Rogistr*lon No: 04736751 Charity Registratlon No: 1108074 FROME CHEESE & GRAIN LIMITED (A company limited by guarantee) Trustee Directors, Report and Audited Financial Statement For the Year Ended 31 March 2025 oore Scarrott FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Legal and Administrative Information Trustee Directors. Strategic Report Trust88 Directors. Report Independent Auditors, Report 10-13 Consolidated Statement ol Financial Activities 14 Gonsolidated Balance Sheet 15 Parent Charitable Company Balance Sheet 16 Consolidated Cash Flow Ststement 17 Notes lo the Financial Statements 18-33 Page 1 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 LEGAL AND ADMINISTRATIVE INFORMATION The truslees. who are also the directors for th8 purposes of company law, present their r8POrt and the audited financial statements of the charity for the year erKled 31 March 2025. Regislered charily name Frome Cheese & Graln Llmlted Charity registrotlon numbor 1108074 Company reglstratlon numbar 04736751 Prlnclpal office and regislered offic9 Cheese & Grain Market Yard Frome Somerset BA11 1BE Chairman T Allison CEO S MacArthur Trustee Directors R Ackroyd T Allison K Barnes S Butler C Butler-stroud R Chagrin D Grimes M Hayd8n S Mcleod S Middle C Payne M Peel S Lachap8lle Company Secretary S MacArthur Independent Audllors Moore SrArrott Audit Limiled Calyx House South Road Taunton Somerset TA13DU Page 2 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEE DIRECTORS. STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present thair strategic r8POrt for thè year ended 31 March 2025. Prfnclpal actlvlty The principal activities of the company are the operation of artslpublic performance facilities, vocational training, audio productionslre¢ord re¢ording and thè letting for, or the operating ol. indoor markets, exhibtiions, talks, conferences. arKI music education. Slructure. Governance and M8nagemenl Th8 Cheese and Grain is an incorporated chayitable assc¢iation, reglstered wlth the Charty Commission. as From8 Ch88se and Grain Limited. The organisation was established 1998 adoptlng a Memorandum and Articles of Assoclation. It is a company wlthout share capital and a charitable asso¢iation with a m8mb8rship ccmprisiw of several hundred people Ilvlng or working in the area-of-benefit. Membership is free and each m8mber's liabillty Is restricted to £1. Members have a vote at the AGM and any policy EGMS and elects a Board of up to tsvelv8 Non-Executive Directorn￿ruS1ees. Four further members can be co-opted by the Board. Being an ordinary member of th8 Ch88se and Graln Is an opportunity lo contribute to th6 democratic a¢countabllSty of the organisation and Its work: it éoes nol bestow any consumer benefits or prlvllegad access. The Cheese and Grain and its servlces and actlvities are open and available to evéryonÉ on an èqual basis lor publlc benellt. nd Recruitment of n8w charll truste s: Trustees are nominated and electad at the AGM and serve for three years. To ¢ontinue beyond three years Trustees must stand again for 81ection and a new three-year temi. Betw88n AGMS. or al the AGM the Board, by majority decision, can second up to lour additional Trustees. However, these seconded Trusle8s must stand for electlon at the nexvfollowing AGM to continue serving. vi ionf lions to be m8mb8rs of the assoclallon is in the Articles, but the practlce was dropped some years ago and no organisations are in m8mb8rshlp. There are no plans to a¢¢ept any organisations as members in the future. Ind wTru On¢e el8Ct8d n8w Trustees take part in an IndU￿10n pro¢8ss that uses material from the Charity Commission and the Cheese and Grain "inducllon Information pa¢k' whi¢h includes information about Trustee's responsibilitie5 as company direclors. This is ènhanced by an Induction meeting with experienced Trustees and the Director. Affili ion rn odi The Cheesè Grain is a member of the Musi¢ Venuè Trust arKI the From8 Chamber of Commerce, This has no direct implioations for policy and seNlce delivery. Remuneration of staff., The Board appoinls from its membership a Pay Revlew Group that mèets once or ￿l¢e a year to generate pay proposals which are thgn presented to the Board for consideration. No member of the slaff earns more than £40,000 pa. Public Benelil The Trustees have complied with their duty under the Charities Act 2011 to have due regard to Public Benefit guidance publlshed by the Charity Commission. Page 3 FROME CHEESE & GRAIN LIMrrED FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEE DIRECTORS. STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025 Stafflng The Board of Trustees delegate the day-to-day runnlng ol the charily to the Director (CEO), Steve Macarthur, and his team of managers and their staff. Most are engaged in running thè Cheese and Grain venu8 buildlng and the activities within it, broadly divided into: programming, marketing and box-office staff, event managemenvdelivery staff. hospitality Staff, maintenance, and administration staff. Training and work experience acllvllies are embgdded in these teams. The charity employs tèchnical staff in its recording studlo. In general, the Board sets policy, approves budgets and operational written plans and procedures and receives and ¢onsid8rs regular finance rewrts from the Board Treasurer. The Board appoints the DirertorlCEO. Most operational day-to-day matters are dealt wilh by the staff. Objectives and Actlvitlos The CoMpan￿S objects are.. To advance education, to run a communlty hall and to promot6 for the benefit of the inhabltants of Frome and surrounding villages, without distinctlon of sex, sexual orientatlon. age. disability, nationalty. race or political, rellgSous or other opinions, Ihe provision of facilitles for learning, tralning. recreation or other leisure time occupation of individuals, who have need of such facilities by reason of thalr youth, age, infirmty or dlsablement, financial hardship or social economlc clrcumstances for the publlc benefit, in the interests of social welfare and with the object of improving the condltions of life of the said Inhabitants. To achleve these objectives a programme of public performances and other activities are arranged. The hall, recording studio and meeting rooms are hired outto ￿th commercial, voluntary sector, an(J statutory seclor users. A programme of student placements, work 8xperlence atKI apprentlceshlps is in place. Activities for chiklren and families are held in close collaboralion with local voluntary organisations, Communty Interest Companies, and other Charities. NHS outreach services and a lo¢al hosplce use the calé for regular coffee mornings almed at supporting patSents The charity adds