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2025-08-31-accounts

REGISTERED COMPANY NUMBER: 05907385 (England and Wales) REGISTERED CHARITY NUMBER: 1121751

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

NEXUS INSTITUTE OF CREATIVE ARTS

HB&O Ltd Chartered Accountants and Statutory Auditor Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

NEXUS INSTITUTE OF CREATIVE ARTS

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 25
Detailed Statement of Financial Activities 26 to 27

NEXUS INSTITUTE OF CREATIVE ART

REPORT OF THE TRUSTEES for the year ended 31 August 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Vision and Objectives

To be Europe's leading Christian institute for vocational arts and technology training.

Nexus is called to be a premier, global Christian institute known for the integration of faith, discipleship and vocational training in the service of God's people, His Church and society.

Our Mission

Through excellent training programs and comprehensive discipleship, Nexus leads Christian musicians and technicians from diverse background into an understanding of the full gospel of Jesus Christ; builds spiritual and musical foundations into individuals, essential for realising their full potential in life; and releases students into active participation in the building of God's Kingdom across the whole Earth.

Public Benefit

The trustees of the charity have had due regard to the Charity Commission guidance concerning public benefit.

DECISION TO CLOSE

This year of reporting saw us begin the previously stated plans for closure. As previously reported, the financial pressures of continuing to run a high-quality offering with increasingly small student numbers proved to be challenging. In March 2024 the trustees took the decision to close the charity after the end of the 2025/26 academic year. The charity will remain fully operational until the end of the 2025/26 academic year to complete the education of the current students.

ACHIEVEMENT AND PERFORMANCE

Student Numbers for 2024/25

In 2024/25 there were 33 students across three programmes of study, a drop from last year's numbers (51).

Total BA (Hons) Popular
Music & Worship		 BA (Hons) Event
Technology		 BA (Hons)
Songwriting
Level 5
Level 6		 12
21		 6
19		 2
1		 4
1

Progression/Continuation into 2025/26

There was one withdrawal from Event Technology towards the end of the academic year.

Total BA (Hons) Popular
Music & Worship		 BA (Hons) Event
Technology		 BA (Hons)
Songwriting
Level5 11 6 1 4

Student Attainment

Despite no new level four students and our first of two teach-out years, this programme demonstrates consistent strength and high standards. You will see in the sub-sections that follow below that our rates at worst align with national averages and at best, greatly exceed it. It seems clear from reading the long-form feedback, that the challenges we face as we close are related to modulating the student experience to fit our decreasing cohort size, not the quality of our education. That said, with the difference in satisfaction between different modules peaking at only 6% it’s clear that despite reducing our staff size, not recruiting new students and leading the school into the beginning stages of closure, we are still maintaining our consistency in delivery.

Page 1

NEXUS INSTITUTE OF CREATIVE ART

REPORT OF THE TRUSTEES for the year ended 31 August 2025

Student Attainment (continued)

It’s important to note in the below report that we have small student numbers, this most definitely impacts the statistical data.

Recruitment

Recruitment has ceased.

Communications

The figures below are as of August in each academic year.

Social media followers 2024/25 2023/24 Growth
Facebook 4,047 4,124 0.9% decrease
**Instagram ** 2,997 2,855 5.0%increase

Socials are being used for updates on closure, communicating activities, events, and weekly highlights and the selling of assets.

Page 2

NEXUS INSTITUTE OF CREATIVE ART

REPORT OF THE TRUSTEES for the year ended 31 August 2025

Bursary Grants and Payments

The ‘Cost of Living’ grant continued to help students whose personal finances represented hardship that was making it difficult for them to continue to study. Money given from friends and partners of Nexus ICA continues to be specifically set apart for this purpose, with strong communication to those givers on the end of the scheme.

Students apply in a similar way to the Hardship Fund at our validating University and the trustees make the final decision on allocation.

Looking to the future, we will be considering the best use of the money donated specifically to this cause as we close.

Fundraising and Additional Streams of Income

While the experience of raising funds continues to be an important one for our students, and very likely for their future, the need to raise funds is no longer an issue. Therefore, fundraising efforts have been significantly reduced.

