**Charity registration number 1102077 (England and Wales) Company registration number 03496786** ## **BATH ARTISTS' STUDIOS LIMITED** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025** ## **BATH ARTISTS' STUDIOS LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Felicity Bowers Krishnaa Shyam Sundar R Fell (Appointed 12 June 2025) Dr S Tripathy (Appointed 12 June 2025) F Forsyth (Appointed 12 June 2025) O Fladmark (Appointed 12 June 2025) M Hosier (Appointed 12 June 2025) J Roynon (Appointed 12 June 2025) **Charity number (England and Wales)** 1102077 **Company number** 03496786 **Principal address** The Old Malthouse Comfortable Place Upper Bristol Road Bath BA1 3AJ **Registered office** The Old Malthouse Comfortable Place Upper Bristol Road Bath BA1 3AJ **Independent examiner** Mark Garrett Chartered Accountant 23 Leafield Industrial Estate Leafield Way Corsham Wiltshire SN13 9RS **Bankers** HSBC 41 Southgate Street Bath BA1 1TN ## **BATH ARTISTS' STUDIOS LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement of financial activities|5| |Balance sheet|6| |Notes to the financial statements|7 - 17| ## **BATH ARTISTS' STUDIOS LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ The trustees present their annual report and financial statements for the year ended 31 January 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 constitution, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016) ## **Objectives and activities** The charity’s objects, defined in its constitution, are to advance the education of the public in the understanding and appreciation of the arts. The charity promotes the arts in the community by providing art courses, artists’ studio space and a gallery venue for use by the wider community and by its member artists. ## _Public benefit_ The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Achievements and performance** ## _Significant activities and achievements against objectives_ During the year ended 31 January 2025, the charity’s offering of various in-house courses and workshops continued and expanded. We added three new regular tutors to the studios, each one making repeat block bookings for use of our workshop spaces. We also hosted three community art workshop days which were open to anyone but aimed largely at families. These events involved clay sculpture making and were immensely popular with the many attendees. This helped raise our profile within the local community. We had 12 exhibitions in our Roper Gallery, including several one-day events for local students eager to show their work and gain experience of curating a show plus three separate group shows by local art groups. These shows were well attended and drew many new people to the studios. The charity was still able to support the Bath Spa University residency scheme and we took on a talented resident artist for the year. Our resident benefitted greatly from interaction and collaboration with the BAS community, the free studio space (the university paid us for a full year of studio space) and the opportunity to exhibit in the Roper Gallery following their residency. The charity’s annual showcase event is the annual Open Studios and the 2024 edition was a great success. Public attendance across the three day event was up significantly over the previous year and the weekend gave the public an insight into the day-to-day work and diverse practices of the charity’s community of over fifty artists. The charity continues to offer studio accommodation for hire to local arts practitioners at affordable prices, including painters, printmakers, ceramicists, sculptors, textile artists and digital artists. - 1 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## _Fundraising practices_ Throughout the year the trustees met regularly with representatives from the council to see if a suitable venue could be found for us when our lease ends on our current building in March 2027. Feasibility studies on an alternative site were completed and work on this is ongoing. As a backup, the trustees and studio holders developed several possible fundraising strategies that could be ready to implement should the alternative site fall through and we find ourselves without a venue. ## _Fundraising performance_ During the year, the charity held its regular annual joint fundraising exhibition in partnership with the Royal United Hospital, Bath, with over 30 works donated by past and present studio artists, which was accessed by thousands of members of the public. The charity also runs an ‘apprentice trustee’ scheme, giving a young arts professional experience of what being a board member entails. ## **Financial review** The results for the period are shown on page 4 of the financial