CHARITY COMMISSION Prism Arts CIO RèglstratFon number: 1159797 Annual Report and Financlal Statements 31 March 2025 dOdd&co
Pri$m Arts CIO Contsnts Referenc• and Administrative Detall$ Trust¢es' report TnJslees' r8sponsibil88 15 Indendent exarninerfs report statement of financial aclvttles 16 17 Bal8rKe sheet 18 Notes to Ihg financial Statements 19
Prism Arts CIO Referenc8 and Administratlve Details Charlty nam• ism Arts CIO Charlty r•gl$tration numb•r 1159797 Prlncipl offi Central Methodlst H811 5 Math•t Stregt CARLISLE CA3 8QJ Règlgtered offl¢• Ceniral Mèthodist Hall 5 Market Street CARLISLE CA3 8QJ Trust••¥ V W81d&n, ctrchair S Srrlth J Gilbert T Hayes S McGrath. c(rfhdr (Rgslwed 25 July 20241 C J Plt¢heT J F$llow&Smilh {Appolntad 28 November 20241 (Appointed 25 July 20241 V Shillabeer Sollcltor Burnett8 6 Victoria Pla CARLISLE CA1 1ES Accountant Dodd & Co Limlted FIEEN Ros8hill Montgomery Way Rosehill Estst& CARLISLE CA12RW Bankers CAF Bank Ltd 25 Klngs Avenue Kings Hlll WEST MALLING ME19 4JQ Cumberfand Buildin9 Soci?ty Cumberland House Cooper Way Parkhouse CARLISLE CA3 OJF Pap1
Prlsrn Arts CIO Trustees, Report for thoYo•r Ended 31 March 2025 1. STrUCTURE. GOVERNANCE AND MANAGEMENT 1.1 Gov•rning Documont Prism Arts is a Charit8bie Incorpornted Organisation ICIOI. The charitywas 8stBblish8d by a trust deed dated 10th January 1992 and is governed by its constitution dated 26th March 1992 and oddendum dated June 1996. The charitywas rB-register8d a8 a CIO with the Ch8rityCommi89ion underthe charitynumber 1159797 on 6Janu8ry2015. 1.2 RocnJitm¢ntllndu¢tlon andTralnlng ol Truste88 The charity is $upportgd by a board ottrustees wth expertise. knowledge. and experience. Pri$m Arts has an open recruitment process for prospective trustees involving a personal statement, mèeting the Chair and Director. and attending a Board m88ting as an obs8Ner. To address dNersity. clear plan had been developed in 2024. New trustees receive an induction pack and are invited to events. workshops. and training opportunities. Easy R8Bd trBining is underway, and all documents will bè 8v8ilabte in this fomiat by 2025. 1.3 Oryanl¥atlonalStructura 2024125 The Board hold quarterty meetings14 in totsll. The Trustees, responsibilities included ovgr8eeing strategic direction, fin8nce, risk manag8m8nt. performancè measurement. funding requirements. safeguardin& and policies. Th8 Dir8Ctor reported to ihe Trustees at board meetings and $eNod a$ a non-voting member of thg Board. Th8 Director outlinod the operational strategyforthe year in response to key areas of risk, such as the cost-of-living crisis and business priorities and wa8 responsible ftjr the day-to-day management of the charity. The Finance and Operations Director attended board meetiiigs to present quarterlyaccounts and finance reports. The Co-creative Progr8mme Directors. now a180 8tt0nd alternatè board meetings to report on creative programme strategy and developmerrt. The Trustees maintBin8d ov8rsight of HR, health and safety. inclusion. performance. environmental sustainobility. safeguarding, and relationships with key funders and stakeholders. The Director was responsible for developingthe Prism Arts Business Plan for 2024-25, including collaboratingwth the board to agrèe on SMART targets, Key Performance Indicators. and finance taQets for 2024125. In the final quarter of 202415 th8 Interim Director led an inclusive consultation proce8S With all our Internal st8keho(der8 which also considered the prioriti&s of key èXtern81 st8kehotderg in order to re-evaluate our strategic framework and 3 Year Bu$ine$s Plan 2025-2028. This work is nearing it's conclusion. All members of the Senior Managem8ntTeam hBVe attended board meetings. deliv8ring reports and presenting progress. 1.4 Rl$k Management The organisation reported risks quarterly u5illg a Risk Register and the Directorfs Report. The Finance and Operations Director managed this process. The Risk Register covers strate¢ areas of risk and assesses risk rating. including Govern8nce, Op8ration8, Finance. and Externèl and Environmental risk. Prism Arts was rated as a low-iisk organization bythe Arts Council of EngLand. All relant policies and procedures were updated and approved to ensure compliance and sategu8rding responsibilities were met. The Finance and Operations Director manages the quarterly m88tingand policy approval cycl8 to oversee this process. Page 2