to its income and carries oul some of its activities through tts wholly Cheese and Grain charity owned trading companSes. Grain Hospitality Ltd runs the café and bar in the Cheese and Grain venue and undertakes ¢at6ring work elsewhere, The café is a useful and locally valued meeting place. Th8 box-office is run by a second subsidiary. Cheese & Grain Trading Ltd. A third subsidlary company, Grain Events Ltd. has been established lo handle joint ventures with musrcians and promoters. The Board appoints from Its own members Directors of the subsidlary trading ¢ompanies. The subsidiary tradlng companies, in their articles of associallon. commit to donate any and all nei profits to the parent charity as well as paying th8 charity rent and various other charges for use of the building and ulilities, or for staff time provided by the charity. The Trading Ibox•officel Company levies a charge to customers for purchasing tickets and charges external promoters for selling tickets to cover merchanling and other box offlce costs. and a venue fee to help meet premlses costs. These renls and ¢harges made up all the financial contributions made by the subsidiary companSes in the financial year 202412025. Falr revlew of Ihe business The Cheèse and Grain charity is primarily funded by its sociai enterprise activibes. Income from its wholly owned subsidiary trading companies has continued to rlse along with the number of ev8nts and performances. This has meant that th8 charity has been able to exparmy its education, training and communty work. Following the Covid related closuresllockdowns the Cheese and Grain has continued to r8cover footfall and levels of bookings and community participation. Page 4 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MAR¢H 2025 TRUSTEE DIRECTORS, STrATEGIC REPORT FOR THE YEAR ENDED 31 IAARCH 2025 Fair review of tho buslness (contlnued) As well as running its large town centre community hub. musiclevent venue, the charity has successfully run its smaller Se￿nd venue and ils recording studio. The smaller venue has made tt possible to work with emerging IcrAI musical talent, and this attracted support from Arts Council England arKI the Glaslonbury Festival. The recording studio has generated income that means the charty has been able to enlarge and enhance its studio- based music education work with children and young people. local schools and colleges. The Cheese and Grain Cafe￿ar is op9n every day and evening throughout the week and has become a significant social, much used. and welcoming social hub for the town. Tumover and footfall has increased significanlly compared to previous years. The cafelbar benefits from a popular outdoor area, and 8xcellenl access with plenty of room for wheelchair5 and mobility aidslvehicles and it's also well used by families with small children. The Cheese and Grain had developed an ambitious carb)n reductlon plan. working closely with Frome Town Council and th8 Frome Renewable Energy cO￿eratiVe. The Cheèse and Grain boX￿ffice has seen increased sales. The seven daylevening a week box-offlce also acts as a reception and inlom)atSon p)int. Despite over 9￿10 of sales being automated online sales, the Trustees have decided that the social value and benefit of °always having a person who can be swken to. oU￿e1ghs the financial-only consldarations and are committed to maintaining this facillty. The Cheèse and Graln continues to work closely with a wide range of clvlc, voluntary and statLrtory agencies to deliver to its beneflclaries: this includes schools, the NHS, a local hospice and dozens of local communlty groups. Its three meeting rooms are frequentlylheavily used inoluding by Frome Community Education whose classes attra¢t hundreds of local people every month. The Cheese and Grain jointly runs support servi¢es wlth Frome Communty Education for people Struggling to use ITC and the internet safely. Planning services has be8n closely linked to impact evaluations that infom) both the charity's social. education and community work and ils social ente￿rISe activities. Flnanolal revlew Turnover has continued to grow. Ticket sales rose from £1.363.000 in 2023124 to £1.514.000 in 2024125. The cafélbar Ir￿reased sales by approximately */. One of the charitable objectives of the Ch88se and Grain is to create and sustain high qualty. faidy paid jobs and it was able lo increase pay rates by 8V., while enhancing training and accreditalion opportunities. The charlty secured its first ever financial support from Arts Council England. The grant meant it was able to enhance its community and social impaGI as, in line wth charty's poltcies, the grant was nol r8quired to meet day to day expenses (these are covered by its s¢xial enterprise trading) but could be directed at engagement and music education projects. Debt, mostly incurred during the Covid lockdowns, has reduced substantially and the growth in turnover means that the cost of servicing the loanslrepayment costs, are now a small and manageable aspect of the charity's finances. Page 5 FROME CHEESE & GRAIN UMITED FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEE DIRECTORS, STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025 Flnanclal Koy Perfomiance Indi¢alors (KPIS) The Charitable group's key financial and other perforrnan¢e indicators during the year were as follovts:. 2025 1,655,854 957.235 19,541 2024 1,547,777 852,863 63,585 Tumover Gross Profit Net ProfiV(Loss) Reduction in extemal debt to lenderlbanks (Bounce Back Loan and debt to the Somerset Community Foundation). Non*lnanclal Key Performanee Indlcators (KPl$) 2025 203 212,000 2024 157 186.000 Number of events run Visitor numbers Gfven the straightfotward nalure of the Charity, the Trustees are of the opinion that analysis using KPI'S is not ne¢essary for the understanding of the dev6lopmen( performance or F¥)sition of the busines$. However, Ihe Trustees are very hands on within the business and therefore monltor performance regularty, analysing footfall. success of eV￿rts. tumover and profitabilty. Prln¢lpal rf$k8 and uncertalntlos Risks. The cost of gas and electricity remain a concern following the hikes in costs seen in recent years and the Cheese and Grain has developed a plan to increase onsits renewable generation of electricity. Climate change is recognised as a risk as the temperatures in the main hall is becoming an issue because of ever wanner summer evenings and much higher ticket saleslhigher footfall. The Cheese and Grain is therefore researching solutions and working with partners to plan mitigations. The Cheese and Grain has responded to the new Matyn's venue-safety law {enacted following the Manchester mb incident) by reviewing all its public safety measures. creating a part-time head of securty post and eslablishing a Board member s¢rutiny panel to oversee policy development and implementatlon. nt.. The charity does not and has not committed any of its in¢ome to extemal finan¢ial Extern investments. Future developments The Cheese and Grain has secured planning consent for a £2m extension that will create rehearsal space, editing suites. a general-purpose training area, improved backstage facilities and better access for people additional needs. 