Company registration number: 059JJ158 Charity registration number- 1132064 Nottingham Studios known as Primary (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended ) l March 2025 Community Accounting Plus Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL
Nottingham Studios known as Primary Contents Trustees, Report I to 10 Reference and Administrative Details Independent Examiner's Report Statement of Financial Activities 12to 13 Balance Sheet 14 Statetnent of Cash Flows 15 Notes to the Financial Statements 16to25
Nottingham Studios known as Primary Trustees, Report Reference and Administrative Details Senior Management Team Niki Russell, Director Charity Registration Number 11320fv1 Company Registration Iyumber 059Jil 58 Registered Otrice Primary JJ Seely Road Nottingham NG7 INU Independeni Examiner Eva Stevens, employee of Community Accounting Plus Unils l & 2 North West 41 Talbot Sireet Nottingham NGI 5GL Bankers Co-operative Bank 15 Elder Way Chesterfield Derbvshire S40 IUX Page I
Nottingham Studios known as Primary Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the chariiable company for the year ended J l March 2025. Truslees and officers The trustee5 and otTicers serving during the year and since the year end were as follows: Trustees" Rebecca Blackwood. Chair lain Cockhill Macauley Collins (appointed 29 July ?0?5) William Harvey Rose Hernlon (appointed 29 July 2025) Kathryn Lockhart (appointed l November 2024) Michael Marsden Emma Smith (appointed l November 2024) Christine Stevens David Watt (appointed 29 July 2024) Jeremy Webster (appointed l November ?0?4) Frank Abbott (resigned 7 September 2024) Shobna Bazzaz (resigned l November 2024) Michael Forbes (resigned l November 20?4) Nick Slater (resigned l November 2024) Secretary: Jessica Colebourne-viggers Page 2
Nottingham Studios known as Primary Trustees, Report Objectives and activities Primary is a contemporary visual arts charity housed in a charactertul Grade 11 listed former school. We became an Arts Council England National Portfolio Organisation (NPO) in 2018. Our mission is to Sustain a thriving arts ecology in an unpredictable and inequithble world by investing in artists and expanding acce55 for more people to engage. Rooted in creativity and collaboration, we will consistently champion artists, developmenL Create new ways of making arl and drive Social impact in our neighbourhood and beyond. We have created a unique environmeni for ¢atIve research ensuring its collective value is much more than the sum of its parts. We provide Siudios and strategic development for artists alongside a free public programme of commissions and events. We support 65 diverse artists from a broad range of critically engaged arts practices, alongside clay, weave, and design studios, outdoor and garden spaces. galleries: a bookshop.. and the award-winning Small Food Bakery. We invest in artistic research through participation and engagemenL delivering a regular programme of commissions, learning and community events, and platfonns for conversaiion and knowledge exchange. Our work is socially engaged. with a profound commitment to creating accessible. welcorning. and sustainable spaces for all our users and visitors. Primary. has established itself as an essential creative hub, serving many communities. We create meaningful interactions that transforni visitors into participants and participants into decision-makers. This shift is vital to our mission and ensures we empower artists and audiences alike, embedding collaborative practices that shape cultural production and drive positive change in our neighbourhood and beyond. The ongoing transforniation of our Grade 11 listed building. in an area of deprivation in Nottingham, will develop a new cultural resource in our neighbourh(Trod. During the year we were sUPPOrted by Art5 Council England. Paul Hamlyn Foundation: as w'ell as other trusts and foundation5. Our strategic objectives define the change we want to make= l. To improve long-tenn sustainability by diversifying income streams and maximising our assets. 2. To establish and retain a resilient team to deliver Primary'5 Mission. 3. To strengthen Primary's re50urce5 and sectoral influence, enabling effective advocacy and 5UPPOrt for artists, development, groth, and long-term sustainability. 4. To make Primary a Tnore socially just art Space. embedding collabordtive. accessible and equitable practices into our work. Page i
Nottingham Studios known as Primary Trustees, Report Achievements Collnboralive Progrnmme Our collaborative ethos has been evident throughout our decade-long collabordtive arts progrdmme, in one of the city's most deprived areas, addressing issues such as food inequality, social isolation, and lack of access to community support and skills development. Initiatives like Making Place engaged residents in creative projects in response to their neighbourhood, and Build Create Play revitalised a local playground with contributions from families and children, show'casing long-terni commitment to community involvement. Feedback from our communities underscore the impact of our work. A parent involved in our Build Create Play prograrnrne noted, 'It brings the community together and makes the children feel that the space is theirs- that they're all involved and feel heard and seen., The Nourishment programme addresse5 pressing concerns of food justice and sustainable practice5 and was developed in response to issues faced by communities. This long-terni creative programme delve5 into food politics, noiirishment, grom'ing and reuenerative food 5yStetns. Nourishment invites artists, activists, cooks, community organisers, gardeners, and local people to come touether throuiyh a seasonal programme creating space for imagining and implementing different food systems. As