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENrs For the period ended 31 July 2025 Page Legal and adminisirative information Report of the Trustees Report of the independent auditor8 9-11 Statem8nl of financial actiwlies 12 Balance sheet 13 ststement of ca$h flows 14 Notes foming part of the financial $tatemenls 15-25
THE GARAGE TRUST LIMITED LÉGAL AND ADMINISTRATIVE INFORTIoN For the period •nded 31 July 2025 Trustees: See Trustees Report CEO: Adam Taylor Registered offlce: The Garage 14 ChapelfEld North Norwich NR2 1NY Indgpondent audltor8: Sexty & Co Chartered Certified Accountants & Registered Auditors 124 Thorpe Road Norwich NR1 1RS Bankers: Nalwosl Bank plc 1 Surrey Street Norwich NR1 3RW Solicltors: Leathe5 Prv)r Solic'rtors LLP 74 The Cbse Norwich NR14DR
THE GARAGE TRUST LIMITED REPORT OF THE TRUSTEES For the perlod ended 31 July 2025 The TrJ$lges presenttheir Teport and the audited financial statements of the charity forthe w'od ended 31July2025. The Trustees have adopted the provisions of Ihe Statement of Recommended Practice {SORPI 'Accounling and Reporting by Charrties. {FRS 1021 in preparing the annual report and financial statements of the charty. RBferen¢e and admlnlstratlve detsil8 of thè TrusL its Trustees and advise The Garage Trust Limited 1$ o company limited by guarantee Inumber 045102401 aTrJ a registered charity (number 10989751. It is governed by ils Memorandum ofAssocialion and Articles ofAsso¢ialion dated 13 August 2002 and amended by speu'al 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 charrtable objects lo refflect the growing work oflhe organisation. Tha amencl objects are included in the 'our purpose and activities, section latèr in this r&port. 2. All other Iruslees will be appointed by ordinary resolution OT 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 foundirbg organisalions to that of the Tiuslees. 4. The minimum number oftrustees was reduced to 9, the maximum number in¢reased to 13 and the number required lo reach quorum adjusted lo 5. 5. A rotation of Trustees clause was included to PTovide for th8 automatic retirement al subsequent Annual General Meetings of one third lor nearest number to one third if not a multiple of three) of all of the longest serving trustees from office. The clause indude8 provision for the retiring trustegs lo sland for re-election if they $0 wish. The names of the Tnjstees, WIKJ are Directors for the purpose of Company I and Truslees for the purpose of charity law, who served during the year and up to the dale of this Report are set out as follows: Trustees.. Sarah Hamilton Emily Field Dani81 Thower Joanne Warr Sarah Cromplon-Howes Michael Laun¢hbury {Chairl Vivian Chinasa Ezugha Iresgned 7 November 2024} Nadine Zubair Ayla Fulstow Is1gned 5 September 20251 Jeremy Gilks Jacqueline 8ush (resigned 5 September 20241 Tim Brain At the 31 July 2025. 10 tru$tee$ were in office.
THE GARAGE TRUST LIMITED REPORT OF THE TRUSTEES For the perfod ended 31 July 2025 Our purpogeg and activities The purposes of the charty (objeclsl are defined in the Memorandum Articles of Association of Th8 Garage Trust Limited. The Garage Trust Limited is a company limited by guarantee (number 045102401 and a registered ¢harrty Inumber 10989751. It is governed by its Memorandum of Association and Articles of As80cialion 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 {NOlchI and The Workshop {King's Lynn}. Together, The Garage and The Workshop are a hub for performing orts. Greative playground - frc first steps lo professiona18'. r('s a safe place for everyone to learn. experience and create, to be inspired to succeed. Our Vlslon.. To change people's lives through art. Our Mission.. To be Ihe place. for performing arts. The v8nues in NOn1¢h and King's Lynn are creative spaces for the communities of Norfolk and bèyond_ The trust works with local and national partners lo provid8 high qLJality p8rfomiing arts programming, participaln. 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 operalgs year-round, in Theatre, MUS and Dance. This programmg of artity includes.. Outreach and comrnunity projects Weekly regular classes, Inl&rvenlion programmes Participant led performance compani8s, Accredited education courses, Artist Development Program. Incubated and associate PTofessional performance companies, Presenting small scale theatre and dance performances, Producing and Co-producing great new pieces of performance for young audiences. Publlc benefit In shaping objeth'ves for the year and planning aclivrties, the Trustees have Considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee chaiging. The Garage Trust relies on grants and the incc*ne generated from hires and course fees to COV8r ils operating costs. In selling the level of hire charges, fees. concessiorb5 and free bursaries, the Trustees give careful ¢onsideratK)n to the SSIbIlty of programmes and faciif(ies in relation lo the charitable objectives.