11 has negotiated an increase it the length of its peppercom lease from the Town Council.. the lease now runs until December 2055, The proposed enhan￿rnent of facllities refiects the outcome of extensive public and user consultation and invofvernenL The project is now at RIBA stage three and had attracted ￿￿traI government levelling up funding. However, the new government, electsd in the spring of 2024. cancelled the funding programme nationally and the charity is therefore seeking alternative capitsl support. The charrty is planning the instsllalion of more and better PV solar panels and an ele¢tricty storage facilEtiesrrELSA battery unit. This is designed to reduce bills, mitigate sudden hikes in costs, provlde a bad(-up suppty in ¢ase of outsges and reduce carbon emissions. The charity is building stronger links with Bath Spa Universty planning three paid post graduate internships in digital marketing, live music engineering and evenl planning. Page 6 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 The charity ￿ planning to grow its yOLrth wotk and work with local schools, including work with special schools to bring music gJu¢alion to vulnerable and ur&lerprivileged children and young people, The Cheese and Grain 15 planning to priorili2e its work with new communities throuoh its mulb-cultural festival. anti-racist initiatives and support for classes teaching English as a second language and IT advice and supwrt. These initiatives will be delivered by working d¢)$8Fy with local charities Young People Frome, Frome Communty EdL￿1t1On and Fair Frome. Resetves pollcy The Trustees have adopt8é a policy of seekirbg to build a reserve for the charity of 1 Oyp of typical turnover or at least £80,000. This is approximately 4 weeks running costs for the charty. This Is considered suflSclent because Most trading is undertaken by subsidiary trading ¢ompanies and ticket income for performances Is kept in a separate holding a¢count of the Cheese and Grain Trading Company allowing for the full refund of all ti¢k8t or￿Me if necessary. Approved and aulhorised by the Board on . signed on ils bghalf by- T Allison Chair & Trustee Director Page 7 FROME CHEESE & GRAIN LIMrrED FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and the audited consolidated financlal statements of the ¢harty for the year ended 31 March 2025. The Trustees, confirm that the financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply with the charity's Memorandum ol Assoclation, applicable by law, and the requirements of Accounting and Rep)rting by Charities. Statement of Recommended Practice applicable to charltles preparSng their accounts in accordance wilh the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), leffeclive 1 January 20191- (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Rèpublic of Ireland {FRS 1021, the Charlties Act 2011 aThJ the Companles Act 2CN)6. Truslees of the Charllable Group A body of Trusteès admlnisler Frome Cheese & Grain Limited. The Trustees, professional and personal interests represent a broad range of areas of influence, including accountancy, law. the local community and other interested parties. A full Ilst of Trustees is listed on page 2. None ol the trustee directors has any benef￿la1 interest in the ￿rnpany. All are members ol the company and guarantee to contribute £1 each in thé event of il winding up. Financial In8trumenls The Trustees have considered the major risks to which the charity is exposed and have r8vlewed those risks and established systems and procedures to manage those risks. The Siandard Operating Procedures were updated in the prior year. and are being constantly r8viewed to ensure the safety of crew and members of the public. The trustee directors have reviewed the Governance Code to ensure the charity is run in accordance with tha code. In addition. the charty is continuing to review a number of existing policies, whioh is intended to provide further clarity to those involved with the charity. The group's princlpal flnancial assets are its bank balances, fixed assets and debtors. The group's credlt risk is prlmarily attrlbutable to its trade debtors. To miligate this credlt risk, the group has an intemal credit Control function. The accounts presented in the balance sheet are nel of provisions for doubtful debts. The group does not purchase any significant goods or services in foreign currencSes. Pri uidl rlsk and c shfl wri The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow int8rest risk on any floating rale torrowings. In order to maintain liquidity and ensure that sufficlent funds are available for ongolng operations and futurè developments, the group uses a mixture ol long-term and short-term debt linan¢8. Dlsclosure of intonnatlon lo the audltor Each Truslee has taken steps that they ought to have taken as a director in order to make themselves awar8 of any relevant audil information and to establish that the Charitable companys auditor Is aware of that infomation. Th8 Trustees confirm that there is no relevant information that they know of and of whlch they know the auditor is unaware. Page 8 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 klAR¢H 2025 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees, Rosponsibililies The Trustees (who are also directors of Frome Cheese & Grain Limited for the purwses of ¢ompany law) are rèsponsible for preparing the Trustees, Report {incorporating the Strategic Report and the Directors, Report) and the linancial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Rep4)rtlng Standard 102: The Financial Re￿rting Standard applicable in the UK and Republic ol Ireland {Unrted Kingdom Generally Accepted Accounting Pracb¢e}. The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each rinancial yèar whlch give a true and fair view ol the slate ol affairs of the charity and of the incomlng resources and application of resources of the charity for that period. In prepatFng these flnancial statemgnts. the Trustees are required to: select sultable accounting policies and then apply them conslstently: observe the methods and principles in the Charities SORP. make judgments and accounting estlmates