2025-03-31-accounts

Regi8tsrad number: 03467837 Charlty number: 1106051 STROUD VALLEYS ARTSPACE LIMITED (A company Ilmlted by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STROUD VALLEYS ARTSPACE UMITED (A ¢￿Y Ilmltod by guarants•) CONTENTS Reference and admlnlstratlve detall8 of th0 Chulty, Ils Trustees and advlsorn ChalM￿n,• statement Trn8to08' rnport Independent examlnerfs report Statement of flnanclal actlvlti•8 5-18 19-20 21 Balance 8he6t 22-23 Not08 to tho flnanclal 8tatom 24-39

STrOUD VALLEYS ARTSPACE UMITED (A company Ilmlted by guarantw) REFERENCE AND ADMINISTrATIVE DETAILS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Anththv Freedman. Chainnan David Elford, Trustee Deborah Potts, TnJstee Robwt Duncan, Trustse Fem Bywater, Trustee Kaoru Bl8d(stone, Trustee Bamey He￿C￿XI, Tfustee Duncan Walthaw, Trustee Company ro918tèr•d numbor 03467837 Charlty regl8ternd numbar 1105051 R•gl8tered office 4 John Street Str(MJd Glouc8stershire GL5 2HA Company Socretary Jo Leahy Ard8llc Dlrector8 Jo Leahy Neil Walk Accountants Regulatory Audlt Vlcar8go Court 160 Ennin Street Swindon Wiltshlre SN3 4NE Page 1

STROUD VALLEYS NATSPACE UMITeD (A company Ilmltod by guarantse) CHAiifs REVIEW FOR THE YEAR ENDED 31 MARCH 2025 As Chair of Truste8s. l am pleased to this rewxt on SVA'S activities over the last year. My review attempts to give an overview of the wide spethum of that SVA has delbvered in tems of artists development work, public programme and c1 daveknpment proje(AS. This work is all set in the context of an intTh am<xrt of work by 8 very small team to grow funding and eamed income levels thrwgh ￿tal5, tickel and bar Sales Ythilst overt￿ad costs have thamaticalty increased, in order for SVA to cC￿tinue lo deliver ils d￿ritable aims arxl otyectives. SVA tms continued to work with the Arts CothKxJl En￿nd as a Natioanl PLYtfolio Or￿lIS8110n to deliv actNities in line with the key ¢Xrtcome of the'L￿S Create. strategy. Tr transfer of the freehold of Ihe Brunel Goods Shed was successfully cornpleted wth Nthork Rail and Stroud Districl Council in March 2025, the process of SVA purchasing the freehold should be completed by summer 2025 arKI will enabl? SVA to be in a strIx￿r position to apply for fLllKlirg to improve its acwsibility and themial perfomiartce. SVA continued to daliver its core artist de¥ekn￿ programme by working with 1366 a￿'Sts, to provide Iow-COSt space, resource, training and supwL We Fyovided lo<ost studio Spa￿ to 30 artists including 15 young artists under 30 with subsidised stLxlio space. 65 artists (snclLKliNJ 14 young artists under 25) were supported with exhitxiion and artists residery opportunities tn the SVA John St Gallery to give time and space to prosent naw bodtgs of new coljaborth attraclThw 4213 yisilcrs Through our artist4ed approath to public programming, we have built communities of interesl. new audiences and netW￿S which has expanded SVA'S reach and engagement10 1366 partiapants and attracted 29081 audience I visitors. SVA artists develowent worf( extended to provide wofessio￿l development support and Yomotion tr over 276 Ictcal &lists trwh 0￿ Stsjdios, Site FestNal ar￿ inthvidual attvtw sessions. Highlights in the John Street Galw tYo3ranme incbjtsj ￿ exhibition for Site Festival in 2024. supported by Darbyshire. 'Why We Lingerf ￿rated by Jennifw Lauren Gallery whith intemationalty showcased seff4aught, disabled. neur(yJivergent and overlcK)ked artists. Site Festival also wesented a new major audiovisual artwort( in the Goods Shed by Mat Collishaw in pathership wilh Darbyshire and d&b audlotectrfft￿ 'Sky Burial, was an immersive aUd￿-VIsUal installation and rneditstion on lrfe, death arKI humanty set to Gabriel Fauré'5 Requiem, whith r&8onated with tKoth Ftsythological arKI physical concwns in the C￿teMporary world. 76 artists opened their studios tr I￿) weekernjs in the Site Festival in June arxl 200 artists exhibited and perfonned in exhibitions. events and led workshops in Stroud over 2 weeks attra￿1r￿a 11.696 visitors. The Site Festival programme featured eV￿ts in partnwthip ovw 20 local studio providws, venues and businesses induding.. Lansdown Gallery. Three Storeys. Kjang Tone Records. Prema Arts. Hawkwood College. Stroud Pottery, The Hide Art￿t Retreat, Akph C(rtemporary. GkKx*sthhire Printmaking CooperatNe and Victoria Worf(s. We have ¢ontinued to thvelop Jffjjng talent ttrwtyjgh offerirg creative sUpp￿t, facilities pthinglexhily'tion opportunities for ernwgirvJ artists at critical times in their forniatNe year8 inspiring them to think big, achieve more and be a positive impact in the communty. Aloroside ts yDung visual artist stLKlios, residencies ar exhibitions in John Street gallery we also ccmtinued to develop ywng lalent Ilrwh Mould y￿ng Artists Collective and suPp￿d Mutiny, a a￿1viSt group. SVA continued to support devewnent of ￿erging performws and DJS . through recording and perfomiing opportunities at SVA thr￿gh ts Moiam musician's collective. A SI￿lfiCant new project has been the development of Joicey DJ C￿18￿+ve for young W(Xn￿ which has ked to OFPOrtunilies to play out at Jazz Stroud, SVA dubnights, Deya Brewery, Womad fastival Lonth a￿1 Bristol with 18 participati￿ wg women and non- binary DJS attracting over 21)00 ￿UnG audience members. Specialist curated performance and music events f￿Sed on r￿W talent supported 55 emerging artists with a hlghllght events - 'Beattaine Dew (May 2024) and 'Darkest Nlghf (DeG 2024) curated by Mermald Chunky. P8ge 2

STROUD VALLEYS ARTSPACE UMITED (A company Ilmltod by guarantee) CHAIR'S REVIEW (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Jazz strol￿ is our year rOUr￿ programme and 4Ofestival of live music arKI thbnights highligming new Jazz talent in the UK Pwlrwship with local venues, UK agencies arKI d&b Audiolechnik. We wort(ed with 412 Jazz Stroud musicians and drew in a tolal audience crf 6930 people and preswtsd 86 wformances, 4 clubnights in 8 venues. The Festival lirtrup in May 2(r24 featured head11r￿￿ rKludiry keyboard maestro Joe AmioTrJones (of Mercury Prize-winners Ezra Collective) leading his tMI Iwgely talented band; Merajry nominated saxophonist Cassie Kinoshi appeared with tr￿r thrilling electronica jazz trio un.procedure. and StrOLK14)ased composer Daniel Inzani brought his nthy &ple￿ ensernble for one of many porfomiances across the weekend taking place 'in the round, _ bringirwJ the fO￿S of the music to the certre of the room. RerKAy￿ bass guitarist and singer Rulh Gollw (Acoustic Ladylandlmelt Yourself Down) brought her bewilirwJ vttal project Skylla to the festival, and rising Scottish Sax star Matt Camiichael p8rformed his jazz-folk4nfused original music in the b8autiful S8ttirtg of St Lauren￿ Churth j￿ stroud 0$￿ned the festNal on tre Thursday wth a Tomorrows Warriors Takeover on the showcasing three emerging bands BIG MASSIVE, Fr￿line and intemationally renowned drum prodigy Romama Campbell. Afon Sistema and Simbora, led a high energy (x)lourful (xmiva Exocession thr(wh town on the Saturday, p￿￿pIng out addicaive be and rich and hypnotic rhythms. A vitr8nt Jazz Stroud autumn arKI spring v￿arnMe ol IMM￿stYe, in the r￿ffKI. dab audiotechnik soundscape producti￿ and wblic events featuring Ishmael Ensembl8 (Oct 2024), Cosmo Sheldrake {Oct 2024), Speakers Comer Quartet (Oct 2tr24), UnIc￿n Ship Explosion (Nov 2024) arKI Soumik Datta: Bord8rlarKls (March 2025). Over the last 12 months SVA has suppjrted an artisfs deVe￿ne￿ wogramme of experimental perfomiances. installations, recording, producticfft arKI tralning sessions to nurture emerging artists talent and skills and reaching nthv a￿llenGe5 in new ways. We stwted 40 artists with 13 professional partne￿ from arts arKI music industry. We worked with Hidden Notes Fèstival in September 21Y24 to present Tkots, and talks by Ben Murphy. Ears to the Ground and Paul Pur￿s. SubcThtinentsl Synthesis. Anothw key partner is Stroud Film Festival, SVA presented 'Timestalkerf with Alice Lowe (Feb 2025) and 'AII this can happen, with Siobhan Davies Dance Company (March 2025) film s¢rnniry with dis(xtssions with the directors.Long tem) o)Ilaborative partnerships with d&b audiotechnik and Womad w￿bled us to ofv FYodudTh time ￿ space for S(yJndscape production sessions with TLK arKI Dan￿ Inzani {Juty 2024). ThroLKJh our work with Gk￿ceSter atists and communilw we w(xked with Voic8s Glwcester to offer production time and sp8C8 to artists Rider Shaffique and Vanley Burke so they could make and test out 'Beating Bad( The Past. a new installation in the Goods str￿, whith then went to Gloucestw Cathedral (Sept 2024) and an element of rt at SVA John St Gallery (Oct 2024). Tr world's oklest surviving music from the voices of enslaved people on the sugar plantations of Bath()s inspire(l this aslonithing ethibition. The 18th cAttury 'slave song, is a UNESCO world h￿ltage dowman( held in (JOUCW￿ir8 ￿1Ve9. We wort(ed with the Bethlehem CLthral Festival to host Taqi Spaleen, an international gr￿1 artist in June 2024 vtho created two new works at the Bnmel Goods Shed and at ts PicJredrome, Gk￿Cester. Taqi Spateen has created rnany murals on the 44(kniiles-kng West Bank Wall is now ￿Ing exhibitÈrvJ inteffBtionally. We have conlinued to increase ￿r on artist devel￿ent cx)mmLmty outreath work SVA has ￿111 a partnership with the Deepbed at the Pi￿Ured￿e Theatre in GkxKestw. The project is an extension of SVA'8 commitment to support￿￿ emerging and developlng artists based In th8 City of GkxK8ster where ralatlonthips with artlsts had already been estabtshed over the years. As part of our objective to bè a creative hub erHbling (wisation we ￿ working wilh a vibrarrt rural community in a￿sSIble spaces in Stroud and Gloucester to ergage aBatives in camival, perfonnance arl gallery and open studio proj8&s, netrO￿1n9, col18b0rati￿, eXperiM￿lation and workshopping. Page 3