part of this programme, Picturing Food Justice worked 'ith those experiencing food injusiice to express their experiences, and ideas visually through photography. Participants talked about the positive impact of having a safe and supportive environment to share their stories and ideas, develop photography skills, and create a poH".erful commentary on the pressing issues in their lives and society. To successfully deliver accessible art aclivity we create partnerships with organisattons and community parlners who also support the neighbourhoods we serve. We work collaboratively '1th them to identify and develop people's skills, raise confidence and ambition. and support knowledge-exchange across diverse groups to create positive change. Currently. we are piloting a communlty Takeover Programme. This initiative aims to empower marginalised groups providing access and support for community-led activities. In a climate of escalating cuts to local services. this prograrnme serves as a vital resource. fostering resilience and sharing knowledge. We are currently working with Open Arms. Refugee Roots, The Toy Library, and Heya in Nottingharn. offering space and support for community-led activity. Exhibilions & Artisi Commissions Our dynamic exhibition programme is developed carefully. and our track record shows innovative approaches to curatorial practice, demonstrated by our Imagining Otherw'ise exhibition. which was recently highlighted in a feature by Sarah E. Jame5 (Art Monthly, Septeinber 2024) as an exemplary and rare forni of organisational collaborative practice. In the last year we have worked with artists at pivotal motnents in their careers, including Ja51een Kaur, Ashley Holmes, and Jala Wahid. artists who have trusted u5 Wlth the development of their work. and who have had the opportunity to make a significani shift in their pracii¢e at Primary. We recently hosted Colorado-based artist Maia Ruth Lee's first UK solo exhibition: Human Life in Motion, making new work with a group of local migrants in partnership with Heya in Nottingham. In 2024 our Associate Curator Raghavi Chinnadurai developed Kolam as an invitation to Tamil women and other marginalised communities to hold space and have voice within contempordry cultural production. The project focused on traditional South-Indian threshold art and Orked closely with contemporary Indian artists (Osheen Siva, Rocky Mol Selvaraj. Hairunisha and Palani Kumar) and the Tamil communlty in Nottingham. This project builds on our long-lenn collaboralive progrdmme and is infonning how we approach collaboration with migrant groups in Nottingham and our commitment to the 'Art of Belonging, pledge that helps young refugees and asylum seekers develop a sense of belonging through arts and culture. Page 4
Nottingham Studios known as Primary Trustees, Report Jasleen Kaur, who we worked with on the exhibilion Imagining Othenvise, expressed that: 'There is something about Primary and its commitment to working with artists. supporting their practice. that made this feel really genuine and which can't be replicated. We were being invited into your enquiry.. your wonderings... about how and why you do what you do. I loved the openness of this invitation. By saying yes, it felt like investing in relationships with those at Primary and the invited artists.." Arli5t Support & Developmenl Primary provides essential access to Sludios which are subsidised, reducing barriers to sustaining a creative career in increasingly challenging economic times. Our offer includes membership for underrepresented creatives, as well as an impactful artist developmenl. Through this dedicated programme, we have responded to the challenges facing artists and crealives in their community and across the UK. Alongside this: working with artists through our public programme. Primary creates a space of trnst, encourdging artists to take risks in a sector that rarely provides space for experimentation. Feedback highlights Primary's unique strength in building deep reciprocal relationships in its community and networks. Primary's ethics of care, values of exchange. and focus on development are identified as fundamental reasons for joining the community. Ismail Khokon is a visual artist and photographer who passionately plarfonns the experiences of systematically marginalised communities. He has Th'orked M'ith Primary throu2h the Collaborative Programrne and became a resident artist in 202J. Ismail reflects that= 'Primary has had a really big impact on my life in so many ways. At the same time, I'm trying to be sUPPOrtive if anvone needs some help - it'5 not only that l am taking, but l am also giving back. Primary has played a vital role in my career and well-bein(J .1 am lucky to have the studio here and be part of the network., Primary is committed to working with artists underrepresented in the arts sector. Our approach enables us to retnain responsive, and to work intimately with artlsts over extended periods of tiine. Our track record of long-iemi straiegic support is proven by the careers of respected artists, such as Bruce Asbestos receiving the UNIQLO commission for the Tate Modern Turbine Hall (?0?5), Jasleen Kaur 'innIng the Turner Prize (2024). Sean Roy Parker receiving a Paul Ham1 Aivard for Visual Arts (2024}, or Michael Forbes having work acquired by the Government Art Collection {2021). Over the last decade numerous artists have trusted us to support the development of their work and careers. Site Acquisition and Developpnenl In 2020 we achieved a significanl mllestone in organisational development, securing the freehold of our site to enable long-tenn sustainability. The freehold acquisition was facilitated by a capital grant from Arts Council England and support from Nottingham City Council. enabling the purchase of the