Prlsm Art$ CIO Trustee¥, Reportfor theyoor Ended 31 March 2025 Key Area8 of Rl8k 2024125: External Financial Ri8k- The ongoing cost of INingcri8is has continued to impact our fundraising efforts. We havo iecruited a new Fundraising Managei, who commenced at Prism Art8 in April 2024. Cost of Living Crisis and Post-Pandemic Recovery: Prism Arts ha5 expand8d facg-to-face delivery and maintained contact with individuals. families, 8nd carers. Home visits woro introduced for people unable to attend s&ssions due to mentsl health i88u8s. The ch8rtyalso commissioned 3pecific projects to engag8 and support new people, led bythe Participant Support Load and funded bythg National Lotterycommunity Fund. Capacityand Resourc8s. Recruitment, and Retention.. A reviewwll be completed in 2024125 to explore succession planning and staff progression. New poy scales and staff banefits hav8 been developed to Support staff progr8$8ion and retention. 1.5 R•lal•d Parti•s Key Partn•r• Tullio Hous• Musm and Arts Gallory: a museum and 8rt gallery. and fellow Ngtion81 Portfolio OrEoni8ation in Carlisle. Future Home and key cultural partner in Carlisle. Cariisla Cath8drAI: Major heritsge and religious centre Carlisle. Rest Under tho Stai8 partner. Craativa Paoplo and Pla¢ey: West Coast. An arts council-funded programme developing community er)gagem8nt and infrastructure in tho art8 in Copeland and Allerdale. Accass All Ar&•$: Transforming L¢ad81ship partnership. including Thoalro by th• Lakn Kaswl¢k. J•nnifar Laur6n Gallery: Specialist Gauery passionately champion$ $elf-t8ught, disabled, and overlooked artists from around tho world. Supported the team throughout th& development of the Gallery and online Shop. The Knott•d Proio¢t: Based in Cumbrig. T Knott•d ProJo¢t makgs theatrical events & experi8nc8S. With &foryoung people. Everyono Horn: Creative People and Places p8rtnarship based in West Cumberland-west Cumbfrrland Feasibillty partnar Ros8hlll Thoairo: Theatre based in Whitehavon and a West Cumberland Feasiblllty Partner. D8w8on Kavon•yAssaclates IS on expert HR consultancy based in Carlisle. In 2022 Dawson Kaveneywas commissioned to undertake a review of staffingfoliowing our restructure in 2020. This work was overseen by Trustees. Thoma¥ Jardlne A##ociat8s is a business growth con$uitancy in the North of England thal supports busine88es to achieve their go81s. The firm will prowde mentoring for our Chief Executive to ensure we stay in Ilne wtth our vision. mission and values over the business planning period. Pa8e J
Prl$mArt8 CIO Trustee3' Reportfor th•Y•ar Endod 31 March 2025 We ensure ourwork aligns with CumberLand Council's key local strategles. and proactively engage with developments retsting to culture. health and wellbeing, Carlisle ctty centre regeneration ond west Cumberland. The council, via the UKGov8rnment Shored Prosperity fund ha8 SUPPOrtod Prism Arts with grants of É40.612 en8bling us to deliver critical actfvity Includlng ouryearbook and Artlst Takeover. Prism Arts was appointed to the Curnberland Council day opportuntties framework as service providBr in iats 2024. We worked v¥ith 8ducational partners including schools. coUoge8 and univef8r¢ie8 as well 89 th088 that specialise in 8UPPQrting children wkh sp8C181 educational needs. to engage new participants for our regular progrdmmes and to shapo the design of future activfti8s in lina with the needs of young people. The Unlverslty of Cumbrfa is a univernlty based in C8rll$le, with