gSOEUlfOO Qotp CULTURAL ENTERPRISES ANNUAL REPORT I APRIL 2024 - 31 MARCH 2025 Ir_;. Annual Report 2024-25 Trustees, Retx)rt Treasurer's Re￿rt 27 CA)jects and Public Benefit 29 Structure, Governance and Management 31 Statement OfT￿￿teeS, Responsibilities 33 References and Admlnlstratfve tkltalls 35 Independent Fxaminer's Rep)rt 36 Consoli(lated Statement of Finandal Artfvlties 38 arity and Consolldated Balance Sheet 39 Statement of Cash Flows 40 Notes to Financial Statements 41 3 Annual Report 2024-25 INTRODUCTION Thc Trustees of the Assoclatlon for Cultural Enterprtses present thelr Annual Report and consolldated financlal statements of the charity and Its subsldlary for the year endiiig 31 March 2025, which have also been prepared to meet the requireinents for a dlrectors, report and accounts for Cornpanles Act purposes. The fiiiancial statements comply wlth the Charfjtles Act 2011, the Companles Act 2006, the Artlcles of Assoclatlon, and Accounting and Reportlng by Cliaritles.. Statement o( Recominended Practlce appllcable to charities preparlng their accounts in accordance wlth the Financial Reportliig Staiidard appllcable lil the UK and Republlc of Ireland (FRS 102). Front cover Bodleian Libraries, Oxford, the settinglor a Cultural Enterprises Masterclass oil Venue Plire 4 Annual Report 2024-25 OUR VISION, MISSION AND STRATEGIC AIMS Our vlslon Is to empower the cultural sector to secure a sustalnable future. Our mlssion Is to promote commerclal best practice Sn the cultural sector by harnes.sing the combined strength of our communlty's knowledge and experience. We deliver education and bulld connections across all areas of self -generated Income, fur everyone at every stage of thelr Lareer. To deliver our vlslon and mlssion we alni to meet the followlng stratLiglc alm5: . To be recognised as the sector leader. To transfomi Into a data- led organisatlotL To Ixome less reliant on extemal ftindin& To Ixrome an environmentally sustainable entity. To ratse our proflle. To growand develop ourrnembership. To grow&s a supp)rttveand progressive employer. Member networking at the Cultural Enterprises Conference in Liverpool 5 Annual Report 2024-25; Chair's Welcome WELCOME MELANIE LEWIS. MBE Chalr of Trustees Thls has boen a strong aiid Important year for the Association. As we publish thls Annual Review, I want to thank all of our members aiid partners for the contlnued support, commitment, and trust you place In us. Our work Is only possible because of you. The context across the sector remains challenging. Cultural organlsations are stlll grappllng wlth cost pressures and pollcy uncertalnty, while continuing to deliver value to thelr coiiimunltles and vlsitors. Many of our members are navlgatlng increases in wage costs, National Insurance, and penslon contribLltions, alongside ambitions to be exceptlonal employers for their teams and dellver outstanding experiences for customers and cllents. I'hls Is demandlng work, and It deserves recognitlon. In that context, 2024125 has been a year of real momentum and progress for the Assoclatlon. Our Membership grew by 9%, and we returned to operating at a flnancial sury)lus. More importantly, we focused oiir resources where they mattor most: helping ineinbers to build capabllilyi generate Inconie, and stay connected to each other and to best practlLe. We launched the CornTnercial Performance Barometer In January, whlch Is already proving to be one of our most valued tools. It glves organisations real-tirne Inslght iiito iiicome trends and vlsltor behavlour, supporting you to make sharper decisions and plan effectlvely. We Introduced the Onllne MeTnber Forum to strengthen peer-to-peer collaborationi expanded our free Reglonal Networklng events, and launched a new free Jobs B()ard. These are practical, meinber-driven changes, which are already dellverlng beneflts. The Cultural Enterprlses Academy conllnues to grow In depth aiid value, offerlng outstandliig CPD approved content completely free to all staff across niember orgaiiisations. We are proud to offer learnlng that supports commercial growth, operatlonal resilience, and leadership developnient; accesslble to all, regardless of slze or geography. Our flagshlp event, the annual Conference, reached new heights this year. Over 8nn delegates, exhibltors, and speakers jolned us In Liverpool, making It the largest event in our history. For me personally, it was a joy to welcome so many of you to rny hotnetown. The energy, insight, and generoslty on dlsplay was outstandlng. Speakers from inside and nutside the sector, 6 Annual Report 2024-25: Chair's Welcome Includlng Ltverpool and Hasbro, remlnded us that cultural commerce is constantly evolvlng and that the Associatlon slts at the heart of that progress. Special thanks to our member organisation, Natlonal Museuins Liverpool, for their support In delivering events across their portfolio of venues, and 10 all our partners and sponsor5 for their generous and valued support. We are also deepenliig oiir Inipact around sustalnabljlty and Innovation. The Seeds of Change prlze Is supporting bold Ideas Ilke Fruitmarket's Future MakL'rs programme, and our Retall Sustalnablllty Framework is glving practical, everyday tools to teams trying to work more sustalnably. These resources are tangible, aecesslble, and already dellverlng chaiige. Looklng ahead, we wlll launch our new Emerging Leaders PrograrnTne to support the next generatlon of commerclal leaders. We will Lontinue to enhance our benchmarklng, deepen our learnlng offer, and grow our natlonal reach and Influence. Biiilding on the SUCLLISS of thls year's Mentorfjng Programme, now Into Its fifth year, we wlll launch an expanded and refreshed progiainme to provlde even greater support to our members throughout all stages of thelr career. And we will keep strengthenlng the tools and networks our members need most. Thls has also been a perlod of transitlon for the Association. In March 2025, we knew that our Chlef ExeLUtlve, Gordon Morrlson, would be stepping do￿ later in the year. Gordon has made an exceptlonal contrlbution to the growth and confidence of the knoLiation and leaves us In a posltfioii Lif real strength. We wlsh hlm every success In his exclting new rnle, and on belialf of the Board, I want to thank Gordon for his leadership• vision, and cornmltmeni. We also said goodbye to Trustees Carollne Brown, Clirls Gllbert and Rod Taylor during thls perlod. Their Inslght, experlence, and generosity have played a vltal role in shaping the organisatlon's recent development. I would Ilke to thank them all for their service and impact. As thls report goes to publfcation, recruitment for our next Chlef Executlve Is underway. The Board rernalns focused on securlng the rlght leadershlp to take the Association forward. We are clear In our ambitioii, values, and purpose, and we are confldent In the road ahead. Thank you to all of our members (or being part of thls communlty. Please continue to use what is on offer, challenge us, and share your ideas. The Assoclation is stroiiger because of your involvement, and we look forward tu worklng wlth you In the year