Company Registration Number- 06988365 The Charity Registration Number is 1152968 TRS Gallery Report and Accounts 31 August 2024 TRS Gallery Report and accounts for the year ended 31 August 2024 Contents Page Charity information Trustees. Annual Report Statement of dlreGtors' responslbllltles Independent Accountant's Report Funds Statements... Statement of Financial Activities Summary of fund8 Balancè sh#8t 10 12 Notes to the accounts 13 TRS Gallery Company Registration Number- 06988365 Trustees. Annual Report for the year ended 31 August 2024 The Trustees present their Report and Accounts for the year ended 31 August 2024, which also comprises the Directors, Report required by the Companies Act 2006 Reference and administrative details The charity name. The legal name of the charity is.- TRS Gallery. The charity is also known by its operating name, TRS Gallery. rho charity s areas operation and UK charltable reglstratlon. The charity is registered in England & Wales with the Charity Commission in England & Wales ICCEWI with charity number 1152968. The charity does not operate in any overseas jurisdictions. Legal structure of the charlty The charity is constituted a5 a company limited by guarantee, registered under the Companie5 Acts . The governing document of the charity is the Memorandum and Articles af Assoclation establlshlng the company under company legislation. There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charlty Law. By operation of law all, trustees are directors under the Companies Act 2006 and all directors are Iru5tees under charities16gis1alion ancl have responsibilities, as such, under both company and charily legislation. The trustees are all individuals. The prlnclpal operatlng address, telephone number, emall and web addresses of thè charlty are:. 5 Mann Street Northern Lights, Liverpool L8 SAF Telephone 0151708 6705 Email Address info@the-royal-5tandard.co.uk Web address the-royal-slandard.co.uk The registered office of the charity for Companies Act purpose5 IS the same as the operaling address shown above. The Trustees in offlce on Ihe date the report wag approved were:. J 8uso E Harris D Lally S Mohamad Noor M O'Brien Dr J Schofield TRS Gallery Company Regislralion Number- 06988365 Trustees. Annual Report for the year ended 31 August 2024 The followlng persons served as Trustees durlng the year ended 31 August 2024 :. The Trustees who also served during Ihe accounting year and their dates of appointment or resignation are as follows: Name A Chrisley-Kelly Ireslgned 5 September 20231 M Hooper (resigned 31 March 20241 All the Iruslee5 are a150 mernbers of the Gharily. Objects and actlvltles of the charity The purposes of the charity as set out in its governing document. AdvanGin9 the Arts, including visual arts, craft and desi9n, video, sound and digilal arts and performance art. CHARITABLE OBJECTIVES The charitable Gompany aims lo.. Provlde affordable studio spaces and supportive cornfflunlty lo artlsls Showcase exciting, innovative exhibitions and events Vvork with the most outstanding récènt graduates and èmerging artlsls as w811 as more 8Stablish8d practllloners and other artlsl-led Initiatives Develop 8 dyn8mic and challenging gallery programme Build local, national and international audiences,. and Develop existing local, national and internation81 relationships. The ¢harit8ble company aims lo support and develop.. New audiences.. locally, nationally and internationally Opporlunilies lor participalion Sn arts activities., and Curatorial knowledge antt resources. The main activities undertaken in relation to those purposes during the year and to further the charity's purpose for the public benefit. The charitable company will pursue these aims by the following principle8'. Provide equal opportunities, in both its contrfbution to the creative ecology in Llverpool and opportunilles created through the develL)pment of the organisalion Consult with the creative communities and local neighbours to better inform the activities it delivers based on democracy, the rule of law, individual liberty, mutual respect, and tolerance of diverse faiths and beliefs Implement organisalional struGlure review and operational improvements to belter support flnances, governance, and accountability Crealinq and suslaininq a mixed fundinq streams The trustees have had regard lo the Charity Commission's guidance on public benefit in managing the activities of the charity. TRS Gallery Company Registration Number- 06988365 Trustees. Annual Report for the year ended 31 August 2024 The main achievements and performanGe of the charity during the year and the difference this has made to the beneficiaries of the charity