campuses acr088 Cumbria and in London. formed through the mgrger of several university campusas and art coli&ges. Working collaboratively to develop 8 new p8rtner8hlp 8greem8nt {Memorandum of Und8rst8nding) Cartl$io Collego JamoJ Ronnie SEND School Icariisle} Lakes College West Gumbria Curnberland Culture: Arts and Cultural organisations working in Cumberland (Newl Emerw"ng). Prism Arts attonded workshop$ and supportod the progression of Ihe strategic programme. Cumbrla Art and Cullur• Notwor. A county-wide networf( supporting artists and creative organisations. Explorers Network (n•w) Is a natlonal neork of supported studio sp8¢9 and neurodiv8ryent artists Curnbrla Local Ent•rprfs• Partnarnhlp {LEP) sector speciAlist panal. We will workwith the LEP to ensure Prism Arts. work Supports the local cuitur818tf8tegy and influences local prioritl8S. Page 4
Prlsm Art$ CIO Tru8loe$' Reportforthe Year Ended 31 Mah 2Q25 2. FINANCIAL REVIEW 2.1 Investment Pollcy Prism Arts invests funds (roriCted and unrestricted) to meet charitable oblectlves. The Trustee8 h8ve thè powerto invest in 8uch assets as they see fit. in line with the charitable objectives and a responsibility to due care and diligence. 2.2 R8$oryeg Policy Rvlow•d and approv•d November 2023 Prism Arts reserves consist of part of its unrestricted funds that are available to spend on ary ol the charity purposes. These funds are held to help the ch8rityoperatè effectively. Pfi$m Arts will hold resorve8 equal to 3 to 6 months of its expactod y8arly expenditure, as indicated in the budget and quarterly financial reports. These res&rves are designated in ourAnnual Accounts. Thè reserves are intend8d to: Provide a minimum of 3 months of operating expenditure to 811ow the charityto seek new income sources if 8 current source 18 not renewed or if ther8 is 8n unfDf8sÈen dÈcline in income generation. Duringthis time, Prisrn Art5 will attempt to $8cure ne¥v fundingsources or orderly close previously supported activities. Enable the charityto settle any contracts ft is bound to and to compensate some 01 all of its employees with entitled redundancy paydepending on the availability offunds for continued operation. Twstees monitor the reserves quarterlyto ensure compliance with th8 above and to identify reasons forfluctuations that may cause the reserves to exceed orfall short of the required level. If reseNes are below or above the target during the year, the Trustee$ will assess whether this is due to short-term situations or Longer-tem Issues. In the latt8r case, action wiu betakern to replenish or spend the reserves. The re8eN8 level is monitored at every board meeting, which occurs qUBrt8rly. Currently. the resem8 are mostly held in working Capital and an investment bank account. Trustees review the reservo policy annually, and a financial position and cash-in-bank update are provided quarterly St board meetings. The Tru3taes' general d8signat8d serveS were £67.714 in line wilh the reserve policy. A further £80,000 was designoted in the year towards the cost of purchasingfuture property. At the ye8r end the charity also held É43.243 in unrestricted fund3 and had free reseNes of £190.957. Prln¢lpal Incomo and fundlngsour¢e$ 2024125 Iln ord•rof value) Direct Payments income Arts Council England NPO Commission8 UK Government Shared Prospeiity Fund via Cumberland Council National LotteryCommunityFund Gartietd Weston Foundation Other Grants Donations £89,135 £51.544 £46.498 £40.612 £39.360 £25.000 £1.531 £1.415 Pa8e 5