to Loine. MELANIE LEWIS, MBE 7 Annud Report 2024-25: Membership MEMBERSHIP The year to March 2025 gaw a 9% increase In membershlpi brlnglng our total niemberslilp to 520 organlsatlons, made up 01330 Menilxhrs and 190 Associates. Acting in response to member feedback, we have introduced a nurnber of slgnfificant new member beneflts. These crltical tools are not lust features - they're deslgned to shlft how cultural eiiterprises work and grow. Our newcommerclal Perforniance Barometer offers monthly benchmarklng Insights gathered from mernber venues, aLcessible via an interactlve dashboard. The onlfine Member b'orum Is a place for members to share knowledge and solutlonsi Post questlons and coiinect with each other. The new self-scrvlce Job Board (wlth free advertising for inembers from i Aprll 2025) makes It easy for members to recruit the best talent from across the sector. A sL*rles of free reglonal networklng event.s now support local coniieLtions. In response to feedback from Associates who wanted more opportunities to engage wlth members, we have Introduced a new tlered membership structure, wlth flexlble optlons to Increase reach and vlsibillty. We al.so launched an enhanced, lully search*1ble Supplier Directoryi and all Assoclates now have the opportunlty to create an Exclusive Member Offer to help raise thelr proflle. What's Next Strengthenlng engagement wlth our new member beneflts wlll be a prlorlty, reflectliig our ongoing commitment to ensurlng our members, volces contlnue to shape our work, and to building a connected and collaboratlve membershlp conimiiiilty. l The Association community has been such a welcoming and supportive place for me and my team. l am grateful for its support, endorsement and encouragement. Rosie Baker, Director ol Commercial & Operations, Foundling Museum (pictured right, receivlng the Best Ticketing Initiative Award wilh Tabitha Paterson, Visltor Engagement Manager) 8 Annual Report 2024-25: Membership Members by Organisation Type and Reglon &9% .9% 5.9X Garden. Park or Zoo 5X 9.9% l*toric Ho(Th• 14.9% Llbrtyy 3X 29.7% 10.9% Scotl Idlan 9% Lon uth 26 @ Members 9 Annual Report 2024~25: Member Beneflts COMMERCIAL PERFORMANCE BAROMETER Launched In January 2025, the Commercial Performance Barometer marks a garne changlng new beneflt for oiir members delivering the most up to (laie, consistent, and sector-speciflc Insight Into commercial and audienLe performance across UK cultural venues. Thks monthly survey is already transfonning how organisations understaiid and respond to commerclal trends, enabling partlcipants to benchmark perforniance, identlfy emerging patterns, and share best practice. Hlghlights January results revealed a mixed start to the year: overall admlsslons were down 4% compared to January 2024, drlven In part by adverse weather, temporary closures, and ongofing cost-of-living pressures. However, the data also highlfighted areas of resilience partlcularly In retail aiid caterlngi where Increased average spend per vlsitor and transaction value suggested a wllllngness among audiences to pay more for quallty experlences. Encouraglngly, 47010 of members reported gnod or exLellent Lommerclal perfomiance, and 66% expressed optimism about the year ahead, What's Next Wlth over ioo sites engaged In Its flrst three months, the Barorneter Is fast becoining an essential plannlng tooli provldlng data that has the potentlal to shape strateglc declslons and drlve Improvement across the sector. We wlll continue to grow partlclpatton, measure reach across oiir niembershSp, and embed the Barometer Into our meniber value proposition ensuriiig even tnore organlsatlons can benelit from these timely and actlonable insights. The Barometer feels transformative - becoming data-led enables us to benchmark performance and identify opportunities plus quick wins that are essential in a challenging market David Middlemiss, Deputy Chief Executive, Black Country Living Museum @ Dashboard 10 Annual Report 2024-25: Member Benefits ONLINE MEMBER FORUM As part of our cornrnltrnent to fostcrlng greater connectivlty and knowledge sharlng across our communlty, and iii response to demand from mcmbers, thls year saw the successful launch of oiir free Onllne Mcmber Forum. Deslgned as a dedicated spaLC for nienibers to post questions, share advice, and connect with peers, the Forum has already seen encouraging uptake. By strengthenlng participation and embedding the Forum into the member joiirney, we hope to bulld a rnore connected, Informed, and engaged communlty. Highlfights Slnce launchlng In Navember 2024, we've seeii 318 uiiique posts from 271 unlque users There have been 5,652 page vlews across a wide range of topfics Includlng events, venue hlre, F&B, vlsltor cxpcrlence, retall, and ecnmmerce. This early activfity hlghllghts both the appetite and potential for deeper collaburation aiid peer- to-pecr learning. What's Next Loolcing ahead our focus Is buildlng on thls mornentutn. We aim to Increase the proportlon of meinbers actively uslng the Forum, noi only by enhancing its vislbllfity and usablllty but also by encouraglng coiitrlbutlons. This wlll Include Iracklng engagement rnetrlcs to better understand Its Impact and Inform future Improvements. We'll also explore opportunlties to inte%rate the l¥ofuTn more fully Into our member acqulsltlon strategy J posltlonlng It as a key benefit of boining. Peta Swindall & Samantha ￿ne, Litile Aiige'l Theatre sharing insights al the ConlerencL' // 11 Annual Report 2024-25: Events EVENTS Our annual events programme delivers expert-led training, peer-to-peer learnlng and valuable networking opportunlties, covering all cominercial actlvlties within the sector Includlng caterfing, ecommerce, filmlng• retail, sustalnablllty, ticketing, venue hire and vlsitor experienc Highlights Over 1,600 delegates engaged wlth our events programme across the year, with a 94% average satisfaction score. Seeds of Change was our first networking event specifically almed at senior leaders, wlth content showcaslng the best of envlronmental sustalnabillty Initlallves In the Lultiiral sector as well as the presentatlon of the inaugural Seeds of Change prize fund. OLir new serles of one day online conferences are designed to make c.ornmercial content and networklng aLcessible to all, with peer-to-peer exchange of experience and the opportuiiity to connect, network and share ideas in roundtable discussinns. Our free reglonal networklng events, created In response to mernber feedbackj provlde an opportunlty to make new coniiectlons and hear commercial Insights In an Informal setting. What's Next We'll continue to de15vei liisplratlonal and engaglng tralnlng events and networklng opportiinltles to support Income generation In the cultural sector, both online and In person, wlth bursary places available to ensure all events are fully accessible to our menibers. The event gave me head space to review where we are and howwe can move forward. It was nice to be in a room full of people who understand running a business within a cultural venue. Je55 Nicklin, 14ospitality Operaiions Manager, BALTIC Cenirefor Contemporary Art @ Events Lewis Iwu, Purpose Union, spoke ai Viewfrom the Top on Diversity, Eouitv and Incliision 12 Annual Report 2024-25: Conference CONFERENCE In March 2025 we dellvered our biggest and Tnost ambltious Conference to date, brlnglng together over 800 delegates, exhfjbltors and speakers In the vlbrant city of Llverpool. I'he two day event showcased inspirlng case studles and innovatlve projects across all areas of cultural Incorne generation, wlth a wlde range of speakers from across the seLtor and beyond. Hlghllghts 23% increase In delegate numbers compared wlth the prevlous year, Includlng Increased attendance from .senlor leaders. Our exLeptlonal keynote speakers Toni Cassidyi Liverpool Football Club and Ashley Alexander, Hasbro, both gave Inspiratlonal ialks that were very well recelved. A vlbrant atrnosphere with connectlons belng made and conversations touching on everything frorn strategy and leadershlp to shopfloor challenges and opportunitles. 