that are reasonable and prudent. stale whether applicable UK Accountlng Standards have been followed, subject to any material departures disclosed and 8xplaSned In the financial statements- prepare the financial statements on the going concem basis unless it is inapproprSate to presume that the charlty wlll continue in operation. The Trustees are responsible for kèeping proper accountiw records that are sufficient to show and explain the charity's transactions atKI disclose with reasonable accuracy at any time the financial posltSon of the charity aTh enable them to ensure that the financial statements comply with the Companies Act 2008, the Charities Act 2011, the Charity {Accounts and Reports) Règulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of Ihe ¢harty and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the b)ard of Trustees. T Alllson Chair & Trustee Director Date: Registered office: Cheese & Graln Market Yard Frome Somersét BA111BE Page 9 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF FROME CHEESE & GRAIN LIMrrED Opinion We have audited the financial statements of Frome Cheese & Grain Limited Ilhe 'parent char*table company,) and its subsidiaries (the 'group'l for the year ended 31 March 2025, which comprise the Consolidated Statement ol Financial Activities, the Consolidated Balance Sheet, the parent Charity Balance Sheel, the Consolidatsd Statement of Cash Flows, and Notes lo the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable law and United Klngdom Accounting Standards, including Financial Reportlng Standard 102 'The Financial Reporting Standard appllcable in the UK and Republic of Ireland, IUnit8d Kingdom Generally Accepted Accountlng Practiol. In our opinlon. the financial statements- give a true and fair view of th8 State of the Group's of the parent charitable company's aff airs as at 31 March 2025 and of the Group's incoming resources and applicatlon of r8sources. including Its income and expenditure for Ihg year then ended. hav8 been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared In accordance with the requirements of the Compani95 Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing {UKI IISAS IUKII aTrJ applicable law. Our resFonsibiliti8s under those standards are furthér described in the auditor re5ponsibllllies for the audit of the financial statements section of cur report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in th8 UK, including the FRC'S Ethical Standard. and we have fullillocl our other ethlcal responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basls for our opinion. Concluslons relating to going ¢oncorn In auditing the financial statements, we have concluded that the Truste8S' Use of the going concern basis of accounting in the preparation ol the finan¢ial statements is appropriate. Based on the work we have performed, we hav8 nol identified any material uncartainties relating to events or conditSons that. individually or collectively. may cast slgnlficant doubt on the Group's ability to continue as a going concern for a period of al least ￿e1ve months from when the Ilnancial statements are aulhorised for issue. Our responsSbllitles and the responsibilities of thè Trustees with respect to going concern are d8scrib8d in the relevant sections of this report. Other intomiallon The Trustees are responsSble lor the other information. The 0th8r infonnailon comprises tha Information included in the annual r9POrt, other than the financial statements and our audllor's report thereon. Our opinion on the financial ststgments doès not cover the other information and, except to the extent otherwisa explicitty statsd in our report, we do not express any form ot assurance conclusion thereon. In connection with OUT audit ol the financial statements, our responsibility is to read the other information and, in doing so, considgr whether the other Information is matsrially inconsistent wlth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mlsslaled. If we identify such material inconsistencies or apparent materlal misslatements, we are required to determine whether there is a material misstatem8nt in the linancial statements or a malerial misststement of the other information. If, based on the work we have performed, we conclude thal there is a material misstatement of this other information, we are r8quired to repjrt that fact. We have nothing to report in thi5 regard. Page10 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDEiif AUDITOR'S REPORT TO THE TRUSTEES OF FROME CHEESE & GRAIN LIMITED Matters on whlch we are required lo report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtalned in the course of the audit, we have not identified material misstatements in the Annual Report. We have nothing to r8POrt in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company. or returns adequats lor our audit have not been received from branches not visited by us- or the parent charitable company financial statements are not in agreement with the accounting records and returns- or we have not receiv8d all the information and explanations we require for our audit., or th8 Trustees were nol entitled to prepare the financial statements in accordance with the small companies regime and take advantage ol the small companies. exemptions in preparing the Annual Report and from the requirement to prepare a Strategic ReporL Responsibililies ol truslees As explained more fully in the Trustees. Responsiblllties Iset out on page 81, Ihe Trustees are responsible for the preparation of thè financial stalemenls and for being satislied that they give a true and fair view. and for such internal conlToI a5 th9 Trustees determine is necessary to enable the preparation of linancial statements that are free from material mi5Stalement. whether due to Iraud or error. In preparing the financSal stalements, the Trustees ar8 responsible for assessing the charStable company's abilily to continue as a going Concern, dlsclosing. as applicab16, matters r@lated to going concern and using the going concern basis of accounting unless the Trustees eithèr intend to liquidate the Group or the parent Charitable company or to cease opgralions. or have no realistic alternatlve but lo do so. Audllor Responsibilities for the audll of the flnan¢i81 statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with this act. Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are Iree from material misstatement, whether due to Iraud or error, arKI 10 issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audr( conducted in accordance wilh ISAS IUKI will a￿ayS detect a material misstatement wh8n il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision5 01 users taken on the basis of thes8 financial statements. INDEPENDENT AUD￿OR.5 HEPORT TO THE TRUSTEES OF FROME CHEESE & GRAIN LIMrrED Irregularities, including fraud, are instances of non￿ompliance with laws and regulations. We design procedures in line with our responsibililies. outlined above. to detect material misstalemenls in respect of irregularities. including fraud. The extenl lo which our priJcedure5 are capable of detecting irregularities, including traud is detailed below. We have considered the naturg of the sector. control environment, and financial performance of the charity-, We have considered the results of enquiries with Management and Trusle9s in relation to their own identifi'cation and assessment ol the risk of irregularities within the enlity- and We have reviewed the documentation of key processes and controls and performed walkthroughs of transartions to confirm that the systems are operating In line with documentation. Page11 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 Audltor Aesponslbilities for the audlt of the Ilnancial slatements (contlnued} As a resull of these procedures, we have eonsidared thè opportunities and incenllves that exist wilhin th8 organisation for fraud and Identilied Ihe highest area of rlsk to be in relation to revenue recognition, with a particular risk in relation to y8ar-end cut-off. In come with all audits under ISAS {UKI we are also r8qulred to perform spe¢rfic prt)cedures to respond to risk of management override. We have also obtained understanding ol the legal and regulatory trameworks that the charity operates in, focusing on provision5 of those laws and regulatlons that had a direct effect on the determination of material amounts arKI disclosures in the financial statements. The key laws and regulations we considered in this ¢ont8xt included the UK Companies and Charities Act and FRS 102 ISORP). In additions, we considered the provisions ol other laws and regulations that do nol have a dlrect effect on the financlal stat8ments but complianc8 wllh which may be lundamental lo the parent charitable company's ability to opèrate or avoid a material penalty, including licencing regulations. health and safety legi51alion and employment law. Our procedures to respond to risk5 identified included the following:_ reviewing the financlal stalement disclosures and testing to supporting documentation lo assess compliance with provlslons ol relevant laws and regulations d8scrSbed as having a direct effect on the financial statéments. performing analytical procedures to Identlfy any unusual or unexpected relationships that may Indicate risks of material misstatement due to fraud: enquirlng of management and external legal counsel concerning actual and potentlal litigation and claims, and instances of non 157.229) Nei Assets 17,700 FUNDS Unrestricte(I funds Restricted funds Total Funds 22 22 17,700 11,8411 1,841 The financial statements were approved and authorised for issue by the Trustees and are signed on their behalf by: son Chairman Dated: The noles on pag8s 18 to 33 lorni an inlegral part of these financlal statements. Page 15 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 PAREKf CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Flxed assets Tangiblè assets Investments 14 15 100,138 201 100.339 109,447 201 109,648 Curient assets Debtors Cash at bank and in hand 17 18 141,727 1,902 143,629 108.879 41,309 150,188 Current liabilitigs Creditors.. amounts falling due within one year 19 126,783 Nel cUr￿nt a$sel$l(Ilabllltl8s) 20B75 23.405 Totsl assets less current Ilabllltles 120,714 133,053 Creditors: amounts falling duè after more than one year 20 (15,714) (23,747) Not Assels 105,000 109,306 FUNDS Unrestricted funds Restricted funds Total Fund5 23 23 105,000 109.306 105,000 109 306 The financial statements were approved and authorised for issue by the Trustees and are signed on their behalf by- on Chairman Dated: 1/1212uZ The notes on pages 18 to 33 form an imegral part of these financial stalements. Page16 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 CONSOLIDATED CASH FLOW STATEMEtrir FOR THE YEAR ENDING 31 MARCH 2025 2025 Net cash generatedl{absorbedl in operating activitie5 22 (41,438) 290.833 Cash flows from investing activities Acquisition of tangible assets 14 {1,714) {8.6391 Cash flows from financing activities Dividerbts, Interest and rents from inveslments Repayment of bank borrowings Repayment of other borrowings Drawinglrepayment ol bank overdraft (1.647) {31,261} 14.046} 128,7251 15,520} {12.130} {16,592) Change in cash and cash equivalents in the year (92,652) 231.773 Cash and cash equivaients brought forward 513,231 281.458 Cash and cash equivalents carried torward 513 231 The nolos on pages 18 to 33 fomi an integral part of these flnanclal statements. Page17 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS Genero1 Intomiatlon Frome Cheese & Grain Limited Ss a company limited by guarantee and a charity registered at the Charity Commission in England and Wales Ireglstered number 04736751 & charity number 1108074). The principal address is- Cheese & Grain Market Yard Frome Somerset BA11 1BE Slatement of Compllance The accounts Ifinancial statements} have been prepared under the historical Cost convention wilh items recognised at cost or transaction value unless otherwise stated in the relevant nDt8{sl lo these accounts. The financial statements have bgen prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Flepublic of Ireland IFRS 1021 issued on 16 July 2014 and the Financlal Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) {effectlve 1 January 20191 and the Chariti8s Act 2011. The trust constltules a public benefrt entity as defined by FRS 102. Accountlng Pollcles Basis ot consolldatlon The Group financial slatemenls consoltdates the results of the charity and its wholly-owned subsidiaries Frome Cheese & Grain Trading Limited, Grain Hospftality Limited and Grain Events Llmited, on a lin￿by- line basis. A separate Statemènt of Flnancial Activities, or incom8 and expenditure account, tor the charity itself is not presented because the charity has taken advantage of the exemptions afforded by s8Ction 408 of the Companies Act 2006. Golng Concern The Trustees assess whether the use of golng concem is approFxiate, l.a. whether there are any material uncertaintlgs related to events or conditions that may cast significant doubl on Ihe ability of the Group to continue as a going concern. The Trustees make this assessment in resp8Ct of a period of one year from the date of approval of Ihe financial statements. The Truslees continue lo monttor the operations of the group and are taking actions to maximise liquidity within the group to