THE GARAGE TRUST LIMrrED REPORT OF THE TRUSTEES For the period ended 31 July 2025 wrth a reinvigorated business pLqn wtth a vision and mission, launched al the AGM in 2024, the organisation has further evolved in its practice and methodologies. This has piovided a More resilient model and better future securty for the eharity. During th8 p8riod, The Garage Trust staff team honed, and applied in practice. communty codesign and cocreation working beyond the Paul Hlyn Foundation and National Lottery Community foundation funded projects. Embracing the methodology and framin9 of thè approach to working with communrf(ies and has resutted in gTeal successes., including a high proportion of mutti-year grant applications being approved lo support funded projects in the years ahead, and securing right lo puichase the freehold of th8 new and long term venue in King's Lynn. Throughout tho18s1 y8ar sixteen months. the organisath.on engaged with a number of groups cocrealing cultural activities and events for a wider group of participants and audiences. From international projects through lo gigs curated by young Garage programm8 partiapants, putbng diverse voices on stage5 and in studios. As ever, intervention programmes have begn essential lo th8 success in working with people who face challènging circumstances. During the period, the management team has compiled the methodology developed over years and have applied this in intervention and codesign activty. Such activity has expanded lo include Allerrbalive Provision over the last academic year with planning and execulion of a wider range of courses for young people not succeeding our stale funded schooling system. These programTnes not only have a huge impact on the young people accessing them. but also maximise use of venue spaces availab in the Norwich bLrilding and of resource available from delNery team colleagues. The weekly programmes of dan, rnuS and drama classes complimènted by holiday activities and afterschool clubs changed post pandemic ané the evolution continues. Whilst the ethos and approach rfjmains the same, the impacl of inflation both on the costs lo the Garage Trust and to participants {less household disptrsable income) is noteworthy. Staff teams aT8 reporting a large increase of challerkging behavtours In school aged young people and a higher incidence of mentsl ill health. The Garage Trust delivers in the region of 200 weekly regular classes across two sltes and in community settings. The efforts irb programm@ development remain focussing on quality, curriculum. opportunities and retention. The education programme for The Garage and The Workshop demonstrate that cultural organisations can deliver qualty qLFalificatiDns experiences and exemplary training routes. This presents opportunities for a really diverse group of learners- from a high proportion of trans and non binary students to those young people who, logelherw(ch their parenlsor caiers. sought alternatwe education routes and identffied these programmes as a safe place to learn and achieve. The trust theatres hosted another Sgries of successful co-produ¢tions of 'Cinderella Rocks, for children over Christmas. This coprodudion only played in the Norwich venu8 this y8ar and was not a new production. The decision lo remount was taken to minimise expenditure and maximise audience return lor a show first staged during the pandemic {and was cut short of the full run due to the omicron variant striking the cast down befort the last show). Whilst audience numbers aren't yel as high as pr&pandemi¢. management continues lo work on planning future productions as they fill a niche across the county landscape for 8arty y8ars p8rfomianc&s.
THE GARAGETRUST UMITEO REPORT OF THE TRUSTEES For the period ended 31 July 2025 The Garage Trust Gommi$siongd a series of productions for young people in 2024-25 and peop of all ages with Profound and Multiple Leaming Disabilities. Productions such as 'An¢ient Oak of Baldorf by Frozen Light theatre company, commissioned productiorbs by this8gg and on going support of Snoo Wilson playwnghling prize with UEA. retsived critical acclaim. These natnallY significant production8 and events complement the seasons of perfomiance for young audiences both on stages but also in open air selliThJs In community parks for the last years. The Garage Trust hosted an inlemalional projeet lo programme artists from Italy, South Africa and France to perform in the Garage venue in Nowich and work wrth young people from Norwich anil West Norfolk. These young people went on to v4ork with perfomiance and delivery artists to create a responsive show. This new way of working wÉth intemational artists enhanced Staff development and civic events. Incluslon Programme Data Confidence Althe start of the course, 0% of participants fell extreme confident. By tho ond that had increase lo 63Vo feeling extremety confident and 280h feeling very confident. Social skllls Al the start of the course only 250/0 fell good with their social skilL8 by the end 68% fell extremely good and 36Yo felt very good with their Social skills. Teamwork Only 100A of the class felt that they had extremely good teamwork skills, by the end this had risen lo 540A. Happiness 56% felt in the middle or lower when I comes to their happiness at the stsrt of the course. By the end 55Qkn felt extremely happy and 270A fell very happy. Overcoming challenges 0% of partiopants atthe start fell extremely confident al overcoming challenges- bythe end oflhe coursè 75.kn felt that they could overcome ehallenges. Worf(ing wilh The G8r89e has been a gr8at 8xp8rience. They afB orgarjised, professional, and led am sessKJns to a high standard. From the oulsel, communicalion with Tlje Garag8 Staff was clearand timely. which gre8tly contributed lo the smoolh mnning of Ihe provision for the Ghildren. We collaborat8d closgly to ensure the Childn,$ Isnguage needs were met. making Ih8m fegl supporled and heard. It was engaging and offed the Ghildren a sense orredoM. Seeing thèirhappy, smiling faces was truly warding." Norfr)Ik County Council staff member
