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, gro￿th, 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 UnderSts￿d 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 sub￿0MmitteeS 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) sta￿1n0 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 a￿earS 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.
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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 Si￿all 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 th￿7 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 Ca￿led fO￿ard
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