STrOUD VALLEYS ARTSPACE UMITED (A company Ilffllt¢d by guarantee) CHAIR'S REVIEW (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ThrO￿h our p8rln8r8hlp with the Plcturedrome, 160 Barton Street and Voic48 Gloucester, SVA h88 worked wlth diver88 creativ8 comrnunities lo support the delivery of exhibition8: 'Little England: R888arch & Refiections, GIouc88ter & Barbados, (April 2024), 'Our House, (June 2024) and 'Muse3 of GIouc88tef Queer Cabaret Night {Aprfl 2024). SVA has continued to support creative making, networking and disoJssion sessions at the Picturedrome including Sew JamaicA - group of Jarnaican Elders who ran weekly Camival seNing sessions through the year and Annet 8inns presented a talk about h8r Jamaican street dance proj8Ct: The Jonkunoo and Masquerade Project (July 2024). Networking and discussion sessions at SVA connected artists and inspired cA)Ilaborations through regular Open Studio Associate member meet ups and Artist Hub sessions throughout the year. 'Pecha Kucha, by new initiative by artist Nick Grellier, a uniqua artists 'quick fire, Styla presentation event was started in October %)24 and has created a new platfomi for many artists and has been an incredibly engaging way to hear about their diverse practices. 'The Art of Balancing Dreams with Making the Bread and Butterf organised by Eoghan Mcdonaugh in March 2025, attracted and created new connections for film makers 8(7oss Gloucestershire. We feel very proud of our ambition as an organisation but also of the community of incredibly tslented artistic communty that we WO￿ with, many of whom face increasing financial hardships in the pursuit of tlk9ir artistic practise. SVA remains steadfast in our commitment to nurture young, diverse and emerging lalent and faithful to our artistic objectives, in an increasingly challenging environment. We fundamentally believe in ttr￿ important role we have to play in bringing in people together to celebrate crealivity and its positive impact on our health and welH)eing. We value the support of our funders. donors. trustees and look forward to 202&26 and all Ihe inspirations and thallenges that it will surdy bring. ArKlr8w Freedman, Chair of Trustees Date: 17 July 2025 Page 4

STROUD VALLEYS ARTSPACE UMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 The Trustees present their annual report together with tPke finenaal statements of the Charity tr the 1 April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees. report and a directors, report under C4)mpany law. The Trustees confinn that the Annual report and financtal statements of the charitable company comply with the current statulory requirements, the requrements of the tharitable companls goveming document the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effectiv8 1 January 2019). Since the Charty qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies urKler ts Companies Act 2006 (Strategic Repart and Directors, Report) Regulations 2013 has been omitted. The objects of the charity are to advance the education of the public in practice and appreciation of the arts. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefrt when reviewing the charitvs aims and obJ"ectives and in planning future activities. In particular, the trustees consider how planned activities will ￿ntribUte to the aims and objectives they have set. Objectlves and activities a. Mlss5on Ststement Stroud Valleys Artspace's (SVA) mission is to raise the profile of artists and their role in the community by supporting the production and presentation of their work, thereby increasing opportunities for access to and actNe participation in the arts for a diverse range of people. SVA will enable artists to WOTk withoul undue financial pressure within a practical supportive framework through the provision of space, resourchs, training and support SVA aims to act as a catalyst for experimentation and collaboration by promoting a programme of innovative projeds to the general public. As a unique ojltwal focus for the community, SVA will make a signrficant contribution to the economic prosperty of the area. In setting objectives and planning for ac*ivities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefrt, including the guidance 'Public benefrt: running a tharity (PB2)'. b. Accesslble low cost ereatlve spaces SVA purchased and refurbished its John St building (2003-2014), which provides low<ost creative Spa￿ for production and presentation in perpetuity. We are developing the Brunel Goods Shed. in partnership wilh higl profila arts industry partners, into a world class venue and studio environment with an ambitious. dynamic arts programme of cultural excellence. c. Investment In artlsts and the communlty At the heart of SVA'S visicfft is an ambition to craate an inclusive prooramme, that engages and is rélèvant to artists and audiences that face multiple barriers to participation, dèveloping théir catsÉrs in the industry. Our d￿￿MiC creatlve environments provldo affordable flexibb spaces for critical engagernent, Greative chalknges, skllls development whlch nurture tslent wlth a priorlty on supporting artists from low socltreconomlc backgrounds. We will increase opportunities for collaboration and leadership by working in partnership with 8rti8t-led producers, curators and coll8Ctives in our programme of residenci84 axhibitions and events Iwth national and intemational artists.our long temi vision remains steadfast, in our commitment to support artists and communrtl8S, to inspirg and imaginatively radical moments of maglc, joy 8fKI meaningful connection. Page 5

STROUD V￿8 MPACE UMITED (A company Ilmlted by guarant￿) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achlevements arKI perfommnce Main ￿hl•V•MentS of the Charlty SVA worked wlth 1013 artists, 1366 partscwts and attracted 29081 audienco and visitor numbers befvrnen 1st April 2024- 318t March 2025. b. Prnvlslon of affordable hlgh quaffty art 8pac• ￿ 8peclall8t 8UPPOrt SVA supwt&J the development of artists: . 30 studio based artists with low cosi studio space. - 15 young artists under 30 with subsidtsed stLlllio spac open studio bursaries. - 76 local open studio and ass(Jciate member artists - professional development 8UPPOrt and promotion. - 276 Site Festival artists - professional d8velopm?nt SLPPOrt aTrJ prcxnotion. - 76 local op6n studio and a8s(Jciate mwnber artists - wofessional development 8UPPOrt, promotlon, speciallst 1- 2-1 coaching and advi80ry sessions to develop skills. tr￿11d connections and tslp wllh creatlve plennlng from ideas generation ttsough to fundraising, ￿0d￿lon and we￿tatIon of WOT c. Nurture y¢)ung tal¢nt Providing a uniqu8, 8af8 arts environment f8cilitie8, to 194 Y￿r0 artists to collectively produce visual arts, film, p8rf0rn8nce and music public engagement projects. Targeted at young people {14-25yrs) wlth lower level• of cultural engagemert. Attractod a totsl cl 4213 audienc8 mernbers. - Young artist8 rèsidenci88 S￿1 exhknition8- 14 young arti818 had 4 8010 exhibitions, 3 group show and took part in 4 residencies in John St gallery attracting 698 visitors. Mould Young Artists CollectNe - 7 x weekly meet UP8 for 1 &21 ￿$. olds to make, share and present wort( together: 2 x prlnvcollage workshops, 2 x film screeniryJ evenls, 77 young attendees, 54 participating young artists. Mojarn - 17 x weekly wng musicians {1&21 old) rehearsal sessions: 520 att8nde88, 35 parttcipating young musicians. - Mutiny - Young Actmsts networf(ing group - 12 y(￿r￿d p atterKling 6 sessions. - Joice DJ collective W¢)rkshop8 fLY y(xJro women: 24 sessions for soung women: 36 ￿n9 ￿￿fflen - Specialist curated perfomianee Music events - 6 events. 55 emwging artists, 918 yDung attendee8 indud1￿J Be8liaine Dew with Memiaid Chunky and Vomiton - Supporting the developrnent of young ernergirKJ performers DJS - thr￿gh recording and perfomiing opportunrties at SVA, Wornad festNal armd UK venl￿s 8.g. Joicey DJ Collth: 18 psrtiapatiro young female DJS attracting over 2000 young audience rnernbws. - Work experience - 6 students from Thomas Keble - film woject (July 2024). Pagg 6