THE GARAGE TRUST UMITED REPORT OF THE TRUSTEES For the perfod ended 31 July 2025 Artlstlc Excellenc? TheTruslees 8Te committed lo artL81ic excellence within all aspects o f I h e programme,.believing that those aecessing The Garage should have the very best artistic experience regardless of their background or experiences. Senior management personnel UT)dertake a number of visits to peer OTganisalions to benchmark rts work. Volunteers The Trustees recognise the importance of volL5nteers. Twelve people volunteered during the period. A total of 469 voluntary houTS weTe undertaken. Related parties None of The Garage Trustees receive remuneration or other benefi15 from their work wrth the Trust. Any Gonnection between Trustees or management of the Trust with any area rel8vanl to the Trust rnusl b8 fomially declar8d to the full board of Trustegs as any other contractual relationship wf(h a related paty. The govemors and connected pei8ons have related paty transactions as follows.. A Taylor has an interest in All-ln Productions who hired venue and Offi space from The Garage Trust Limited on nomial terns. Further details of these transath.ons are provided in the financial statements. Financial rfjvlew The fin8ncpl slalemenls have been prepared in aceordance wrth current slalutory requirements and comply with the lemis of the charil8ble Gompany's governing document. There have not been any material Changes lo accounting policies. Results for the year The surplus on unrestrthd funds for the year was £8,727 wrth unrestricted reserves being £117.707 al tha year end. Restricted funds held on 31 July 2025 decreased to £118.385 leaving total funds earned foFward of £236,092. Total irbc¢mewas £1,724,366 of which 3(2024.. 61¥.1 was restricted. Income from grants arbd contracts continued lo be crrtical lo the ability of The Garage Trust Limrted to maintain r(s activilEs. Major SoUrS of funding are disclosed in the notes to the financial slaternerbts. A breakdNn of 8xpendiluie for the year is also disclosed in the notes to the financial statement5. ReseNes pollcy On 31 J uly 2025, free reserves had increased. The Trustees are continuing to work towards rninimum reserve of three months operational commitment. with an optimum of Six months within years. This is reflected in the budget for 2025-26.
THE GARAGE TRUST UMITED REPORT OF THE TRUSTEES For the ended 31 July 2025 Plans for the future The Trustees identified long term strategic Objecte$ lo support the Executive Director to- Enhance and expand the qualty of support to vulnerable participants across our program8 Develop activity to support a musically inclusive England Present and co-produce and lour great, small-scale perfomiances for young audience8 Increase sustainable perforniing arts aclivty across Norfolk, Suffolk and Cambridgeshire Expand our accredited proviSn to include Higher Education course$ Deliver our Caprtal imwovement plan Funds held at custodlan trustee on behalf of oth8rs On 31 July 2025. the charity held £Nil (2024.. £1,058} as custodian trustee on behalf of Music History. RIS and Uncertalntles The trustees acknowledge the Charity C¢Jmmi$signgr's requirement for them to undertake a review of the major risks lo which the Trust is exposed. The Trustees eontinued to review the major risks to which the Trust is exposed, and to establish systems and actions to mitigate thos9 risks identified in the risk iegisler where not already covered by the Trust's existing systems and risk management slralegies. The principal risks that the Trustees have id8ntffied as high risk are as follows.. Loss or reduction of core fvnding - mi(igation Ma eonlinued focus within the business plan and Fundraising Strategy. The charity's dependency on a number of key IndivUal5- mitigation via 5ucces5ion planning, ensuring key information is recorded digitally, carrying crtjt regular team meetings and the performance managemenvappraisal scheme financial pressures facing charities and the pressures that this is putting on grant giving organisations from being overwhelmed by ¥plitstions to grants not keeping In line Mth CoLlinflationary pressures Coronavirus pandemic. The kjnger-temi SOCi¢FeeonomiG impact of the crisis in the UK may have an impact on public funding and mitigation work is underway in terms of advanced business planning and focussed resource development activity to prepare for a potentially more eompetitive future funding environment. Trustees. responsibilities statement The trustees for the purposes of cc*npany are responsibl8 for preparing the Truslee$' Annual Report and the financial ststemenls in accordance with applicable law arkd Uni18d Kingdom Accounting Standards (United Kingdom Generally A¢pted Accounting PrteTr. Company law requires the trustees to prepare fin8nclal statements for each financial year, which give a true and fair vi8w of th& slate of affairs of the charrtoble company and of the Incoming resources and application of resources, including the income and expenditure, of the charitablo company for that period. In preparing these financial statements, the trustees are required to.. select suitable aCuntIng policies and then apply them consistently., observe the methods and principles in the CharrtS SORP 2015 IFRS 1021., make judgements and estimates that are reasonabl8 and prudent.. stsle whether applicabte UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls., prepare the financial slalements on the going concern basis urbless it is inapproprk?le to presume that the charitable company will conts'nue in operali)n.