Rag Week 2025 – The Seasons Tour

The Seasons Tour saw students and staff working together to create a set of original music and covers that was designed to be an engaging evening of worship for all. Lowestoft, Peterborough, London and Banbury were the ‘out of town’ locations, with churches and partners providing support for each of these concerts. The finale event at Nexus was our end of year showcase event.

This event was not designed primarily as a fundraiser, therefore tickets were offered free of charge at the Tour events. It was a chance for students to work together on a project and look outward in ministering to others.

Fees

Fees remained at £8,000 for Level 5 students and £7,500 for Level 6 students.

Creative Arts

We’ve had some wonderful events this year. The Winter Showcase, Emma Nissen and the ‘Seasons Tour’ being highlights. All three events were sold out at Nexus. The Winter Showcase was especially powerful and played a big part in bringing students together, united in their love and pursuit of Christ. This filtered into the End of Year tour and resulted in two extremely strong shows.

Our songwriting students enjoyed an incredible 2 hour workshop with composer Harry Lightfoot at his studio in Leamington

Friday Night In continued as a student-led monthly evening featuring local musicians and students.

Page 3

NEXUS INSTITUTE OF CREATIVE ART

REPORT OF THE TRUSTEES for the year ended 31 August 2025

Facility and Asset Management

With the continued decrease in student numbers heading into the final year of Nexus ICA, we altered the use of rooms downstairs further to accommodate to students’ needs, whilst aiming to finish well and continue to enhance student experience.

The sale of Astoria House to Debre Eyesus Church was accompanied by many changes to the spaces which were available solely to Nexus. The admin office and meeting room off reception were both handed over to the church, and they now use it as their own office and storage. In addition to this, they have sole access to Room 6, which is predominantly used as another meeting space for their services. What was the studio upstairs, off the mezzanine, was also handed over as storage. We therefore saw the opportunity to creatively manage usage of the remaining rooms.

Space was needed to store assets that were to be sold, and fewer rooms were needed on a daily basis. Therefore, Room 7 was re-purposed as a storage room to collect up and store items that are listed on our assets website.

We also felt it would be a good use of space by making one of the rooms downstairs into a purpose built studio, where students and staff were able to come into a room, plug in, and hit record! Room 4 was selected – we painted, put up more acoustic panels, and changed the layout of the room.

We also wanted to make a ‘content’ space. Knowing the final year would bring more announcements needing to go out on socials relatively quickly, room 2 was converted into a designated area which was designed for quick capture, with ready-to-go equipment and resources.

Losing our meeting room meant we also changed the layout of room 1 which now doubles up as a meeting room and rehearsal space.

Room 4 – New Studio Space

Page 4

NEXUS INSTITUTE OF CREATIVE ART

REPORT OF THE TRUSTEES for the year ended 31 August 2025

Room 2 – New Content Space

FINANCIAL REVIEW

Reserves policy

In line with Charities Commission guidelines, Nexus ICA keep a minimum of 3 months operating costs in strategic reserve. Funds in excess of three months operating costs have been held to mitigate against delays in the receipt of student fees payment from The University of West London for Quarter 1 of the financial year where cash flow is historically at its lowest point. At 31 August 2025 general funds were £464,341 (2024: £538,637) and restricted funds were £5,072 (2024: £6,154).

Principal risks and uncertainties

The trustees have conducted their own review of the major risks to which the charity is exposed and systems have been implemented to mitigate those risks.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The charity is a company limited by guarantee, incorporated on 16 August 2006, governed by its Memorandum and Articles of Association and became registered as a charity on 29 November 2007. The charity was formerly known as 'Nexus Trust' before officially changing its name to 'Nexus Institute of Creative Arts' on 19 February 2014.

Page 5

NEXUS INSTITUTE OF CREATIVE ART

REPORT OF THE TRUSTEES for the year ended 31 August 2025

Organisation and structure

The trustees who have served during the year and since the year end are shown on page 7. The trustees are appointed by the existing board of trustees and meet on a regular basis in order to oversee the work of the charity. The trustees delegate the day to day running of the organisation to a senior leadership team who are in turn responsible to the body of trustees. The trustees have the power to invest the resources of the organisation in such assets as they see fit.

