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← The Anteros Arts Foundation

2024-12-31-accounts

Registered number: 07105916 Charity number: 1135692

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE ANTEROS ARTS FOUNDATION

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 7
Independent Examiner's Report 8 - 9
Statement of Financial Activities 10
Balance Sheet 11 - 12
Notes to the Financial Statements 13 - 25

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees S Bergin (appointed 30 October 2024)
N D Hatcher (appointed 3 September 2024)
M Kurrein (resigned 5 June 2025)
D R Maidstone (appointed 30 October 2024, resigned 3 March 2025)
B Peckitt (resigned 23 February 2024)
S A Potts (resigned 18 December 2024)
S A Quick (appointed 9 October 2025)
A Rickard (appointed 5 March 2025)
B Salter (resigned 5 June 2025)
J B Self-Fordham (appointed 15 April 2025)
M Spender (appointed 8 October 2025)
H Wells (resigned 3 September 2024)
Company registered
number
07105916
Charity registered
number
1135692
Registered office
7-15 Fye Bridge Street
Norwich
Norfolk
NR3 1LJ
Accountants
BW Audit Ltd
Chartered Accountants
Berry & Warren
54 Thorpe Road
Norwich
NR1 1RY

Page 1

THE ANTEROS ARTS FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of the charity for the 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The principal objective of the charity is to advance education in the arts for the public benefit.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

The charity and its subsidiary provide an opportunity for local and national artists to exhibit in the two gallery rooms, host music events and provide teaching spaces for a wide variety of classes and workshops. The charity also directly supports over twenty artists with affordable individual and shared studios and has space to hire for weddings, meetings and parties.

The charity aims to:

Page 2

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance

a. Main achievements of the charity

2023 and 2024 were difficult years for Anteros Arts Foundation. There were changes in key staffing, bringing with this updates in systems whilst needing to maintain a grade II* building with the challenges that comes with this.

Since May 2023, we:

At the end of 2024 we were in a similar position to a great number of similar charities across the country in the wake of COVID and ongoing energy and cost-of-living crises and there were obvious challenges.

2025 and into a more structured and healthier future

We have pleasure in reporting a more positive and favourable year for Anteros Arts Foundation as not only are we experiencing an improved financial outlook but we are also benefiting from a happier community of staff and studio-holders which is so important for a small organisation such as ourselves to run smoothly and as a cohesive group.

Management & Staffing Changes

A General Manager was employed from mid-2023 to early 2025, at a salary of approx. £40,000.

Since then, trustees have taken on a more hands-on approach to the running of the operation to ensure its safe and secure future.

An organisation like Anteros requires appropriate, professional management to provide essential leadership, coordination, and financial oversight to sustain and grow the organisation.

The trustees intend to employ a part-time manager at an affordable cost, as soon as possible.

We have designed an improved staffing structure and the trustees have worked ceaselessly to achieve this. Following the recent departure of a part-time member of staff, we are now employing 4 part-time staff, 3 of whom are new and have brought a new energy to the team. The continuing part-time employee, who has been a constant in the organisation in the context of much change, has been promoted to supervisor. We feel it important to interview candidates so as to be sure to find the right people for the job. With new and younger people comes a fresh approach and vitality.

Strategic Aims

Following a fairly recent change in long-standing trustees, trustees are using this period to reassess our vision, purpose and ambitions. The focus is on defining a clear direction for the future and identifying what constitutes our core activity, the “bread and butter” within the local and regional culture landscape.

Page 3

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

A key strategic priority is to clarify the organisation’s identity and role in relation to other established institutions such as Norwich Arts Centre and Norwich University of the Arts, ensuring that its offer is distinctive, communityfocused, and complimentary rather than competitive. This includes considering whether the existing name, Anteros Foundation accurately represents its purpose, as it can be misconstrued as a grant-giving body and “doesn’t do what it says on the tin”.

Increased Revenue from Merchant’s House

The trustees have successfully negotiated the renewal of the existing lease with the Merchant’s House, our subtenants, plus an additional £10k per year in rental. This is the café’s growth plan of their premises to extend their popular bar and café. Both parties sharing a cordial relationship can only be more beneficial for our operations.

