2024-07-31-accounts

CHARITY REGISTRATION NUMBER 1151884 COMPANY REGISTRATION NUMBER 08117742

CADS SOUTH YORKSHIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

CADS SOUTH YORKSHIRE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	S Rimmer
	S Brown
	K Antcliffe
Charity number	1151884
Company number	08117742
Registered office	Cuthbert House
	Arley Street
	Sheffield
	South Yorkshire
	S2 4QP
Independent examiner	A Hulse BA FCA
	UHY Hacker Young
	6 Broadfield Court
	Sheffield
	S8 0XF
Bankers	HSBC
	Carmel House
	49-63 Fargate
	Sheffield
	S1 2HD

CADS SOUTH YORKSHIRE LIMITED

CONTENTS

	Page
Trustees' report	1 - 7
Independent examiner's report	8
Statement of financial activities	9
Balance sheet	10 - 11
Notes to the financial statements	12 - 25

CADS SOUTH YORKSHIRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2024

The trustees present their annual report and financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The objects of the charity are:

• The provision of recreational facilities (and in particular facilities for the promotion and enjoyment of the arts and artistic activity) for the public at large or those who by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances, have need of such facilities.

• The creation of training and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms

• The provision of assistance or business advice or consultancy in order to provide training and employment opportunities for artists or aspiring artists in all creative fields who are in financial or other charitable need through help: (i) in setting up their own business; or (ii) to existing businesses and in particular businesses involving the promotion or enjoyment of the arts or artistic activity.

• The restoration and re energising of heritage buildings occupied by the charity

Achievements and performance

Significant activities and achievements against objectives

Over many years, CADS has delivered a variety of programmes to support emerging artists and to support people to engage with Arts and Culture. We achieve this both in a formal sense (through funded projects and collaborations with other charities and social enterprises) and also in an informal sense - by consciously assisting, promoting and advising independent arts and culture protagonists as well as supporting local and independent supply chains, thereby creating jobs in the sector.

However, CADS is best understood as a key facilitator and enabler of Sheffield's independent Arts and Culture sector, a role it achieves through letting Affordable Studio and Project Spaces to Artists and Creatives

The trustees of CADS South Yorkshire Ltd are confident that the activities of the organisation meet the public benefit guidance of the Charity Commission.

• 1 -

CADS SOUTH YORKSHIRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Studios

The charity’s property portfolio has faced a number of challenges over the past year. The ongoing cost of living crisis has placed significant financial strain on many of our studio holders, with several no longer able to afford the upkeep of their spaces and choosing to vacate. This has resulted in a higher level of vacancies across our portfolio than in the previous year.

A notable development was the departure of Theatre Deli, our largest tenant at Arley Street. Occupying the Denby Suite — historically the most substantial and difficult space to let within the building — they first raised concerns with us in December. In an effort to support them through this difficult period, studio hire was waived for several months. Unfortunately, despite these efforts, they were unable to resolve their financial difficulties and formally vacated the space in June. This has had a significant impact on our rental income. We then entered negotiations with a prospective new operator for the space which ultimately proved unsuccessful.

In addition, an internal audit of studio revenues and rising utility costs led to a necessary increase in rents across a number of our studio spaces in May. While this was essential to safeguard the long term financial sustainability of our property portfolio, it did result in further departures, as some tenants were unable to absorb the increased costs.

In response to these challenges, we have prioritised targeted marketing to promote our available studios and have seen some success in attracting new interest. This work remains ongoing and will continue to be a focus into the next financial period. At the time of writing this strategy has been successful with the trend reversing and occupancy levels gradually increasing.

At Eagle Works, our longstanding studio hub in Attercliffe, we have also encountered some difficulties. While some turnover is usual, certain vacancies have proved challenging to fill. A contributing factor has been new mechanic businesses opening on the street, significantly reducing the availability of parking in the immediate area as the street is now filled with cars being repaired. This has made the site less appealing, particularly for tenants who regularly receive clients and visitors. As such some studios that would normally be in demand have remained empty for longer than anticipated. Efforts to get the authorities to intervene with the garages causing the problem have not yielded any results.