site, vital maintenance, and developments in the physical accessibility of the site. Through 2024 the transfomiation of the Victorian school building into a valuable cultural resource. continued through completion of first-stage capital refurbishment. increasing accessibility and ensuring we are welcoming and able to meet the needs of different communities. We secured additional capital funding including £107.209 from Severn Trent Community Fund, £50,000 from the Garfield Weston Foundation, and £35,000 from the Foyle Foundation alongside other fundraising. This stage of capital development was recognised through a RIBA East Midlands Award 2025, as well as further RIBA awards lor Building. Client and Small Project of the Year. These capital developments build on an Architectural Feasibility Study commissioned in 2019 which detailed long-term capital developTnent options for our substantial site. Work 15 ongoing with the aim of producing long-temi development that .111 meet the needs of our gTowing organisation. Overall, the achievements this year give us a solid foundation as we develop an updated masterplan for the site to realise our long-tem] ambitions. Page 5
Nottingham Studios known as Primary Trustees, Report Public benefit Our capital refurbishment is evldence of a profound commitment to creating accessible, welcoming, and sustainable spaces for all our users and visitors. Our mission exiends far beyond infrastructure-. we are dedicated to fostering a communiry-centred environmeni that increases access to diverse activitles. We prioritlse programmes that reflect the diversity of local communities. ensuring that what we do resonates with those who are currently undetTepresented in the arts. The demographic landscape of Radford includes greater ethnic diversity than Nottingham and national averages. It is home to a significant population of working-age adults. as well as a higher-than-average number of individuals identifying as disabled. The area is impacted by social inequity. ranking in the worst 10/0 in the 2019 Index of Multiple Deprivation. and it is in this context that we prioritise building meaningful relationships with local audiences and participants in our work. Primary to Ork toward5 a future m-.here transforniative and equitable 5UPPOrt, resource-sharing, and eichange are commonplace. Primary serves a broad ranue of community partners. participants. audiences, art15ts and creatives. In 20?3, our visitor numbers rebounded to pre-pandemic leve15. and in the last year we have doubled our audience5. Demographic data from surveys shows that our audiences a increasingly matching the ethnicity, age and disability data from the localily. This reflects the changes made to the buildin& our ongoing in-depth work with communities. and our commitment to continuing to better reflect our neighbourhood and the city. Primary has a strong collaborative ethos, and we work closely with individuals and community groups to develop our activity. Alongside increasing our visitor numbers. we are committed to in-depth and long-term engagement with people participating in our progrdmmes. This includes young people and families, resideiits, communities facing social injustice. refugees and asylum seekers, and artists often underrepresented in the sector. We aim to transfonn visitors into participanls, and participants inio decision-makers: helping to shape Primary's future development and the work we make together. The trustees confirni that they have complied with the requirements of section 17 of the Charities Act 201 I to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Nottingham Studios known as Primary Trustees, Report Structureg governanee and management Primary 15 the trading name of Nottingham Studi05. a registered charity since 2009 and a company limited by guarantee. Our governing document is a Memorandum & Articles of A550ciation which ensures our purpose is for public benefit. Governance and over5iU .ht are provided by a Board of Trustees, who together w'ith the Executive and wider staff team ensure the effective running of the organi5ation. Clear communication across the organisation enable5 US to make the tnost of our committed Board. resourceful staff. and the energy, ideas and support of Primary residents and wider stakeholder5, tooether supporting PriTnary'5 long-term vision. Our Board brings a wealth of expertise including fiscal management and development, cultural strategy, artistic and programme. marketing and audience development. EDI. capital. heritage and education. Trustees have the necessary breadth of skills. experience. and personal attributes to responsibly guide the strategy of the organisation and to provide appropriate oversight. A strong working dynamic is built by Trustees taking the time to UnderStsd each other's experiencelskills and playing to these strengths. Regular auditing enables the Board to refresh Trnstees to meel the requirements of the organisation. ensuring we maintain consistency of governance (including organisational memory) whilst also encouraging new voices and perspectives to help shape our future direction. Over recent years we have secured a pemianent staff ieam of 5 people. increasing core capacity through a sustainable approach and supplementing this throu2h a freelance team to ensure delivery of our 'Ork, supported by an active and experienced board of I I members who provide effective governance and oversight. The Board meets quarterly w'ith the Executive to provide ongoing monitoring. Reports are provided at each meeting, including Finance, Fundraising. Strategic and Monitoring M.