THE GARAGE TRUST LIMITED REPORT OF THE TRUSTEES For the period ended 31 July 2025 The trustees are responsible for keeping adequate accounting records Ihal disclose with reasonable accuracy al any time the financial position of the chartiable ccmpany and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for 88feguarding the assets of the charitable company and hen for taking reasonable steps for the prevèntion and detection of fraud and other irregularities. ststement as to disclosure ol inforniation to auditor¥ In so far as the trustees a aware,. there is no relevant audit infomation of which the charitable company's auditor is unaware.. and the Iruslees have taken all steps that they ought to have taken to make theMseeS aware of any relevant audit information and to establish that the auditor is aware of that infomation. Audltors A resolution proposing that Sexty & Co be re-appointed as auditors of the Trust will be put to the Annual General Meeting. Appioved by the Board of Trustees on and sKJned on its khalf by.. Michael Launchbury Chair of Trustees
THE GARAGE TRUST LIMITED REPORT OF THE AUDITORS TO THE MEMBERS Opinlon We have audited the financial statements of The Garage Trust Limf(ed (the charitable chantyl for the p&riod ended 31 July 2025 whieh comprise the Statement of FinancKo1 A¢tivities, the Balance Sheet, C8shflow slalement and the related notes to the financial slatamenls, including a summary of significant accDunling polEs. The financial reporting framework that has been applied in their preparaliori is applicable lawand 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 Praclicel. In our opiniort the finanaal statements= give a true and fair view of the slate of the charitable company's affairs as al 31 July 2025 and of its incoming resources and application of resources, including ils income and exFenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice,. and hav& been prepared in accordance with the requirements of the CompanEs Act 20C6. Basis for opinion We conducted our audit in accordance with Inlem81ional Standards on Auditing IUKI IISAS {UK? aNI applicable law. Our responsibilities under those standards are further described in the Audi(orfs responsibiif(ies lor the audit of the financial slatemenls section of our rewrt. We are independent of the charitable company in oGcordan¢e with the ethical requirements that are relevant to our audit of the financial statements in th@ UK, including the FRC'S Ethic81 Standard, and we havo fU111d our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going ¢on¢•rn In auditing the financial statements, we have concluded that the trustees. use of th8 goiro 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 UnrtaIntieS relating to events or Conditions that, individually or co1ctive1y. may cast significant doubt on the charitable company's abilsty lo continue as a going concem foi a period of al least twelve months from when the financial statèments are aulhorised for issue. Our responsibilities and the responsibilities ofthe trustees wrth respect lo going ¢onwn are described in the relevant sections of this report. Othèr infom)ation The trustees are responsible forlhe other information. The other infomtstion tomprisesthe inform8tv)n included in the trustees, annual report, oth8r than the financial $18lemenls and our audrtor's report thereon. OUT opinion on the financial slalemenls does not cover the olh8r information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thefeon.
THE GARAGE TRUST UMITED REPORT OF THE AUDITORS TO THE hlEMBERS OF THE GARAGE TRUST LIMITED IcoMfiNUEDI In connection wilh our audit of th8 financial stal8m8nls, our responsibilty is to read the other information and, in doing so, consider whether the other informatton is materialty incorbsistent with the financial $18lements, or our knowledge obtsined in the audit or otherwise appears to be materially mi8slaled. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstatement in the financial statements or a material misstalemenl of the other Infonation. If, based on the work we have perfomied, we conelLKJe that Ih8r8 is a material misstal8m@nt of this other infom1atn, we are required to Tepcfft that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Compan19s Act 2006 In our opinion, based on the worf( undertaken in the course of the audil.. the infomation given in the Trustees, Annual Report {incorporating the directors. reportl for the financial year for which the linancial statements are prepared is consistent ¥vith the financial slalem6nts', arKI the directors, report has been prepared in OrdanCe wtth applicable legal requirements. Matters on which we are required to report by exception In the light of our knoedge and underslanding of th8 charitabte Gownpany and its environment obtained in the course of the audit, we have )t identffied 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 Teport lo you if, in our opinion". adequate accounting records have not been kept, or returns adequat8 for our audrt have not bèen reiVed from branches not visited by us,. or the financial slalemenls are not in agreement with th8 accounting records and T8lums,' or certain disclosur8s of directors. r8muneralion specified by law are not made., we have not received all the infomiatitin and explanations we require for our audrt Responslbi1Sties of trustees As explained morefully in the trustees, responsibilities statemenl sel out on pages 7 and 8, thetrustees {who are also the directors of the charitable company forthg Pufposes of company lawl are responsib for the preparation of the financial ststements and for being satisfied that they give a true and fair Mew, and for such internal control as the trustees detemiine is necessary lo enable the preparatitin of financial statement5 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 lo going con and using the going ¢on¢ern ba$1$ of auntIng unless the trustees either intend lo INuKlate the Chantable company or to cease operations, have no realistic altern8tNe bul to do so. 10