Prl$m Art$ CIO Tru8tees' Reportforthe Y•ar Ended 31 March 2025 Flnanctr Overview. During the Cost-of-Living Crisis, our charity faced finanGial GhoLlonges. However. we have mad8 progr8ss in rebuilding our income. Direct Payments (fees for sorvicesl have now becom8 our prim8ry source of in¢omg, thanks to th8 contlnued growth of our Studio Programma (Led by our Participant Support Lead), Direct payments incom8 has returnod to pre- pandemic levels. Additionally, our commission'¥ lincomo forwork delivered for a third party) income has increased overthe pa8t year as a result of work undertaken by our Creative Directors. We have received notsble 8UPPOrt from the Garfield Weston Foundation. It's importantto note that the cost-of-living crisis has affectsd fundralsing. as many trusts have redire¢tgd thoir funds to support those most in need. 3. OBJECTIVESAND ACTIVITIES To d•v•lop and strengthen the ch•rlty.' W8 developed: A new Equality and DlversltyActlon Pian and Poll¢y. Thi8 is now in place and th8 action plan is being actively pur3u8d. A new EnvlronmentalSu8talnabilityActlon Plan and Pollcy Led by our Financ8 Directorwe have now approv8d 8 dynamie and deliverable approach to reducing ourcarbon footprint. We received a Quality markfor this work in 2024. 4. PUBLIC BENEFIT.. In 2024125 we m•t our Charitabl• Objectives Our Charltabio OblorAlves {ClOh'
The advancement of education through the medium of creaiive arts. To relieve the needs and promote social inclusion of persons who are socially excluded because of their disability. age. or ill health. bythe provision of th8 Creative arts to ovarcom& b8rriers to inclusion into society. Ourvislon Is A soGiety where leaming disabled and neurodivergent people can express their experiences and insight cre8tively. maklng powerful, high-qualitywork that is shared, recognised and respected. Our audience and beneficiaries". Adults wrth Leaming Disabilities119+} Young People with Disabiliti6s111-251 Neurodrveryent Adults(191 Page 6
Pil$m Art8 CIO Tru$to8$' Reportfoi the Yoar Ended 31 Mar¢h 2025 Lo¢atlon of ourwo.. Prism Arts is located in Carlisle. and most of our beneficiaries live here. We have been focusing on deknvering creative programs with Lakes College in West Cumbria 08 port of th8 core SEND curriculum. We are also working to build and maintain reiation8hips with key councillors and staff In Cumberiand Council. Advisory Board: Our Adwsory board was launched in Sgptsmber 2023. lollowing a perlod of 188earch. trip$ visf(8 and conversations with oth8r arts charities and artists. The board comprises 6 members. A delegated member repor(8 to the board. Staff Training: Mental health first aid Disabilityequality Easy read Communications Project aork Markotlng and Comm&. Avery positive ar, with the Communications Lead in post achi8ving8ignificanz improv8rn8nts to the wgbsite and ongoing engagomont in social media traffic. 13 blog81483 engagements) 30 other web based interactions (13.047 engagements) Hodllno Data: 2024125 Pri$m Arts has pro8ress8d ourvision of Arts without Barrier8 throu018 Stratelic progrgmme which h8s developed 8nd su8tained creatNe opportunities for learning disabled and neurodwergent ILDNDI people in our re&on. This yearwe have focused on the depth and qu811ty of our services, engagement of LDND people across the charity and incieased engagement by young LDND people. In 2024125 a key priorlty was to strengthen our core Studio Progr8mme. but also to expand creative opportunitie$ foryoung people. As part otthis work, we have continued to develop 1 new Studio Programme strand foi young people leaving school and college called Studio Lift- Off. We haveatso eontinuedtowork in 2 SENDs¢hooislcollege8. We offered newtsster 8e88ion8 and Én Easter School en8bling us to reach and support young people. The number of attendances across all¥vorkshops: 2.142 {of which 933 were aged between 11-191 The number of worshop8: 198 Page 7