-ith additional sections focused on Capital, Programme, Environmental, Marketing and Audience Development as required. All meetings are minuted and these along with other papers are available to stakeholders. At Board tneetings Trustees elTiciently review progress to ensure we are meeting our aims and delivering against ndIng agreements. The relationship between the Board and Executive is clearly defined through appropriate documents, covering delegation, terms of reference, and conflicts of interesL setting out respective roles and responsibilitie5. Primary has a full complement of additional policies in place. including Complaints & Grievances. Data Protection, Digital. Environmental. Equity. Diversily & Inclusion. Equal Opportunities, Health & Safety, Emergency Procedures, Risk Assessments. and Safeguarding. All our policies are updated OTJ a regular basis, and we employ external specialist advise as required. We have a system of effective sub-committees (Finance. Capital. Programme, Artist Development, and Environmental) Th'here Board members and residenls bring their varied skills, experience, and networks together to support staff in the continued development of our work. These provide an important connection across the organisatlon ensuring that we maintain effeclive communication and listen to everyone involved. ature ofgoverning document The charity is a company limited by guardnlee and registered charity. It is operated under the rules of its memorandum and articles of association dated 121912006. It h&s no share capital and the liability of each member in the event of winding-up is limited to £10. Recruilmenl and appoinlmenl oflru51ees Through open call and through invitation to artists and other professionals, based on knowledge, skills and experience that the organisation requires. and in line with our Equity, Diversity and Inclusion Action Plan. Page 7
Nottingham Studios known as Primary Trustees, Report Future Plans This coming year continues to build the foundalion for a new phase in Primarv's development. Having secured the freehold of our site, completed the firsl phase of capilal development (?022-24) and with support from the Arts Council England NPO 2023-27 and Paul Hamlyn Foundaiion ?0? J-27, we aim to become ai) increaslngly open, accessible, and public place. Our activity lays the foundations for the future, as 'e build on the physical changes to our site, to ensure our organisational and staifing structure, creative programming and spaces are more inclusive, shaped by feedback and designed through c(Fproduction. To achieve these ambitions, we will deliver complimentary strands of activity that animate spaces inside and outside our building and continue our existing strategy of long-terni relationships and collaboration. We offer opportunities for people to suslain a professional career in the arts, especially those who are currently under-represented in the sector. We will develop OUT Studios & Memberships model, provide affordable hig quality studio space to artlSts and expand our membership focusing on increasing membership for artist5 from under-represented backgrounds. We will refine OUT Artist Development offer to strongly align and contribute to Primary's mission, aims and values. We will bring high quality culiure to audiences in Nollingham. support new types of creative practice and collaborate with other culiural organisations through our public programme. In the coming years, we aim to develop ne. content, different 'ayS of reaching audiences/participants, and collaborations with partners that support innovation. research and development. Our annual programme of exhibitions (including Maia Ruth Lee. Matthew Arthur Williams and Flat featuring residents and members - Louisa Chambers, Craig Fisher. Lynn Fulton and Sam Metz) and residencies (Santiago Mostyn, Adam Seid Tahir & Amina Seid Tahir and Eelyn Lee) will offer artists space to take risks and explore cross-disciplinary approaches, working with artisls at different slages in their careers and from different backgrounds as well as seeking ways to expand the benefit of each commission. Making use of our improved outdoor spaces, we will develop a series of public workshops and events that utilise Primarv's playground, garden and public-facing farade. The long-terni 'Nourishment' project directly infornied by partnership working in response to local needs of partners. participants and local residents will present a seasonal programme of residencies, meals. skillshares. discussions and events which will create space for imagining and implementing different food systems. We will pilot our community Takeover Programme. which aims to empower maruinalised groups providing access and 5UPPOrt for community-led activities, working with Open Ann5: Refu. uee Roots, The Toy Library, and Heya in Nottingham, offering Space and 5UPPOrt for community-led activity. Across all our activity, we will deliver a participatory events progratntne.. offering accessible co-learning opportunities, targeted at adults from different backurounds. and creating a space for communitie5 to engage in critical thinking and support wellbeing. We will develop these events through feedback from participants, and support people's journey from participant to decision-maker by offering well-resourced spaces for feedback and developing people's confidence to Sha their skills and knowledge. Each year we will deliver a programme of commissions across different strands of our work, regular learning events and platfonns for conversalion and knom'ledge exchange; to ensure collaborative relatlonshlps between artists, audiences, participants, and the wider community that surrounds us. This approach will allow us to better understand different 'ayS that we can democratise how know'ledge is produced and shared wlthin arts organisations; and build on this lo co-create projects that generate shared spaces for imagination: increased participation in the arts, or collective action around shared conditions and struggles.