and benefited wider soclety. The charitable company delivered several activities in the year, attracting new and exists'ng audiences lo the gallery and studios. The focus for the organisation for the 23124 period of activity has been lo implement organisational structure review and operational improvements to better support finances, governance, and delivery of public as well as studio programmes. The Managing Directors proposed a 20ty/0 Studio rent increase that was approved by the Trustees. A consultation meeting. led by the Trustees, was held with studio members to finalise the details of a new studio membership contract to reflect this change. Studio members were provided with options for payment plans to support this transition. The Trustees started a full review of rent arrears from previous years to gain an understanding of this ongoing challenge before the Implementation of the proposed rent increase. The outcome of this is a Studio Members Map and a Rent Arrears List. In January 2024, the cohort of Managing Directors stepped down due to e difference in their interests end the organisation's objectives. The Trustees carried out a transformation of the Managing Directors, responsibilities to establish a shared understanding of the voluntary role. Furthermore, the Trustees created a Contlnuous Profes51onal Development for the Managlng Dlrectors lo provide access to mentoring from the Trustees. maslerclasses and shadowing opportunities, The title Artist Lead has been retired and the title Managing Director has been reinstated to signify Ihe duty of this role. Feedback from Studio Members gener8ted a drive to strengthen the re181ionship between the Trustees, Managing Directors and Studio Members. The Trustees offered masterclas5es to the Studio Members during the 2024 Summer period. This was followed by a Summer Social in June 2024 for the Studio Members. The Trustees hosted the occaslon lo create an opportunity to visit the Studio Members in their sp8ces 81 The Royal Standard, The Summer Social was also used 10 Introduce a new cohort of Managing Directors who were appointed in May 2024, to the Studio Members. As part of our long-standing relationship with Liverpool School of Art and Design, we continued to provide its graduates with a residency space, development of their creative practice in the sector and presentation of their work through public exhibitions. The Royal Stsndard hosted 6 graduates in 2023124. During 2023 - 2024, The Royal Standard delivered over 22 exhSbitions, events and workshop5. Some programme highlights include.. Creative Skills Zine Workshop. Homotopia, 29th August 2023 Made112023, Short Supply, 15th September - 6th October 2023 An Instrument of Delirium, 1 9th - 22nd October 2023 TRS Gallery Company Registration Number- 06988365 Trustees. Annual Report for the year ended 31 August 2024 Future Plans The Royal Standard's improvement journey remains under constant review, as we look for ways to improve the developtnenl of our Managing Directors a5 future leaders in the sector and the benefits we provide to our Studio Members. alongside engaging with both th@ creativ@ communities and our neighbours in the area. Our priority is to continue providing artists with affordable studio spaces in Liverpool, during our lime al Northern Lights. To complement this, we will focus on providing artists Imlh opportunities to develop their practices with their peers and experts in the sector, in addition lo presenting their work in a public setting. Major medium-lerm priorities identified inclLJde agreeing on a realistic payment plan for unexpected service charges from Baltic Creative and planning for a move to a new 'home' following the termination of our lease at Northern Lights in June 2026. Organisational development We remain focused on how our activitie8 contribute to the creative ecology in Liverpool. The Trustee5 and Managing Directors reviewed the proposed plan from 22123 to appoint a temporary paid position. It has been agreed that the vision for this role is loo ambitious and is not sustainable. We understand th8 nature of the restricted funding awarded lo The Royal Standar(i for this role and will revisit this once a plan after the termination of our lease at Northern Lights in June 2026 has been agreed. The majority of the pain points identified by previous Trustees and Artist Leads. as burdens to voluntary roles and a need for a paid role, have been rectified through Ihe organisalional structure review and operational improvements carried out in 23124. The transformation of the Artist Lead rele into that of a Managing Director has shown that there is an interest in a voluntary role that provides