Studio spaces at the Abbeydale Picture House have remained unusable throughout the period.

Meanwhile, occupancy at our Exchange Street site continues to hold at full capacity. One unit changed hands during the year, but was re-let immediately with no period of vacancy between occupants.

• 2 -

CADS SOUTH YORKSHIRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Restoration

Despite our ongoing commitment to the restoration of the Abbeydale Picture House, the year continued to be marked by significant challenges and frustrations. The legal situation with the landlord remained unresolved, with no progress made in addressing the urgent roof repairs required to secure the building. The landlord has consistently refused to accept responsibility for the roof, leaving us unable to carry out any meaningful restoration work or improvements while water ingress persists. We were unable to host events in the main auditorium and continued to be unable to generate revenue from the 5 studio spaces in the building. Regardless of this the landlord refused to give any reduction in rent.

After a prolonged process, we secured cover from our business insurance provider for legal expenses to pursue further action against the landlord. As a result, new legal proceedings were initiated, though these remained ongoing at the end of the financial period. In February, we reached the point where it was no longer sustainable for us to continue paying rent on the building, given the unresolved safety and legal issues. The building was causing significant losses each month as its ability to generate revenue was severely compromised with no allowances granted by the landlord. This situation was completely unsustainable and we had to stop paying in and hope the legal pressure would work in our favour. The landlord subsequently forfeited the lease for a second time in April.

In March, we received a significant boost with the award of a £300,000 grant from the Community Ownership Fund, intended to support our purchase of the building. However, the opportunity still presented considerable challenges, with the need to secure match funding via a loan proving difficult due to lenders’ understandable reluctance to lend against a building subject to ongoing legal disputes.

In the months following the financial period the lawyers employed by our insurance company failed to make significant progress with our legal case and made several significant errors in their proceedings. The landlord eventually sold the building to a 3rd party. At the time of writing our involvement in the building has completely ceased and the grant offer has consequently been revoked.

• 3 -

CADS SOUTH YORKSHIRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Events

Despite facing ongoing challenges, our events programme continued on a reduced scale over the past year, largely restricted to the usable spaces within the Abbeydale Picture House while the main auditorium remained closed. Events were delivered in the Fly Tower and the side bar area until our lease on the building was forfeited in April.

The Fly Tower continued to provide a valuable though limited venue for live music performances and film screenings. While the small capacity placed natural limits on the scale of events possible, there were some well-received highlights, particularly within the folk and experimental music scenes, alongside cult cinema screenings.

More regular activity took place in the side bar under the auditorium balcony, with its higher capacity of 100 making events more financially viable. In addition to indoor events, use of the building’s car park during the warmer months allowed for occasional outdoor events, further diversifying the programme.

However, our partnership with the operator managing the side bar proved difficult. Despite a previously agreed hire arrangement, the operator consistently failed to meet payment obligations, meaning these activities did not generate revenue for the charity, with all bar income retained by the operator.

Following the forfeiture of our lease on the building in April, we were unable to continue delivering a programme of events at the Abbeydale Picture House for the remainder of the financial period.

At the time of writing we have completely ceased events at The Abbeydale Picture House due to the aforementioned sale to a 3rd party. We have instead transferred all of the equipment into the vacant Denby Suite and intend to begin hosting events in the space.

• 4 -

CADS SOUTH YORKSHIRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Financial review

During the year, the charity received £195,637 (2023: £176,617) of income. This is less than expected and significantly less than the years prior to 2023. This is mainly due to the restrictions on the use of the Abbeydale Picture House for the reasons set out earlier in this report and the impact of cost of living expenses on studio occupancy. CADS expended £213,117 (2023: £250,303) showing a deficit of £17,480 (2022: deficit £73,687). At 31 July 2024, the charity had restricted reserves of £16,073 (2023: £6,788) and unrestricted reserves in a deficit of £32,915 (2022: deficit of £6,150). The total reserves at 31 July 2024 were in a deficit of £16,842 (2023: surplus of £638).

Trading at Arley street was handled in a separate trading arm – Arley Street Space Ltd which ended the period with reserves of £13,117.