STROUD VALLEYS ARTSPACE UMITED (A company Ilndtod by guarantso) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 laARCH 2025 Achievem8nt8 and wforn7ance (conlinuedl d. John Strnot gallory programmo 65 UK and int8rnational artists presented now b(xlle8 of WQfK new collaborations and offering tlme and spaca to develq) new work in way3 acting 4754 visitors. 19 exhibitions, 4 residencies and 6 workshops and talk8. Exhibitions: - Leily Mojd8hi: 'Stinging Nettles, {Awil 2024) - Vomiton: 'Amplexus'(May 2LY24) - s.ink (May 2024) - Why We Linger . Jennifer L￿ren Galtery (JLffle 2024) - 1conLrL￿L a photographlc exhibitlon by Fran Cox, s￿lett MWJJY arKI Hwry Peg (July 2￿4) - Ourself behind ourself- Isobel Harper and Sothle WrKJht (July 2024) - Crab Museum - Rex Birchmore (August 2024) - Red and the Sens8tionals, Suzy Crossley (August 2Q4) - Crossing the line. Vera Boel8 Keirner (August 21Y24) - Post Trauma, Ritu So(yJ. (Sept 2024) - Be￿nd Reach, Charlott8 Aitken, SVA artist {Ocl 2024) - Shapeshrfting , J8ine George, JamaicA St Studios, Bristol (Oct 2024) - Beating back the Past, RK1er Shaffique and Vanley Burke, Voices GI0￿$ter (Oct 2024) - Energy Flows Wnere Atténtion Go88, Karo Plovers Ptaszk￿ka, Brth Bristol (Nov 2024) - SVA Textile Studio: Open for Christmas (Nov 21Y24) - A Delicate Balan￿ of Dreams and Revdations, Ant Belrnont (Dec 2024) - All the being and the doing: Making Mothers V￿•ble (Jan 2025) - Jussara Nazaré: Tropical Juic8 (Feb 2025) - Helen Hardaker. Watching not Helping (Fd) 2025) - Sam Mukumba.. Fragile Lives: Glass, CartMM and c￿lC9 (Marth W25) Residencies: - Tori Atherton (April 2024) - Georgia ￿￿[lIaMS (July 2ff24) - Kelly O'Bnen and Rider Shafiqu8 (Jan 2￿25) - Atul Bhunkal (F￿ 2025) Workshops 8nd talks Leily Mojdehi talk {AFYil 2024) - AMPLEXUS LIFE DRAWINGI with Madeleirn Wood (May2ff24)- wo￿51￿ {May2024) - Why Wé Linger (Junè 2024)- workshop wilh vulnerabla adults and talk (June 2024) - 8eating ba( the P8s( Rider Shaffiqu8 and Vanley Burke, Vobces Gl(xtsster (Oct 2024) - Stroud Mothethood Collective Joumalling (Jan 2025) - What we 8e8 w￿n we see Oursefves {Feb 2025) P8g8 7

STROUD VALLEYS ARTSPACE UMITED (A cowy Ilnthed by guararte81 TRUSTEES REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Achi•v4ments and Perform￿ (continued) e. Sfte fethal An amual visual arts festival cl open stLMlios. exhibitions eV￿ts, Jurn 2024. - 11,696 visitors. - 76 x OS artists in 32 kKations (35% subsidised rate). 200 x exhibilirvJ artists, - 16 partners - 4 days of Open Studtos, 22 days of exhbitions & e¥￿ts - 13,0(KJ winted festival programmes & online rfistraxrtion. - Leading to commissions, sales, exhibitiM offws. new cxJlakntiThis and parbwrships. Featured exhibitior￿ and events: - Taqi Spateen .' int8mational graffiti art proi&X from Bethletr￿n Culiural FeslNal - Sky Burial . Mat Collishaw - Why We Linger . Jennifer Lauren Gallery - Talk by Jennifer GI￿ert, a(rator of Why We Lingerf ar¥J Jennifer Lauren Gallery - Workshop led by artist neurodNerse We Lingerf and Jennifer Lau￿ Galkny - THISS 2024 The Hide Installation and SixlptLK8 StrM)wcase - Open Studios 2024 . Taster Exhbi ition - Sprung 2024 - Gloucestershire Printmaking Cooperative - Meet the Chapel street Community Group - Take 5: Three By 3 at Three Storays - Postcards from the Garden: Gossi[wt(￿ Hall - Lower Street Ateller - Reuse, Reinvenl - Borderland: Pauline Scott-Garrett - Rooksmoor Press presants: Message - Regeneration,: a one day Op￿ air installation - Nine Chapters of Stillness . Rich Edwards - Art in Destruction: Erased Histories . AIW C￿￿￿￿ary Pag8 8

STROUD VALLEYS PRTSPACE UMrrED IA company Ilmltsd by guarantwl TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievenmnts and PerfOn￿ (contlnuad) f. Jazz Stroud A year round programme 4 day festival of live music and dubnights highlighting new J&z Talani in the UK Partnership with local venues, UK agencies and dab ALKliotethiik. We worked with 412 Jazz Str(XKI musicians and drew in a total audience d 6930 peopl8 preS￿ted &S pthmiarths, 4 dubnights in 8 venues. Jazz Stroud Festival 23rd - 26th May 2￿24 A challenging and diverse f88tlval of Jazz foMed music event8 at John St, Brunel Goods Shed and St.Laurenee Church in partnerships with d&b8udio technli (. Real Worfd Records, Womad, Total Refreshment C8ntr8, and other music agency partn8r8 f8*uring up arml comuw UK and intemational tal8nt8d artists: - Romama Campbell Blg Masslve - Frontline - un.procedure - Matt Brown 6161 - Donna TtKmpsc - Joe ArM0￿j0n88 - And is Phi - Tianna Daniel Inzanl - Tony Njoku - Bethany Ley . Space Jams - Footshooter - Marla Kether - Mahon . Joicey CollectNe - Mojam - Sam Judd - Marla Kether .Jow Sola . The Good Sturr - Afon Sistema - Tryani Collethe Yetii - Afromerni Ruth Gollerfs Skylla - Inas Loubet - Iw Moleno - Matt Carmithael Trio - The Magic Lantem tlk. Year-round programme featurinq. - 12 x Strwd Jazz Club through the year - The John Matyn Projecl (Sept 2024). - Lates (AT) Hidden Notss.. Tikoda (Sept 2ff24) - Ishmael Ensemble (Oct 2024) - Cosmo Sheldrake (Oct 2024) - Speakers Crn Quartet (Oct 2024) Pap9

8TROUD VALLEYS ARTSPACE UMITED IA company Ilmitod by guarantse) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Achlevements and perfofflian￿ (continued) - Unicom Ship Explosion (Nov 2024) - The Uplifter (Jan 2025) - Unfurl (Feb 2025) Soumik Datta: Borderfands (March 2025) - Poor Man's Friend Sound System & Friends (M8rch 2025) - 4 x Clubnights: Sonar Sessions (Nov 2024), Situation Sounds (Dec 2024), Medina (Feb 2025), Los Domingos (March 2025) - 1 x Talk.. Book Launth - Th Jazz Explosion with Andra Mamiot (Nov 2024) g. Dynamlc te8t Space A development programme of experimental perfomiances, instsllatlons, recording, production training sessions to nurture emerging artists talent and skllls. Reachlng n8w audiences Sn new ways. We worked wlth 40 artists attracting a totsl audience of 742 people. SVA worked wlth 13 prolessional partnars Irom arts and muslc industy Indudlng .' Good on Paper, Hldden Notes, d&b audio technik, Klang Tone Records, Stroud Film Festival and Siot>han Davies Dance Company and Womad. Perfomiance: Fool's Moon: Danc6 Plagu8 (Aprfl 2024) - Penny Gaff Special with Robin Ince and Jonny Fluffypunk (Nov 2024) - Darkest Night with Mennaid Chunky, 4 nights in Maldives and Joicey Dj Collective (Dec 2024) Fllm events wlth dlscusslon8'. - Timestalker with Alice Lowe (Feb 2025) - Still out.. ambient road trip with Will cook￿ (Marth 2025) - All this can happen with Siobhan Davies Dance Company (March 2025) Productlon I tech sessions: - Voices Gloucester- Rider Shaffique and Vanley Burke; (April 2024) - John Best and David Sheppard I Sky Burial . Mat Collishaw (May 2024) - d&B audio rehearsals for Womad -TLK and Daniel Inzani (Jull2024) Talks: - Ben Murphy. Ears to the Ground, Hiddon Notes Festival (Sept 2024) - P8uI Purgas.. Subcontinent81 Synthesis, Hidden Note8 Festival {S8Pt 2024) Page 10