Prisrn Arts CIO Tru¥te•s' R•port forth• Year Endod 31 March 2025 Prograrnme Dats D•llvory programm•: Artlst Development and Studio Programme Our team delivered over 988 hours of creative engagemènt with LDND cre8tNes. Number ofwoikshop$'. 198 We individu811y supported the progression of over 120 neurodrv8rgent 8dult8 and young people. We held cr8atlV8 workshops for 70% of theyear... We engaged 17 profe88iono10rt18t8 to deliverworkshops to add depth and quakn'tyto our core programmes. delivering skills dev8lopm8nt, and production of development of new work. The Pri$m Shop 1$ active online. allowing 7 LDA artists to sell theirwork ond earn money from every purchase The Prlsm Gallory ig online. 8howc8singth8 work of 24Artists to a national audience. Young People Young People: Almost 44% of workshop attendan¢es lor 9331 were neurodivergent young people aged betwe8n 11-19. We continue to expand our new Studio programme for young people eaiied Studio Lift-off We continued to deltver SEND creativo programmes wlth Schools and Colleges in Wegt Cumberiand and Carlisle. Prism Arts Is now part of the annual programmefor both Jarnes Rennie and Lakes College. We dèlivered a range of taster ses8lons and dellvered an Easter Schoolwhi¢h targeted young LDApeopie. Funded byThe National LotteryCommunityFund Inciu8lon and Progrosslon See and Go See: We created new opportuniti88 for our artists to visit exhibitions and performances across the region, includingtrips to Newcastle. Keswick, Whitehaven and Manchester, togetherwith re8idenci98 in Nottingham. 2 Prism Artists developed leadership Skills lin governance and workshop delNeryl within the charltythrough a national programme Called Transforming Leadersh•p led by the London charity Access All Areas. IFunded by ACEMa Access All Ar&asl The team continued to support 1 Prism Artist tci attend and representthe ¢harty on Tullie House Museum Community Board (Funded byTNLCFI Prism Arts Advisory Board, where 6 of our LDA studio artists met twce a tsrm to engage in decision-making and raported to trustees al board meetings. (Funded byTNLCF) Staff progression: A trainee and mentoring programme in theatre was developed for 1 staff memberto progress ski118. (funded by the Backstage Trust) 1 paid internship PTogramme was developed enabling 1 neurodivergentyoung person lo access workplace opportunit188 8nd is now emplcyed by Prism Arts IFunded byTNLCFI Note: Fund8rs highlighted against specific progrgmmes. NPO and Garfield Weston Foundation underpinned the entire programme. 5. THE TRUSTEE REPORT: ACTIVITY Ov•rylew and Hlghllghts follows on Pagés 14 Page 8
Prlgm Art$ CIO Trustees. Report forthe Year Endod 31 March 2025 "To show the world what and who I am" Prism Creative, JYMA was chosen to show his work in a solo exhil)ition at Carlisle Cathedral ding May & June 2024. This exhibition focused specifically on JYMA'S faith and artwork. As a local artist his work - creatsd both at the Ism Studio and at home- explored his creative and spiritual journey over many years, so the cathedral was a fitting and beautiful setting for his show. In JYMA'S words: -1 want this exhibition to show the world what and who.l am. I am a faithful, ethiealperson. Ifsomeone with autism can create all this, then you can too.- I IiL'h, Art l A¥ JYMA is also a member of the performance group at Prism Arts and is a talented writer who is actively developing scripts. A year on he reports he is rnore confident after his exhibition and the respect and recognition he experienced because of it. 11 "The buxldup to the exhibition, the preview night. and the rnictt"onfrom thepublic who visited-tt allfills me with pride". Page 9
Prism Arts CIO Tru3lees' Rfrportfortho Year Ended 31 March 2026 Championing inclusive practice across the region We were delighted to be selected by CumberIand Council to benefit from the UK Government Shared Prosperity Fund which allowed Prism Arts to open its doors to share skills and expertise with artists across the region. The residency paired five emerging trainee artists with four experienced creative mentors to develop new skills in inclusive arts practice whilst supporting and collaborating with Prism Creatives. In addition. through hosting other artists. Prism Arts facilitators were able to demonstrate and model our ways of working whilst also gaining inspiration and insight from other professionals worlang in the creative