92% rated thelr overall satls(actlon wilh the eveiit as Very Good to Excellent, What's Next Respondliig to feedback we wlll be explorlng fuither opportunlties to enhance the Conference programme wlth a nuinber of frlnge ilctivlties Includlng learning tours, focused and facllltated networklng sesslons, and the Trustees tA>unge where delegates can meet and chat iiiformally wlth our Board of Trustees. LL ,Excellent conference ~ we learnt a lot and made many new connections. The sector has challenges that can't be ignored but opportunities that must be grasped. ro I￿O￿e And Vlsltor STr01￿1 PrO￿(t Dlver51fic8tloi I Tom Ca55idy, Director of Toijrisni, Liverpool FC (pictured right delivering the keynote speech) 13 Annual Report 2024-25: Coi)ference One of the most welcoming and forward-thinking gatherings of the year, brilliaiitly organised. Inspiring to be surrounded by passionate professionals, all dedicated to shaping the future of cultural attractions. lohn Turner, Director, Tlie Penny Press li An Inspiring and successful conference with a multitude of different talks which have left me energised and excited for the future of culture and heritage in the UK. Will Desmond, Deputy Visitor E¥perience Manager, The Design Museum Delegates, exhibitors and speakers including (right) keynote Ashley Alexander, Vice President - Filni, H05bro 14 Annual Report 2024-25: Trade Show TRADE SHOW The Cultural Enterprises Trade Show ts a flagshlp evLint, providlng a platforrn for sector-level supplier development, product innovatlon, and commercial growth. Our goal is to create a. welcomingp dynarnlc space where delegates can discover new brand5 and opportunitle.s, and exhlbltors can showcase thL•ir products, grow their networks, and strengthen tlieir presence In the sector. We curate the show with care, striklng a balance betwcen returning L'xhibltors and fresh, Innovatlve volces, ensurlng the experleiice remalns hlgh quallty, relevant, and inspiring. Highlights Design Natlon Collaboratlon - a curation of Independent designer makers for whom the opportunity for exposure and connection ts increasingly valuable. Cultural ConneLtlons IA)unge - new for 2025, Stephen Spencer + Associates hosted this Informal networklng space for diop-ln conversatlons and knowleilge sharhng. Stand sales grew by nearly io%, and the standard of presentatlon was partlciilarly high, offerlng thoughtfiil and meaningful engagement for delegates. I'hc atmosphere was vibrant, creative and highly valued by all In attendance. What's Next We are commltted to continuing to enhance the Trade Show experlence, for both exhlbltors and delegates. Thls Includes attracting new brands to keep the event fresh and cxcltlng; supportlng Olir loyal exhibitors wlth the best envlronment to meet new clients; and expanding interactive areas such as the Cultural Connections IA)unge to n)axlniise engagement throughout the event. other wonderful event! I've come away full of ideas) projects, new friends (and important contacts) and above all filled with enthusiasm to create moments of wonder. zoe Scott, Cured (Exhibitor) i( 15 Annual Report 2024-25: Trade Show 25/ new exhibitors 90/ plan to return In 2026 AHr Easy to navigate and spacious, enabling nieaningful conversations, like being in a high end retail setting. One of the best shows I've visited. Trade Show Visltor 'WEET OB -71, 16 Annual Report 2024-25: Awards AWARDS The only Industry Awards whlch exist solely to recognise and celebratlon commercial success and creativlty in the cultural sector, the Cultural Enterprises Awards provide a platforrn to showcase best practice and inspire innovatlon in sustainable income generation. Hlghllghts For the first time entrles were open to all cultural organlsatiuns, not Just members, provlding the opportunity to liicrease awareness of the Awards throughoiit the sector. New categorles were Intr(Kluced coverlng the full range of commercial actlvlty Includlng fllmlng, venue hlre, tlcketingi marketlng and a popular new Award for Team of the Year, A new set of criteria was created for consistency across all categories and jiidges, based on three key elements - Innovation, commercial success and sustainabillty andlor EDI. What's Next Contlnulng wlth thls establlshed set of award categorles and crlteria, we'll contlnue to grow awareness of the Awards, Increasiiig entrles from across the wider sector and positioning the Cultural Enterprlses Awards as a prestfiglous and hlghly souglit after badge of excellence. e calibre of entries demonstrates supreme entrepreneurialism, excellence of visitor experience, and real resilience. Ground breakingi sector leading - we have it all here. 141DE IA TII.Ic Rebecca H055ain, Director ol Commercial & Operations, Sir lohn Soane'5 Museum 17 Annual Report 2024-25: Awords CIIOPhTIA' 110¢ tlMind¢ O Nllel The passion and commitment displayed in each entry was apparent, as was innovation and creativity. It was inspiring to see how these were applied to achieve greater inclusion, diversity and sustainability. Siobhan l.ynch, Deputy ChieJ Lyecutive & Director of Operations, Titanic Beljosi 18Annual Report 2024-25: Sustalnobillty SUSTAINABILITY As part of our ongoing commltmcnt to envlronmental responslblllty, we contiiiue to embed sustaiiiable practices across our operatiuns, events, and meinber servlLes. Su5taliiabilfity15 an evolvlng process, and each activlty presents an opportuiilty to identlfy new and Iniproved ways of worklng more sustalnably. Hlghllghts We aclfftvely prlorltise publlc transport for buslness travel and se.lect venues based on accesslbillty by public transport. In 2024-25 carlvan use for the Coiiference and Trade Show fell from nearly 60% to Jiist 25%, showlng that location plannlng and sustalnW*F Ilowfjrs 1 ' 1 ramework Siisiainable piiblishing by Bookspeed, one of several inember case studies in the Framework 21 Annual Report 2024-25,. Museum Shop Sunday MUSEUM SHOP SUNDAY Museum Shop Sunday continues to generate huge enthusiasm from rnembers and the wlder sector, creating a focal point to collectively showcase the fantastic retail offer at cultural venues and the vltal role it performs. It offers a great