STROUD VALLEYS ARTSPACE UMITED IA company Ilmlted by guarantso TrUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Achlevement8 and perfomiance (contlnued) h. A croatlv• hub Wort(ing with a vibrant rural comrnunlty In 6 8cc8sslble spaces in Stroud arKI Gloucester to engage creatNes in camival, performance art, gallery and open studio projects, networking, collaboration, experimentstion and workshoping. SVA supparted 12 community p4rtn8r8 to (xganise 71 ￿eatIve session8 With 168 8tt8nd8es and partiGipanls. Creative Hub support at Picluredrorne, Gloucester and SVA Exhibitions - Littl8 England: Researth & Releclion8 Gloucester & Bart)ados - 160 on Barton (April 2024) - Our House - 160 ¢)n Barton, Voices Gloucester with Gloucester Academy students (June 2024) - T8qi Spateen . intemational graffrtl art project from Bethlehem Cultural Festlv81 (Jun8 2024) P8rfomiances - Mus88 of Gloucester Queer Nlght (April 2024) Creatlve Making, Networking and Di8CUS8ion Se381on8 - Talk: Little England: Research & Refiections Gloucester & B8rb8dos. Voices Gloucester (Aprtl 2024) - Sew Jamaica: 40 x Camival sewing 8888ions and 1 talk (April 20244Iarch 2025) - 12 x OS networf<ing & discussion sesslons April 2024-M8rch 2025) - 36 x Artist Hub sessions April 2024-March 2025) - 1 talk'.The Jonkunoo and Ma8quet8de Project, Annet Binns (July 2024) - 2 x Pecha Kucha Night , 10 artist8 (Oct 2024 and Jan 2025) - Tho Last Word, Andrew W¢Jod (Nov 2024) Seasoning.. Palestine Solidarlty Fundrals8r (Nov 2024) - Talk and Networklng for film makers: The Art of Balancing Dreams wlth Making the Bread and Butter (March 2025) Pagell

STROUD VALLEYS ARTSPACE UMITED (A company Ilmlted by guaranto•) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial ravi a. Currnnt year rnvl This financial review slts within the context of an intew ￿ of activity delivwed by a very small team, WOTking hard to grow funding and eam8d income thrwh rentals, tKket sales, and bar revenue. Despite this effort, ovethe8d costs have continued to rise sharply. placiro pre&9Jre on our core budgeL However, thi8 worf( has been uucial in enabliro SVA to ¢X)ntinue deliv￿1[vj on its (tharitat￿6 awns and obJ'ectiV88. W8 ended the year with a deficil of £4,798. to sevwal C￿trI￿rting fact¢xs: A reduction in funding for Jazz Stroud left a svJnificant gap in the budgeL Plans to expand hires at The Goods Shed cAwldn'l move forward due to limited capacity. Core running costs . induding utilities. and office expenses - We￿ higher than expeded Desplte these challenges, there were posltlve developmonts: D8m8nd for studio space incrnased, contributing io irnFYoved eamed Income. Donations rose, boosted by the success of the Big Give campaign. Alth￿gh some income tsrgel8 fell short. we reduced spending - particularly on artist fees and marketlng - which helped soften the Impact cl thg deficit Looking ahead, we've redeswJn8d Jazz Stroud to make il more sustainabl8 and adaptable, and ￿ are actively revlewing core costs to identrfy savings arKI Streng￿ OLf financial resilience over the long tenn. The accounts show a net deficit of £44,281 {2024 . £147,311). Th net movement in funds before dapreciation was a d6ficit of £4,798 (2024 . £107,359). Depreoation for pèriod, whid) princpally relates to tha 4 John Street propety, w88 £39.483 (2024 . £39,952). The depreciation on the John Str88t propty is tharg8d 8gain8t the restricted building fund. Core fundhvJ for the perlod was £80,739 (2024 . £78,376). We are gratoful tr th? contlnuino 8UPWt of tho Art8 Councll England £70,216 (2024 . £70,216), arml Stroud Distrlct Councll £5,000 (2024 . £5,000). We are continuirKJ to support our charltable acaiviti8S IhrowJh diverse incoma stréam8. Incoming resources from the charitth acaivitles for the period was £212,116 (2024 . £221,667). Artlstic programme sales for the period were £171.2￿ (2024 . £183,440). Inccffie from the studio arKJ room rental totalled £40,830 (2024 . £38,114). Nef expendlture from LmreStriCt￿ funds for the period was £8,30912024 . £101,7TO). Financial salf-evaluation is carried ￿J1 monthly with SVA'S rfirector and financial officer and this is then discjjssed and evaluated quarterfy at board meetings ar#J with SVA'S accountanL The final accounts are wesented and discussed at the AGM with studio members. core team and Trustees. b. Golng concern Afler making appropyiate enquiries. the Trustees have a reasonable expectation that the Chaiity has adequate resources to cnntinue in operational existerts for ts foreseeable future. For this reason, they o)ntinue to adopt the going concem basis in prepari￿ the finarKaal statem￿t$. Furttw details regarding Ihe adoption of the going conc8m basis can b8 found in the accoLmting ￿liCieS. Pag8 92

STROUD VALLEYS ARTSPACE UMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 c. Reserve8 poIIcy Pwpose The trustees havo established this reserves policy to ensure the charity maintalns sufficient funds to manag8 financial risk and ensure the organisatlon can continue to deliver its tharitable objectives. Reserves Target The trustees have detemiined that SVA should maintain fre8 reserves between £20,IXIO {minimum) and £50,000 (maximum). The minimum reserve of £20,000 would enable an orderly wind-down of operations should thls become necessary, covering all legal and contractual obligations. The Maximum reserve of £50,000 would provid8 additional capacity to maintain corg operations whilst altemative fundlng Is secured and respond to opportunftles. In 88tting thi8 range, the trustee8 have considered thè ch8ritl8 flexible opwating modol, whth reli88 primarily on freelance Staff and enables rapid scaling of activities. The charity Nns its building outrlght, which can gènérate Incomo Indgpgndontly of grant fundlng, provldlng addltlonal Ilnanclal reslllence. Current Position Within the current res8rv8S, the truste83 have de8ignat8d specific amounts for building rna1ntenarr￿ and Staff pension obligations. Followlng strateglc Investment in the Good Shed to develop Ihe charltys facilitigs and incom8*enerating capacty, current reseN68 8r8 below the target level. The trustees have agreed a recovery plan to rebuild reserves to the minimum £20,000 level within two years. During this period, all projects will op8rat8 on a full c08t-r8covery basis to ensuré no further eroslon of r888rv88. Manag8ment and Monltorlng The tru8tè88 rnonitor the re8erve8 Position through quarterly managément accounts ar￿ undortake a cAmprehensive annual review as part of the budget4etting process. The charity continues to diversrfy its income Streams to reduce reliance on any slngle funder, Includlng Arts Councll EnglarKI, whlth currentty provldes £70,000 annual funding. The tru8t8e8 have delegated authority for u88 of reserv88 88 follows.. amounts up to £5,000 may be approved by the Director in consultation with the Treasurer, 8mounts belween £5,IXKI 8nd £20,000 require Finance Committee approval; amounts exceeding £20,000 require full Board approval. Structurng governanc0 and manag•m•nt Constltutlon Stroud Valleys Artspace Limited (SVA), a reglstered charty (registration number 1105051 } and company limited by guarantee (ragistratlon number 3467837). Is govemed by ts memorandum and artides of a&8ociation. The charity was incorporated to advance the educatlon of the public in prnctice and appreciation of the arts. SVA is govemed by a board of trustees, whose membership must be a mlnlmum of fN8 trustees. Thè names of the seven trustees who held Offi￿ during sear are set out on p8g8 1 of this reporL All trustees are directors of the company and serve without remuneration. All tru￿8e$ are elected by the members. The trustee3 may (x)-OPt indNiduals to the board Coryoptees are appointed based on skill and expertise, and they ar8 entitled lo hold office until the folllxving Annual General Meeting. The board seeks to ensur8 that it Maintains a range of relevant skrlls arKI expertise. Page 13