pra¢tiC81 operational skills as this enhances the development of creative opportunities 8u¢h as curating exhibitions, producing events as well as workshops, and facilitating artistic development. The Royal Standard has a simple organisalional structure and clear set of activities to deliver. We are now seeing the results of committing lime to establish an understanding of this and building a team that shares Ihis ethos. Risk management The Trustees work lo identify risks that The Royal Standard is exposed lo. The risks identified in 2023124 have been considered and will be mitigated wlh an Action Plan. An immediate risk to be addressed is transitioning Studio Members from paying rent in arrear to in advance to prevent missed payments. Structure, governance and management of the charity The methods used to recruit and appoint new charity trustees. Trustees are recruited b85ed on a regular review if skills considered necessary and ongoing discussion between the existing Board of Trustees. Numbers are limited and the charitable company has a policy of rolling TrusleeshiplDireclorship to keep the charitable company focused and forward thinking. The current Board has a range of skills including business managernent, sales, fundraising, arts education, art practice, curatorial practice, digital, and arts adminislralion. This year, one Trustee stepped down after the end of his term and one Trustees stepped down due lo a conflict of interest. Bankers HSBC UK Bank plc, 99-101 Lord Street, Liverpool, L2 6PG AGGounlants Adding Value Con8ultanGy Ltd, Bluecoat Chambers, College Lane, Liverpool TRS Gallery Company Registration Number- 06988365 Trustees. Annual Report for the year ended 31 August 2024 Financial review The charity s financial position at the end of the year ended 31 August 2024 The financial position of the charity at 31 August 2024 and comparallves for the prlor perlod, as more fully detailed in the accounts, can be summarised as follows'.- 2024 2023 Net incom8 4,893 (47,710} Unreslricled Revenue Funds available for the general purpose5 of the charlty {23.3131 128,2061 Reslri¢ted Revenue Funds 9,847 9,847 Total Funds 113,4661 118,359 Financlal revlew of the posltlon at the reportlng date, 31 August 2024 . Incornlng resources for the year lolalled £56,06912023'. £52.9731. Total expendlture in the year was £51.176 12023.. £100,683), leaving a surplus for th8 year of £4.89312023. deficit of £47.7101. Al 31 August 2024, the charllable company's reserves were negallve £13,466 12023: negative £18,359) of which £9,84712023'. £9,847} represented restricleé funds. Policies on reserves. The purpose of the R888rv8s Policy for is lo ensure the financlal stabillly of the organisation and that it maintain8 a viable operating position lo deliv8r on its charitable obje¢live5. Based on the current oper81Ing expenditure the Target Operating Reserve 15 sel al £12,500 which is equivalent to three months of operating ash expenses, As of 31 August 2024 the total unrestricted funds available to be ring-fenced for Operating Reserves fell short of the Ihree-monlh target. The Operating Reserve is intended to provide an internal source of unrestricted funds for unforeseen situations such as a sudden increase in expenses, one-time unbudgeled expenses, unanlicipaled loss in fundinglrenlal income, or uninsured losses, The Reserve may also be used for one-time, nonrecurring expenses that will build long-lerm capacity, such as staff development, research and development. or investment in infrastructure. Operating Reserves are not intended lo replace a permanent loss of funds or eliminate an ongoing budget gap. Tho target minimum Operating Reserve Fund Is equal lo three months of 8verage operating cash expenses. The calculation of average monthly expenses excludes any costs associated with the delivery of arts related activities which are lo be funded from Restricted funds and do not therefore form part of the Operating Reserve Calculation. The amount of the Operating Reserve Fund target minimum will be calculated each year after approval of the annual budget. and reported by the Finance Sub-cornmittee to the Full Trustee meeting for formal approval. The Operating Reserve is a live target that will be monitored as part of the Full Trustee meeting cycle. TRS Gallery Company Registration Number- 06988365 Trustees, Annual Report for the year ended 31 August 2024 The Operating Reserve Fund should be fvnded with surplus unrestricted operating funds. The Trustees may from time to lime direct that a specific source of revenue be set aside for Operating Reserves. Examples may nclude eligible grant fundlng with unreslricled access lo the funds,. donalion5,' and