Nottingham Studios known as Primary Trustees, Report Financial review The organisation's turnover for the year was £281.87). demostrating a stability of income compared to previous years through income generation and grants towards core costs and programme. The cash balance at end of year was £110,902. This continues to show a healthy position considering the challenges that the wider financial landscape have presented, and continues to demonstrate the increased financial resilience of the organisation. Policy on reserves It IS the policy of Nottingham Studi05 to maintain funds at an adequate level to protect the continuity of our core work, allow time for financial plaiining and facilitate etficient running of the charity. To meet thi5 objective, the Board of Trustees have Set aside designated reserve5 of £45,000 (as agreed for the year 2024125). In addition, our free reserves {unre5tricted, undesignated funds not held in fixed assets or inve5ttnents) were £21,505 at the end of 2024125. Together these funds enable the organisation to mitigate risks such as unforeseen expenditure or unanticipated loss of income resulting from changes in operaiion. We revie. our Reserves Policy and the level of designated reserves on an annual basis. Finonciol risA-s Our Board of Trustee5 meets four times a year and Trustees contribute further to Primarv'5 development through sub-committees which focus on finance. capital development. programme, artist development, and environmental re5pon5ibility. The scope of these sub0MmitteeS and the minute5 of their discussions are presented at the meetings of the Board of Trustees. We have monitoring Systems in place to analyse key risks and develop mitigation plans. These are reviewed and updated on a regular basis by staff and Board. Not having the right people in place to deliver our mission and strategic objectives {staff team) - we will look for opportunities to invest in training and developmeni for existing staff, and ensure they're valued within the organisation to retain team. Through siraiegic planning we will scale and timeline work to achieve aims and objectives based on current capacity, alongside review.ing long-lem) sta1n0 structure for future development. Regular sources of revenue funding diminish - we have a diverse and balanced income stream ensuring we are not entirely dependent upon a single funder or grant income. Over the year income from commercial sources (including studio rental) was JOQ/o, Arts Council England NPO 2J /0, Paul Hamlj'n Foundatioi) 210/0 and grants and partner income from other sources 26Q/o. Increasingly competitive nature of fundraising from Trusts & Foundations e prioritise capacity on longer-term grants and core support. Ensuring skills of staff and Board are utlised to identify, prioritise and submit the strongest possible bids. Rising maintenance..building costs we monitor building costs regularly to infonn short to long-tenn maintenance plan, prioritise works in agreement with capital sub-committee, and explore fundraising for large-scale maintenance. Studio occupancy declines. or an excess of rent aearS we vnonitor studio occupancy and income monthly. Over the last 5-years our occupancy rates have remained above 95% (100% for the last 2 years), and we continue to receive detnand that outstrips supply. Lack of marketing capacity '1th1n the organisation we scale and prioritise marketing ..Ithin exisiting team siructure focused on activily that has the greatest impact. We will prioritise fundraising for core costs to enable organisation to expand marketing ¢apa¢it)'/staff team. With this approach audience numbers have doubled in the last year and are more closely matched to local demographics. Page 9
Nottingham Studios known as Primary Trustees, Report Slatemenl of Trustees, Responsibilities The trustees (who are also the directo of Nottingham Studios for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in ihe UK and Republic of Ireland The report and accounts have been prepared in accordance '11b the provisions in ihe Companies Act 2006 relating to Siall companies. Company law requires the trustees to prepare financial Statements for each financial year. 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 resource5 aT]d application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements. the trustees are required to- select suitable accounting policies and apply them consistently- observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent; state whether applicable accounling slandards. comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will coniinue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply Th'ith the Companies Act ?006. They are a150 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. The trustees are responsible for the maintenance and integrity of the corporate and financial inforniation included on the charitable company's website. Legislation governing the preparation and dissemination of rinancial statements may differ from legislation in other jurisdictions. Small companies provision statement This report ha5 been prepared in accordance with the small companies regime under the Companie5 Act 2006. 1711212025 The annual report was approved by the trustee5 olthe charity on ......... . and signed on its behalf by: Rebe%-afjlackTh".oi)d Trustee Page 10