STROUD VALLEYS ARTSPACE UMITED IA company Ilmlted by guarantsa) TrUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 PIARCH 2025 StnKturei govemance and manawxnt (continued) The board has an elected chairperson is aTr)tty mad8 up of seven members, three of whom are female and four are male, iwo m￿nber$ are pwle ￿ cokxr. Ag8 r8nges frcrn 35- 65. Thè two artislic d[re￿OrS and the finar￿181 officer att￿d the toard meatings. The board is presented with FYogr&nming arKI finwxxal rwts (Bwterly aryj updated bLsiness plans amually. SVA has a rolling cornmittee of trustees so members join regularty to give fresh perspectives. In accordance wilh Art￿le 29 of the Artides of Assooakn. one third of the board of trustees are required to retire at eath AGM but are eligible for reelectiorL All rw trustees are provided with an induction pack, which includes the M￿oranduM and artides of association. busirffjss plan ￿ olher key information about SVA including details on its activities and staff struthres WKI resp01￿1b1lrtle$. All new trustees are invited to meet with key persomel. Tha truste8s meet on average f(X￿ limes w anrnm to review strategy, ts tulget and the Business plan. The board mernbers bathground and professiorRI skills are in the areas of higher education. rnuseum education, artistic practice, arthitecknre, film production and txtstness marragemenL Recxuitment of new truslees is regularly discussed arKI required skills identffied. No member of the board of trustees had ary l￿nefiCial interest in any contract with SVA during the year. The board of tnjstees hold an annual staff review and arrangements for settir¥J th8 pay and remuneration of the charitys key management perscrtnel are revithved annualty. Pagg 14

STROUD VALLEYS ARTSPACE UMITED (A company lIn￿ted by guarants•) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 paARCH 2026 Struthrel governan￿ and managem•rt (continued) b. Organl8allonal 8tructur• and do￿￿on￿nakIng pollcl The trustees approve the ovwall strateqy of SVA trArt all owatlonal managemont 18 delegaled to the hyo Artisllc Directors. The teArn of SVA also compri8e8 the two Artistic Dir8Ct¢YS, two project admini8trator8 and one financè administrat￿. SVA endeavours to ensure thal it employs intgmal ojttrol systems to minlmlse ary risks, inclLttling fraud, which could impact on its activities. It has risk management wocgdures through whlch rlsks are regularly identified and evaluated. Financlal 88lf-evaluation is cwried qwtwty ￿ SVA'S director arml finan￿￿ officer and this 18 Ihen discussed and evaluated quarterly board meetlngs and with SVA'S a¢xourrt8nL The ffftal accounts are presented and discussed at the AGM wilh stLKlio memb8rs, core leam and truste8S. SVA is aware of risks parti￿larlY in tems of human, fina￿481 and erniironrnental resources. SVA has managed risk8 through a risk register for larger scale buildiro based issues witt) professional support from and risk as￿smentS the operati¢Mal a￿1vty e.g. Health ¥KI Safety and COSH forms for each studlo member. SVA ensures that all parties take responsibillty marwir¥J Iheir areas of work and look al ways to minimi8e rlsk without impact on qualty of d81NWy. SVA manages a steady and organic sustained grchvth that is resportsive to &ti8ts needs whilst balancing this th8 finarKial irnplications of deliveriry a public programme. ContiNally growing cMtively vibrant Partr￿rshIPS is intwJral to ￿SurIng SVA'3 resilignco to b8 abl& to conlinue to d81iver the programme of work sustainably. SVA would Ilke to improve the ry)mmunlcatlon amongst the core team and stLKlio holders around rfsk management. SVA will need to look at Fossible addrtional professional support or request board rnernbor 8UPPOrt. The key challenges are to ensure the board m￿bershiP is continually responsNe and reFY88entative of SVA'S vision and evolviro programmè whilst ensuring that there is a good level of expertence and skills to enable effective dKision making. SVA aims to increase the number of young people and artists on the board. SVA VI￿Uld like to find time to ￿rry out morg effethe Inductson, development and training of board members to anable the Trustees meeting8 and work to be more wodudive. Capital development plan8 Brunel Good8 Shed SVA has been developing plans ft>r tho Bnnel Goc#Js s￿ wlth UWE arthftectur8 Ilve wojects, Stroud Lev8lllng Up task force, NelwcKk Rail, GWR arKI Arts C(wrKil England. Str(JJd V8I1eys Artspace (SVA) ha8, over Ihe ya8rs, démonstrated its abilty to maet the furKling prioritie8 of the Arts Council's arKI local authorities ￿lIural and ecOr￿niC strategies. It has done thls thr¢)ugh an Impressiv8 track recud of artlstic and educational work with key partws and from Its two premlses In Stroud.. John Street and the Brunel Goods Shed (Grade 2" Listed and uniquè). The Goods Shed, whK* is under threat, makes a signrficant contribution towards meeting Arls Council's Outcomes and Investrnent Principles as an exiraordinary space for developing new authences 8rKI supwting artists to make new work The project has been fully incorporated in str￿d Station Master plan woducad by the Integrated Transport partnership for Str(yJd Town Council with 11XPA ￿sItive supwt from tha NDP ojmmittee. The proj8Ct's ftrture vision is embedded strategically in the districts LUF Pl￿ to comect canal, raiKvay and tc•Nn centre. which they consider to be Critical to the future prospwity of stro￿j. Our Partne￿hIp with D&B ￿dIotechni￿ Real World Recorts arvj Womad has grown significantly wilh installation Page 15

STrOUD VALLEYS ARTSPACE UMITED (A company Ilmitod by guarantse) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Capital development plans (coniinued) of a state of the art 3W surround sourKI sfftm. Sinc8 Covid 19 there has been irKxeased demand for re￿rdIng sessions from wortd class musicians. We expect this area of ￿r work to rapidly develop over the next &10ws. SVA is wothing with NetwoFk Rail wKI Stroud District C￿JnO1 to purchase the premises, mak8 them accessible for the first time and improve the buildirvJ's thermal efficiency. This will ensure that that SVA can dgliver ts vision w811 into the fijture and inclusNdy. SVA are seeking to: . Acquire the freehold of ts t￿Ikling with ass<thW l￿d (base expires in 2026) and retaln slte-specific workl leading audio equipmert . Create a new welcomiro entran￿ with ram￿ arKI doors to provide eq￿lIty of access (access to the building is nol step free at present) . thstruct fully accessible toilet provisi(Yi . Enclose th8 5 major shuttered ow)ings to the buibjing to improve It￿mal insulation. . Relocate and improve accessibilty to the bar . Install an additi4Th1 fire exit Our lorwJ-temi vision is designed to devebp the Goods Str￿d arttl ts adjoining knd as a nationalty recognised centre for the arts with an indusive programme engaging with dNerse audiences and artists that fa￿ multiple barriers to participation. In addition to the GO￿ts Shed enhancements a Mast￿pIan will transfo￿ a browrfield car park area to creat8 imaginative shipping container studios togelFÉr with a c4Jmmunity garden. This is a key element in the cour￿11 led regerwakn plaK8 of the rn ar0￿￿1 Strcth station and will be lost rf we fail to acquire the Goods Shed. SVA an arts ￿ educational tharity. is reliant m wblic thJiryJ &KI palnerships to enable this project lo happen and to ensure str￿1 Tthvn centre corrtinues to ueativety and economicalty thrtve. Fulure artistic plans 2025 - 2026 As a result of (yjr r8view prccess after Ihe parthic, the cost-of4ivirvJ crisis ar￿ steep rise in overheads we are reviewing some aspects of our programme which are refwtt on additiorol funding. We are committed to continue to fctus on artist development and community outreath ￿ will reduce some of the year-round events that are not so dearly aligned to our viS￿n and valLM. We will tsvelop partnarship artistic projects that brirKJ in production and technical resources to Wtable to continue to deliver ￿Jr artistic ambitims. The programme wll be carefully balanced to manage Iwman and fin8rtBI resouw to ￿SUre we can continue to increase our eamt incorne thrcvJh rentals, tid(et arrfl bar incoma whilst ensuring we can work in radical and imaginat5ve ways wth new people. This will mean bringing n specialist f￿draISing support to bring in additional funding to enabb us to ambitiously support develoKxnent areas such as the Brunel Goods Shed, young creatives, Jazz Str￿Jd arKI the comrn￿ty ￿rtreath work in GI￿ter. To ensure SVA'S viabilty, Icwenn sustainabilty and relevance to ow ￿MmUnitIeS we r￿ad greater emphasis on nurturirYJ ihe next generati<K) of cr&i1ives we114)eiro and rne￿al health. Wè will gTh dNerse, equitabl& and inclusiva pathways to connect with communities af interesL We will WO￿ in collaboration with organisations and fvnders that share these values, and we want to use this opp(xbJnty to t￿lId on complementary skillsets, experiences and areas of eX￿lIen￿. To ensure the programme maintains its fO￿S on artists aKI communty we will work collectively and in partnership to grow a rith cullural ecW wth artist led collectives, voluntary run comrnunity organisations. arts industy and educational parthers e.g. Tomorrows WarriLYS, Darbyshire. Good on Paper, Hawkwood College, Gloucester Culture Trust d&b AudiotethniK Real Wwkl Records, Womad, Three Storeys, Victoria Works, Page 16