sponsorship related to artistic activity. Golng Concern The financial slalements have been prepared on a going concern basis. The Iruslees have considerèd the level of funds held and the expected level of income and expenditure for the twelve months from authorising these financial statements. The current finanGial year has aGhieved a surplus, 8nd although the previous financial year saw an operating deficit, this was due lo a backdaled charge of £41,387 from the landlord relating to prior year seNice charges, The trustees assess the charity to be an ongoing concern based on review of financial performance of the current year lo date, the management aceounls for&casl for th8 r8maind8r of the financial year, and longer- term plans and foreo8Sts for future years. As a result, the trustees are satisfied that these accounts can be prepared on an ongoing concern ba51S. Avallablllty and adequacy of assets of each of the funds The b08rd of Iru$lees 1$ satisfied that the charity's assets in each fund are avallable and ad8quale lo fulfil its obligations In respèct of each fund. Whilst the unr8stric16d res8rvé is currently in deficit, plans have been put in place to increase and diverslfy Incomè and lo Control expenditure. This has resulted in an unrestriGled surplus for the year. Details of The Independent Examiner Matthew 8rown Member of CIPFA Bluecoat Chambers College Lane Liverpool L1 38X Statement of the Directors, and Trustees, Responsibilitles The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Nolwilhstanding the explicit requirement in the extant slalutory regulalions,Ihe Charities {Accountg and Reports) Regulations 2008, to prepare tho financial slalements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been wilhdrown, the Trustees determined lo interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP Islatemenl of Recornmended PracliGe for Accounting and Reporting by Charities) 2019, applicable lo all accounting periods beginning on or after 1 sl January 20191, (The SORPI, In particular, the Companies Act 2006 and ch8rily law require the Board of Trustees lo prepare financial stalernents for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial slatemenls the Board is required to TRS Gallery Company Fie9islralion Number - 06988365 Trustees. Annual Report for the year ended 31 August 2024 lo prepare the accounts in accordance with Umited Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). select suitable accounting policies and apply them consistently., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unles5 11 is inappropriate lo presume that the Gharily will continue in business,, slate whether applicable accounting $18ndards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the flnanGial slalementS', The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the stale of affairs of the charily and of the surplus or deficit of the charily for the year. The Trustees are also responsible for main18ining adequate 8ccounling records which disclose with reasonable accuracy al any time the financial position of the charity and which are suffiGienl to show and explain the charity's transactions and enable them lo ensure that the financial statements cornply with the Companles Act 2006 and comply with regulations made under the Charities Act. 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. The Trustees are also responsible for the contents of the Trustees, r8port, and the slalutory responsibility of the Independent Examiner in relation lo the Trustees, report is Ilmiled lo examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial slatemenls. Method of preparation of accounts - Small company provisions The financial slalemenls are set out on pages 10 10 20. The financial statements have been prepared implemenllng the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Chariliesl 2019. applicable to all accounting periods beginning on or after 151 January 20191, (The SORPI, and In accordance with the Financial Reporting Standard 102.18ffeclive 1 st January 20161 These financial slalements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable lo Companies subject lo the small companies regime. This report was approved by the board of trustees on 10 June 2025. S Mohamad Noor Director and Trustee TRS Gallery Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 31 August 2024 I¥PVl l LU Iiie I iubieeb UTI Iriy exdlTiifidllUlI 01 irie IiridllLldl ¥iLdigirieriib vi irie Lridl IlÉlDie CO[Tipany on Pdgeb l U LU 2V for the year ended 31 August 2024 which have been prepared in accordan￿ with the Charities Act 2011 (the Acll and wth the Financial Reporbng Standard 102, leffeclive 1 st January 20161 as modified