platforni for cultural organlsations of all types to showcase products, reach new audiences and boost sales. Hlghlights 2024 was our biggest campalgn to date, with over 150 UK organisatlons taking part, Includlng multl-slte nat5oiials Ilke English IILirltage, HistoriL Scotland and Anigueddfa Cymru as well as iconlc venues Ilke Royal Ballet & Opera, and dozens of IoLal museums and gallerles across the country from Shetland right down to Cornwall and even Guernsey. The new Shop with Purpose tagllne really resonated wlth audlences, perfectly capturlng the essence of the campaign around thoughtful, sustalnable shopplng. Oiir Instagram campalgn was really linpactful, wlth reach soarlng by 315% to 15.3k. Collaborative posts with partlcipants perfornied best, willi a reach of up to 4k per post, and engagement grew by loo% to i.lk What's Next We have created new Museum Shop Sunday web pages which have had over 12k views, Includlng an onllne shop directory which wlll now slt on our webslte as a permanent featiire. We'll contlnue to promote the annual campalgn and encourage partlclpatlon across the sector. Museum Shop Sunday - what an amazing way of highlighting everything great about retail in cultural attractions! We posted record retail sales on the day. Rob King, Operations and Project Manager, The Story, Durham 22 Annual Report 2024-2Jf: Mentoring MENTORING The Cultural Enterprises Mentoring Programrne Is a hlghly rewarding opportiinlty for members. The programme fetltures a full day of onllne traliilng, Includlng a personallsed matchlng sesslon. Mentors recelve an addltlonal day of tralnlngi while rnentees beiiefit froin a session focused on guidance and supporL I have become a better leader because of this programme and my mentor 2025 Meiitee The 2024-25 Cohort Inployer lob Tltle ent entee Job Title Employe Courtauld Instltute of Art Cornmerclal Director Jonathan Plng Jennller Pass Fluslness Development Manager Bamsley Museums Bath Museums & Gallerles Retall Servlces Manager Rachel Chlvers Deputy Vlsltor Experlcnce Manager The Deslgn Museurn Desmond Natlonal Gallery Head of Operatlons Carole Keltie Klrsty RicliaTds Venue Operatlong Manager Wales Mlllennlum (£ntre Hea(1 of Operations Pé Commerclal Amy Aklno- Witterlng Publlc Programmes Producer YoungV&A Danny Woolston Natlonal Arniy Museum Take the Curront Ltd Dlrector IA)uise Emerson Natalle stevens Manager, Not Just a shop Universlty of the Arts IAJndon Royal IlotaniL Garden Edlnburgh Head of Enterpr15es Clare I￿ah Scarlett Retall.Store 'slstant Manager Royal Armourles 23Annud Report 2024-25: Academy ACADEMY The Cultural Enterprises Academy offers over 40 unlts of LPD approved learnlng avallable free of charge to all staff in meiiiber organisations - an incredible member beneflt worth nearly £2,000 per person. Hlghlfights Thls year several new courses were added to the Academy: An Introductlon to Fundraisiiig by ile de Cormis Flndfing the Right Ticketlng System by Carly Straiighan Creatlng Transforniatjve Visitor Experlences by Davld Hlngley, Blanca Corriette and Rachel Kuhn Value Led Vlsltor Journey Design by Davld Hlngley, Blanca Corrlette and Rachel Kiihn • A Qulck Gulde to Mentorlng and Coaching by Gabriela Gandolflnl Enrolments were up 20% In 2024- 25 cornpared to the previous year. The most popular courses Included Visual Merchandlsing, Leadership, Shi)p Floor Skllls, Maxlmlsingcommerclal Income and Consumer Psychology. What's Next We are looking forward to refreshlng exlstlng courses and creatlng new ones, wlth a fiirther four courses due to be added to the library of content In 2025-26. A partlcular focus wlll be on creating learnlng pathways for entry-level and liinlor cultural professionals. Explore courses Filming a new Visiior Experience coursei presented aiid co-created by Bianca Corrieite, BOP Consulting 24 Annuol Report 2024-25: Looking Ahead LOOKING AHEAD GORDON MORRISON Chief Executive As I prepare to embark on my own next chapter as a member of the Associalion, rather than It5 CEO, I reflect on 2024125 wlth Immense prlde and a deep sense of accomplishment. It brings me tremendous satlsfactlon to know tliat I wlll be leaving the L%soclatlon for Cultural Enterprlses lil a posltlon of srrength, with our membershfip reachlng a record high of over 520 organlsatlons. Furthermore, the sheer scale and success of our Llverpool conference and trade show thls year, which brought together over 800 Indlviduals from across and beyond the cultural sector, underscores the vibrant and dynamlc communlty we serve, l am also Incredlbly proud of the remarkable dedlcation and responslveness demonstrated by our Executlve Team and Trustees throughout the past year. Recognising the slgnificant challenges faclng cultiiral organlsatlons In the current Lllmate, thelr unwaverlng conimltment to understandfing and addresslng the evolvlng needs of our members has been truly Inspiring, We Ilstened fintently when our members clearly articulated thelr need for more practlcal, free tools and servfices to help them navigate Ihese tiirbiilent tlTnes, and l am dellghted that we took decisive and bold step5 in 2024125 to dellver on thfjs. This commitTnent translated directly Into signillcant investment and the successful launch of several keyi free initiatives designed to provlde tangible supporl: The CoTnTnerclal Performance Barometer, our new mniithly resource which empowers members with cruLial data and insfights lo inonltor their commercial health, understand broader sector trends, and identlfy pathway5 for growth by beiichniarking thelr performance agalnst their peers. The Onllne Member Forum now provldes a seamless platform for our members to connect, engage In peer-to-peer learnlng, seek support and Insplratlon, and share valuable ideas and Inslghts. Our new serles of free Reglonal Networklng Events dlrectly addresses the strong deslre expressed by our members for more in-person connection and collaboratlon. 25 Annual Report 2024-25: Lookin9 Ahead FurtherTnore, our commltmcnt to provldlng practlcal and meanlngful educatlon and tralnfing has been significantly amplified. In direct response to the need for bespoke development opportunitles, l am particularly excAted about the upcoming launch of our new Emerging Leaders Programme fin 2025126. Thls unlque Initlatlve Is specifically deslgned to support and cultivate the next generatlon of commerclal leaders within our sector. Flnally, we have made slgnlflcant strldes In provldlng greater In.splratSon and sharlng best practlces from both wlthln and beyond our sector. Thls has been achleved through: The development and launch of new Onlfine Academy Courses, offeriiig expert-led learnlng and practlLal Inslghts. The hostlng of webinars and events featurlng Inslghtful guest speakers from dlverse Industrles, broadenlng our collectlve perspectives and understanding. Our largest and most ambitlous conference to date, whlch featiired outstandlng keynote speakers such as Torn Cassldy from Llverpool FC and Ashley Alexander froin Ilasbro, bringfing Invaluable commerclal expertlse and fresh perspectlves dlrectly to our meTnbers. Looklng ahead to 2025126, the focus now shifts. flrmly to empowerlng our members to fully leverage these fantastic new beneflts. 