The poor performance of these figures reinforces the decision to suspend rent payments to The Abbeydale Picture House which has ultimately led to our complete withdrawal from the building. The site was resulting in approximately £4,000 in losses per month, which was completely unsustainable and accounts for the majority of losses incurred in this financial period. We have since reversed the trend by focusing on improving revenue from the studio side of the charity and continue to take a prudent approach to recuperate reserves and losses.

It is the policy of CADS South Yorkshire Limited to aim to hold in reserves the equivalent of three months general running costs to include salary costs. This policy will be reviewed every twelve months. CADS charitable activities are primarily self-funded with most of the businesses revenue earned through studio rental and space hire. This gives CADS a great freedom to operate outside the bounds of grant funding and leaves it self- sufficient. Our SpaceCADet program is entirely self-funded, as well as, our space hire subsidies for our event space. For our efforts at The Abbeydale Picture House, CADS did not receive any grant funding as in previous years. This was due to the issues of the water ingress making further renovation works unfeasible. We did receive grant funding for a high street regeneration project and for feasibility work for another building (which we decided not to take on in light of the outcomes of a survey funded by the grant) All grants and grant spending are monitored and reviewed monthly by the Finance Manager. Restricted grant spending is closely monitored and the required reports submitted to the funders. The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Reserves policy

It is the policy of CADS South Yorkshire Limited to aim to hold in reserves the equivalent of three months general running costs to include salary costs. This policy will be reviewed every twelve months.

It is the policy of CADS South Yorkshire Limited to aim to hold in reserves the equivalent of three months general running costs to include salary costs. This policy will be reviewed every twelve months. CADS charitable activities are primarily self-funded with most of the businesses revenue earned through studio rental and space hire. This gives CADS a great freedom to operate outside the bounds of grant funding and leaves it self- sufficient. Our SpaceCADet program is entirely self-funded, as well as, our space hire subsidies for our event space. For our efforts at The Abbeydale Picture House, CADS received grants specifically for professional services and capital works, such as the suspending plaster ceiling report. All grants and grant spending are monitored and reviewed monthly by the Finance Manager. Restricted grant spending is closely monitored and the required reports submitted to the funders.

• 5 -

CADS SOUTH YORKSHIRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Major risks

The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Risk Management

The trustees have a risk management strategy which comprises:

• An annual review of the risks that the charity may face;

• The establishment of systems and procedures to mitigate those risks identified in the plan; and

• The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

Plans for future periods

CADS Future Plans

Our immediate priority is to stabilise and strengthen our existing portfolio. Studio occupancy has begun to improve, but a small number of units remain vacant. We’ll be maintaining our focus on targeted marketing and outreach to fill these remaining spaces and ensure a more consistent, sustainable income stream across our sites.

At Arley Street, the long-vacant Denby Suite has proven difficult to let as a whole. After three promising negotiations fell through, we have chosen to shift strategy. We intend to sublet some of the rehearsal rooms as studios and gearing up to hosting events in the event space. We hope in time we can build up a similar programme of events to what we achieved at The Abbeydale Picture House before the forced closure of the auditorium. There is also scope to increase the capacity of the space by increasing the width of the fire escapes. This will be a longer term goal once we have managed to build an events programme in the space as it currently is. Nonetheless, the current capacity is 200 which is an improvement on both of the usable spaces we had at The Abbeydale Picture House at the start of the financial period.

A major step forward for the organisation is our appointment as the preferred operator for Event Central, a significant new venue in the city centre supported by the Government’s Future High Streets Fund. Scheduled to open in summer 2026, this fully refurbished building will provide a much-needed home for music, events, and creative enterprise. Importantly, the venue will be operationally ready on handover, avoiding the structural issues and limitations we faced at the Abbeydale Picture House.

Looking further ahead, any ambitions for further site acquisitions remain on pause while we focus on reducing financial risk and rebuilding resilience. Discussions with Sheffield City Council and other partners continue to suggest future opportunities, and we remain open to exploring these when the time is right.

Structure, governance and management

The charitable company is a company limited by guarantee under the provision of the Companies Act 2006. The charitable company is governed by its Memorandum and Articles of Association incorporated on 25 June 2012, as amended by a special resolution registered at Companies House on 27 March 2013, as amended by special resolutions dated 22 January 2018.