STROUD VALLEYS ARTSPACE UMITED (A company Ilmltod by guarantse TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Future athtlc ￿an8 2025 . 2026 (coniinuedl Prema Arts Centre, Pictiredrome, Voices GIr￿￿est￿. Bricks Bristol, Jamaica Street Studios, Stroud Coll UWE arKI Gloucastershire Unrversity. SVA is ojrrently developing new strarKts of &#ivity aroLnd artists development. and community engagement for our pubjic programme d exhibilxY)s, residencies. tkn, film screenings, perfornw￿ arKI digital content projects. For 2025126 SVA will provid8 affordable highquality spaces for WCYK production and presentation alongside speaalist programme of support for 30 studio artists and a wider network of over 2180 artists ar￿ creatives. SVA will deliver an artistic and commun.ty outreach programme of exciting and iMovatNe work from both its premises, in partw venues and online to 33,603 partscipants arKI a￿￿lenCeS and a further 131,142 digital audience interactions. Page 17

STROUD VALLEYS ARTSPACE UMITED (A company Ilmllod by guarantso) TrUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Tru8tees' rn8pon8lblllll•8 The Trustees (who are al80 the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, report and the financial statemgnts in accordance with applicable law and United Kingdorn Accounting Standards (United ￿"ngdoM Genèralty Accepted Accounting Practlce). Company law requires the Trustees to prepare financial statements for each financial . Under company18w, the Trustees must not approve the financial statements unless they are satisfied that they gNe a true and falr vlew of the state of affairs of the Charty and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing thes8 financial statements, the Trustees are required to: Select 3utsbl8 accounting pollcles and then apply them consistently, observe the methods and principles of the Charities SORP (FRS 102),. makè judgments and accA)unling estimat05 that are reasonable and prudent; state whelher applicable UK Accounting Stsndards (FRS 102) have been followed, subject to 8ny material departures disdosed and explained in the financial statements; prepare the financlal statements on the going concem basis unless it is Inappropriate to pr98ume that the Charity will continue in business. Th8 Trustees ar8 responsible for keeping adequate acwjnting records that are 8ufficient to show and explaln the Charitys transactions 8fKI disclose wllh reasonable accuracy at any time the financial position of the Charity and enable them to onsur8 that the financial statements comply wlth the Companies Act 20C6. They ara also rèsponsible for safegu8rding the 888et8 of the Charity and hence for taking reasonable steps for the prevention 8nd detectlon of fraud and other irregulariti88. Approved by order of the members of the board of Truste88 and signed on thelr behalf by: idrew Freedman Chair of Trustees Date,'17 July 2025 Pago 18

STROUD VALLEYS ARTSPACE UMITED (A company IlThthd by guarantw) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Exaffllnefs Report to thé TnMto08 of Stroud Valleys Atspace Umlted Charlty) I report to the charity Trustees on my examinatkffl ol ts accounts d the Ch￿lty for the year endad 31 March 2025. Re8pon81blllUes and Ba818 of Roport As the Trustees of the c￿￿17ty (and it8 directors for ts pjrposes of cornpany law) you are responsible for tha preparation of ts accounts in accrydance with the requirements of th8 Companies Act 2006 (Ihe 20C6 ACV). Havlng satisfi8d myseK that the acc(xJnts of ts Chwity are rnt r•wired to be audit8d under Part 16 of the 2C Act and are eligtble for indewdenl examinalion, I report in raspect of my a￿9M1nation of the Charitys accounts Carried out under seclion 145 of tho Charities Act 2011 Cthe 2011 Arf). In carrying out my 8X8rnination I have folltrwed th8 Dir8ctK)ns gNen by the Charty C￿mISsion under Secti￿ 1445)(b) of thè 2011 ACL Inde￿ndOnt Examlnerfs Statom Since the Charitys gross income exceeded £2S),C(MJ your examiner must be a rn￿nber of a boty listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the 8xamination b8cau8e l am a memb of Association of Chartered Certified Accountants, which 18 one of the listed tx)dies. I have cornpl8ted my 8xamlnation. l oMfirm that no matter8 have come to my attentlon in conn8Ctkm wlth the examlnatlon glving m8 cause to believe: 8ccounting records were not k8PI in of the Clwity as r8quinJ by section 386 of th8 20CE kt; or the accounts do not accord with those records; (Y Ihe accounts do not comply with the accounting requirements of seclion 396 of the 2CMA Act othw than any requirernent that the acrounts gwe a Yrue fairf view is not a matter 0￿81dered a¥ part of an independent examination; or the accounts have not been wepared in accordm with meth¢xl8 and principles of Ihe Statement of Recommended Practice for accounting reFQrting by chariiies [applica￿e to chartti83 prep8ring their accounts in accordance with the Finanod Reporting Standard applicable in th8 UK and Republic of Ireland {FRS 102)]. Page 19

STROUD VALLEYS ARTSPACE UMITED (A company by guarantse) INDEPENDENT EXAAIINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 I have no concAms arKI h￿6 come auoss ottw matters in u#Y￿￿10n wrfh th8 examination io which attention should be drawn in this rewt in order to enable a prow uThlerstandiry of the accounts to be reached. This report is made solely to the Charitrfs Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My wort( has been undertaken so that I might stste lo the Charitys Trustees those matters l am required to stat8 to them in an IThIepend￿t examinefs report and for no oth purpose. To the fullest extent permitted by law, I do not accept or assume responsibilty to anS￿le olher than the Charity arKI the Charitys Trustees as a body. ts my wcrk or for this reporL Slgne ROb￿t Stokes FCCA ACA For and cm behalf of RegulatoryAudit Vicarage Court, 160 Ermin Street, SwirKk)n SN3 4NE Pag8 20

STROUD VALLEYS ARTSPACE UMITED IA company Ilmlted by guarants•) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2026 Restricted Unr65tricted funds funds 2025 2025 Total funds 2025 Total fvnds 2024 Note Jncoffle from: Donations, legacies 8nd grdnls Charitable activities Investments 80,739 214116 1.078 80,739 212.116 1,078 78.376 221.667 467 T¢￿1 i(Kome 293,933 293.933 300,510 Expendlture on: Raising funds Charitable adiviiies 14223 281018 14223 323.990 15,014 432,917 36.972 Total expendlture 35.972 302.241 338.213 447,931 Net movement in funds 134972) (8.308) (44,280) (147,421) Reconciliation of funds: Total funds broLNJht forward Net movement in funds 1,242.132 (36.972) 105.566 (8.308) 1,347,698 144.280) 1,495,119 (147,421) Totsl funds carrled forward 1.206,160 97,258 1,303.418 1,347,698 The Statement of Financial Activities indudes all gains and losses recx)gnised in the year. The notes on pages 24 to 39 forni part of these financial statements. Page 21

STROUD VALLEYS ARTSPACE UMITED (A company Ilmited by guarantae) REGISIERED NUMBER: 03467837 BALANCE SHEET AS AT 31 MARCH 2026 2024 Note Flxed a880ts Tanglbl8 a888t8 12 1,196.480 1,233,919 1,196,480 1,233,919 Current a88gt8 Stod(s Debtor8 Cash at bank and In hand 13 14 6,921 8.373 118,950 5,802 5,179 128,382 131244 139,363 Curr•nt Ilabllltles Cre(Sitors: 8mount8 lalling due within one year 15 (25,306) (25,584) Net current asset8 108.938 113,779 Total a88ets le88 current Ilabllftlos 1,303,418 1,347,698 Net a88ets excludlng pen8lon a8•et 1.303.418 1,347,698 Total net a880ts 1.303,418 1,347,698 Charlty funds Restricted funds Unrestricted funds 16 16 1,206.160 97.268 1,242, 132 105,566 Total fund8 1,303,418 1,347.698 The Charity was entitled to exemption from a￿lit under sedion 477 of the Comp3ni8s Act 2011%. The members have not required th8 company to obtain an audit for the year in question n accordance with section 476 of Companies Act 2006. The Trustee8 acknowledge their responsibilities for cOm￿y1n9 wilh the requirements of the Act with respect to accounting records arKI preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. Page 22

STROUD VALLEYS ARTSPACE UMITED IA company Ilmlted by guarantse) REGISTERED NUMBER: 03467837 BALANCE SHEETICONTINUED) AS AT 31 MARCH 2025 The financial statements were approved arKI aUtt￿Ised for issue by the Trustees on 17 July 2025 arKI signed on their behalf by. Andrew Freedman (Chair) The notes on pages 24 to 39 form part of these financial statements. Page 23