Induction and training of new trustees

New trustees are appointed by the existing trustees. The trustees are given an introduction to the Charity and are given the guidance from the Charity Commission on the roles and responsibilities of trustees. All trustees are reminded to monitor the Charity Commission's website for any updates of these responsibilities on a regular basis.

Key management remuneration

Remuneration for key management personnel is set as part of the annual budget process with reference to benchmarking of pay and benefits for similar organisations.

Leadership - Notable Developments

Leadership have been consistent in communicating the message of ‘completion not closure’ to staff, students and wider supporters and friends of Nexus. This has enabled the start of a strong finish and represented a good framing for all activities. The Trustees continue to be grateful for their incredible on-the-ground leadership.

Staff have fed back that they felt consistently well-informed and well supported through the process, which is line with Senior Leadership Team and Trustees desire that communication should be as transparent as possible. This felt very much in line with our policy and approach that has always been in place with staff, giving them maximum opportunity to make the right decision for their own employment and future decisions.

Health and Safety

Risk assessments, facility management, policies and protocols continue to be under constant review.

ACTIONS RELATED TO CLOSURE

Staffing

September 2024 started with reduced staffing and hours, but accompanied by a salary increase in line with the Higher Education Pay Spine of 2023/24. This was to match the shortfall created by ceasing recruitment.

Completed Sale of Astoria House

Trustees met in early September to formally accept the offer from the first buyer, however they later withdrew, so an offer was made to the 2[nd] interested party, Debre Eyesus Church, which was accepted. The sale was completed and a tenancy agreement reached in January of 2025. This tenancy agreement is enabling us to stay in Astoria House until closure, for which we are very grateful.

Disposal of Assets

A thorough review and documentation of our remaining assets was compiled to enable the proper sale or distribution of assets in these last 2 years. The asset register is being overseen by David Bertram and is being managed on the ground by the Site Manager.

Assets no longer required for operations are being made available for sale via social media channels and a link will be created on the Nexus ICA website.

Ongoing review of Redundancy arrangements

The Senior Leadership Team and the Trustees have been working together to make sure all aspects of redundancy are covered, including any actions or payments that may be needed after our August 31[st] closure date and final redundancy payment.

We continued to receive advice from our HR Consultant Peninsula with any ongoing questions regarding redundancy payments.

FUTURE PLANS

This year was our penultimate year, and we are heading towards our closure date of 31[st] August 2026. Our aim is to continue to offer education and training at a level that ensures success for our students; not primarily in grades achieved, but in the ability to leave with a strong sense of identity and hope for the future.

Page 6

NEXUS INSTITUTE OF CREATIVE ART

REPORT OF THE TRUSTEES for the year ended 31 August 2025

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05907385 (England and Wales)

Registered Charity number 1121751

Registered office Astoria House 71 Albany Road Coventry West Midlands CV5 6JR

Trustees

Kate Silber David Bertram Matthew Ling Rachel Dekam

Auditors

HB&O Ltd Chartered Accountants and Statutory Auditor Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

Bankers

National Westminster Bank 24 Broadgate Coventry West Midlands CV1 1NE

Advisers to the Board

Jane Moffat (Safeguarding) Jenny Cavendish (Mental Health)

Senior Leadership Team Matthew Cossey (Principal) Matthew Donald (Assistant Principal)

Page 7

NEXUS INSTITUTE OF CREATIVE ART

REPORT OF THE TRUSTEES for the year ended 31 August 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Nexus Institute Of Creative Arts for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Approved by order of the board of trustees on 30 April 2026 and signed on its behalf by:

K S Silber - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NEXUS INSTITUTE OF CREATIVE ARTS

Opinion

We have audited the financial statements of Nexus Institute Of Creative Arts (the 'charitable company') for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to Note 2 to the financial statements which explains that the trustees intend to close the charitable company after the 2025/26 academic year and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NEXUS INSTITUTE OF CREATIVE ARTS

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of HB&O Ltd Chartered Accountants and Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