statements. ## _Reserves policy_ It is the policy of the charity that unrestricted funds which have not been designated for a specific use (“Unrestricted Reserves”) should be maintained at a level equivalent to between three- and six-month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, the trustees will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. As anticipated in last year’s report, the renewal of certain electricity supply contracts at market rates in the previous financial year was looking likely to put pressure on our this policy. In addition to taking steps to increase income and contain costs, therefore, the trustees revisited our existing restricted and otherwise-designated reserves and were able to re-categorise a portion of these funds as Unrestricted Reserves. As a result of these two measures, our policy of maintaining a minimum of three month’s expenditure as Unrestricted Reserves was not, in the event, breached during the year ended 31 January 2024, and at the financial year end represented comfortably in excess of six months’ anticipated expenditure. Following a subsequent rolling of certain supply contracts at new, lower rates, in December 2023, combined with additional income-increasing measures, it is believed that our reserves during the current financial year ended 31 January 2025 should continue to remain comfortably within our policy range. The existing lease on the charity’s current premises formally comes to an end in March 2025. We have, however, signed a two-year extension of the lease with our landlords, on substantively similar terms to the current lease. In addition, we continue to work with local council and other partners to secure an eventual alternative site, both permanently and, should it become necessary, on an interim basis. . ## _Major risks_ The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Structure, governance and management** The charity is a company limited by guarantee on 21 January 1998. The charity changed its name from Widcombe Studios Limited to Bath Artists' Studios Limited on 11 May 2009. - 2 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ The trustees, who are also the directors for the purpose of company law, and who served during the year were as follows: Felicity Bowers Ian Harris (Resigned 13 March 2025) Krishnaa Shyam Sundar Alison Bailey (Resigned 17 March 2025) Zoe Woolley (Resigned 1 November 2024) Samantha Hickman (Resigned 12 November 2024) R Fell (Appointed 12 June 2025) Dr S Tripathy (Appointed 12 June 2025) F Forsyth (Appointed 12 June 2025) O Fladmark (Appointed 12 June 2025) M Hosier (Appointed 12 June 2025) J Roynon (Appointed 12 June 2025) ## _Recruitment and appointment of trustees_ The trustees are elected by members at the Annual General Meeting or by the board of trustees to fill a casual vacancy. Trustees appointed by the board are required to be re-elected at the next AGM. None of the trustees have any beneficial interest in the company. ## _Organisational structure_ The charity was managed on a day-to-day basis during the year by an Operations Manager supported actively by a Finance Officer, the chair of trustees and another trustee. ## _Relationship with related parties_ There are no related parties transactions during the year. The trustees' report was approved by the Board of Trustees. .............................. Felicity Bowers **Trustee and chairperson of the board** Date: ............................................. - 3 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BATH ARTISTS' STUDIOS LIMITED** I report to the trustees on my examination of the financial statements of Bath Artists' Studios Limited (the charity) for the year ended 31 January 2025. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Mark Garrett Chartered Accountant** 23 Leafield Industrial Estate Leafield Way Corsham Wiltshire SN13 9RS Date: ............................ - 4 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 JANUARY 2025**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
395
1,500
Charitable activities
**4**
138,500
-
Investments
**5**
907
-
Other income
**6**
592
-
**Total income**
140,394
1,500
**Expenditure on:**
Raising funds
**7**
445
-
Charitable activities
**8**
138,507
-
**Total expenditure**
138,952
-
**Net income and movement in**
**funds**
1,442
1,500
**Reconciliation of funds:**
Fund balances at 1 February
2024
54,877
42,093
**Fund balances at 31 January**
**2025**
56,319
43,593|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
1,895
2,333
-
138,500
126,733
-
907
1,168
-
592
2,117
-
141,894
132,351
-
445
1,590
-
138,507
126,645
-
138,952
128,235
-
2,942
4,116
-
96,970
50,761
42,093
99,912
54,877
42,093|**Total**
**2024**
**£**
2,333
126,733