THE GARAGETRUST UMITED REPORT OF THE AUDITORS TO THE MEMBERS OF THE GARAGE TRUST LIMITED (CONTINUED} Auditorfs responsibilittes for the audit ol the financial statements Our objectives are to obtain reasonable assurants about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assuranc& is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always deteGt a materral mi551alernenl when it exists Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the econom decisions of users taken on th8 basis of these financral stalemenls. IrregulaTrties, including fraud, are instances of non-compliance with laws and regtJlali)ns. We design procedure in line with our Tesponsibililies, outlined above lo detect material misstslements in respect of irregvlanties, including fraud. The extent to which our procedures arè Capable of dele¢ling irregularities, including fraud is detailed below.. Enquiry of management and those charged th governance., Enquire of enlrty staff complianc8 fundions lo identify any instances of non-complianee with laws and regulations., Reviewing financial Statement disclosures and testing to supporting documentation to as8ess mpliance with applicable laws and regulations., Performing audit work ovar Ihg risk of management override of eonlrols. including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transaction5 Outside the normal course of business and reviewtyig accounting eslimales for bias. A further description of our responsibilllles for the audit of the financi81 statements is bcated on the Financial Reporting Council's website www.frc or uklaudilorsres es. The description fomis part of our Report of the Auditors. Use of our report This report is made SOty to the Gharrtable company's members, as a body, in accordance wlth Chaptèr 3 of Part 16 of the Companies Act 2006. Our audr( work has been undertaken so that we might state tothe charitable company's member those matters we are requiredto stale to them in an adOr'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 fomied. l A Barlow FCCA (Senior Staluiory Audilorl For and on behalf of Sexty & Co Chartered Certified Accountants & Statutory Auditor 124 Thorpe Road NOnlch NR1 1RS 11
THE GARAGE TRUST UMITED STATEmETr OF FINANCIAL ACTIVITIES {Including Income and Expenditure Account) For the perlod ended 31 July 2025 Unrestrlcted General Total 2025 Total 2024 Note Restricted Income from: Donatiorbs Chaittable acliviiies Bank inteTÈsI Investrnent inwme Other Total income 44,156 905,973 858 9,484 139010 1.099.481 3.821 621.064 47,977 1,527.037 858 9,484 139010 1.724,366 35,472 1,513.962 1,068 13,418 21,347 1.586.267 624.885 Expenditurg on: Charitable acb"vrties Other Total exponditure 1.077,971 12,783 1,090.754 706,325 1,784,296 12,783 1.797.079 1,533.664 12,061 ,546.725 706,325 Net income I gxpgnditure 8.727 181.440) 172,7131 39,542 Transfers between funds Net movements ot funds 8.727 181.440) 172,7131 39,542 ReconcS1iation of funds- Totsl funds brought forward 108,980 199,825 308,805 269.263 Total funds carrled for4vard 13 117,707 118385 308,805 The Statement ol Financial A¢tDiilies includes all gains and losses recognisgd in the year All inccffling resources and resources expended derive from continuing activities. The notes fomi part of these accounts. 12
THE GARAGE TRUST LIMITED (REGISTERED NUMBER: 045102401 BALANCE SHEET As at 31 July 2025 Note 2025 2024 Fixed Assets Tangible assets Irbvestments 43,542 80,067 91,300 124.304 Currgnt Assets Debtors Cash at bank and in hand 10 375,712 115.019 272 480 387,499 442,184 CredltOf5 Amount5 falling duo wilhii one year 11 1297,392) 1202.998} Net current asgets 144,792 184.501 Not assgts 236 092 308 805 Charity funds Unrestricted Designated R8slricl8d 13 13 13 91,873 25,834 118,385 87,509 21,471 199,e25 Total charity funds 13 236,092 308,805 These financial statements have been prepared in accordance with the spectal provisions of Part 15 of the Companies Act 20C6 relating to small charitable companies and wi(h the FRS 102 SORP. The financial statements were approved by the Board of Trustees on were signed on ils behalf by.. and aqJL- Michael L8unGhbury Chair of TTUStees The notes form part of these accoun15 13
THE GARAGE TRUST LIMITED STATEMENf OF CASH FLOWS As at 31 July 2025 2025 2024 Cash flow from operating activltles Nel income I lexpendilurel for year Depreciation of tangibb fixed assets Ilncrease) I decrease in debtors Increase l {decTeasel in creditors 172,7131 36,525 1260.6931 94,394 39,542 27.392 111,9031 30.713 Net cash flow from operating activities 1202.4871 85,744 Cash flow from Investlng actlvities Payments to acquire tangible fixed assets Payments to acquire investments 180.4941 11,3081 181.8021 13.5211 Net cash Ilow from Investing activitle8 13.5211 Net increase I (decrease) in cash and cash equivalents 1206,0081 3.942 Cash and cash equivalents at 1 Aprll 272,480 268.538 Cash and $h equivalents at 31 July 131 March 86,472 272.480 Cash and cash equivalents consist of: Cash at bank and in haTr 66.472 272,480 Cash and cash oquivalents at 31 July 131 March 66,472 272,480 14