30 April 2026

Page 10

NEXUS INSTITUTE OF CREATIVE ARTS

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2025

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
24,977
Charitable activities
5
Tuition and performance
270,042
Investment income
4
-
Total
295,019
EXPENDITURE ON
Charitable activities
6
Tuition and performance
369,280
NET INCOME/(EXPENDITURE)
(74,261)
Transfers between funds
21
(35)
Net movement in funds
(74,296)
RECONCILIATION OF FUNDS
Total funds brought forward
538,637
TOTAL FUNDS CARRIED FORWARD
464,341		 Restricted
funds
£
2,470
-
53
2,523
3,640
(1,117)
35
(1,082)
6,154
**5,072 **		 2025
Total
funds
£
27,447
270,042
53
297,542
372,920
(75,378)
-
(75,378)
544,791
469,413		 2024
Total
funds
£
40,540
446,570
105
487,215
618,628
(131,413)
-
(131,413)
676,204
544,791

The notes form part of these financial statements

Page 11

NEXUS INSTITUTE OF CREATIVE ARTS

BALANCE SHEET 31 August 2025

Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
18
NET ASSETS
FUNDS
21
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
10,034
3,717
22,890
450,197
476,804
(22,497)
454,307
464,341
-
464,341		 Restricted
funds
£
-
-
-
5,072
5,072
-
5,072
5,072
-
**5,072 **		 2025
Total
funds
£
10,034
3,717
22,890
455,269
481,876
(22,497)
459,379
469,413
-
469,413
464,341
5,072
469,413		 2024
Total
funds
£
634,125
-
13,743
191,809
205,552
(145,576)
59,976
694,101
(149,310)
544,791
538,637
6,154
544,791

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 12

NEXUS INSTITUTE OF CREATIVE ARTS

BALANCE SHEET - continued 31 August 2025

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 30 April 2026 and were signed on its behalf by:

K S Silber - Trustee

The notes form part of these financial statements

Page 13

NEXUS INSTITUTE OF CREATIVE ARTS

CASH FLOW STATEMENT
for the year ended 31 August 2025
2025
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(229,565)
Interest paid
(8,313)
Net cash used in operating activities
(237,878)
Cash flows from investing activities
Purchase of tangible fixed assets
(9,257)
Sale of tangible fixed assets
779,350
Interest received
53
Net cash provided by/(used in) investing activities
770,146
Cash flows from financing activities
New loans in year
-
Loan repayments in year
(268,808)
Net cash (used in)/provided by financing activities
(268,808)
Change in cash and cash equivalents in
the reporting period
263,460
Cash and cash equivalents at the
beginning of the reporting period
191,809
Cash and cash equivalents at the end of
the reporting period
455,269		 2024
£
(87,818)
(15,278)
(103,096)
(7,870)
4,195
105
(3,570)
100,000
(17,870)
82,130
(24,536)
216,345
191,809

The notes form part of these financial statements

Page 14

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 August 2025

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2025 2024
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (75,378) (131,413)
Adjustments for:
Depreciation charges 8,084 19,529
(Profit)/loss on disposal of fixed assets (154,086) 1,003
Interest received (53) (105)
Interest paid 8,313 15,278
Increase in stocks (3,717) -
(Increase)/decrease in debtors (9,147) 26,591
Decrease in creditors (3,581) (18,701)
Net cash used in operations **(229,565) ** (87,818)
ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS
At 1.9.24 Cash flow At 31.8.25
£ £ £
Net cash
Cash at bank and in hand 191,809 263,460 455,269
191,809 263,460 455,269
Debt
Debts falling due within 1 year (119,498) 119,498 -
Debts falling due after 1 year (149,310) 149,310 -
(268,808) 268,808 -
Total (76,999) 532,268 455,269

2. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

The notes form part of these financial statements

Page 15

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

1. GENERAL INFORMATION

Nexus Institute of Creative Arts is a company limited by guarantee and is incorporated in England. It is also a registered charity as regulated by the Charity Commission for England and Wales. The address of the registered office is given in the administrative information on page 7 of these financial statements.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In April 2024 the trustees took the decision to close the charity after the end of the 2025/26 academic year. Closure is planned less than 12 months from the date of the approval of these financial statements, consequently, the financial statements are not prepared on a going concern basis but instead a basis other than the going concern. Since all of the assets and liabilities are measured at their recoverable value, no adjustments were necessary to the valuation of net assets which are included in these financial statements. Sufficient funds are available to support the charitable activities until closure occurs. No provision has been made for the future costs of terminating the charity as such costs were not committed at the reporting date.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Direct costs attributable to a single activity are allocated directly to that activity. Costs which contribute to more than one activity are apportioned on the basis of staff time incurred on each activity. Support costs which are not attributable to a single activity are apportioned between the activities being supported on the basis of staff time incurred on each activity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - straight line over 50 years Improvements to property - 4% on cost Equipment - 25% on cost

Assets are capitalised when they cost £1,000 or more and have a useful life of more than one year.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

continued...

Page 16

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2025

2. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Company status

The charity is a company limited by guarantee, which was incorporated on 16 August 2006. The members of the company are the trustees named on page 7. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

3. DONATIONS AND LEGACIES

Donations and grants
Gift aid
4.
INVESTMENT INCOME
Deposit account interest		 2025
£
27,447
-
27,447
2025
£
53		 2024
£
36,266
4,274
40,540
2024
£
105

continued...

Page 17

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2025

5. INCOME FROM CHARITABLE ACTIVITIES

Activity
Training fees
Tuition and performance
Merchandise and tuck sales
Tuition and performance
Hall and equipment hire
Tuition and performance
Events income
Tuition and performance
Other income
Tuition and performance
6.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
note 7)
£
Tuition and performance
275,902
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Nexus giving and support
Sundries
Merchandise and tuck costs of sale
Equipment costs
Events
Training and activities
Validation fees
CAS number fees
8.
GRANTS PAYABLE
Tuition and performance		 Grant
funding of
activities
(see note
8)
£
3,640		 2025
£
248,500
2,851
11,337
7,046
308
270,042
Support
costs (see
note 9)
£
93,378
2025
£
171,499
4,588
2,918
2,919
2,857
15,346
33,925
41,850
-
275,902
2025
£
3,640		 2024
£
395,352
6,795
32,074
11,197
1,152
446,570
Totals
£
372,920
2024
£
179,947
-
3,953
4,321
-
9,692
41,162
67,500
75
306,650
2024
£
2,750

continued...

Page 18

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2025

9. SUPPORT COSTS

Management
£
Tuition and performance
217,364
Support costs, included in the above, are as follows:
Administration salary costs
Social security
Pensions
Other operating leases
Water and rates
Insurance
Light and heat
Telephone
Printing, postage and stationery
Advertising
Bad debts
Child protection costs
Repairs, maintenance and security
Subscriptions
Depreciation of tangible fixed assets
Finance charges
(Profit)/loss on disposal of tangible fixed
assets
Interest payable and similar charges
Auditors' remuneration
Legal fees
Accountancy fees		 Governance
Finance
costs
£
£
(144,741)
20,755
2025
Tuition
and
performance
£
153,369
8,461
4,413
14,000
1,775
4,819
6,305
89
292
2,980
544
144
10,119
1,970
8,084
1,032
(154,086)
8,313
6,780
4,589
9,386
93,378		 Totals
£
93,378
2024
Total
activities
£
167,249
8,157
4,103
-
6,222
5,103
15,462
241
907
17,416
9,623
615
13,628
1,220
19,529
1,274
1,003
15,278
7,440
5,552
9,206
309,228

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets
Other operating leases
Surplus/(deficit) on disposal of fixed assets		 2025
£
6,780
8,084
14,000
**(154,086) **		 2024
£
7,440
19,529
-
1,003

continued...

Page 19

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2025

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.

The key management personnel of the charity comprise the trustees and the senior leadership team. The total employee benefits of the key management personnel of the charity were £94,962 (2024: £83,054).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2025 nor for the year ended 31 August 2024.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
£
311,659
17,499
8,584
337,742		 2024
£
335,755
15,746
7,955
359,456

The average monthly number of employees during the year was as follows:

Training
Administration		 2025
5
16
21		 2024
8
15
23

No employees received emoluments in excess of £60,000.