Nottingham Studios known as Primary Independent Examiner's Report to the trustees of Nottingham Studios ('the Company,) Independenl examiner's report to ihe Iruslees of Notlingham Studios ('the Company,) I report to the charity trustees on my examination of the accounts of the company for the year ended J l March 2025. Responsibilities and ba515 of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounls of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner'5 5talement Since the Companv's gross income exceeded £?50.000 your examiner must be a member of a body listed in section 145 of the 201 l Aci. I conflnn that l am quallfied to undertak'e the examination because l am a member of the Chartered Institute of Public Finance and Accountancy {C.IPFA), which is one of the listed bodies. I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Company as qUIred by section J86 of the 2006 Act. or 2. the accounts do not accord with those records- or 3. the accounts do not comply with the accounting requirements of section J96 of the 2006 Act other th7 any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordance with the tnethod5 and principle5 of the Statement of Recommended Practice for accounting and reporting by Charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS I 0?)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be draw in this report in order to enable a proper understanding of the account5 to be reached. E'a St-i':iis. BSC, CPF'..l. emplovee of Community. Accounting Plus member of the Chartered Institute of Public Finance and Accounlancy (CIPFA) Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL 1711212025 Pagell
Nottingham Studios known as Primary Statement of Financial Activities for the Year Ended 31 March 2025 (Including Ineome and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 202) Total 2024 Unrestricted Restricted Nole Income and Endoivments from: Donaiions and legacies Charitable activities Investment income 13i.6)4 108,198 91 133,6)4 148,148 91 126,496 231,450 61 Total Income 241.92J 281,87J J58,007 Expenditure on: Charitable activities (348.501) ()2,327) {380:828) (379,587) Total Expenditure (J48.501) ()9,327) {380,828) {379,587) Net (expenditure)/income (106.578) 7.693 (98,955) (21,580) Net movement in funds (106,578) 7,623 (98,955) (21,580) Reconcilialion of funds Total funds brought forward 788,?30 24.740 81?,970 834,550 Total funds Caled fOard 681,652 714,015 812,970 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 13. The notes on pages 16 to 25 forni an integral part of these financial statements. Page 12
Nottingham Studios known as Primary Statement of Financial Activities for the Year Ended 31 March 2025 (Including Ineome and Expenditure Account and Statement of Total Recognised Gains and Losses) These are the figures for the previous accounting period and are ineluded for comparative purposes Unrestricted Restrieled Total funds funds 2024 Note Income and Endowments from: Donations and legacies Charitable activities Investtnent income 126,496 82,151 61 126,496 231,450 61 149,299 Total income ?08,708 149,299 358,007 Expenditure on: Charitable activities (?59.559) (1 ?0,028) (379,587) Total expenditure (259,559) (120.028) (J79,587) Net (expenditure)/income Transfers between funds (50,851) 153,41? 29,271 (153,412) (21,580) Net movement in funds 102,561 (124,141) (21,580) Reconciliation of funds Total funds brought forward 685,669 148,881 834,550 Total funds carried forward 788,2JO 24,740 812,970 The notes on pages 16 to 25 forni an integral part of these financial statements. Page li
Nottingham Studios known as Primary (Registration number: 05933158) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tanuible assets 615,147 713,600 Current a55ets Debtors Cash at bank and in hand 4,569 110,902 15.249 100,208 10 115,471 115,457 Creditors: Amounts falling due within one year (16,603) (16,087) Iyet current assets 98,868 99,370 Net a55ets 714,015 812,970 Funds of the charity: Restricted income funds Restricted funds 24,740 Unrestricted income funds Unrestricted funds 681,652 788,230 Total funds 13 714,015 812,970 For the financial year ending J l March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The metnbers have not required the charity to obthin an audit of its accounts for the year in question in accordance with Section 476- and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime wlthin Part 15 of the Companles Act 2006. The financial statements on pages 12 10 25 were approved by the trnstees, and authorised for issue on 1711212025 and signed on their behalf by= William Harvey Trustee The notes on pages 16 to 25 forni an integral part of these financial statements. Page 14
Nottingham Studios known as Primary Statement of Cash Flows for the Year Ended 31 March 2025 2025 2024 Note Cash flows from operating actii'ities Net cash expenditure (98,955) (21,580) Adjustments to cash flows from non-ca5h items Depreciation Investment income 99,547 (91) 98,431 (61) 501 76,790 Working eapital adjustments Decreasel(increase) in debtors (Decrease)lincrease in creditors Increase in deferred income 10,680 (479) 995 (7,200) 854 Net cash flows from operating activities 11,697 70,444 Cash floivs from investing activitie5 Interest receivable and similar income Purchase of tangible fixed assets 91 (1,094) 61 {251,346) Net cash flows from investing aclivities (I.OOJ} (251,285) Net increasel(decrease) in cash and cash equivalents 10,694 (180,841) Cash and cash equivalents at l April 100,208 281,049 Cash and cash equivalents at 31 March 110,902 100,?08 Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash 10,694 (180,841) Net funds at l April 2024 100,208 281,049 Net funds at J l March 2025 110,902 100,208 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 16 to 25 forni an integral part of these financial statements. Page 15