1,168
2,117| |---|---|---| |||132,351| |||1,590
126,645| |||128,235| |||4,116
92,854| |||96,970| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 5 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **BALANCE SHEET** ## _**AS AT 31 JANUARY 2025**_ |**Notes**
**Fixed assets**
Tangible assets
**14**
**Current assets**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Restricted income funds
**18**
Unrestricted funds
**19**|**2025**
**£**
24,844
87,109
111,953
(12,573)|**£**
532
99,380
99,912
43,593
56,319
99,912|**2024**
**£**
12,441
96,951
109,392
(13,108)|**£**
686
96,284| |---|---|---|---|---| |||||96,970| |||||42,093
54,877| |||||96,970| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on ......................... .............................. Felicity Bowers ## **Trustee and chairperson of the board** Company registration number 03496786 (England and Wales) - 6 - **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## **1 Accounting policies** ## **Charity information** Bath Artists' Studios Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old Malthouse, Comfortable Place, Upper Bristol Road, Bath, BA1 3AJ. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **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. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 7 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **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 premises alterations over the period of the lease Fixtures, fittings & equipment 20% reducing balance basis Computer equipment Enter depreciation rate via StatDB - cd198 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. ## **1.7 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). ## **1.8 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. ## **1.9 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. - 8 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## **1 Accounting policies** ## **(Continued)** ## _**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. ## **1.10 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. ## **1.11 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **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. - 9 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## **3 Donations and grants received** |||**Unrestricted**|**Restricted**|**Total**|Unrestricted| |---|---|---|---|---|---| |||**funds**|**funds**||funds| |||**2025**|**2025**|**2025**|2024| |||**£**|**£**|**£**|£| ||Donations and grants|395|-|395|-| ||Grants|-|1,500|1,500|2,333| |||395|1,500|1,895|2,333| ||**Grants receivable for core activities**||||| ||Other|-|1,500|1,500|2,333| |||-|1,500|1,500|2,333| |**4**|**Income from charitable activities**||||| ||||**Unrestricted**||**Unrestricted**| |||||**funds**|**funds**| |||||**2025**|**2024**| |||||**£**|**£**| ||**Artists studio provision**||||| ||Sale of goods|||123,203|112,209| ||**Art education**||||| ||Sale of goods|||12,185|11,130| ||**Art promotion**||||| ||Sale of goods|||3,112|3,394| |||||138,500|126,733| |**5**|**Income from investments**||||| ||||**Unrestricted**||**Unrestricted**| |||||**funds**|**funds**| |||||**2025**|**2024**| |||||**£**|**£**| ||Interest receivable|||907|1,168| - 10 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## **6 Other income** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Other income|592|2,117| ## **7 Expenditure on raising funds** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |**Fundraising and publicity**||| |Staging fundraising events|445|1,590| - 11 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## **8 Expenditure on charitable activities** |**Artists**
**studio**
**provision**
**Art**
**education**
**Art**
**promotion**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**Direct costs**
Staff costs
16,336
4,142
2,531
Depreciation and impairment
255
65
39
Enter ac905 in database
-
-
1,914
16,591
4,207
4,484
**Share of support and governance costs (see note 9)**
Support
74,933
18,997
11,609
Governance
5,457
1,383
846
96,981
24,587
16,939
**Analysis by fund**
Unrestricted funds
96,981
24,587
16,939|**Total**
**Artists**
**studio**
**provision**
**Art**
**education**
**Art**
**promotion**
**2025**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
23,009
17,702
4,488
2,743
359
114
29
18
1,914
2,238
-
-
25,282
20,054
4,517
2,761
105,539
69,541
17,630
10,774
7,686
971
246
151
138,507
90,566
22,393
13,686
138,507
90,566
22,393
13,686|**Total**
**2024**
**£**
24,933
161
2,238| |---|---|---| |||27,332
97,945
1,368| |||126,645| |||126,645| - 12 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## **9 Support costs allocated to activities** |Premises costs
Insurances
Lightng and heatng
Repairs
Postange and stationery
Telecommunications
Temporary staff