industries. All of this resulted in a vibrant and exciting experience which began in October 2024 and culminated in The Prism Artist Takeover event in early December when an exciting mix of music, sound, visual art, live perfornwice and intsractive workshops transfonned the Methodist Hall into an immersive space open to the public. Not only did the Artist Takeover residency offer Prism Creatives new encounters and experiences over its 3 month duration, but it also invested the Practitioners who joined us tempordrAly with more skills to champion inclusive practice across Cumberland. Page 10
Pil$m Arts CIO TNstaes' Rèportfor tho Y•ar Ended 31 March 2025 Exploring and Interpreting the World Prism Arts continued to run a busy creative programme for learning disabled and neurodivergent people to learn about themselves, build confidence and express themselves throughout the year. As well as regular studio sessions, Prism ensured that our Creatives, work was shared and seen in a variety of ways. In addition to various exhibitions and perfornjances, a book of artworks was published in Juty and a festive card was commissioned and sold in our shop at Christmas time. Prism Arts also supported our Creatives in experiencing cultural events produced by other disability arts oryanisations through supported visits and trips. Last year, our Advisory Board attended a perforn]ance of Romeo and Juliet by Graeae Theatre Company at Theatre by the Lake in Keswick. I I Creatives from our Studio Theatre group visited Rosehill Theatre to experience an accessible and immersive perfonnance by Frozen Light, a theatre company specialising in rnulti-sensory work designed for audiences with profound and multiple learning disabilities. Meanwhile, two visual arts studio Members visited Kaleidoscopic Realms, an exhibition co-curated by Jennifer Gilbert and artist Christopher SamueI, heId at Nottingham Castle. Other studio artists explored MEMA'S (Middlesbrough Institute of Modern Art) lae scale exhibition Towards New Worlds. which highlighted diverse sensory experiences and perspectives. All these trips unlocked ways to reflect on, explore and interpret the world through art. PRISM ARTS 2024 (p firboo Pa8e 11
Prlsm Art$ CIO Tru•tO08' Report fortho Year Ended 31 March 2025 Creativity as a Catalyst for Personal Development In 2024-25 Prism Arts continued to expand its reach so more learning disabled and neur0dlveeTrt people had access to the experiences and expertise we offer. We are particularly committed to working with young people in educational settings who will not have had the opportunity to wo with specialist facilitators or be part of a community like ours. This year we have been commissioned by James Rennie School (Carlisle) and Lakes College (Workington) to enrich their curricula and support SEND students to identify post-education ambitions and opportunities. Our workshops have ranged from dance, painting, drama. video art and printmaking because we believe and can demonstrate that creativity is a catalyst for persona] development. easter Art Studio Our core studio programmes were also REE P••pb•4*• complemented by stand-alone taster events which drew young people into creative aCtitieS they may not have prewously experienced. In the school holidays we hosted high- THeATre welcoming workshops to potentially light a creative flame for future learning disabled and neuTodiVeent artists and perforniers. Page 12