by FRS 102 SORP (Statement of Rècommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1 st January 20191, (The SORPI, published by the Charity Commission in England & Wales ICCEWI and under the historical cost convention and the accounting policies set out on page Respective responsibilities of the Trustees and the Independent Examlner and the bas15 of the report As described on page 6, you, the charitable company's Trustees, are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with the Companies Act 2006, the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice. applicable lo smaller entities, and for belng satisfied that the financial statements give a true and fair view. The Trustees Gonsider that the audit requirement of Section 144111 of the Charities Act 2011 (the Acii does not apply, and that there is no requirement in the memorandum and artlcles of the charlty for the conducting of an audit, and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no mernber or members have requested an audit pursuant lo Section 476 of the Companies Act 2006. As consequence. the Trustees have elected that the financial statements be subjert to independent examination, Having satisfied myself that the financial slatemenls are not required to be audited under any legal provision, or otherwise, and are eliglble for independent ex8mination. it Is my responslblllty to'.- al examine the flnancial slalemenls of the charity under Section 145 of the Act., bl follow the applicable procedures in the Directions given by the Charity Commission under section 14515llbl of the Act. 88818 of Independent Examlnerfs Statement and scope of work undertaken I report In re8pect of my examination of the ¢h8rily's financial statements carried out under $145 of the Act. In carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145151{bl of the Act setting out the duties of an independent ex2miner in relation lo the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charitable company and of the accounting systems employed by the charitable company and a comparison of the financial slalements presented with those records.11 also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees. concerning such matters. The purpose of the examination is lo establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements Comply with the SORP. The procedures undertaken do not provide all the evidence that would be required in an audit. and infomiation supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider in arriving at an opinion. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide Consequently, I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as lo whether the financial statements give g true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below. I planned and performed my examination so as to satisfy myself that the objedives of the independent examination are achieved and before finalising the report l obtained written assurances from the Trustees of all material matters. TRS Gallery Independent Examiner's Statement, Report and Opinion Subject to the limitations upon the scope of my work as detailed above, I have completed my examination.. and can confirm that'.- The accounts of this charitable company are not required to be audited under Part 16 of the Companies Act 2006, This is a report in respect of an examination carried out under 145 of the Act and in accordance with Direclions given by the Charity Commission under section 14515}Ibl of the Act which may be applicable., and thal no material 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 charity as required by Section 388 of the Companies Act 2006 and Section 130 of The Charities Act 2011, the financial statements do not accord wth those records., or the financial statements do not comply with the applicable requirements concernlng the forrn and content ol accounts set out in section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'Irue and fair, view, which is not a matter considered as p8rt of an independent examination., have not been prepared in accordance wlh the m8thods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019. applicable to all accounting period5 beginning on or after 1 sl January 20191, (The SORPI. I have no concerns and have come across no other rnatlers in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the financial statements lo be reached. Matthew Brown- Independent Examiner CIPFA Bluecoal Chambers College Lane Liverpool L13BX Thls report wa8 signed on 19 June 2025 TRS Gallery - Statement of Financial Activities for the year ended 31 August 2024 Statement of Flnancial Activities (including the Income and Expenditure Account for the year ended 