• 6 -

CADS SOUTH YORKSHIRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

S Rimmer

S Brown D Butlin (Resigned 31 October 2023)

K Antcliffe

Recruitment and appointment of trustees

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

The charity is overseen by a board of 3 trustees, who work with the management team on both strategic and operational matters. Trustees convene quarterly via Zoom or in-person meetings, with regular communication via phone and email between meetings. Trustee Stephen Rimmer maintains close collaboration with the CADS management team.

Looking ahead, we are actively seeking to recruit additional trustees with diverse experience to further strengthen our governance structure and ensure effective decision-making processes.

Induction and training of trustees

Trustee Induction and Training

New board members undergo an orientation to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles, the board and decision making processes, the business plan and recent financial performance of the charity. During the induction process they meet other trustees.

The trustees' report was approved by the Board of Trustees.

S Rimmer

Trustee

29 April 2025

• 7 -

6 Broadfield Court Broadfield Way Sheffield S8 0XF

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CADS SOUTH YORKSHIRE LIMITED

I report to the trustees on my examination of the financial statements of CADS South Yorkshire Limited (the charitable company) for the year ended 31 July 2024.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charitable 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 the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements 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 financial statements 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).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

A Hulse BA FCA UHY Hacker Young

Chartered Accountants

Dated: 29 April 2025

• 8 -

CADS SOUTH YORKSHIRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024

		Unrestricted	Restricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		2024	funds	funds	2023
	Notes	£	£		£	£	£	£
Income from:
Donations and legacies	3	24,348	31,916		56,264	3,444	-	3,444
Charitable activities	4	133,166		-	133,166	155,610	-	155,610
Other trading activities	5	6,000		-	6,000	17,000	-	17,000
Investments	6	207		-	207	563	-	563
Total income		163,721	31,916		195,637	176,617	-	176,617
Expenditure on:
Charitable activities	7	190,486	22,631		213,117	250,304	-	250,304
Net (expenditure)/income
for the year/
Net movement in funds		(26,765)		9,285	(17,480)	(73,687)	-	(73,687)
Fund balances at 1
August 2023		(6,150)		6,788	638	67,537	6,788	74,325
Fund balances at 31
July 2024		(32,915)	16,073		(16,842)	(6,150)	6,788	638

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

• 9 -

CADS SOUTH YORKSHIRE LIMITED

BALANCE SHEET

AS AT 31 JULY 2024

			2024			2023
	Notes	£		£	£		£
Fixed assets
Tangible assets	13			49,549			56,107
Investments	14			1				1
				49,550			56,108
Current assets
Debtors	15	24,894			36,810
Cash at bank and in hand			8,714		37,846
		33,608			74,656
Creditors: amounts falling due within	17
one year		(41,962)			(54,627)
Net current (liabilities)/assets				(8,354)			20,029
Total assets less current liabilities				41,196			76,137
Creditors: amounts falling due after
more than one year	18			(58,038)			(75,499)
Net (liabilities)/assets				(16,842)				638
The funds of the charitable company
Restricted income funds	20			16,073				6,788
Unrestricted funds	21			(32,915)				(6,150)
				(16,842)				638

• 10 -

CADS SOUTH YORKSHIRE LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2024

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2024.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on 29 April 2025

S Rimmer

Trustee

Company registration number 08117742 (England and Wales)

• 11 -

CADS SOUTH YORKSHIRE LIMITED

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

1 Accounting policies

Charity information

CADS South Yorkshire Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Cuthbert House, Arley Street, Sheffield, South Yorkshire, S2 4QP.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "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 charitable company is a Public Benefit Entity as defined by FRS 102.

The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

During the year the charitable company suffered a loss of £17,480 (2023: £73,687) with problems at Abbeydale Picture House resulting in additional costs whilst also reducing income. This is not sustainable with reserves now fully extinguished with a deficit in unrestricted funds.