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
38,179
Charitable activities
Tuition and performance
446,570
Investment income
-
Total
484,749
EXPENDITURE ON
Charitable activities
Tuition and performance
615,878
NET INCOME/(EXPENDITURE)
(131,129)		 Restricted
funds
£
2,361
-
105
2,466
2,750
(284)		 Total
funds
£
40,540
446,570
105
487,215
618,628
(131,413)

continued...

Page 20

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2025

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Unrestricted
funds
£
RECONCILIATION OF FUNDS
Total funds brought forward
669,766
TOTAL FUNDS CARRIED FORWARD
538,637
14.
TANGIBLE FIXED ASSETS
Improvements
Freehold
to
property
property
£
£
COST
At 1 September 2024
650,000
127,859
Additions
-
-
Disposals
(650,000)
(127,859)
At 31 August 2025
-
-
DEPRECIATION
At 1 September 2024
91,000
55,558
Charge for year
4,333
1,704
Eliminated on disposal
(95,333)
(57,262)
At 31 August 2025
-
-
NET BOOK VALUE
At 31 August 2025
-
-
At 31 August 2024
559,000
72,301
15.
STOCKS
Stocks
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Bad debt provision
Other debtors
Prepayments		 continued
Restricted
funds
£
6,438
6,154
Equipment
£
32,628
9,257
(350)
41,535
29,804
2,047
(350)
31,501
10,034
2,824
2025
£
3,717
2025
£
3,044
(544)
7,753
12,637
22,890		 continued
Restricted
funds
£
6,438
6,154
Equipment
£
32,628
9,257
(350)
41,535
29,804
2,047
(350)
31,501
10,034
2,824
2025
£
3,717
2025
£
3,044
(544)
7,753
12,637
22,890		 Total
funds
£
676,204
544,791
Totals
£
810,487
9,257
(778,209)
41,535
176,362
8,084
(152,945)
31,501
10,034
634,125
2024
£
-
2024
£
9,850
(9,623)
1,472
12,044
13,743

continued...

Page 21

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2025

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025
£
Bank loans and overdrafts (see note 19)
-
Other loans (see note 19)
-
Trade creditors
9,568
Other creditors
2,567
Accruals
10,362
Deferred income
-
22,497
Deferred income comprises training and registration fees that have been
2025
received in advance of the forthcoming academic year:
£
Balance as at 1 September 2024
8,000
Amount released to income earned from charitable activities
(8,000)
Amount deferred in year
-
Balance as at 31 August 2025
-
18.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
£
Bank loans (see note 19)
-
19.
LOANS
An analysis of the maturity of loans is given below:
2025
£
Amounts falling due within one year on demand:
Bank loans
-
Other loans
-
-
Amounts falling between one and two years:
Bank loans - 1-2 years
-
Amounts falling due between two and five years:
Bank loans - 2-5 years
-
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more than 5 years
-		 2024
£
19,498
100,000
4,940
4,665
8,473
8,000
145,576
2024
£
21,200
(21,200)
8,000
8,000
2024
£
149,310
2024
£
19,498
100,000
119,498
20,425
55,974
72,911

Bank loans comprise a 2.5% p.a. Bounce Back loan repayable in July 2026 and a 5 year fixed rate 3.67% p.a. over Base Rate bank loan repayable in October 2032. The bank loans are secured by a first legal charge over the charity's freehold property. The bank loans were repaid in full in January 2025.

Other loans comprise an interest free loan repayable within one year. The loan was repaid in full in January 2025.

continued...

Page 22

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2025

20. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2025
£
26,329
4,441
30,770		 2024
£
5,329
9,769
15,098

21. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Property improvement grants
Restricted funds
Bursary fund
TOTAL FUNDS		 At 1.9.24
£
519,744
18,893
538,637
6,154
**544,791 **		 Net
movement
in funds
£
(73,161)
(1,100)
(74,261)
(1,117)
**(75,378) **		 Transfers
between
funds
£
17,758
(17,793)
(35)
35
-		 At
31.8.25
£
464,341
-
464,341
5,072
469,413

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property improvement grants
Restricted funds
Bursary fund
TOTAL FUNDS		 Incoming
resources
£
295,019
-
295,019
2,523
297,542		 Resources
Movement
expended
in funds
£
£
(368,180)
(73,161)
(1,100)
(1,100)
(369,280)
(74,261)
(3,640)
(1,117)
(372,920)
**(75,378) **

continued...