31 August 2024, as required by the Companies Act 2006) SORP Rof Curr?nt y¢or Unrestrlcted Funds Current year ReJtrlGted Funds Current yaar Total Funds Prior Year Total Funds 2024 2024 2024 2023 Income & Endowments from: Charitable activities A2 56,069 56,069 52,973 Expendlture on: Charitable activities B2 51,176 51,176 100,683 Total expenditure 51,176 51,176 100.683 Net income for the year 4,893 4,893 {47,710) Net Income after transfers A-B-C 4,893 4,893 {47,710) Ngt movemont In funds 4,893 4,893 {47,710) Reconclllatlon of funds:. Total funds brought forward 128,2061 9,847 118,3591 29,351 Total funds carrlod forward 123,313 9.847 113,466 18,359) The 'SORP Ref indicated above is th8 classification of income sel out in the formal SORP documents. As required by paragraph 4,60 of the SORP, the brought forward and carried forward funds above have been agreed lo the Balance Sheet. A separate Statement of Total Recognised Gains and Losses is not required as this slalement includes 811 recognised gains and losses. All tha prior year transactions were unreslricled item5, and no further analysis is roquired All activities derive from continuing operations The notes attached on pages 13 to 20 form an integral part of these aGcounts. TRS Gallery - Statement of Financial Activities for the year ended 31 August 2024 Movements in revenue and capital funds for the year ended 31 August 2024 Revenue accumulated funds Unre8trl¢tod Funds 2024 Rostrlctfjd Funds Totsl Funds Last yg8r Total Fund6 2023 2024 2024 Accumulated funds brought fotward 128,2061 9,847 (18,3591 29,351 Recognised gains and losses before transfers 4,893 4.893 147,7101 {23,313) 9,847 (13,466) 118,3591 Closlng revenuo funds 23,313 9.847 13,466 18,359 Summary of funds Unre$trScted Re$trictad Funds Total Funds L88t Year Total Funds and Deslgnated funds 2024 2024 2024 2023 Revenue accumulated funds 123,3131 9,847 113,466) 118,3591 The noto8 attached on pagos 13 to 20 form an Integral part of these accounts. TRS Gallery - Balance Sheet as at 31 August 2024 SORP Ref Notes 2024 2023 Current assets Debtors Cash al bank and in hand B2 B4 1,537 27,564 1,504 22.759 Total current assets 29,101 24,263 Creditors: amounts falling due within one year C1 142,567 42,622 Net Current assets 113,4661 (18,3591 The total net assets of the charity {13,466) 118,359) The total net assets of th6 charlty are funded by tho funds of the charlty, as follows:. Restrlcted funds Restricted Revenue Funds 13 D2 9,847 9,847 9,847 9,847 Unrestrlcted Funds Unrestricted Revenue Funds D3 123,3131 128,2061 (23,313) {28,2061 Deslgnated Funds Total charlty funds 13,4661 18,359 The 'SORP Ref indicated above is the classification of Balance Sheet items as set out in the form81 SORP documents. A$ required by paragraph 4.60 of the SORP, the brought foward and carried fO￿ard funds above have been agreed to the SOFA.. The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of Ihe Companies Act 2006. The member has not required the company to obtain an audlt In accordance with sectlon 476 of the Act. The d1￿ClOr$ acknowledge their responsibilities for complying with the reqltiremenls of the Companies Act 2006 with respect lo accounting record5 and the preparation of accounts. The charity Is subject lo Independent Examination under charity legislation, and the report of the Independent Examiner is on page 9. The financial statements have been prepared in accordance wilh the provisions Sn Part 15 of the Companies Act 2006 licable lo companiès subject to thè small companies regime. ohamad Noor Trustee Approved by the board of trustees on 10 June 2025 The notès attached on pages 13 to 20 form an integral part of these accounts. 10 TRS Gallery Notes to the Accounts for the year ended 31 August 2024 1 Accounting policies Policies relating to the production of the accounts. Basis of preparation and accounting convention The accounts have been prepared on the 3GGruals basis, under the historical ¢osl convention, and in accordance with the Financial Reporting Standard 102, leffectlve 1 st January 20161 and 'FRS 102 SORP (Statement of Fiecommended Practice for Accounting and Reportlng by Charities) 2019, applicable to all accounrlng perlods beginnlng on or after 1 sl J8nuary 20191, (The SORPI. published by the Charity Commission in England & Wales ICCEWI , and In accordance wllh all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the lin3ncial glal8m8nls in aGGordanGe with the FRS 102 SORP {Stalament of Recommended Practice for Accounting and Reporting by Charities} 2019, applicable to 811 aGcounling periods beginning on or after 1st January 20191, (The SORPI, in preference to the previous SORP, the SORP 2005. which has been