Efficiency Drive and Proactive Practice

An array of efficiency measures has been put in place from not purchasing beverages from the café, to stopping any additional marketing costs deemed to be extravagant for a small organisation but paid for in 2024. The freelance marketing person is highly efficient, working just 4 hours per week and increasing our social media presence hugely to the point now that we have 5,000 followers on Instagram.

Volunteers stepped in to cover areas and reduce the cost of staff overheads to ensure better profits for performances.

Studio holders have been vigorously sought to maintain a full occupancy at all times in order to maintain the regular monthly income of £3.4k per month. We have continued to achieve this to date and their rentals will be reviewed and increased in the new year by RPI as per their contracts.

As we consider reviewing our hire fees for next year, we are pleased to be receiving plenty of wedding enquires which is an excellent income stream so with our increase on a maximum of 8 weddings a year, wedding income will increase by £3.5k

All other room hires and room rentals for studio holders will be reviewed as we consider the rising utility costs and all efforts will be made to ensure we are as economic as possible over the entire building.

Fundraising

Fundraising activities have taken place, with some £4.5k achieved to date with further events in place which we hope will raise £1.5k - £2k:

We have been successful in our bid to Norfolk County Council’s Go Digital fund – a vital source of technical, business and marketing support to overview our tools and applications from which we will benefit from knowledge, training and a grant of £500 for immediate help with an additional office laptop.

Challenges

The year has not been without its challenges working in a grade II* listed building which has clearly been neglected in some areas for many years. There’s no doubt that we have been “fire-fighting” to a larger degree as we had to take measures to rectify situations:

Page 4

THE ANTEROS ARTS FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

New Vision

The trustees aim to:

The membership of the board of trustees has changed materially but Anteros Arts Foundation has been successful in attracting impressive candidates with a keen interest and energy who have assisted the chair in her substantial endeavours.

Financial review

a. Going concern

The Trustees have considered the charity's position at the time of signing the financial statements. The considerable support received and some difficult choices as to operations in addition to the measures highlighted above means that there are sufficient available funds for the charity to continue for 2025 and 2026 to ensure that it can continue to provide opportunities for local and national artists.

Based on this, the Trustees have concluded that they have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, at at least twelve months from the date of signing these financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Page 5

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

b. Reserves policy

At the 31 December 2024 total funds amounted to £5,926 (2023 - £20,105) including £5,855 (2023 - £Nil) restricted funds. The Trustees recognise the need to build up and retain reserves to provide for unexpected expenditure, for repairs to the property and to have funds available in case of an unforeseen downturn in income. Following a challenging couple of years they are now working towards achieving this. The policy is reviewed annually.

c. Financial review

Total income for the year ended 31 December 2024 was £201,925 compared to £153,632 for the previous year. Expenditure of £216,104 was incurred in this financial year (2023 - £183,713). This has decreased the total funds held by the charity to £5,926.

Structure, governance and management

a. Constitution

The Anteros Arts Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charity 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).

Company law requires the Trustees to prepare financial statements for each financial . 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 charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

THE ANTEROS ARTS FOUNDATION (A Company Llmited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Approved by order of the members of the board of Trustees and signed on their behalf by: S Bergln Chair of Trustees Date: 31 October 2025 Page 7

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Independent Examiner's Report to the Trustees of The Anteros Arts Foundation ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024.

Responsibilities and Basis of Report

As the Trustees of the charity (and 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 accounts of the charity 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 the charity's accounts 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's Statement

I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 386 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 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' 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 methods and principles 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 102).

During my examination I have identified matters of concern as there is a material uncertainty over the future income and sustainability of the charity as a result of the continuing uncertainty over the charity's funding. I draw your attention to note 2.2 of the financial statements concerning the ability of the charity to continue as a going concern. The charity is reliant on the continuation of the unsecured funding and to increase trading as well as securing new sector funding. The charity also needs to continue controlling costs of the charity which remain under significant pressure in the current economic environment. Based on additional funding and donations that they are actively applying for, the trustees have a reasonable expectation that the charity will have adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements, therefore the financial statements have been prepared on a going concern basis. The financial statements do not include any of the adjustments that would result if the charity was unable to continue as a going concern.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