'I'hese are all new resources, and their success hlnges on your actfive engagement, You asked for them, and we dellvered - so please, l urge you to utlllse them fully. Our commltment to you remains steadfast: we will not stand stlll and wlll continue to seek opportunitles to provlde even greater value for your meinbershlp In these challenging times. A prime example of thls ongoing commltrnent Is the launch o( our new free Job advertlsing service which is already belng widely adopted. l ain optim65tlc that the support the Assuclation now provides, and wlll contfinue to provlde In the months ahead, wlll niake a real and meaningful differe.ncei equipping you with the tools you need not lust to survive, but to truly thrive. l extend iny very best wlshes for great succes5 In the year ahead to all our members and everyone connected wlth tlie Assoclation. 26 Annual Report 2024-25: Sponsors and Partners WITH THANKS TO OUR PARTNERS AND SPONSORS ¢•+ ARTS COUNCIL ENGLAND navigate CULTURAL ENTERPRISES CONFERENCE TX Tourism Exchange GB Great Britain Intelligent countlng. n-gage.io COMPLETE WORKS <0 Entegra NORTHERN BLOC grcJi')hlc Jlatapiilt VIsItEn8lan ARTS & CULTURE PODCAST KING & MCGAW fST. 27 Aiinual Report 2024-25: Treasurer's Reporl TREASURER'S REPORT For theyear endlng 31 March 2025 The Associatlon made a surplus 01 £26,695 in the year ended 31 March 2025 compared to a deflclt of £144,352 In 2024. Thls bullds on a year of planiied investment in mernber services and benefits in 2023121,. That strategy Is now deliverlng results, with increased engagement and a stronger financial position in 2024125. The 2024 deflclt Included the ImpaLI of a nuniber of one-off Items, Includlng the wrlte-off of the remaining Thruu ecommerce assets and reserve commfitments made in respect of key projeLts. In 2025, business has returned to regular Association activltles of trainAng aiid conference provislon, which have seen Improved margins. Consolldated InLome for the year was f.975,409, an Increase of nearly fJi67,oou on the 2024 Income of £808,512. Of thls £201,oou was grant Income. we are once agaln gratc'ful to Arts Council England for their continued support. Membershlp Income has seen a further sl&mlflcant year on year Increase of £24,000 (30%) to ju.st under £106,000. Thls contSnues the trend of growth In membershlp numbers In both Full and Assoclate Members. Income from ediicatlonal actlvlties of £202,954 Is an increase on 2024 InLome of £142,831. A significant contribution to that was the Increase In Conference delegate incomc - at £127,535 this was an increase on 2024 levels by £41,652. Trading activltles Income has Increased 10 £458,360 In 2025 from £381,154 In 2024, a 20% Increase, Thls is helped by Increases across categories of Conference and Trade Show Income, Associate Meinbership and income Irom tlie Associatlon's online Job Board. Overall, the Conference and Trade Shnw, our key event of the year perlormed very well, wlth casts carefully managed and Income opportunltles maximlsed.'fhe margln for the yearwas £137,880 (36%) compared to 2024: £77,871 (25%). 28 Annual Report 2024-25: Treosufer's Report Staff costs have reduced on 2024 levels by £15,500 (7%) - thls was achleved by a revlew and ratlonalisatlon of actlvltfies wlthln the staff base. Careful management of costs means charltable actlvlty expendlture has only Increased overall by £20,499 (4%) on 2024 levels and tradlng actlvity expendlture has decreased by £24,000 (6%) on 2024 levels. Wlth regards to the balance sheet, current assets have Increased by £137,000 due to additlonal cash belng held at year end In 2025 compared to 2024. However, creditors have also increased at the end of the year so overall net assets are Increased by £26,695. The surplus for the year Is transferred Into the general reserve to contribute towards funds held in accordance wSth clur reserves policy of holding two to tliiee rnonths of owratlng expenditure In our unrestrlcted reserves. At the end of the year, the total unrestrlcted reserves held was £219,130, whlch Is wlthlii that range. Reserves Policy Reserves are held to fund working capltal, to provlde resources for future actlvfitles, to offset unforeseeable shortfalls in Income, and to protect the Assoclation agalnst uiiplanned adverse events. The Trustees have Identified the following key factor5 in setting the level of reserves: the level of volatillty in our Income the level of depeiideiicy on the Conference and Trade show our need to develop the organlsatlon's financial resillence and rebulldlaugment our activltles the need to be better prepared for slgniflcant, unexpected events that could Iiave substantjal detrimental linpacts upon the Association. The Assoclatlon needs Ilquld funds for worklng capital requfrements aiid to cope wfith fluctuations in incorne. To address this, we have taken two to three months of operatlng expendltiire to create a target range for the level of free reserves. Based on current expendlture levels, thls means we need between £158,100 and £237,200 In free reserves. With the opening general reserves of £192,435 and the surplus for the year of £26,695, the closlng reserves are L219,130 which are within this target range. 29 Association for Cultural Enterprises Annual Fleport 2024-25 . OBJECTS AND PUBLIC BENEFIT The Assoclatlon for Cultural Enterprlses Is a charlty establlshed to deliver public beneflt throiigh the promotlon of excellence In cultural tradlng, whlch contrlbuies to the resilience and sustalnabillty of cultural Institutions across the UK. In plannlng and overseeing the Assoclatlon's actlvitles for the year, the Trustees have given due conslderation to the guldance publlshed by the Charlty Commisslon relating to public beiieflt. The trustees have considered how the charlty's actfivitles contribute to our alms and oblectlves and are sailsfled thai the Assoclatlon Is delfivering beneflts to the cultural and herltage sector via Its member organisatlons. The As.soclation's charltable purposes are part of the charlty's objects as stated In Its Articles of Assocfiation: I,To provide educatlon and tralning for all Its members and the general publlc on commerce In the cultural and herltage sector. 2.To proniote the voluntary sector for the benefit of the publlc by assisting voluntary organisatlons and charities to tnaxlmlse thelr revenue by providing a foruni for sharing Information and Ideas on commerce In the cultural sector. Activities for Achieving Objectives The Associatlon provldes eclLILatlon and training to its memt>ers on a wide range of commerclal activitfies (Includlng publishing• licensing, veiiue hire, filni locations, retail and caterlng) which helps members to maximlse self-generated Income for their orgaiiisations. Tlie Lharlty can call upon a considerable pool of expertise vla its staff, Trustees, external experts and the general membershlp. All rnembers are encouraged to take advantage of thls expertise via fornial tralnfing and onlliie tools, as well as networks and contacts facilitated by the Charity's activities. 