withdrawn. notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 r8fer explicitly lo the SORP 2005. This has been done lo accord with current b8St practice. Golng Concern The financial statements have been prepared on 8 going concern basis. The trustees have considered the level of funds held and the expected level of Income and expenditure for the twelve months from aulhorising these financial stalemenls. AllhoLJgh the current rinancial year saw an operating deficit, this was due lo a backdated charge of £41,387 from the landlord relating lo prior year rents and service charg85. W8 are currently in discusslon with the landlord lo agree the apprOpr￿at￿nesS of the charges and lo negotiate a payment plan to clear these arrears If necessary. Plans are being pul in p19ce lo increase and dlversify Income and lo control expenditure. The trustees assess the charity to be an ongoing concern based on review of financial performance of the current year to date, the management accounts forecast for the rernainder of the financial year, and longer-lerm plans and forec351s for future years, As a result, the trustees are satisfied that these accounts can be prepared on an ongoing concern basis. Rlsks and future assumptlons The charity is a public benefit entity. Policies relating to expendlture on goods and servlces provlded to the charity. Rerognltlon of Ilabllltles and expendlture A liability, and the related expenditure, is reeognlsed when a legal or conslructlve obligation axlsts as a result of a past evenl, and when il is more likely than not that a transfer of economic benefits will be required In settlement, and when the amount of the obligation can be measured or reliably estimated.. Liabilities arising from future funding commitments and constructive obligations, including perforrnance ralatgd grants. where the Ilming or the amount of the future expenditure required to settle the obllgalion are uncertaSn, glve rlse lo a provision in the accounts, which is reviewed at the accounting year end. The provision is increased lo reflect any incréases in liabilities. and is decreased by the utilisation of any provision within the period. and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and aclivili8s to which the provision relates. Tanglble flxed assets Tangible fixed asset5 are all fully depreciated. Debtors Debtors are measured al their recoverable amounts at the balance sheet date. TRS Gallery Notes to the Accounts for the year ended 31 August 2024 Credltors and provlslons Creditors and provisions are recognised where the charity ha5 a present obligation resulting from a past event that will probably result in the transfer of funds lo a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provision5 are normally reGogni5ed al their settlement amount after allowing for any trade diseounls dué. Finan¢ial instruments including cash and bank balances Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements. Fund Accounting Unrestricted funds are avallable for use at the dlscretion of the trustees in furtherance of the general oblectlves of the charity. There are no designated fund5. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appèal or as implied by law. There are no endowment funds. 2 Liabillty to taxation The Trusiees conslder that the charlly satlsnes the tests sel out In Paragraph 1 Schedule 6 of the Flnance Act 2010 for UK corporallon lax purposes. Accordlngly, the Charity Is potentlally exempl Trom iaxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the gxtenl that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the Gharily, and is therefore included in the relev8nl costs in the Statement of Financial Aclivilies. 3 Wlndlng up or dls8olution of the charity If upon winding up or dissolution of the charity there remaln any assets, after the 5alisfaclion of all debts and liabilities, the assets represented by the accumulaled fund shall be transferred to some other charitable body or bodies having similar objects lo the charity. 4 Slgnlflcance of flnanclal Instruments to the charlty's posltlon Thero are no significant implicalions of Such matters. S The Contrlbutlon of volunteers The charity depends on the 5UPPOrt of ils volunleers, which is much appreciated. The arrangements with volunteers are difficult lo value precisely in monetary terms and have not been reGognised in the Slalement of Financial Aclivilies. The volunteers and the Cha￿tY accept and agree that no contract of employment is created by these arrangemenls. 6 Remuneratlon and payments to Trustees and persons connected wlth them No Iruslees or persons connected with them received any remuneration from the charity, or any relat@d entity. 