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 l Aecounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the prepardtlon of these fmancial slatements are set out below. These policies have been conslslently applied to all the years presente(L unless othenvise slated. Statement of compliance The financial statements have been prepared in accordance with 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)) (issued in October 2019) (Charities SORP (FRS 102}). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Nottingham Studios meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unle55 Othenwise stated in the relevant accounting policy notes. Going concern The financial Statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going Concern. The twstees make this assessment in respect of a period of one year from the date of approval of the financial $teMentS. Income and endowments Volunlary income including donations. gifts. legacies and grdnts that provide core funding or are of a general nature is recognised 'hen the charity hLs entiilement to the income, it is probable that the Income will be received and the amount can be measured with sufficient reliability. Grants receivable Grants are recognised when the charity has an entiilement to the fimds and any conditions linked to the grants have been met. Where performance conditions are attached io the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when: The donor specifies that the grant or donation musl only be used in future accounting periods. or The donor has imposed conditions which must be met before the charity has uncondiiional entitlement. Page 16
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 Expendilure All expenditure is recognised once there is a legal OT constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that categorv. Where costs cannot be directly attributed to particular headings they have been allocated on a basi5 consistent with the use of resources, with central staff Costs allocated on the basi5 of time spent. and depreciation charges allocated on the portion of the asset's use. Other 5UPPOrt costs are allocated based on the spread of staff costs. Charilable aclivities Charitable expenditure cotnprise5 those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activitie5 and those costs of an indirect nature necessary to support them. Government grants Govemment grants are recognised based on the a¢cnJal model and are measured at the fair value of the asset received or receivable. Grants are classified as relating eiiher to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant Telating to an asset is deferred, it is recognised as deferred income. Taxation The charity is considered to pass the tests sel out in Paragrdph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly.. the charity is potentially exempt from taxation in respect of income or capitsl gains received Th'ithin categories covered by Chapter J Part I l of the Corporalion Tax Aci 2010 or Section 256 of the Taxatioi) of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £500 or more are initially recorded at cosl less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. Depreciation and amortisation Depreciation is provided on tangible fjxed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as folloM'.5- Asset Class Furniture & equipment Land & buildings Computer equipment Fixtures & fittings Depreciation method and rate 2) /0 reducing balance l O /0 straight line JJ /0 straight line 20 /0 straight line Page17
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 Trade debtors Trade debtors are amounts due from customers for merchandise 501d or Services performed in the ordinary course of business. Trade debtor5 are recognised initially at the transaction Price. They are subsequently measured at amortised cost using the effective interest metho(L less provision for impairment. A provision for the impairnient of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original tern)s of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounls payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, the). are presented as non-current liabllitles. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund strueture Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trllstees. Restricted income funds are those grants lor use in a particular area or for specific purpose5, the use of which is restricted to that area or purpose. 2 Income from donations and legacies Unrestricted funds General Totsl 2025 Total 2024 Grants, including capital grants- Government grants Grants from other charities Grants from companie5 1,788 130,096 1.750 1.788 130,096 ,750 126,496 133.634 133,634 126,496 Page18
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 3 Income from charitable activities Unrestricted fund5 General Restricted funds Total 2025 Total 2024 Studio rental Fees & sales Fundraising Grants 64.780 64,780 60,194 6,655 4,447 14J,842 1,646 14,666 Membership & other income Creative industry tax relief 1,416 29,318 1,416 29,318 108,198 148,148 231,450 4 Grants & donations Unrestricted fund5 Restricted funds Total ACE Lottery Arts Council England Awards for All Bagri Foundation Boots 66,196 66,196 20,000 5,000 2,950 1,000 1,788 2,000 60,000 9,000 1,750 20,000 5,000 2,950 1,000 British Council DWP Elephant Trust Paul Hamlyn Foundation The Paul Melon Centre Uni of Nottingham 1,788 2,000 60,000 9.000 1.750 lJ3.6)4 39,950 173,584 5 Investment income Unrestricted (unds General Totsl 2025 Total 2024 Interest receivable and similar income- Interest receivable on bank deposits 91 91 61 Page 19