30 Association for Culturol Enterprises Annual Report 2024-25 Formal learntng and development opportunltles Include: Masterclasses dellvered by expert tralners Peer to peer .Study Days coverlng a wide range of topics Certifled courses delivered through the onllne Academy The aniiual Conference Other learning and development opportunities incliide: Networklng at events Mentoring programme Resource library includlng model contracts, podcast, blog and benchmarklng Cultural Enterprlses Awards. Two biirsary places are avallable for each onllne event and one for each on slte event throughout the year, coverlng the cost of the delegate fee. These are Ilmited to one delegate per niember organisation. Additioiial bursaries are avallable for the annual c.onference. Membershlp Criterla Membershlp is subject to the criteria set out In the Charity's Ariicles of Association. Both Mernbers and Associates are warnily encouraged to attend events and meetlngs, but votlng Is constltutlonally allowed only to Meniber organisations through their norninated representatives. Membership Is open to any cultural organisation that18 establlshed (or publlc beneflt and reglstered as a charlty, or otherwise run not for profit. Such organisataons include museums, gallerles, Ilbrarles and archlves, hlstorlc houses and gardens, zoos lind aquarlums, reltglous premlses, theatres and arts centres. As'.soclate (non-votlng) Membershlp is open to any UK cultural organlsatlon run for prlvate profit and any commerclal companles, flrms or Indfivlduals thai support the Association's work. Non-profit, cultural organlsatlons from outslde the UK are also welcorne to joln as Assoclate Members. Fundralslng The Association is funded by the subscriptions of its meml)er.s, payments for education actlvltles aiid profits from Cultural Enterprises (Trading) Liniited. We are also supported by Arts Councll England. We do not iindertake any fundraisfing activlty from the general public and as such we are not subscribed to any partlcular SLheme of fundraislng regulation. 31 Association for Cultural Enterprises Annual Report 2024-25 STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Charity's constltution consists of a Memorandum and Articles of Associatioii. These were subseqiiently amended and con501idaied Into a slngle set of Articles of Association. Cultural nierprlses (Tradlng) Limlted (CET) Is a trading subsldiary company of the Charlty establlshed by the Trustees In 2013 In order for the Charlty to expand its activltles and carry them out more profitably with less risk CE'I s activities comprise princlpally the Masterclasses and Conference, with any net operattng profits being donated to the Charlty under Glft Ald. The results of the company are Included withln the Charlty's consolldated accounts. Appointment of Trustees All Trustee.$ are requlred to have one or more of the skllls required to govern, manage and steer the Cliarlty effectively. Prospectlve Trustees are recruited by the means of advertlsement on the Charlty's webslte and emall broadcast with candidaies belng Intervlewed by a panel of Trustees and expert advlsers for sultablllty. All Trustees are Informed of their legal responsibillties to the Charity and of governance procedures generally. Further trainlng Is given to new Trustees on appointment. Followlng amendrnents made to the ArtlclLJs of Assoclatlon at the 2024 AGM, the Trustees shall ensure there Is never a rna}ority of Independent'l'rustees from outside the membershlp servlng on the Board. Key Management Personnel Alongside the Trustees, all members of stall are consldered key manageinent personnel glven the current scale of the Charlty's operations. Thls may change If the charlty grows and wlll be revlewed annually. 32 Assoctation for Cultural Enterprises Annual Report 2024-25 Settlng pay wlthin the Association Is a matter for the Board. InAtlal salarles are discussed and agreed between the Chlef Executive and the Trustees. An annual revlew of salaries ks undertakcn by the Flnance and Risk Commlttee wlilch takes into account performance, market rate5 for slmllar positlons and the prevalling rate of inflatlon. The Committee is not bound to Increase salaries annually. There Is no bonus scheme or perforniance related pay mechanlsm. None of the Trustees recelve rernuneratSon for thelr roles as Trustees of the Associatlon. The staff teain is salaried and employed by the charlty. The Associatlon employees are also employees of CET. Organlsatlon The Trustees delegate the Charlty's day to day work and Iniplenieiitatioii of strategy to the Chlef Executlve who Is a full tlme ernployee of the Charlty and Managlng Dlrector of the tradingcompany. There are seven further employees. Tralnlng courses are dellvered efither by staff from member organisatlons glvlng thelr tline free of charge, or by Industry professionals contracted to the Association or CET. Secretarlal and legal support Is provlded by Bates Wells. 33 Associotlon for Culturol Enterprises Annlial Report 2024" 25 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also dlrectors of tlie Associatlon for Cultural Enterprlses for the purposes of company law) are responsible for preparlng the Trustees, Report and the flnanclal statcmcnts In accordance with appllLable law and UK Accountii)g Standards (Unlted Kiiigdom Generally Accepted Accouiitlng Practlce). Coinpany law requlres the Trustees to prepare financial statements for each financlal year. Under cornpany law the Trustees must not approve the flnancial statemeiits unless they are satlsfied that they glve a true and fair vlew of the state of affalrs of the charltable Lompany and the group and o( the inLoming resources and appllcatloii o( resources, Including the Income and expendlture, of the charitable group for that perlod. In preparfjng these financial statements, the Trustees are required to: select sultable accountlng pollcies and apply them conslstently; observe the methods and priiiciples in the Charitles SORP; make Judgeinents and accountlng estimates that are reasonable and prudent; state whether applicable UK Accountlng Standards have been followed, subject to any materlal departures dlsclosed and explafined In the flnanclal statements; prepare the financial statements on the gning concern basis unless It Is Inapproprlate to presume that the charitunt of incoine receivable can be measured rejiably. Donated servlces or facilltles are recognised when the cnmpany has coiitrol over the Item, any coiid5tions assoclated wlth the donaied fttem have been met, the receipt nf economic benefit from the use of the company of the Item Is probable and that economlc benefit can be measured reliably. On recelpt, donated professlonal servlces and donated facllities are recognlsed on Ihe basls of the value of the gift to the company which Is Ihe amount the company would have been wllllng to Pcly to obtaln servlces or facillties of equlvalent economlc beneflt on the open iiiarket; a correspondlng amount is tlien recognised In expendlture In the period of receipt. The charlty uses voluntary speakers as well as extra Trustee tlme and does not recognlse this