THE GARAGE TRUST LIMITED NOTES TO THE F1NAh1AL STATEMENTS For the perlod ended 31 July 2025 1. ACCOUNTING POUCIES asls of accounting The Garage Trust Liml(ed is a charitable company limited by guarantee registere(J in England. In the event of the charty being wound up. the liabilty in respect d the guarantee is limited to £1 per member of the eharity. The address of the registered office is given in the charity infomiation on page 1 of these financial statements. The charity constitutes a public benefrt entsty as defined by FRS 102. The financial statements have been prepad in accordance wrth Accounting and Reportin9 by Charities." Statement of Recommended Practice applicable to char((ies pparing their 8cGounts in accordance with the Finaneial Reporting Standard applicab in the UK and Republie of Ireland issued in October 2019. the FinanGwl Reporting Standard applicable in the United Kingdom and Republic of Irelan¢J IFRS 102), th8 Charities Act 2011, the Compani8s Act 2006 and UK Generally Acc8pl8d Practice. The ffinancial statements are prepared on a £)ing C£Jrtcern basis under the historical cost convention. The financial statements ate presented in sterling which is the fundional currency of Ihg charty and rounded lo the nearest £. The signrficant accounting policies applied in the preparat of these finaneial statements are set out below. These policies have been consistently applied to all yèars presented unless otherwise Ststed. Funds Unrestrictedfunds are available for use atthe disereltin ofthetrustees in furtherants of the general objective$ of the charity and whi¢h have not been designated for other ptjrposes. Reslrthd funds are funds whKh are to be used in accordance wlh spec[r fftstrictions imposed by donors or which have been raised by the charity for PartUlar purpos85. The aim and use of each restricted fund is set oui in the notes to the financial statements. InGome recognition All incoming resources are included in the Slalemenl of FinanGial A¢livilies ISOFAI when the Gharity legally enli(led lo the income after any performance conditions have been mel, the amount can be measured reliably. and it is probabk that the income will be Teceived. For donations arwj grants lo be recc9rils the charty will have been nolrfied of the amounts and the settlement dale. If there are conditions attached lo the donalion or grant and this requires a vel of performance before enlitlemenl can be obtained, then inGome is deferied until those eondilions are fully met or the fUlIment of thos8 condf(ions is wthin the control of the charty and il B probable that they will be fvifilled. Expgndlture recognltlon All expendf(ure is accounted for on an 0rual$ basis and has been classified under headings thai aggregate all costs related to the category. Expenditure is recogni5ed wheTe there is a legal or constrltctive obligation to make payments lo third parties, rt 1$ probable that the settlement will be required. and the amount of the obligation can be measured reliably. IecoVerable VAT is Charged as an expense against the activrty for which expenditure arose. 15
THE GARAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 31 July 2025 ACCOUNTING POLICIES ICONTINUEDI Expendlture r8cognftlon {continugdl Resources expended are allocated lo particular activilies where the cost relates directly to that aclimty. However, the costs of the overall co-ordination each activity, comprising the Sal 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 seNices provided by volunteers has not been induded. this amounted to 459 hours during the year12024.' 238). Flxed assets and depreclatlon Assets that cost over £5,000 are ¢apftalised and depreciated al the following annual rates to write off their over their estimated useful lives as follows.. Computer Equlpment Fixtures & Frttings Plant and Machinery Freehold property 3 years straight Ilne basis 3 years slraighl line basis 3 and 5 years straight line basis 50 years straight line basis Depreciation is charged in full in the year of acquisition and none in the year of disposal. Inve8tmonts Investments are recognised initially al fair value which is nomally the transartion pri excluding transaction costs. Subsequently, they are measured al lair value through th8 SOFA rf the shares are publicly traded or their fair value can otherwise be measured reliabty. Other investments are measured at ¢ost less impairment. Lgases Rentals payable and receivable under operating leases are charged to the SOFA on a Strahl-lIne basis over the period of the lease. Pènslon costs The charity operates a defined eonlribution pLgn for the bgnefrt of its employees. Contributions are expensed as th8y become payable. Going concern The financial statements have been ppared on a going ¢on¢ern basis. The Iruslees have considered the level of funds held and the expeded level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and exnditre is sufficient with the level of reserves for the charty lo be able to continue a5 a going concem. 16