support the long-lerm future of the Group. Under all the scenarios reviewed, the charity has sufficient reserves to enable it to conltnue as a going concern fDr the for85eeable fulure. For Ihis reason, it continues to adopt the going concem basis in preparing Ihe financial slalements. Fund accountlng policy Unrestricted income funds are ggneral funds that are available for use at the Trustee's discretion in furtherance of the objectlV8s of the charity. Restricted funds are those fund that have particular restricted purp0s8s within the objeGts of th8 charily. Restrictions arise when specilied by donors or by the purpose of the appeal. Page 18 FROME CHEESE & GRAIN LIMrrED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS Accountlng Poll¢ies (conllnued) In¢oming rgsourcos Incoming resources are re¢ognised in the accounts on the accruals basis, during the period in which Ihey are du6, and therefore match any related expefftliture. All income is inclLKled in the Slatement of Flnancial Activities when entitlement has passed to the charty,. it is provably that the economic baneflts associated with the transaction wlll flow to the charity and the amount can be reliably measured. The following specific pollcies are applied to partlcular categories of income.. Income from donaiions or grants are recognised when there is evkjence of entitlement to the gift. receipt is probable and ils amount can be measured reliably. Legacy Income is recognised whèn receipt is probable aThJ entitlement is established. Income from donated goods is measured at the fair valuer of the goods unless this is impractical to measure and services are recognised in the accounts when received It the value can bg reliably measured. No amounts are included for the Gontrib￿lOn of general volunteers. Income from ¢ontracts for the supply of services is r8cognlsed with the delivery ol the contracled service. This is classi118d as unr8Stricted funds unlèss there Is a contraciual requirement for it to be spent on a parti¢ular purpose and returned if unspent, in whlch case il may be regarded as restricted. Resources expended Liabllhles are recognised as resources expended as soon as there Is a legal or con5tru¢tivè obllgation commlttlng the Charity to the expanditure. All expenditure is accounted for on an accruals basis and includes any VAT which cannot be fulty recovered. Costs Incurred directly relating to the charitable company's objeclives are included wilhin charitable actlvitles. Expenditure is classrfied under headings ot the Statement ol Financial Activities to which il relates- Expenditure on ralslng funds includes the costs of all fundraising activitiès, evènts, non-chariiable trading actlvlties. and the sale of donated goods. Expenditure on charitable aclivities includes all costs incurred by a charty in undertaking activities that further Its charitab18 aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. Charitable activities include direct 6XP8nditure on the tower project. Other expenditure includes all expenditure that is neither relatgd to raising funds for the charity not part of Its expenditure on charitable adivities. Judgaments In applying accounting pollclos and key sources of 8$limatlon uncertalnty The preparatlon of the financial slatsments requires management lo make judgments, estimates and assumptions that affect the amounts ieported for assets and liabilities as at the balance sheet date and the amounts rewrted for income and exp9nditure during the year. However, the nature of estimatlon means that actual outcomes could difter from those estimates. Apart trom those judgments Involving signifi¢ant èstimates as detailed in the a￿OuntIng policies, Ihere are no judgments to note thal have had a signifi¢ant effect on amounts recognised in the financlal statements. Opernling leases Rentals in réspect ot assets held under operating lèases are charged against revenue on a slraight-line basis over thè t6mi of th818ase. Page 19 FROME CHEESE & GRAIN LIMrrED FOR THE YEAR ENDED 31 PAARCH 2025 NOTES TO THE ACCOUNTS Pension$ The Group operates a contributory group personal penslon scheme for the benefit of the stsff. The scheme's funds are administered by independent Trustees and are independgnt of Ihe Group's linances. Beneffts under the scheme are dependent on contributions paid and the group is not committed to the provision of a pension related to final salary. Flnanclal Inslrumenls A financial asset or a financial liabilty is recognised only when the charity becomes a paty to the contractual provisions of the instrument Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequgntly measured at the cash or other Consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cosL Where Investments in shares are publicly traded or their fair value can otherwise be measured reliabty. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other su¢h investments are subsequently measured at cost less impairmenl. Oiher financial instruments. includir¥J derivatives, are initially recognised at fair value, unless payment for an assét is delerred beyond normal businèss terms or financed at a rate of interest that is not a market rate, In which case the asset is measured at the present value of the future payments discounted at a rnarket rate of interest for a similar debt instrument. Olher financial instruments are subsequently measured at fair value, with any thang6s recognised in the statement of financial actlvities. with the exception of hedging instruments in a desSgnated hedging relationship. Financial assets that are measured at cost or amortised cost are r8viewed for objectlve evidence of impairment at the end of èach reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate headlng In the staterrent of financlal activiknes in which thè initlal gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed individually for impaimient. Other financial assels are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately. to the extent that the reversal does nol result in a carrying amount of the financial asset that exceeds what the carrying amount would hav8 been had ihe impaimient noi previously been recognised. 3.10 Trade deblors Trade debtors are non-interest bearing a￿1 are stated at original invoiced amount less an appropriate allowance for irrecoverable amounts. Such allowances are based on known customer exposures. 3.11 Cash Cash can comprise cash at bank and in hand. Page 20 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS Accountlng Policles (contlnued) 3.12 Trade credllors Trade creditors are non-interest bearing and are stated at the original invoiced amount. 3.13 Incomo Irom flnancial inslruments Interest is accrued and credited to the profit and loss account in the period to which it relates. 