servlce as a glft In klnd. 1.5 Expendlture Expendlture Is recognlsed once there Is a legal or constructive obliEatlon to transfer economlc beneflt to a third party, It Is probable that a transfer of economic benefits wlll be required Sn settlement and the arnount of the obligatlon can be measured rellably. Expendlture Is classlfled by actlvfity. The costs of each activity are made up of Ihe total of dlrect costs and shared costs, Includlng support costs Involved iii undertaking each actlvity. Dlrect costs attributable to a s5ngle activfty are allocated d5rectly to that activity. Shared costs which contrlbute to more than one actlvlty and support costs which are not atLributable to a single activlty are apportloned between those actlvities on a basls consistent wlth the use of resources. Ceiitral Staff costs are allocated equally between the charliy and company. Fundralslng costs are those incurred In seeking voluntary contrlbutlons and do not Include the costs of disseminatlng Inforination In support of the charltable actlvitles. Supporl costs are those costs Incurred dlrectly in support of expendlture on the objects of the company and Include project management. (iovernance costs are those Inciirred In connection wlth adiiiinisttation of the COTnpany and compllance wlth constltutlonal aiid statutory requlrements. Charitable actlvlties and GovernanLe costs are costs Incurred on the charity's operations, including support costs and costs relating to the governance of the company apporrioned to charltable actlvtties. 43 Associotion for Cultural Enterprlses Annuol Report 2024-25 1.6 Going concern In prcparing the Annual Report and Accounts, the Trustees have continued to adopt the going concern basls. The Trustees belleve the charlty will continue to operate for a period of at least 12 months from the date of approval of these financial statements. and wlll Loniinue to meet Its Ilabllitles as they fall due for paymeni. The Trustees have reached thi% concltssion ba.4ed on the available reserves as at the end of Ihe year and the likely costs and revenue5 of the coming year, Further details regardlng tlie adoptlon of the goiiig concern basi5 can be found In the Accounting Pollcies. 1.7 Basls of consolldatlon The financial staternents consolldate the accounts of the Charlty and all of its subsldlary undertaklngs ('subsidiarles'). The Charlty has taken advantage of the exemptlon contalned wlthln sectlon 408 of the Companles Act 2006 not to present Its own Income and expendlture account. The deflclt for the year in the accounts of the Chadty was £33,566 (2024: £104,452). 1.8 Interest receivable Interest on funds held on deposlt Is Included when recelvable and the amount cali be measured rellably by the Lompanyi this Is normally upon notification of the Interest pald or payable by the Bank 1.9 Tanxlble flxed assets Indlvldual flxed assets costing £250 or more are capltallsed at cost and are depreciated over their estirnated useful economfc Ilves on a stralght line basls as follows: Compiiter equlpmeiit - stralght Ilne over three years. i.io Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the aTnount prepald net of any trade dlscounts due. Lil Cash at bank and In hand Cash at bank and In hand includes cash and short term hlghly Ilquid Investnients wlth a short maturity of three months or less from the date of acquisition or openlng of the deposfit or simllar account. 44 Association for Cultural Enterpris8s Annual Report 2024-25 1.12 Liabllities and provisions Liabllltie5 are recognlsed when there is an obligaiion at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic I￿>nefIt will be required in settlement, and the amount of the settlement can be estimated reliably. Llabilltles are recognlsed at tho amouiit that the coiiipany antlcipates It will pay to settle the debt or the amount fit has recelved as advance(I payments for the goods or services It must provide. Provisions are measured at the best estimate af the amounts required to settle the obligation. Where the effect of the time value of money Is materlal, the provlsion is based on the present value of those amounts, dlscounted at the pretax dlscount rate that reflects the rlsks speclflc to the Ilabillty. Tlie unwinding of the dlscount Is recognlsed withln interest payable and slmllar chiirges. 1.13 Flnanclal fjnstruments The company only has flnanclal assets and flnanclal Ilabllitles of a kind that quallfy as baslc flnanclal Instruments. Basic flnanc'.lal Instruments are Initially recognised at transactlon value and subsequently measured at their settlement value with the exception of bank loans whlch are subsequently measured at amortlsed cost uslng the effectlve Interest method. 1.14 Crltlcal accoiintlng liidgements and key sources of estimatlon uncertalnty In preparlng the flnanckal statements, management Is requlred to make estlmates and assumptlons whlch affect reported Income, expenses, assets, Ilabilliies and disclosure of contlngent assets and lfiabllilies. Use of avallable Informatlon and appllcatlon of Judgeinents are Inherent In the fonmatlon of estlmates, together with past experience and expectatlons of future eventtb that are belfieved to bLJ reasunable uiider the circumstances. Actual results An the future could dlffer frorn such estimates. MaiiagL•ment does not conslder there to be any material accounting estlmates or judgeinents that need dlsclosure In these ffinanclal statements. 1.15 Retirement benefits Payments to deflned Lontrlbutlon retlrernent beneflt schemes are charged as an expense as they fall due. 45 A550¢i0tion for Cultural Enterprises Annual Report 2024-25 2. Memberships and Grants 2025 Z024 Full membershlps Grants (Arts Councll England) Total donatS01i5 and graiits 105,918 201,643 307,561 81,756 201,643 283,399 Associate membershlps are paid vla the tradlng company. 3. Educational Activities 2025 2024 arnlng and development Donated gifts and servlces Cultural Enterprlses Academy income Conference delegate Income Total 60,686 9,500 5,233 127,535 202,954 46,607 ii,ou 676 84,548 142,831 The charlty Ss grateful to the varfious organlsatlons who donate their services and facillties either for free or for a reducL.d charge. An equlvaleiit charge is included wlthln charltable actfivltles. Trading Activities 2025 2024 Tradlng Income Subsidiarycompany Income 458,360 381,154 Trading expenses Subsldlary company expendlture 399851 424,054 Net Income from tradlng actlvltles 58,509 (42,900) 5. Investments 2025 2024 Bank Interest 6,615 979 46 Association tor Cultural Enterprises Annual Report 2024-25 6. Charitable Activities Governance Admlnlstratlon & Organisation Ciiltural Enterprises Academy Total 2025 Direct costs Support costs Total 188,611 334,644 523,255 188,611 360,333 548,944 12,705 12,705 12,984 12,984 2024 Direct costs Support costs Total 172.157 337,617 509,774 172,157 356,139 528,296 16,575 16,575 1,947 1,947 7. Direct Costs Adinlnlstratlon & Organlsatlon Total 2025 IEarnfing & development Conferences & exhlbltlons Course costs Educatlonal legal & professlonal fees Donated gifts & servlces Total 1,360 161,524 7,285 8,442 10,000 188,611 1,360 