Page 8

THE ANTEROS ARTS FOUNDATION (A Company Limlted by Guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report is made solely to the chafity's Truslees. as a body, in accordance wilh Parl 4 01 the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law. I do nol accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body. for my work or for this report. Signed: Joanne Fox BA FCA Dated: 31 Oclober 2025 BW Audlt Ltd Charlered Accountants Berry & Warren 54 Thorpe Road Norwich NR1 IRY Page g

THE ANTEROS ARTS FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
97,204
98,634
232
196,070
216,104
216,104
(20,034)
20,105
(20,034)
71		 Restricted
funds
2024
£
5,855
-
-
5,855
-
-
5,855
-
5,855
5,855		 Total
funds
2024
£
103,059
98,634
232
201,925
216,104
216,104
(14,179)
20,105
(14,179)
5,926		 Total
funds
2023
£
65,940
87,442
250
153,632
183,713
183,713
(30,081)
50,186
(30,081)
20,105

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 25 form part of these financial statements.

Page 10

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 07105916

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 1,903
18,329
20,232
(43,979)		 2024
£
34,806
200
35,006
(23,747)
11,259
(5,333)
5,926
5,855
71
5,926		 2,334
19,687
22,021
(27,429)		 2023
£
34,646
200
34,846
(5,408)
29,438
(9,333)
20,105
-
20,105
20,105

The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 11

THE ANTEROS ARTS FOUNDATION (A Company Limlted by Guarantee) REGISTERED NUMBER: 07105916 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trusiees and signed on their behall by.. S 8ergln Date: 31 October 2025 The notes on pages 13 to 25 form part of these financial statements. Page 12

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 7-15 Fye Bridge Street, Norwich, NR3 1LJ. The principal activities of the charity are detailed with the Trustees Report. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Anteros Arts Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertaking comprise a small group.

2.2 Going concern

The Trustees have considered the charity's position at the time of signing the financial statements, and in particular the Trustees have considered the operational changes that have been brought in, the plans for the future that the charity currently has in place together with the range of measures the Trustees can take to mitigate ongoing costs should they need to. Further details are given in the Trustees' report.

Based on this, the Trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements.

However, there is no certainty that the funding required will be received, and without this the charity may not be able to meet its liabilities as they fall due. This represents a material uncertainly that casts significant doubt over the charity's ability to continue as a going concern. The financial statements do not include any adjustments that may result from the Trustees being unable to secure sufficient funding in the next 12 months.

2.3 Income

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

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 13

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised on an accruals basis once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Page 14

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.7 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

Page 15

THE ANTEROS ARTS FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted
funds
2024
£
Donation from Anteros Arts Limited
96,298
Grants
-
Other donations
906
97,204
Donation from Anteros Arts Limited
Similar incoming resources		 Restricted
funds
2024
£
-
5,855
-
5,855
Unrestricted
funds
2023
£
65,809
131
65,940		 Total
funds
2024
£
96,298
5,855
906
103,059
Total
funds
2023
£
65,809
131
65,940

Page 16

THE ANTEROS ARTS FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from charitable activities

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Income from charitable activities 98,634 98,634 87,442

5. Investment income

Unrestricted
funds
2024
£
Bank interest
232
Analysis of expenditure by activities
Activities
undertaken
directly
2024
£
Charitable activities
142,553
Activities
undertaken
directly
2023
£
Charitable activities
134,635		 Total
funds
2024
£
232
Support
costs
2024
£
73,551
Support
costs
2023
£
49,078		 Total
funds
2023
£
250
Total
funds
2024
£
216,104
Total
funds
2023
£
183,713

6. Analysis of expenditure by activities

Page 17

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Charitable
activities
2024
£
Depreciation
998
Cleaning
1,983
Repairs and maintenance
8,863
Light and heat
18,145
Computer costs
8,374
Accountancy and bookkeeping
4,452
Rent
17,628
Subscriptions and licences
1,029
Advertising
6,641
Printing and stationery
1,828
Sundries
2,030
Telephone
1,320
Bank loan interest
260
73,551
7.
Independent examiner's remuneration
Fees payable to the charity's independent examiner for the independent
examination of the charity's annual accounts
8.
Staff costs
Wages and salaries
Contribution to defined contribution pension schemes		 Total
funds
2024
£
998
1,983
8,863
18,145
8,374
4,452
17,628
1,029
6,641
1,828
2,030
1,320
260
73,551
2024
£
1,500
2024
£
62,157
825
62,982		 Total
funds
2023
£
572
1,707
10,448
7,775
4,360
4,112
14,985
1,143
921
1,266
962
567
260
49,078
2023
£
1,500
2023
£
67,317
562
67,879

Page 18

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Staff costs (continued)

The average number of persons employed by the charity during the year was as follows:

2024 2023
No. No.
Employees 3 5

No employee received remuneration amounting to more than £60,000 in either year.