THE GARAGE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2025 2. INCOME FROM DONATIONS Unrestri¢tgd RtrICted Total 2025 Totsl 2024 Paul 835sham Trust The Chivers Trust Norman FoundatK)n Strangward Trust The David Family All In Productions John Jarrold Trust Other 3,000 7,000 3,000 7.000 4.000 2,000 3,000 2,000 16,000 1,000 7,472 30.000 30,000 4,156 3,821 7.977 Total income from donations 44,156 3,821 47,977 35,472 17
THE GARAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2025 3. INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted Restrlcted Total 2025 Total 2024 Arts Councll of England Architectural Heritage Fund Anguish's Educational Foundation Norwich Cty Council Norfolk County Council Norfolk Communty Foundalion Alan Boswell Group Charitable Trust Children In Need National Theatre Youth Music Paul Hamlyn Geofftey Watling Foundation The Foyle Foundation National Lottery Communlty Fund Norwich Freemen St James, Plaea Henry Smith Charity Norwich Charitable Trusts Gajfield Weston Simon Gibson Trust Active Norfolk Aldemian John Nonman The Arts SocEty Red House Nichol Young Foundation Youth Investment Fund Talisman Charitable Trust NOlCh Consolidated Chari(ies Town Close Rental of facilities Other operational incom including coui8e8 165,389 10,000 21.580 580 5,708 76,2D5 10.000 165,389 10,000 21,580 21,414 144,128 76,205 10.000 42.874 20.000 8.200 22,455 23,015 20,834 138.420 39,964 8,650 50,040 79,200 10,000 25,000 198,071 11,400 11,400 67,241 67,241 12.920 93,329 17,000 10,000 75,000 106,249 17,000 10,000 75,000 10.000 27,000 9,711 10.(K)O 10,000 10,454 3,000 2,000 10.000 10,CK)O 10,454 3,000 2.000 1.000 2.500 42,045 375 11,500 1,000 2,500 42,045 375 415.847 8,000 10.000 20,000 55,087 452,788 11,500 86.866 588,579 86,866 611691 23,112 Total income from charitable activitie$ 905.973 621.064 1,527.037 1.513,962 18
THE GARAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS For thg perit)d gndgd 31 July 2025 TOTAL EXpENDuRE Charitable Activities Governance Costs Total 2025 Total 2024 Employment Freelance Artists pUbl1ty Legal and professional Venue hire and premises costs Materials Equipment Catering Bank charge$ Invostmenl Fees Office and other cc6ts Depreciation lThecoverable amount8 and provision Auditors RemuneIl0n." Audrt fee Accountancy and payroll SeS 910,592 75.799 208,817 64,536 26,158 240,459 41,123 31,894 27,776 2,652 309 40,990 36,525 910,592 77,399 208.617 64.536 26,158 240,459 41,123 31.894 27.776 2.652 309 40,990 36.525 739,571 108,825 148,396 71,682 2.505 296,409 59,477 22.679 16,214 1,819 368 35,029 27.392 1,6QO 76.866 76,866 4,898 4,705 6.478 4,705 6,478 4,686 5,775 Total expendlture 1,784,296 12,783 1.797.079 1.545,725 EMPLOYMENT COSTS AND NUMBERS 2025 2024 Salaries Employer's N81ional Insurance Pension costs 817,379 54,752 29,853 664,329 35,687 25,441 901,984 8,608 725.457 14,114 Recruitment and training cost8 910.692 739.571 No empkjyee received emoluments of more than £60,000 in either year. The average nuwnber of staff employed during the year, ¢akulated on the basis of full-time equivalents was 2012024= 241 19
THE GARAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2025 EMPLOYMENT COSTS AND NUMBERS {continued Key management personnel include all persons that have authority a nd respongibilily for pL8nning, directing, and controlling activiti&s of the charty. The total cornpensation paid to key management personnel for services provided lo the charity over the extended period of account inGluded £76.128 (2024.. £55,016) salary costs and £3,045 {2024: £2,201) pension costs. TRUSTEE REMUNERATION AND RELATED PARTY TRANSAcfioNS The trustee$ neither recelved 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 yeai (2024.. Nil). TAXATION The charity is an exempt charity within the meanin9 of schedule 3 of the Charitses Act 2011 and Is considered lo pass the lesls sot oul in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. FIXED ASSETS Freehold Plant & Computer Property Machlnery Equipment Flxiures & Fittings Totals Cost At 1 A11 2024 Addrtions Disposals At 31 Juty 2025 28.089 181,936 23.719 161.064 394.808 181 36 Deprgclatlon Al 1 April 2024 Charge for year Eliminated on disposal 1,686 749 181,936 23,719 107,400 35,776 314.741 36,525 At 31 July 2025 351266 N9t book value At 1 April 2024 26,403 53,664 80,067 At 31 July 2025 25.654 17,888 43,542 The freehold property which was purchased on 29 Septem 2021 has been induded at a cosi of £28,089 which is also considered to èquate lo fair value by the Iruslees. 20
THE GARAGE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS For th# pgriod gndod 31 Juty 2025 9. FIXED ASSET INVESTMENTS 2025 2024 VALUATION At 1 April Addi(ions Dispo8a18 Revaluations 44,237 3.521 42,929 1,308 At 31 July 131 March Cost or valualDn at 31 JLsty 2025 131 March 2024 is represented by.. ValuatK)n Cost in 2019 13.258 9,737 10. DEBTORS 2025 2024 Trade debtors Other debtors 1S7,310 218.4D2 20,662 84,357 375,712 115.019 21
THE GARAGE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS For the pèriod ended 31 July 2025 11. CREDITORS 2025 2024 Trade credi(OTS Taxation and Social Security Defeffed income Other creditors 52,797 10,271 192,100 42.224 48,975 15,674 90,802 47.547 297.392 202,998 12. DEFERRED INCOME Deferred income wmprises of the following amounts which have been designated as relating lo fvture periods by the grant providers.. Unrestricted Restricted Totsl Balance as at 1 April 2024 90.802 90,802 Amounts released in the year.. National Theatre Deferred Course Fees & Projeci Income 11,0001 11,0001 89.802 190,8021 190.8021 Amounts deferred in the year: Norfolk County Council Venue Hire Deferred Cou15e Fees & Project Income 6,278 7,515 178,307 6,278 7.515 178.307 Balance as al 31 Juty 2025 192,100 192.100 These arrrt)unls are included in Creditors.. Deferred In¢))me. 22