STrOUO VALLEYS ARTSPACE UMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Infommllon stroud Valley Artspace Limited is a prNatg compary, limited by guarantee registered in England & Wales. The company registered number is 03467837 and the address of the registered office is below. 4 John Street Stroud Gloucestershire GL5 2HA Accountlng pollcles 2.1 Basis of preparatlon of financial statements The financial statements have been prq)ared in accordance with Ihe Charities SORP (FRS 102) - Accounting and Reporting by Charities." Statement of Recommended Practice applÉcable to charitles preparing their accounts in accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Stroud Vallays Artspace Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othe￿188 stated in the relevant accounting policy. 2.2 Golng concern These ac<x)unts have been prepared on a going concem basis. The Trustees have reviewed the charities ajrrent position and although unrestricted r&serves levels are below expected, they still believe that the charity have the ability to continue trading tr the foreseeable future. 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that tha income will ba received and the amount of income receivable can be measured reliably. Grants are induded in the Statement of financial activities on a receivable basis. The balan￿ of income received for specific purposes but not expended during the period is shown in the r*vant funds on the Balance sheet. Imiere income is received in advance of entitlement of re￿[pt, rts recognition is deferred and induded in creditors as deferred income. Where entitlement occurs before income is recebved, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is re￿1Vable. Rental or event incorne received in advance is deferred urrtil ￿lteria for income recognition are met. Page 24

STROUD VALLEYS ARTSPACE UMITED (A company limlted by guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polici88 (contlnued) 2.4 Expendlture Expenditure is recognised once theAe is 8 legal or constructive obligats'on to transfer economic benef to a third paty. it is probable that a transfer of economic beneftts will b8 required in settlement and the amount of the obligation can be measured reliably. Expenditure is cla88ifi8d by activty. The costs of eath activity arg made up of the total of dirgct costs and shared costs, Including support cosls Involved In undertaklng each actlvty. Direct costs attributablo to a single activity are allocated directly to that activity. Shared costs which contribute to more than one adivity and Support costs which ar8 not attributable to a slngle a£*ivity are apportioned between those activities on a b38is consistent with the usa of resources, Central staff costs are allocated on tho ba818 of tlme Spent, and depreciatlon dwg8s allocated on the portion of tho asset's use. Exp8ndrtur8 on raising funds includes all expenditure incurred by the Charity to raise funds for it8 charitable purp0888 and indud88 Costs of all fvndraising 8Ctivitie8 events and nOn¢haritab￿ trading. Expenditurè on charitable activities is Incurred on directly undertaking th8 activities which furthor the Ch8ritys obl8CtIv88, as well a8 any 88sociated support cost8. All expanditure 18 inclusiva of Irrecover8bl8 VAT. 2.5 Interest recelvable Interest on funds held cn deposit is induded when receiv8ble and the amount can be m88sured rellably by the Charty, thls Is nonnally upon notification of the interest paid or payable by the institution with whom the fund8 are deposlted. 2.6 Tanglble flxed a880ts and depreelatlon Tangible fLxed asse18 Costing £11XI or more are capitalisgd and r8cognised when future ec￿r￿mIC b8nafrts ar8 probabl8 and the cost or value of the asset can be measured rellably. Tangible frxed assets are initially recognised at cost. After recognition, under the cost model, tangible fwed assets are measured at cost less accumulated depreciation and any accumulated impainnent losses. All costs Incurred to brlng 8 tangible r￿ed a88et into its intgndgd W0￿1n9 condition should be Included In th8 measurement of cost. Depreciation is tharged so as to allocate the cost of tangible f￿ed assets less their residual value over their estimated useful lives, . Depreclation is provided on the follthving basis: Freehold property Fixtures and fittings Other f￿ed assets 2% Stralght line 25% Straight line Nil Depreoatlon 2.7 Stocks StcGks arn valued at the lower of cost and net realisablo value after making due allowance for obsolot8 and slow-movlng stocks. Cost Includos all dlract costs and an approprlate proportlon of fixed and vari8ble overhead8. Donatad iiém8 of Stock are recognised at fair value ￿1¢h is the amount the Charity would have been willing to pay for the items on th8 open market. Page 25

STROUD VALLEYS ARTSPACE UMITED (A company Ilmltod by guarants8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Accountlng pollcles (contlnuod) 2.8 Dobtors Tr8de and other debtors are recognised at th8 settlement amount after any Irade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Ca8h at bank and In hand Cash at bank and in hand includes ca8h 8nd 8Port-tarrn htghly liquid investments with a short maturity of three months or less from the date of acquisition or opening of th8 deposit or Similar accounL 110 Llabllltlo8 and provl8lon8 Liabilities aro recognised when thera is an obligation at the Balance sheet date a8 a result of a past event, it is probable that a transfer of economic benefrt will b8 required In settlement, and Ihe amount of the settlement can bg ostimated roliably. Liabilities are recognised at tha amount that the Chanty anticipates it wlll pay to settle the debt or the 8mount il has received as advancéd payments for tha goods or servic8s it must provide. Provlsions are measured at the best 8stim8to of the amounts required to 80tt18 the obligation. Where the effect of the tlme value of money is material, th& provision is b8S8d on the present valu8 of those amounts, discounted at th8 pre-tax discount rate that r8fi8cts thè risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial acliviti8s as 8 fmanc8 cost. 111 Penslons The Charity operate8 a defined Contribution pen8ion 8cheme and the pen8ion charge repr88ent8 the amounts payable by the Charity to the fund in respect of the year. 2.12 Fund accountlng Gèneral funds are unrestricted funds which arè available for use at th8 discretion of the Truste88 in furtherance of the general objectives of th8 Charty and whith have not been designated for other purposes. Designated fund8 comprise unrestricted funds that have been set aside by Ihe Trustees for particular wrposes. The aim and use of each designated fund Is set out in the notes to the financial statements. Restricted funds are funds which are to bo used in accordance with 4)ecific restrictions imposed by donors or which have been raised by the Charity for particular purposes. Th8 costs of raising and administering such funds are charged against the specific fund. Tha aim and us6 of each restricted fund is set out in the not05 to the finanoal statements. Investment income, gains and losses are allocated to the approwi8t8 fvnd. Page 26

STROUD VALLEYS ARTSPACE UMITED (A company Ilnthd by guarathe) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donallon8. legacles and grani8 Unrestrictad funds 2025 Total lund8 2026 Donatlons Other Donatio Grants 6,523 Arts Council EnglarKJ StrJJd District coul￿11 Str￿d T¢xYn Council 70,216 5,000 70.216 5,000 Subtotal detall•d dlsclosurn 80,739 80.739 80,739 80.739 Tot81 lunds 2024 funds 2024 Donatlons Other Donatlons Grants 1, 160 1, 160 Arts Council England StrOLKI District Council stroud Town CoLncil 70.216 70,216 Subt¢)tal dotallod dl•clo8Urn 78.376 78,376 78, 376 78,376 The Charity receNes government grarts, defined as funding from the Arts Council England arKI Stroud Dlstrict Council to furKI charitable a&ivities. The total valu8 of such grants in the period to 31 March 2025 was £75,216, (2￿24. £T7,216). There were rn unfijlfilled C¢)nditions or cOnting￿CleS attathing to these grants. Pag827

STROUD VALLEYS ARTSPACE LIMITED IA company Ilmlted by guaran￿1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charftable actlvltles Unre6trfcted funds 2025 Total funds 2025 Artistlc Programme Memberships Rental Income 171,286 171,286 40,830 212,116 212.116 Restrfcted Unrnstricted fvnds 2024 Total funds 2024 2024 Artistic Programmo Memberships Rental Income 3,278 180, 162 113 38,114 183,440 113 38,114 3,278 218,389 221,667 Inv••tm•nt Incomo Unrestrlcted fund8 2026 Total fund8 2025 Investrnent income 1,078 1,078 Unrestricted funds 2024 Total fvnds 2024 Investment Income 467 487 Page 28

STROUD VALLEYS ARTSPACE UMITED (A coThyany Ilmltsd by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Expon(Hturo on ralslng fvndB Fundralslng tradlng oxpen808 Unro8tricted funds 2025 Total funds 2025 FundralsirKJ tradirvJ expenses - wages ar¥J salar 14.223 14.223 Fundralslng tradlng expen80• Iconllnu•d) Unrn8trfGt8d lunds 2024 Total fvnds 2024 Fundralslng expenses - ww arKI 8alari03 15,014 15,014 Summary by fvnd typo Rmtrlctad Unrestrlcted funds funds 2025 Total 2025 Charitth actNrties 35,972 288,018 323,990 Restricted Un￿StriCted fvnds funds 2024 2024 Total 2024 Charltable ac*lviti 48.819 384,￿8 432,917 Page 29