161,5U 7,285 8,442 10,000 188,6ki 2024 Learning & development Member5hlp Coordlnator Coiiferences & exhlbltlons Course costs Podcasts & dlgfital costs l)()nated glft.8 & servlces Total 3,335 12,ii6 139,914 3,191 10,601 3,000 172,157 3,335 12,116 139,914 3,191 10,601 3,000 172,157 47 Association for Culturol Enterprises Annual Report 2024-25 8. Support Costs Governance Adminlstratlon & Organisation Cultural Enterprlses Academy Total 2025 Legal & professional fees Prernlses costs Course costs Admlnlstrative costs Advertlslng & marketlng Accountancy fees Independent examlnation fees Travel & subsfistence Wages & salarles Social Security costs Penslon costs Entertaining Donated gifts & services Other costs Depreclatlon Profitlloss on dlsposal Total 805 16,575 576 17,380 576 7,914 43,647 29,201 969 2,400 30,303 185,279 20,391 8,578 178 9,500 1,144 2,873 7,914 5,070 38,5TI 29,201 969 2,400 30,303 185,279 20,391 8,578 178 9,500 1,144 2,873 12,705 334,644 12,984 360,333 2024 Legal & professional fees Premlses costs 6,245 1,924 8,169 624 5,184 38,741 22,739 1,919 2,330 36,068 200,962 20,165 8,639 600 624 5,184 38,718 22,739 1,919 Insurance Admlnlstrative costs Advertlslng & marketlng Accountancy fees Independent exarnlnatlon fees Travel & subslstence Wages & salarles Soclal Security costs Pension costs Entertalnlng Donated gifts & services Depreciation Profltlloss on disposal Total 23 2,330 36,068 200,962 20,165 8,639 600 8,000 8,000 2,148 (149) 356,139 2,148 (149) .337,617 16,575 1,947 48 Association for Cultural Enterprlses Annual Report 2024-25 9. Staff Costs 2025 2024 Wages & salarles Soclal SeLurity Losts Pension costs Other employee benefits Total 185,279 20,391 8,578 200,962 20,165 8,639 214,248 229,766 The average niimber of persons employed by the company during the year was as follows: 20Z5 2024 Admlnlstratlon & organlsatlon The iiumber of employees whose remuneratlon for the year fell withln the followlng bands was: 2025 2024 £60,000 to £69,999 All members of staff are consldered key managemeni persoiiiiel. The total compensation pald to key management per.sonnel is therefore the total staff costs of £214,248. No remuneratlon, dlrectly or indlrectlyi was pald or deerned payable for either period to any Trustee or persons known to be connected with them. 10. Net Income 2025 2024 Net income after stated charglng: Depreclatlon Independent examinatlon fees Proflt & loss on sale of assets 2,873 2,400 2,148 2,330 149 49 Association for Cultural Enterprises Annual Report 2024-25 11. Taxatlon The company Is consldered to pass the tests set out In Sch. 6, Para. i of the Flnance Act 2010 and therefore It Meets the definitlon of a charltable company for UK corporatloii tax purposes. Accordingly, the company Is potentially exempt from taxation o( Income or capital galns recelved wlthln categorles covered by Pt. ii, Ch 3 of the Corporatlon Tax Act 2010 or S.256 of the Taxation of Chargeable Gain5 Act 1992, to the extent that such Income or galns are applied excluslvely to charitable purposes. 2025 Group 2024 Group 2025 Charity 2Q24 Charity Curreiit tax UK Corporation Tax on profits for the current perlod 569 The actual charge arlses on the subsidiary's ttadlng proflt: 20Z5 1024 Loss before taxatlon (42,331) Exi)ected tax charge at 19% Effect of capltal allowances & Impalrments Effect of losses from earller years Total (8,043) 9,162 (550) 569 50 Association for Cultural Enterprlses Annual Report 2024-25 12. Tanglble Fixed Assets - Group and Charity Cyroup Coinputer Equipment Groiip Total Charlty 'otal Computer Equipment Cost At i Aprll 2024 Additions Dlsposals At 31 March 2025 20,817 1,355 20,817 1,355 20,817 1,355 20,817 1,355 22,172 22,172 22,172 22,171 Dcpreclation At i Aprll 2024 Charge for the year Dlsposals At 31 March 2025 14,689 2,873 14,689 2,873 14,689 2,873 14,689 2,873 17,562 17,562 17,562 17,562 Net bookvalue At 31 March 2025 At 31 March 2024 4,610 6,128 4,610 6,128 4,610 6,128 4,610 6,128 2025 Group 2024 Group 2025 Charity 2024 Charlty Current asset Investments Sliort terni deposlts 100,000 100,000 Investments In short term deposlts have an orlginal maturlty date of 12 months. The average interest rate Is 4.85%. 51 Association for Cultural Enterprises Annual Report 2024-25 13. Debtors 2025 Group 2024 Group 2025 Charity 2024 Charity 'rade debtors Amounts owed by Group undertakings Corporatlon Tax recoverable Other taxes recoverable Other debtors Prepayments & accrued Income Total 96,105 29,527 45,572 56,798 5,859 36,442 12,710 200 200 17,699 113,804 49,808 92,245 10,028 112,398 25,209 67,710 14. Creditors: Amounts Falling Due Within One Year 2024 Group 2025 Groiip 2025 Charity 2024 Charlty Trade creditors Other taxatlon & Soclal Securlty Other creditors liicorne In advance AcLruals & deferred lijcome Total 78,610 22,090 1,780 85,775 52,923 241,178 46,177 8,436 1,612 49,400 26,761 132,386 17,972 8,703 1,780 58,360 22,851 109,666 19,419 7,867 1,612 35,142 25,361 89,401 15. Summary of Funds Brought Forward Income Expendlture Transfers Carrled Forward General bunds 192,435 975,490 948,795 219,130 Total 192,435 975,490 948,795 219,130 52 Associotion for Cultural Enterprlses Annual Repoi't 2024-25 16. Analysis of Net Assets Between Funds Unrestrlcted Funds Total Funds 2025 Total Funds 2024 Group Tanglble flxed assets Curront assets Creditors less than one year Total 4,610 455,699 (241,178) 219,130 4,610 455,699 (241,178) 219,130 6,128 318,693 (132,386) 192,435 Charity Tanglble flxed a.ssets Current assets Credltors less than one year Total 4,611 321,820 (109,725> 216,706 4,611 321,820 (109,725) 216,706 6,128 273,283 (89,1,01) 190,010 17. Related Party Transactlons There are no related party transactlons to disLlose (2024: nll). 18. Reconciliatlon of Net Income l (Expenditure) to Net Cashflow from Operatfing Actlvities 2025 Group 2024 Group 2025 Charity 2024 Charity Net Income l (expendlture) for the year Interest recefivable Gainlloss on dlsposal of ffixed assets Accrued expenses Depreciatlon of tanglble fixed assets (Increase) I decrease in debtors (Increase) I decrease in credlEors Taxation charged Totaj 26,695 (6,615) (144,352) (979) (169) 48,071 2,148 2,873 (19,959) (44,688) 42,884 20,265 569 (71,767) 26,695 (4,863) (101,452) (614) (wg) 23,611 2,148 6,912 7,373 2,873 (21,559) 108,792 110,186 282 (62,171) 53 Association for Cultural Enterprlses Annual Report 2024-25 19. Analysis of Cash and Cash Equivalents 2025 Group 2024 Groiip 2025 Cliarlty 2024 Charlty Cash In hand Notlce deposits Total 341,895 126,448 100,000 226,448 209,363 105,573 100,000 205,573 341,895 209,363 20. Subsidlaries These flnancial statements are separate charlty financial statements for Cultural Enterprises (Tradlng) Lirnited. Detalls of the charlty's subsldiarles at 31 March 2025 are as follows: Name of undertaklng Cultural Enterprlses (Trading) Llmited Reg. no. 08690077 Registered office B7 Castle Gardens, Stanhope Bishop Auckland DLI3 2FJ Nature of business Professional membershfip organlsatlon Class of shares held £1 Ordlnary held direct Indirert Capital & reserves 2,425 Profltl(Joss) for the year ssoEotsfuo QOFCULTURAL ENTERPRISES culturalenterprises.org.uk