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 6 Expenditure on charitable activities Unrestricted fund5 General Restricted funds Total 2025 Total 2024 Board expenses Legal & professional fees Office costs Cleaning Other costs Repairs & maintenance Insurance Events & fundraising Marketing Utilities Depreciation Programme costs Staff expenses Bank charges Training Volunteer expenses Travel & accomTnodation Wages, Nl & Pension Irrecoverable VA T Freelance & consultants 4,392 5,622 7,755 2,809 10,764 5,971 4,924 7,240 5,622 7,755 2,809 10.764 17,447 5,106 4,018 4,562 30,273 9,997 9,997 37.822 99,547 22.499 99,547 54,826 32,327 198 198 99 4,824 215 4.824 215 1,826 46 2.168 108,468 2.168 108,468 3.734 16,757 2,365 100,326 7,655 1,176 16,757 )48,501 380,8?8 379,587 7 Staff costs The aggregate payroll costs were as follows: 2025 2024 Slaff cosls during the year were: Wages and salaries Social security costs Pension costs 103,625 2,716 2.127 96,351 2,020 1,955 108,468 100,326 Page 20
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 The monthly total number of person5 {including senior management team) evnployed by the charity during the year wa5 as follows.. 2025 No 2024 No Total number of employees 5 (2024 - 5) of the above employee5 participated in the Defined Contribution Pension Schemes. Contributions to the employee pension schemes for the year totalled £2.127 (2024 - £1,955). No employee received emoluments of more than £60,000 during the year. The total employee benefits of the key management personnel of the charity were £JO,90J (2024 - £30,850). 8 Tangible fixed assets Land and buildings Furnilure and equipment Computer equipment Fixtures and rjttings Total Cost At l April 2024 Addition5 1,054,97J 7,670 5.302 1,067,945 1,094 1,094 At 31 March 2025 1,054.97J 7.670 5,302 1.094 1,069,039 Depreciation At l April 2024 Charge for the year 343,51 i 97,717 7,208 116 354,345 99,547 1,678 At J l March 2025 7.324 5.302 36 453,892 Net book value At 31 March 2025 613,74) 1.058 615,147 At 31 March 2024 711,460 462 1,678 713,600 Page21
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 9 Debtors 2025 2024 Trade debtors V AT recoverable Other debtors 4,569 840 3,688 10,721 4,569 15,249 10 Cash and cash equivalents 2025 2024 Cash on hand Cash at bank 65 110,8J7 150 100,058 110,902 100,?08 11 Creditors: amounts falling due wiihin one year 2025 2024 Trade creditor5 Other taxation and social security Other creditor5 Advance receipts 6,586 1,356 7,666 995 7,627 1,431 7,029 16,60) 16,087 12 Charity status The charity is a charity limited by guarantee and consequenily does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. Page 22
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 13 Funds Balance at 31 March 2025 Balance at I April 2024 Incoming resources Resource5 expended Transfers Unrestricted funds General General 241,92J (248,954) (1,094) 21,505 Designaked Fixed Assets Reserves 713,600 45,000 (99,547) 1,094 615,147 45,000 758,600 (99.547) 1.094 660,147 Total unrestricted funds 788.2)0 241.92J (348.501) 681,652 Restricted funds Programmes 24,740 (J_,J27} Total funds 81?.970 281.87J (380.828) 714,015 The specific purposes for which the funds are to be applied are as follows: The Programmes fund promoted art to the wider community. The transfer from the General fund to the Fixed Assets fund reflects the capitalisation of a pol)Wnnel. Page 2)
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 These ore thefiguresfor Iheprevious occountingperiod and are includedfor eomparalivepurposes Balance at 31 March 2024 Balance at I April 2023 Incoming resources Resource5 expended Transfers Unrestricted funds General General 79.984 208,708 (161,128) (97,934) Designaked Fixed Assets Reserves 560,685 45,000 (98,431) 251,346 713,600 45,000 605,685 (98,431 } 251,346 758,600 Total unrestricted funds 685.669 208.708 (259,559) 153.412 788,230 Restricted Programmes Capithl 89,052 59,829 52,?47 97,052 (116,559) (J,469) 24,740 (15J,412) Total restricted funds 148,881 149,299 (120.028) (153.412) 24,740 Total funds 834.550 i58.007 (379.587) 812,970 14 Analysis of net assets between funds Unrestricted 2025 Total funds General Designated Restricted Tangible fixed assets Current assets Current liabilities 615.147 45,000 615,147 115,471 (16,603) 32,363 (16,60J) Total net assets 21,505 660,147 714,015 Unrestricled 2024 Total funds General Designated Restricted Tangible fixed assets Current assets Current liabilities 713.600 45,000 713,600 115,457 (16,087) 45,717 (16,087) 24,740 Total net assets 758,600 24,740 812,970 Page 24
Nottingham Studios known as Primary Notes to the Financial Statements for the Year Ended 31 March 2025 IS Fees payable to independent examiner During the period, the fees payable {excluding VAT) to the charity's independent examiner ale analysed as follows: 2025 2024 Independent examination Other financial Services 1.200 3.060 1,155 4,603 4.260 5,758 16 Taxation The charity is a registered charity and is therefore exempt from corporation taxation. 17 Trustees remuneration and expenses No trustees, nor any persons connected with them. have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 18 Related party transactions Christine Stevens rented studio space ai £6,069 (2024: £1,856) for the year. William Harvey rented studio space at £54J (2024'.£518) for the year. Ivhilst serving as a trustee, Michael Forbes rented studio space at £1,6J9 (2024.. £2,J67). Iwhilst serving as a trustee, Frank Abbott rented studio space at £616 (2024: £492). Page 25