The losses in the year were much lower than the previous year and the trustees are continuing to manage cashflow on a detailed basis. At the date of the report, income exceeded monthly costs and with the opportunity to further improve the situation with from the renewed efforts to let empty units (the loss of the Abbeydale Picture House allowing management to fully focus on this area). CADS also benefits from income from their subsidiary, Arley Street Space Limited (with reserves at the year end of £13,117).

On this basis the trustees believe they can continue to meet their debts as they fall due. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

Resources expenses are recognised in the year in which they are incurred, inclusive of irrecoverable VAT.

Charitable expenditure comprises costs incurred by the charity in the delivery of its activities and includes costs that can be allocated directly to such activities and costs of an indirect nature to support them.

Governance costs are those costs incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements Over the remaining period of the lease Fixtures and fittings Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Fixed assets costing less than £500 are not capitalised.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

• 13 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charitable company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no judgements or estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

• 15 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

3	Donations and legacies
		Unrestricted	Restricted	Total		Unrestricted
		funds	funds			funds
		2024	2024	2024		2023
		£	£	£		£
	Donations and gifts	24,348	-	24,348		1,194
	Grants receivable for core activities	-	31,916	31,916		2,250
		24,348	31,916	56,264		3,444
	Grants receivable for core activities
	Other	-	31,916	31,916		2,250
		-	31,916	31,916		2,250
4	Income from charitable activities
			Unrestricted		Unrestricted
			funds			funds
				2024		2023
				£		£
	Income within charitable activities			133,166		155,610
5	Other trading activities
			**Unrestricted **		Unrestricted
				funds		funds
				2024		2023
				£		£
	Trading activity income: other			6,000		17,000

• 16 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

6 Investments

		2024	2023
		£	£
	Interest receivable	207	563
7	Charitable activities
		2024	2023
		£	£
	Staff costs	55,926	78,242
	Depreciation and impairment	6,558	6,558
	Community activities	27,692	22,697
	Rent	55,540	67,713
	Utilities	30,281	10,182
	Office expenses	3,502	11,438
	IT costs	927	1,424
	Membership fees	(68)	458
	Subscriptions	866	757
	Insurance	15,698	28,965
	Bank charges and interest	4,412	5,405
	Advertising and public relations	192	1,790
	Repairs and maintenance	495	6,044
	Legal and professional fees	34	4,175
	General expenses	23	528
	Bad debts	6,959	1,000
		209,037	247,376
	Share of governance costs (see note 8)	4,080	2,928
		213,117	250,304
	Analysis by fund
	Unrestricted funds	190,486	250,304
	Restricted funds	22,631	-
		213,117	250,304

• 17 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

8 Support costs

Support costs
	Support		Governance	2024	Support		Governance	2023
	costs		costs		costs		costs
	£		£	£	£		£	£
Independent
examination fees		-	4,080	4,080		-	2,928	2,928
		-	4,080	4,080		-	2,928	2,928
Analysed between
Charitable activities		-	4,080	4,080		-	2,928	2,928

Governance costs includes payments to the independent examiner of £900 (2022: £900) for independent examination fees and £1,568 (2022: £1,524) for other services.

9 Net movement in funds

Net movement in funds	2024	2023
	£	£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements	4,080	2,928
Depreciation of owned tangible fixed assets	6,558	6,558

10 Trustees

C Rimmer (trustees' sister) received remuneration of £5,917 (2023: £24,207) and had pension contributions made of £178 (2023: £726) under her contract of employment with the charitable company.

D Butlin (resigned as Trustee 31st October 2023) received remuneration of £17,633 (2023: £19,578) and had pension contributions made of £467 (2023: £587) under his contract of employment with the charitable company.

None of the other trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.

• 18 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

11 Employees

The average monthly number of employees during the year was:

	2024	2023
	Number	Number
Trustees	3	4
Employees	4	3
Total	7	7
Employment costs	2024	2023
	£	£
Wages and salaries	59,387	74,734
Social security costs	(4,879)	1,663
Other pension costs	1,418	1,845
	55,926	78,242

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

12 Taxation

In view of the charitable objects of the company and of its registered charitable status, no taxation should be payable.