Page 23

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2025

21. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Property improvement grants
Restricted funds
Bursary fund
TOTAL FUNDS		 At 1.9.23
£
647,573
22,193
669,766
6,438
676,204		 Net
movement
in funds
£
(127,829)
(3,300)
(131,129)
(284)
(131,413)		 At
31.8.24
£
519,744
18,893
538,637
6,154
544,791

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property improvement grants
Restricted funds
Bursary fund
TOTAL FUNDS		 Incoming
resources
£
484,749
-
484,749
2,466
487,215		 Resources
Movement
expended
in funds
£
£
(612,578)
(127,829)
(3,300)
(3,300)
(615,878)
(131,129)
(2,750)
(284)
(618,628)
(131,413)

The general fund represents the free funds which are not designated for particular purposes.

The property improvement grants fund represents monies set aside by the trustees in recognition of grants received to assist in financing the rebuilding of the front steps and the new heating and air conditioning installations. The improvement costs were capitalised and included within tangible fixed assets.

The bursary fund has been set up to aid students in financial difficulty.

continued...

Page 24

NEXUS INSTITUTE OF CREATIVE ARTS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2025

22. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme in respect of certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due to the scheme and amounted to £8,584 (2024: £7,995).

Included within creditors is a balance due to pension providers of £1,647 (2024: £1,624) representing contributions owed to the fund.

23. RELATED PARTY DISCLOSURES

Several trustees, and members of the senior management team, are regular supporters of the charity's activities. The regular donations made are less than £1,200 per contributor.

During the year fees were paid to D Silber, spouse of K S Silber, totalling £954 (2024: £8,820).

Page 25

NEXUS INSTITUTE OF CREATIVE ARTS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations and grants
Gift aid
Investment income
Deposit account interest
Charitable activities
Training fees
Merchandise and tuck sales
Hall and equipment hire
Events income
Other income
Total incoming resources
EXPENDITURE
Charitable activities
Salaries - training
Social security
Pensions
Nexus giving and support
Sundries
Merchandise and tuck costs of sale
Equipment costs
Events
Training and activities
Validation fees
CAS number fees
Grants to individuals
Support costs
Management
Administration salary costs
Social security
Pensions
Other operating leases
Water and rates
Insurance
Carried forward		 2025
£
27,447
-
27,447
53
248,500
2,851
11,337
7,046
308
270,042
297,542
158,290
9,038
4,171
4,588
2,918
2,919
2,857
15,346
33,925
41,850
-
3,640
279,542
153,369
8,461
4,413
14,000
1,775
4,819
186,837		 2024
£
36,266
4,274
40,540
105
395,352
6,795
32,074
11,197
1,152
446,570
487,215
168,506
7,589
3,852
-
3,953
4,321
-
9,692
41,162
67,500
75
2,750
309,400
167,249
8,157
4,103
-
6,222
5,103
190,834

This page does not form part of the statutory financial statements

Page 26

NEXUS INSTITUTE OF CREATIVE ARTS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2025

Management
Brought forward
Light and heat
Telephone
Printing, postage and stationery
Advertising
Bad debts
Child protection costs
Repairs, maintenance and security
Subscriptions
Depreciation of tangible fixed assets
Finance
Finance charges
(Profit)/loss on disposal of tangible fixed assets
Bank loan interest
Governance costs
Auditors' remuneration
Legal fees
Accountancy fees
Total resources expended
Net expenditure		 2025
£
186,837
6,305
89
292
2,980
544
144
10,119
1,970
8,084
217,364
1,032
(154,086)
8,313
(144,741)
6,780
4,589
9,386
20,755
372,920
**(75,378) **		 2024
£
190,834
15,462
241
907
17,416
9,623
615
13,628
1,220
19,529
269,475
1,274
1,003
15,278
17,555
7,440
5,552
9,206
22,198
618,628
(131,413)

This page does not form part of the statutory financial statements

Page 27