STROUD VALLEYS ARTSPACE UMITED (A ¢￿Y lIn￿knd by guarantee) NOTES TO THE FINANCIAL STATElaENTS FOR THE YEAR ENDED 31 MARCH 2025 Anatysls of expen(Uture by ac undertaken Support dlr•ctly costs 2025 Total funds 2025 2025 Charitable a￿1vitieS 235.275 88,715 323,990 undertaken di Support Total fvnds 2024 2024 2024 Charitable activits 328.990 103,927 432,917 Anatysls of dlre¢t costs Charltable athllles 2025 Totsl funds 2025 Stsff costs Consumables Artist fees Materials Advertising DepreLialion 83,751 83,751 37,084 63.698 022 748 35,972 63,698 8,748 35,972 235,275 235.275 Page 30

STROUD VALLEYS ARTSPACE UMITED IA company Ilnthd by guaranto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Anatysls of expen(fjture ty aclfvlrfts (conllnued) Analysls of thre￿ costs (conllnued) Chantable Total fvnds 2024 2024 Staff costs Consumables Project partner costs Artist fe8S Materials and equiFyn& AdVertiS￿g Depre(aation 118,531 44, 153 17,421 98,009 3, 135 118,531 44,153 17,421 98,009 3, 135 12,200 35,541 35,541 Total 2024 328.990 328.990 Analysis of support costs Total funds 2024 funds 2025 Staff costs Subscriptions Travel and Subsistence Rent arKI rates Repairs Maintenar￿a Utilities Telethne arKI irtemet IT and compjter expenses Insurance Audil and accourrtancy Professiorkgl fees Depre(xation Printiig, postage and ststior Miscellaneous costs 27,330 1,866 3,434 2. 148 22, 166 17,723 5,718 4,576 4,978 4,283 828 4,411 1,263 3.203 2.074 19.793 5,071 6.418 5,907 3,309 3.511 1,163 983 88,715 103,927 Page 31

STROUD VALLEYS ARTSPACE UMITED (A company Ilmlted by guarantw) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2025 Independent oxamlnofs romunerallon 2025 2024 Fees payable to the Charitjls indepenm eX￿Inerf0r indep￿) examination of the Charitys annual accounts 3.IX)O 10. Slaff costs 2025 2024 Wages arKI salaries 111,967 1.869 113,350 2, 104 45,421 118,041 160,875 The average number of p￿sOr￿ emplo￿d ty ts Charity the y8ar was as folltrws: 2025 No. 2024 No. Employees 10 10 No employee received reM￿￿rat1￿ to more £60,000 in either The key management personnel of the charitable company comprise the trustees and the two Artistic Directors. The totsl empbyee benefits of tho key management P8Tr(xmel were £60.054 (2024 . £60,054). 11. During the year, rK) Trustees received ary remuneration or otsr ber￿ffts (2024. £NIL). During the year erKled 31 Marth 2ff25, no T￿￿te8 experw have been ir￿￿rred (2024. £NIL). Page 32

STrOUD VALLEYS ARTSPACE UMITED (A company Ilnthd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11 Tanglble fixed assets Freehold FI￿re5 and Other flxed fftlings Total Cost or valuatlon At 1 April 2￿4 Additions 1,798.593 23J73 1043 10.426 1,832,391 At 31 March 2025 1.79Q593 24418 10.425 1.834434 Depreclatlon Al 1 April 2024 Charge for the 18,817 3,511 598A72 39.482 35.971 At 31 March 2(r25 615,626 28 637.964 Net book value At 31 Marth 2tr25 1.181967 10.426 1.186.480 At 31 ma￿ 2024 1,218,938 4,556 10,425 1,233,919 13. 2025 2024 Consumables 6.921 5.802 Debtorn 2025 2024 Due wlthln one year Trade debtors PrepayTnents and a￿Ued irmrne 2.576 3.797 3.826 6,373 5,179 Page 33

STROUD VALLEYS ARTSPACE UMITED IA company Ilmlted by guarante8) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Credltor8: Amounts falllng due wlthln onè year 2025 2024 Trade creditors Other taxation and 3(JCi81 security Other crgdltors Accruals and deferred income 1,593 2.757 3,647 17,409 2,603 1,339 3,594 18,048 25.306 25,584 2025 2024 Deferred income 8t 1 April 2024 Resources deferred during the year Amounts reloased from previous periods 16.149 14.409 (15.149) t2,198 15,149 (12,198) 14,409 15,149 Deferred income relates to festivals in the following financial yBar. Pag8 34

STROUD VALLEYS ARTSPACE UMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Statement of funds Statemont of funds - current year Balance at 31 March 2025 Balance at 1 Aprll 2024 Income ExpendI￿rn Unrestrlctad funds D•8lgnated fund8 Pr8mls88 fund Penslon fund 50.000 41.525 41,525 91,626 91,625 General funds General Fund8 14041 293,933 (302,241) 5,733 Total Unreslrfctsd funds 105,566 293,933 (302,241) 97,268 Re8trlcted fvnds Capital buikllng fund 1341132 (36,972) 1.206.160 Total of funds 1,347,698 293,933 1338.213) 1,303,418 Page 35

STROUD V￿LEYs ARTSPACE UMrrED IA cw>any Ilmited by guaranlwl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Statemwrt of fund8 (conllnued) Statsment of funds . prlor ye Balance at 31 March 2024 BalanLY at l Apnl 2023 Transf8 i￿out InctxrK EX￿n&tUre Unre8trlcted funds Deslgnated funds Premises finl Pension flnd TO.000 (20.000) (41.475) 41,525 151OiXI (61,475) 91,525 General funds General Funds 54,336 297,232 (399,(X)2) 61,475 14,041 Total Unrnstrfcted funds 207,thS 297,232 (399,iX12) 105,566 Re8trlcted fun Capital buildiro furKI IntThtional Artist Exthar Charity fund raising 1,277.673 10.OL (35,541) (10,LXXI) (3.278) 1,242, 132 3,278 1,287.673 3,278 (48,819) 1,242, 132 Total of funds I,495.￿9 3CKI,510 (447,821) 1.347,698 Page 36

STROUD VALLEYS ARTSPACE LIMITED IA company Ilmlted by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Statsment of funds (Gl)ntlnued) The purposes of restslcted funds: Capital bulldlng Fund - Funds FYovid8(I for the purchase and refurbishment of 4 John Street, Stroud. Comprising principally of grants received from ttrke Arts Council of England and also South West Regional Dev8Eopment Agency. The grants are secured by a fixed charge over the freehold property arKI a floating charge on the whole of the undertakings of Stroud Valleys Artspace and all its other property assets. The depreciation of the related fixed asset Is charged against restricted buildings funds. Purposes of deslgnated fund8. Premises fund - A fvnd designated by the TrU￿eeS to enable the Char￿￿ to acquire or davelop further properties to enha￿e delivory of the charitable 8Ctivitiès. Pension fund - A fund dasignated by tha Truslees to enable additional contributions to be made to a key employee's pension scheme. The expectation is that this will be addressed by the end of the March 2025 financial year. 17. Summary offunds Summary of funds - curront year Balance at 31 ￿la￿h 2025 Balance at I April 2024 Income Expenditurn DeS￿nated funds General fijnds Restricted funds 91,525 14041 1,241132 91.526 1302.241) 6,733 (35.972) 1.206.160 293.933 1,347.698 293.933 (338.213) 1,303,418 Page 37

STROUD VALLEYS ARTSPACE UMITED IA con4>any Ilnthd by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Summary of funds (conllnued) Summary of funds . prlor ye¥ Balance at 31 March 2024 Transfe l A￿￿1 2023 Irthn￿ E¥ienthture Designated fun General furKIs Restrtcted funts 153,C 54,336 1.287.673 (61,475) 61,475 91,525 14,041 1,242,132 297.232 3,278 (399,LX)2) (48.819) 1,495,tX 3￿,510 (447.821) 1,347,698 1& Analysis of net assets l)etween I￿4 Analysis of net assets betwe￿ funds . current year Reslrfcted Unrestrlcted funds 2025 Total funds 2025 2025 Tangible fixed assets Current assets Creditors witrwn Or￿ year 1.196, 1.196.480 132.244 {25.306) 122,564 (25,306) 1,206,1 97,258 1.303.418 Analysis of net assets b6tween fund8 . prior year Restricted Unrestrided fvnds funds 2024 2024 Total fvnds 2024 Tangible f￿ed assets Current assets Creditors due wthin one year 1,233,919 8,213 1.233,919 139.363 (25,584) 131, 150 (25.584) Total 1.24Z Y32 105.676 1.347.808 Page 38

STROUD VALLEYS ARTSPACE UMITED (A comwy limlted by guarantso) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1>. Related party transactions Neil Walker. an artistic direct(K, is also a directcr of Picturedrome Gh)s Communty Interest Compary, previously Deepw Ltd (company registraffi numbw - 12916454). Duruw the period, stroud Valley Artspace Ltd paid expenses on behalf (rf Pi(tsedrome Glos Community Interest Company, totalling £309 (2024 ." £17.421). wlith are recorded as partnw costs. At 31 Mard7 2025 a total of £nil was owed to Picluredrome Glos Communty Interest Company (2023 . £nil). Page 39