The charity considers its key management personnel to comprise of the Trustees and the General Manager. During the year £37,977 (2023: £30,825) was paid to key management personnel in respect of salaries and employer's NIC and pension contributions.

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 19

THE ANTEROS ARTS FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Tangible fixed assets

Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Long-term
leasehold
property
£
30,000
-
30,000
-
-
-
30,000
30,000		 Fixtures and
fittings
£
8,961
728
9,689
4,373
797
5,170
4,519
4,588		 Computer
equipment
£
1,211
430
1,641
1,153
201
1,354
287
58		 Total
£
40,172
1,158
41,330
5,526
998
6,524
34,806
34,646

Page 20

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Fixed asset investments

Cost or valuation
At 1 January 2024
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Investment
in
subsidiary
company
£
200
200
200
200

Principal subsidiaries

The following was a subsidiary undertaking of the charity:

Name Company Registered office or principal Registered office or principal Class of
number place of business shares
Anteros Arts Limited 07451175 11-15 Fye Bridge Street, Norwich Ordinary
NR3 1LJ
The financial results of the subsidiary for the year were:
Name Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
Anteros Arts Limited 96,845 (101,027) (4,182) 3,027

The financial results of the subsidiary for the year were:

Page 21

THE ANTEROS ARTS FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
Creditors: Amounts falling due within one year
Bounce back loan
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
500
-
1,403
1,903
2024
£
4,000
9,718
12,592
-
2,724
14,945
43,979		 2023
£
197
1,229
908
2,334
2023
£
4,000
14,649
-
5,394
546
2,840
27,429

13. Creditors: Amounts falling due within one year

14. Creditors: Amounts falling due after more than one year

2024 2023
£ £
Bounce back loan 5,333 9,333

The loan relates to a Coronavirus Bounce Back Loan. The loan of £20,000 was drawn in February 2021 with a 12 month capital payment holiday, where the interest is paid by the Government. The loan is then repayable over a 5 year period. Interest is charged at 2.5% per annum.

Page 22

THE ANTEROS ARTS FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Norwich Freemen's Charity
Total of funds
The Norwich Freemen's Charity grant is to fund
Statement of funds - prior year
Unrestricted funds
General Funds		 Balance at 1
January
2024
£
20,105
-
20,105
lift repairs.
Balance at
1 January
2023
£
50,186		 Income
£
196,070
5,855
201,925
Income
£
153,632		 Expenditure
£
(216,104)
-
(216,104)
Expenditure
£
(183,713)		 Balance at
31
December
2024
£
71
5,855
5,926
Balance at
31
December
2023
£
20,105

Page 23

(A Company Limited by Guarantee)

THE ANTEROS ARTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
34,806
Fixed asset investments
200
Current assets
14,377
Creditors due within one year
(43,979)
Creditors due in more than one year
(5,333)
Total
71
Analysis of net assets between funds - prior period
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2024
£
-
-
5,855
-
-
5,855
Unrestricted
funds
2023
£
34,646
200
22,021
(27,429)
(9,333)
20,105		 Total
funds
2024
£
34,806
200
20,232
(43,979)
(5,333)
5,926
Total
funds
2023
£
34,646
200
22,021
(27,429)
(9,333)
20,105

17. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £825 (2022: £562). Contributions totalling £168 (2023: £546) were payable to the fund at the balance sheet date and are included in creditors.

Page 24

THE ANTEROS ARTS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Related party transactions

During the year donations were made by Anteros Arts Limited to the charity of £96,298 (2023: £65,809). The charity recharged expenses of £376 (2023: £859) to the subsidiary and £nil (2023: £3,371) was recharged from the subsidiary to the charity.

At 31 December 2024 the charity owed £12,592 to Anteros Arts Limited (2023: £1,229 owed by Anteros Arts Limited).

Page 25