12 TRS Gallery Notes to the Accounts for the year ended 31 August 2024 7 Tangible fixed assets Currènt Yèar Improvement to Equlpment & property flttlngs Motor Vehicles Total Cost Al 1 September 2023 8.619 2,406 11.025 At 31 August 2024 8,619 2,406 11,025 Depreciation Al 1 September 2023 8,619 2,406 11,025 At 31 August 2024 8.619 2,406 11,025 Net book value At 31 August 2024 8 Debtors 2024 2023 Trade debtors Prepayments and accrued income 1.109 428 1.227 277 1,537 1,504 9 Creditors: amounts falllng due within one year 2024 2023 Trade credltors Accruals 41,387 1,180 55 42,567 42,567 42.622 10 Income and Expenditure account summary 2024 2023 At 1 September 2023 Surplus after lax for the year (18,3591 4,893 29,351 147,7101 At 31 August 2024 13,466) 18,359) 13 TRS Gallery Notes to the Accounts for the year ended 31 August 2024 11 Related party transactions Trustees S Mohamad Noor and M O'Brien are also studio holders. 12 Particulars of how partieular funds are rèpresented by assets and liabilities At 31 August 2024 Unrestricted Deslgnated funds Re5trlctèd Total fund8 funds Fund8 Current Assets Current Liabilities 19,254 (42,5671 9,847 29,101 142,5671 123,313) 9,847 13,466 At 1 Septembtr 2023 Unre3trlclod funds O•slgnat•d fund5 R•$trlct•d funds Total Funds Current Asset5 Current Liabililles 14,416 142,622) 9,847 24,263 142.6221 28,206 9,847 18,359 13 Change In total funds over the year as Shown In Note 12 , analysed by Individual funds Funds brought Movem•nt In loNard from 2023 funds In 2024 Transfèrs between fund& In 2024 Funds carrled forward to 2025 See Nota 14 S•8 Not• O Unrestricted and dgsignated lunds... Unr8slrict8d Revenue Funds 128,2061 4,893 {23,3131 Total unrèstrlcted and deslgnated funds 128,206) 4,893 23,3131 Restrlcted funds... Eslale of the late Mra AF Frohli¢h 9,847 9,847 Totsl restrlcted funds 9,847 9.847 Total charity fund5 18.359 4,893 {13,466 14 TRS Gallery Notes to the Accounts for the year ended 31 August 2024 14 Analysis of movements in funds over the year as shown in Note 13 Other Income Expendlture Galns & Movement Loss@s in funds 2024 2024 2024 2024 Unrestrlctad and designated funds... Unrestricted Revenue Funds 56,069 {51,1761 4,893 56,069 151,176 4,893 15 The purposes for whlch the funds Unrestricted and designated funds... These funds are held for the meeting the objectives of the charity, and lo provide reserves for future activities, and subject lo charity legislation, are free from all r8striclions on Ih8ir use. Unreslricled Revénue Funds Restrlcted funds... Eslale of the late Mr$ AF Frohllch Bequest granted to contrlbule towards hlrlng a pemianent Sludlo Manager & supporting residency scheme for HEI graduates. 16 Ultimate controlllng party The charity is under the control ol 113 legal members. Every member ol the charity is obliged to contribute such amount 88 may be required not exceeding £1 to the assets of the company in the event of ils being wound up while he or she is a member, or within one year after he or she ceases to be a member. 15 TRS Gallery Detalled analysls of Income and expendlture for the year ended 31 August 2024 as required by the SORP 2015 This analysis is classsified by conventional nominal descriptions and not by activity. 17 Income from charltable activitles - Tradlng Actlvltles Current year Current year Unrestrlcted Fund8 2024 Current year Rèstrlet•d Funds 2024 Currant yoar Total Funds Prlor Yèar Total funds 2024 2023 Primary purpose and ancillary trading Rents receivable Event hire Fundraising aclivitl8S 43,355 9,072 3,642 43,355 9,072 3,642 46,081 1,500 5,392 Total Prlmary purpose and anclllary tradlng 56,069 56,069 52,973 18 Total Income from charltable actlvltles Current y•ar Unrestricted Funds Currènt year Current y•ar Total Fund8 Prlor Year Current year Fund Totsl Funds 2024 2024 2024 2023 Total income from charitable trading 56,069 56,069 52.973 Total from charltable a¢tlvltle8 56,069 56,069 52,973 19 Expendlture on charltable actlvltles - Dlrect spendlng Current year Unrèsirietèd Fund$ Current year Restricted Funds Currèni year Total Funds Prlor Year Tgtal Funds Current Year 2024 2024 2024 2023 Project and event costs 602 602 4,640 Total dlrect spending 602 602 4,640 20 Expenditure on charitable activities - Charitable trading Current year Unrestricted Funds Current year estricted Funds Currènl year PrSor Year Tolal Funds Total Funds Current Year 2024 2024 2024 2023 Reallocated from support costs 49,394 49,394 94,863 Total charltable tradlng costs 49,394 49.394 94,863 TRS Gallery Detailed analysis of income and expenditure for the year ended 31 August 2024 as requlred by the SORP 2015 21 Support Gosts for Charitable activities Curr•nt y•ar unrestricted Funds Current year KÉ