3.14 Tanglble flxed assets Tangible ass8ts are inlllally recorded al cost, and subsequently stated al Cost less any accumulated depreciation and Impalrment losses. Any taroible assets carri8d at revalued amounts are recorded at tho fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impalnnent losses. An increase in th8 carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it rever$6s a charge for impairment that has previously been recognised as expenditure within the Statement of financial activltles. A decrease in Ihe ¢arrylng amount of an asset as a result of revaluation, is recogniseil in other r6cognlsed gains and losses, except to which it offsets any previous revaluatlon gain. in which case the loss is shown within other recognised gains and losses on the statament ol flnanclal activities. 3.15 Depreciation Depreciation is ¢alculat8d so as to write off the cost or valuatlon of an asset, less its residual value, over the useful economic lrfe of Ihat asset as follows: Property improvements Leasehold improvements Plant & equipment (including technical equipment) Fixtures & fittings Office equipment straight line over 50 years straight line over 4 y&ars slraight line over 5-7 years straight line over 10 years straight lina over 3 years 3.16 Inv8strnents Unlisted equlty investments are initially recorded at cost. and subsequently mèasured at fair value. If falr valLte cannot be reliably measured, assets ar8 measured al cost less impairment. Listed Investments are measured at fair value with changes in fair value being recognised in income or expenditure. 3.17 Inveslmenl in Assoclalos Investrnents in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Inveslments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undug Cost or effort, the cost model will be adopted. Dividends and other distributions received from the investmenl are recognlsed as income wlthout regard to whether the distributions are from accumulated prolits of the associate arising before or after the date of acquisition. Page 21 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MAFICH 2025 NOTES TO THE ACCOUNTS A¢¢ountlng Pollcles (contlnued) 3.18 Slo¢k Stock is valued at the lower of cost and net realisable value, after due r8gard for obsolete and slow- moving stocks. Net realisable value is based on the selling price less anticipated costs to completion and selling costs. Item5 donated for resale or distribution are not included in the financial stalements until they are sold or distributetj. Limited by Gu8r8nlee The company is limited by guarantee not having share capital. Every memb8r of the company undertakes to contribute su¢h amounts as may be required Inot exceeding £11 to the assets of the conyany rf Fi should be wound up while he is a member or within one year after he ¢eases to be a member, for payments of the company's debts and liabllitles contracted before he ceases to be a member, and of the costs. charges and expenses ol winding up, and for adjustment of the rights ol the contributories among themselves. a) Donations and legacies Current Year Total Fund3 2025 Unrestricted Funds Restricted Funds Donations General donatlons 40,419 40,419 Grants Mendlp Dlstrict Council Other grants Tolal income from donations and grants 17.915 58,334 17,915 Prlor Year Total Funds 2023 Unrestrlctod Funds Restricted Funds Donatlons General donations 8.656 8,656 Grants Mendlp Dlstrlct Council Other grants Total incomg trom donatlons and grants 25,225 33,881 25.225 33,881 Page 22 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS b) Income trom Charltable 8¢tlvltles Currenl Year Tolal Funds 2025 Unreslrlcted Funds Rostricled Funds Hall hires Community events CommercSal tScket sales Barlcalé sales Studio hire Membership MeetSng room & mezzanine income Total income Irom charltabl8 actlvhl8s 154,353 294.282 104,252 860,099 37,800 14,740 53,896 1.519,422 154,353 294,282 104.252 860.099 37,800 14.740 53096 1,519,422 Prlor Year Unreslri¢lod Restrlcted Tolal Funds 2024 Funds Funds Hall hires Communty events Commercial ticket sales Barlcafé sales Studio hire Membership Meeting room & mezzanine income Totsl Income Irom charltable actlvltles 136,941 266.999 141.733 806,035 35,223 16,634 46,290 1,449,855 136,941 266,999 141.733 806,035 35,223 16,634 46,290 1,449.855 c) Income from Olh8r sources Current Year Total Funds 2025 Unrestricted Funds Rostrlcted Funds Commission income Other income Tolal Incom8 from other sources 68.561 9.537 78,098 68.561 9,537 78.098 Prioy Year Totsl Funds 2023 Unrestrlcled Funds Restricted Funds Commission income Other income Tolal Income from other sources 59,290 4,751 64,041 59.290 4,751 64,041 Pag8 23 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS Expendlture on Charitable aclivities Current Yaar Totsl Funds Unrestrlcted Funds Restri¢t8d Funds Note Cheese & Grain Communlty Centre Direct costs Support costs Total expendlture on charltable activilies 1,547,296 89,017 1.636.313 1,547,296 89,017 1,636,313 Prlor Year Total Funds 2024 Unrestrfcted Funds Restrlcted Funds Note Cheese & Grain Community Centre Direct Costs Support ¢osls Tolal expendilu￿ on ¢harltable acllvltles 1,412,556 71.636 1.484,192 1,412,556 71,636 1,484,192 Page 24 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS DI￿¢1 costs The breakdown of dlract costs is show in the table bèlow:. 2025 2024 Dlrect costs Direct costs & purehas8s 534,496 548,320 Labour cosls Staff wages and salaries Slaff NIC Staff pensions Subcontractors Staff training 699,448 39,038 19,342 13,014 700 rn,542 583,970 37,284 15,619 18.243 2,470 657.586 Estsbllshment expensos Rates Rent Water Light, heal and power Insurance Repairs and maintenan¢e 1,758 2,T19 62,893 5,421 38,538 111,389 1.056 2.026 39,669 4.348 32,409 79,508 Gèneral ov&rh8ads Marketing Equipment costs Subscriptions Sundry expenses Managemenl charges payable Entertainment 49,307 8,878 36,710 12,754 4,555 2,737 114,941 37,736 6,491 42,729 10,914 9,596 2,186 109,652 Depreciation Leasehold improvements Technical equipment Fixtures and ffttings Office equipment Plant and equlpment 4,996 1,047 1,680 4,309 2,896 14,928 4.996 1.047 1,623 6,940 2,884 17,490 Total Direct Costs 1,S47296 1,412,556 Page 25 FROME CHEESE & GRAIN LIMrrED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS Support Costs The breakdown of support costs is show In the table below:_ 2025 2024 Support co$t$ Compuling and software costs Telephone Printing. postage and statlonery Legal and professional fees Staff welfare Bank interest and ¢harges Loan interest Accountancy costs Audil lees Bookkeeping costs ProfiV(loss) on disposal of tangible fixed assels Travel costs Tolal Support