• 19 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

13 Tangible fixed assets

13	Tangible fixed assets
		Leasehold	Fixtures and	Total
		improvements	fittings
		£	£	£
	Cost
	At 1 August 2023	60,136	17,786	77,922
	At 31 July 2024	60,136	17,786	77,922
	Depreciation and impairment
	At 1 August 2023	10,051	11,764	21,815
	Depreciation charged in the year	2,728	3,830	6,558
	At 31 July 2024	12,779	15,594	28,373
	Carrying amount
	At 31 July 2024	47,357	2,192	49,549
	At 31 July 2023	50,085	6,022	56,107
14	Fixed asset investments
				Other
			investments
				£
	Cost or valuation
	At 1 August 2023 & 31 July 2024			1
	Carrying amount
	At 31 July 2024			1
	At 31 July 2023			1
			2024	2023
	Other investments comprise:	Notes	£	£
	Investments in subsidiaries	24	1	1

• 20 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

15	Debtors
			2024	2023
	Amounts falling due within one year:		£	£
	Trade debtors		1,335	15,539
	Amounts owed by subsidiary undertakings		22,551	20,374
	Prepayments and accrued income		1,008	897
			24,894	36,810
16	Loans and overdrafts
			2024	2023
			£	£
	Bank loans		79,672	97,931
	Payable within one year		21,634	22,432
	Payable after one year		58,038	75,499
17	Creditors: amounts falling due within one year
			2024	2023
		Notes	£	£
	Bank loans	16	21,634	22,432
	Other taxation and social security		-	6,177
	Trade creditors		6,008	9,866
	Other creditors		7,060	13,013
	Accruals and deferred income		7,260	3,139
			41,962	54,627
18	Creditors: amounts falling due after more than one year
			2024	2023
		Notes	£	£
	Bank loans	16	58,038	75,499

• 21 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

19	Retirement benefit schemes
		2024	2023
	Defined contribution schemes	£	£
	Charge to profit or loss in respect of defined contribution schemes	1,418	1,845

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

• 22 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

		Movement			Movement	in funds
		in funds
	Balance at	Incoming		Balance at	Incoming	Resources		Balance at
	1 August 2022	resources		1 August 2023	resources	expended		31 July	2024
	£	£		£	£	£		£
Abbeydale Picture House Capital Works	6,788		-	6,788	11,000	(14,147)			3,641
Cross Keys, Rotherham	-		-	-	3,780		-		3,780
Abbeydale Road Shops	-		-	-	17,136	(8,484)			8,652
	6,788		-	6,788	31,916	(22,631)		16,073

Our restricted funds are made up of funds to complete capital works in order to progress our Phase 2 strategy for the restoration of the Abbeydale Picturehouse.

• 23 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

21 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

				At	1	August	Incoming	Incoming	Resources	Resources	At 31 July
					2023		resources		expended		2024
						£		£		£	£
General funds						(6,150)		163,721		(190,486)	(32,915)
Previous year:				At	1	August	Incoming		Resources		At 31 July
					2022		resources		expended		2023
						£		£		£	£
General funds						67,537		176,617		(250,304)	(6,150)
Analysis of net assets	between funds
	Unrestricted		Restricted funds			Total		Unrestricted	Restricted funds		Total
	funds							funds
	2024			2024		2024		2023		2023	2023
	£			£		£		£		£	£
Fund balances at 31
July 2024 are
represented by:
Tangible assets	49,549				-	49,549		56,107		-	56,107
Investments		1			-		1		1	-	1
Current
assets/(liabilities)	(24,427)			16,073		(8,354)		20,029		-	20,029
Long term liabilities	(58,038)				-	(58,038)		(75,499)		-	(75,499)
	(32,915)			16,073		(16,842)		638		-	638

22 Analysis of net assets between funds

23 Related party transactions

There are no other disclosable related party transactions.

• 24 -

CADS SOUTH YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

24 Subsidiaries

These financial statements are separate charitable company financial statements for the year ended 31 July 2023.

Details of the charitable company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking	Registered	Nature of business	Class of	% Held
	office		shares held	Direct Indirect
Arley Street Space Ltd	England and	Provision of buildings,	Ordinary	100.00
	Wales	facilities and open spaces

• 25 -