THE GARAGE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 31 July 2026 13. FUNDS RECONCILIATION At1 April 2024 At31 Juty 2025 Income Expendlture Transfgrs Restrlcted funds Bursary Scheme CPD ICI Prggramme (NOrwh) ICI Programme (King'$ Lynnl Capital Appeal Youth Music Chair's Bursary Fund Garage Inclusion Restricted Edu. Funding Workshop Inclusion Paul Namlyn Co-Design King's Lynn Co-Design Norwich Marney s Fund Garfield Weston Norfolk Communty Foundation Arts Council Supported Dan.ee Individual Giving Arts Council England Anguish's Education Foundation NorwiGh Freemen 5.772 3,033 14,8051 14,7681 {31,8701 17,7551 1143,9531 {58.9081 14.000} 5,000 17,000 3,933 232 14,870 3.742 52,045 67,241 375 28,859 98,506 11,793) 10,042 12,012 2,105 6,598 {6,540} 26,386 17,389) {2.105} 22,783 3.000 25.664 9,000 9,790 120,0001 130.0001 163,3411 15,0751 {70,5691 117.5741 161,2231 17.3371 (1.3701 {2,6641 137.0001 36,803 {33,482) 14,187 93,328 3.252 10.824 136,970} 198,82n 115,590) 125.7661 13,975 2,027 11.002 11,476 15,353 5,C60 10,574 20,000 12,289 {s.0001 4,500 6,568 24.375 75.000 76,205 81,575 44,185 1,370 39,664 13,000 {13,000) 17.000 {12,834} 14,166) Total restrietsd funds 199.825 624885 {706.325) 118,385 Unrestricted funqls Free reserves Designated funds 87,509 21,471 1,099,481 (1,090.754} 14.3631 4,363 91,873 25.834 Total unrestrleted funds 108,980 1,099,481 {1,090.754) 117,707 Total funds 308,805 1,724.366 11,797.0791 238.092 23
THE GARAGETRUST UMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2025 Funds description Restrlcted funds Bursary Scheme cpo ICI Programme Purpose Grants to support di8advant&3ed people to access tourses Grants lo support training and development of staff Grant to support introduction to creative industries programme delivered in house Grant for capital developments and improvements Grant lo develop music making activities for young people To fund future bursaries and the fLtlure opèration of The Garage Programme lo support young people from challenging circumstances access music classos Grant to supp(¥t access afrangemenl for leamers on edutstion programmes Programme to support young Feople from challenging circumstances access MUS cla$5es Communrty codosign, intervention programme$. agent f change and evaluation 81 least Ihiee communty Cles19n prO119- part funded by PHF al least three communty codesign projects- part funded by PHF Restricted fundraising for bursaries gwen out in the name of d&c8ased former colleague Marney Meakin Funding for inclusion programme Restricted project activity funded by Norfolk Ccmmunty Foundation Performance Programming by and with children and Young people Dan_ce International participation and professional perfomiances Individual Giwng Funds to support the charity given by individuals Arts Council England Various restricted grants given by Arts Council England Anguish's Educational Foundation Restricted grant given to support charitable work NOlCh Freemen Restricted grant given to support charitable work Capital Appeal Youth Music Chair's Bursary Fund Garage Inclusion Restricted Edu Funding Workshop Inclusion Paul HaMn Co-Deslgn King's Lynn Co-Design Marney's Fund Garfield Weston Norft)Ik Community Foundation Arts Council Supported Designated funds Project Inveslmenl Fund A fund for the accumulation of amounts raised to invested for the medlum and long tem sustainability of the organisati¢ 14. ANALYSIS OF ASSETS BEfwEEN FUNDS Unrestrlcted Rgstrlct8d Total Fixed assets Cutrenl assets Current Liabiliti8S 73,412 292,935 248,640 17,888 149,249 48,752 91,300 442,184 297,392 Tt)tal 117707 118 85 24
THE GARAGE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 July 2025 15. RELATED PARTY TRANSACTIONS Norfolk County Council Norfolk County Council owned the freehold of the premises occupied by The Garage Trust Limited unlil 29tn September 2021. The charity then Puhased the freehold from the Norfolk County Council for £28,719. During the year fvnding was receNed. as follows.. Norfolk County Council CuNural Services £14.556 {2024 £13,686). The county council funded £129,572 for places on participation and alternative provision courses. All In Productions A Taylor has an interest in All-ln Productions who hired venue and office space from The Garage Trust Limited on normal terms. During the p e r i o d All In Productions donated £30,00012024'. £16,000) lo The Gar8ge Tnjst Limited in relation to co commission h05ted al The Garage, of which £Nil12024- £14,000) was included in the financial slalemenls as a debtor at 31 July 2025. During the year The Garag8 frust Limited charged All In Producb"ons £5,040 12024: £2,520) In relation lo venue hire and associated serwces, of whh £3,02412024.. £Nill was included in the financial statements as a debtor at 31 Juty 2025. 16. PENSION COMMITMENTS The company operates a defined contribution pension scheme and contributions are charged in the Ststemenl of Financial AGtivities as they accrue. The charge for the period was £29,853 {year ending 2024 £25,441). 25