Miscellaneous costs
Subscriptions
Governance costs
**Analysed between:**
Artists studio provision
Art education
Art promotion
**10**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets|**2025**
**£**
53,852
3,427
20,084
10,501
114
3,137
8,221
1,605
4,598
7,686
113,225
80,390
20,380
12,455
113,225
**2025**
**£**
720
359|**2024**
**£**
54,048
3,669
25,049
9,142
-
3,708
1,830
499
-
1,368| |---|---|---| |||99,313| |||70,512
17,876
10,925| |||99,313| |||**2024**
**£**
504
161| ## **11 Trustees** None of the trustees (or any persons connected with them) received any remuneration during the year whilst they were trustees. ## **12 Employees** The average monthly number of employees during the year was: |**2025**|**2024**| |---|---| |**Number**|**Number**| |2|2| - 13 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ |**12**
**Employees**
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**(Continued)**
**2025**
**2024**
**£**
**£**
22,038
23,754
-
283
971
896
23,009
24,933|**(Continued)**
**2025**
**2024**
**£**
**£**
22,038
23,754
-
283
971
896
23,009
24,933| |---|---|---| |||24,933| There were no employees whose annual remuneration was more than £60,000. ## **Remuneration of key management personnel** The charitable company does not employ key management personnel for which a disclosure is required. ## **13 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **14 Tangible fixed assets** |**Leasehold**
**premises**
**alterations**
**Fixtures,**
**fittings &**
**equipment**
**Computer**
**equipment**
**£**
**£**
**£**
**Cost**
At 1 February 2024
10,678
1,623
10,380
At 31 January 2025
10,678
1,623
10,380
**Depreciation and impairment**
At 1 February 2024
10,678
1,327
9,785
Depreciation charged in the year
-
91
268
At 31 January 2025
10,678
1,418
10,053
**Carrying amount**
At 31 January 2025
-
205
327
At 31 January 2024
-
686
-|**Total**
**£**
22,681| |---|---| ||22,681| ||21,790
359| ||22,149| ||532| ||686| - 14 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JANUARY 2025**_ |**15**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**16**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**17**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2025**
**£**
15,230
9,614
24,844
**2025**
**£**
257
12
11,416
888
12,573
**2025**
**£**
971|**2024**
**£**
3,176
9,265| |---|---|---| |||12,441| |||**2024**
**£**
283
227
11,875
723| |||13,108| |||**2024**
**£**
896| The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. ## **18 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. ||**At**|**1**|**February**|**Incoming**|
**At**|**31**|**January**| |---|---|---|---|---|---|---|---| ||||**2024**|**resources**|||**2025**| ||||**£**|**£**|||**£**| ||||42,093|1,500|||43,593| |**Previous year:**|**At**|**1**|**February**|**Incoming**|
**At**|**31**|**January**| ||||**2023**|**resources**|||**2024**| ||||**£**|**£**|||**£**| ||||42,093|-|||42,093| - 15 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## **19 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. |**At 1 February**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
General funds
54,877
140,394
(138,952)
**Previous year:**
**At 1 February**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
General funds
50,761
132,351
(128,235)
**Analysis of net assets between funds**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**At 31 January 2025:**
Tangible assets
532
-
Current assets/(liabilities)
55,787
43,593
56,319
43,593
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 January 2024:**
Tangible assets
686
-
Current assets/(liabilities)
54,191
42,093
54,877
42,093|**January**
**2025**
**£**
56,319
**January**
**2024**
**£**
54,877
**Total**
**2025**
**£**
532
99,380
99,912
**Total**
**2024**
**£**
686
96,284
96,970| |---|---| ## **20 Analysis of net assets between funds** - 16 - ## **BATH ARTISTS' STUDIOS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_ ## **21 Operating lease commitments** ## **Lessee** At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |Within one year
Between two and five years|**2025**
**£**
13,359
-
13,359|**2024**
**£**
-
53,438| |---|---|---| |||53,438| ## **22 Contingent liability** It is likely that there will be a liability to the landlord for dilapidations when the charity's lease comes to an end. It is not possible to provide a reasonable estimate of the potential liability other than to say that it could be of some significance. ## **23 Events after the reporting date** The charity entered into an extension of its lease on The Old Malthouse by way of a new reversionary lease from 25th March 2025 with an annual rental of £53,438 ## **24 Related party transactions** There were no disclosable related party transactions during the year (2024 - none). - 17 -