Costs 4,920 4.869 12.075 301 974 14,373 3,975 16,817 9,350 7.665 8,642 1,334 2,259 19.520 1,648 5,023 12,000 13,705 10,153 525 89,017 3,982 71.636 Net income for the year This is stated after charging-" 2025 2024 Depreciation Auditors fees - Audit fees Non-audit fees Trustees, expenses 14,928 17,489 12.000 5,023 9,350 5.250 The Trustees received no emoluments or relmbursem8nt for expenditure during this or the previous year. No Tiustee waived exp8nses during the current or previous year. Page 26 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS 10 Staff costs The total staff costs and employee bangfits for the reporting period are analysed as follows:_ 2025 2024 Wages and salariés Social security costs Employers. pension costs Subcontractors Staff training Totsl ststt costs 583,968 37.284 15,619 18.243 2.471 657,585 19,342 13,014 700 771,542 The average head count of employees during the year w85 82 {2024: 82). No employee received employee benefits of more than £60,000 during the current or previous year. The number of pemianent eM￿oYeeS is supplemented by casual workers who are deployed at events. The total staff costs include payments to casual workers. Th8 key management personnél are considered to be the Trustees. the Director, the Operations and Contracts Manager, the Programma, Events and Marketing Managèr and the Office and HR Manager. 11 Parent company profit for Ihe year The Company has taken aifvantage of the exeTnption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive i￿ome in these financial statements. The loss after tax of the parerrt Company for the year was £4.306 {2024 profit.. £67,974). 12 Taxation The charity is exempt from corporation tax on its charitable activities. Page 27 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS 13 Tangible Fixed A$s8ts Group Property Improv's Fixtures & Fitting$ Offlce Equlpment Plant & Equlpmenl Tol81 Cost: At 1 April 2024 Gost of disposal Additions At 31 March 2025 252,438 115.520 {15.1431 14,823 75,028 {20,292) 1.275 56.451 457,809 {35,435) 1,715 424.089 252.438 100.377 14,823 Dgprè¢latlon: At 1 April 2024 Eliminated on disposal Charge for th8 year At 31 March 2025 153,204 104.066 (15.080) 4.146 93.132 11,541 54.079 {10,2011 3.944 49,822 324,890 (25.281) 14,931 314,540 4.998 153,202 13,384 Net book valuo: Al 31 March 2025 94,236 7,245 1,439 6,629 109,549 At 31 March 2024 99,234 11,454 3,282 18,949 132,919 Company Propèrty Improws FixtuTrs & Filtings Offlca Equlpmenl Plant & Equipment Total Cost: At 1 April 2024 Additions At 31 March 2025 247,270 65.824 14.823 51.431 379,348 247 270 ￿4 14 823 Depreclatlon: At 1 April 2024 Charge for the year At 31 March 2025 52,326 4.738 157,065 59,393 1,680 61.073 11.541 1.843 46,641 1,047 47,688 269,901 9,309 Nel book valu8: At 31 March 2025 90,205 4.751 1,439 3,743 1￿.138 At 31 March 2024 94.944 6,431 3.282 4.790 109,447 Page 28 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS 14 Inveslments Company Shares In Group Undertaklngs ¢o$l: At 1 April 2024 Additions At 31 March 2025 201 201 Carrying amount: At 31 Mar¢h 2025 201 At 31 March 2024 201 Details of the investments in which the Group holds 20¥0 or more of the nominal value of any class of share capikl are as follows:_ Proportlon of voting rlghts and shares held 2025 2024 Und8rt8klng Holding Frome Cheese & Grain Trading Limited Grain Hospitality Limited Grain Events Limitsd Ordinary Ordinary Ordinary 100Y. 100Y. 100/ 1009A 1000/. All of the subsidiary undertakings are incorporated in England & Wales. The principal activity of each subsidiary undertaking is set out below-. Undertaking Holdlng Frome Cheese & Grain Trading Limited Grain Hospitality Limited Grain Events Limited The sale of tickets for performan¢e art evenls The running ot the Cheese & Grain café and bar Thè sale of tickets for performar￿e art ev8nts 15 Stocks Group Company 2025 2025 2024 11.873 11,873 2024 Stocks held for resale 16,981 Page 29 FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS 16 Deblors Group Company 2025 29,535 2025 38￿14 2024 53.614 2024 17,825 Trade debtors Prepayments ar)d accrue(J income Amounts owed from group undertakings Other debtors 3,968 14,986 2,829 95.297 09 141 727 87.989 236 108.879 3,135 17 Cash and cash equivalgnts Group Company 2025 2025 2024 513,231 513,231 2024 41,309 41.309 Cash on hand 18 Creditors: amounts talling due within one year Group Company 2025 31,881 40J06 2025 42,081 61,281 2024 44,559 35.817 2024 14.100 6.740 Bank loans and overdrafts Trade credilors Amounts owed to group undertakings Social security and other taxes Other creditors Accruals 12.601 457,742 51,724 68,066 1,627 20,483 25,034 37.772 43.137 126,783 123254 HSBC Bank PIC hold a fix8d and floating charge over the uThJartaking and all propety and assets present and future including go￿￿will, book debts. uncalled capital, buildlngs, fixtures and fixed plant and machinery. Page 30 FROME CHEESE & GRAIN LIMrfED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS 19 Credltors: amounts lalllng due after one year Group Company 2025 15,667 2024 42,065 2025 13,649 2024 8.583 Bank loans Other Creditors 57,229 23,747 HS8C Bank PIC hold a lixed and Iloating charge over the undertaking and all propety a￿1 assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machlnery. Flnanclal commltments, guarantee and contlngenclos Amounl not provlded lor In the balance sheet The total amount of financial commitments not included in the balancè she81 is £Nil12024- £10,000) 21 Reconciliation of net movem8nt In funds lo net Cash Inflow Irom operating activiti8$ 2025 2024 Statement of Financial Aclivities.. Net movement in funds {Profitl I loss on disposal of tangible assets Interest paid Depreciation Ilncrease)Idecrease In slocks Income tax exp8n5e Ilncrease)Idecrease in debtors Increasel{decreasel in creditors r+let cash (outtlow)1Snflow from operatlng adivities 19,541 10,153 1,648 14,928 {5,108> 63.585 4,046 17.490 (477) (11,46n (71,133} (41,438) 134.263} 240.452 290.833 Page 31 "r. i -Y I JJ FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS Analysis ol net a$set8 betWe8n funds Currenl Year Unrestrlcted General Funds Total As at 31 March 2025 Tangible fixed assets Other net assets 109,549 191.849) 17,700 109,549 (91,849) 17,700 Prlor Year Unrestricted General Funds Total As al 31 March 2024 Tangible fixed assets Other nel assets 132.919 {134,760} (1,841) 132,919 {134.760) (1041) 25 Related paty transacllons Induded in debtors is £80,00012024: £57.1951 due from Grain Hospitality Limited. a wholly-own8d subsidiary. Included in debtors is £15,297 due from Frome Cheese & Grain Trading Limited. a wholly-own&J subsidiary {2024- £30.794 due to Frome Cheese & Grain Trading Limited). Page 33