Prl8m Arts CIO Tntstee$' Roport fortheyear Ended 31 Moroh 2025 Detern]ined to become Disabled-led In 2024-25 the charity made far-reach7ng decisions that will affect the direction and scope of the organisation and secure the long-tenn viability of our work. With the approval and support of the Trust Board some key new appointments were made. In April, Lisa Johnston joined us as Fundraising and Development Manager, demonstrating in her first year more success than the freelance consultants previously used. In October, two new Creative D1CtorS joined the team. Whilst Col Conroy and Martin Swan have ditTerent fields of expertise and practice, both have been closely involved in a searching strategy review and business planning process which will guide Prism's programme in the future. Prism is detennined to become a disabled-led organisation and the charity's Advisory Board of Creatives is an important part of this development. Meeting regularly to help steer the organisation, here you see them in discussion with Prism's Interim Director as they are updated on progress towards goals they identified during the business planning process. Other Advisory Board initiatives this year have included a re-design of the Prism logo and house-font and commissioning a promotional video to explain the work of the charity. Two members of the Advisory Board were selected to take part in the national programme Transfonning Leadership. Catherine Quilter's focus was on artistic leadership and Michael Sheppard's was Governance. Both have been able to use their skills in a professional context throughout the year. Page 13
PriJm Art¥ CIO Trust••8' Roportfor the Year Endod 31 March 2025 A place of energy, inquiry & invention Prlsm Arts has been providing learning disabled and neurodivergent people with the means and opportunity to express themselves creatively and powerfu through the Arts since 1987. Our premises in the Old Methodist Hall are a place of energy, inquiry and inntiOn. hosting a lively progrdmme where Prism Creatives can work on perforniance or visual arts projeets. It a]so serv as a warm and welcomlng community for those who attend regularly, offering opportunities for friendshtp and support which they may not be able to access otherwise. Beyond our premises in Car]isle, Pri8Tll Arts is active across Cumbrla and further afield. Our team work ID schools and colleges, offer training to other professional organisations, contrlbute to national and regional networks, visit other venues for inspiration and collaborate with other artists and orgaDisations to maximise our impact. Tran8 For a comparatively smal] chlty, Prism Arts 'punches above its weight, delivering a wide variety of resources, support and experiences to our community of Creatives. The 'wins' of 2024-5 would be imposs)le without the insight and generosity of our donors and supporters who reeognise the value of what we do. An Annual Report cannot do justice to the whole year's wo, but we hope the following page5 give a knur of what we have achieved. Approved by the Trustees and signed on their behalf by: S McGrnth, Co-ehalr &Tntee 15 August 2025 V Walden, Co-chair & TThtee 15 August 2025 Par 14
Prlsm Arts CIO Trustsg$' Responsibilhles In relatlon to tho Flnanclal Statements Th• tru$tees are responsible lor prèparing thg Trustees, Report and th8 flnancial stat•mgnts in aance wlh applicable law and United Klngdom A¢¢ounting Standards. The law applicable to charltlos in England and Wales requires the trustOe$ to prepare financial statamanls for each financSal y&ar whiGh gNe 8 true and fair vlew of the stato of affairs of the charity and of the Inc(Jming resources and appllcat5on of resources ol the charity for that pèriod. In pparIng Ihese finandal statamgnts. the Iruslees are required to.. select sultabl$ a¢¢ounting polici8s and then apply them consiqtenly; observé the methods and prtndplas In the Charities SORP., make judgements and &stimats8 that are reasonable and wudant stale whether applicable accounting standards have b88n fdlowed. sutyfyct to any m8teri81 departures dlsc105ed and explained in the flnandal st8tèments', and prepare the financlal statements on the going concorn basis unless it 1$ inappropriate lo prosume that the charity wlll continu8 in busines5. The trustees ar¢ To$poll3ible for keeping proper accountlng rocords Ihat disdose with Isonable aeeuracy at any Itme th& financial position of the charlty and enabla thèm to on8vr8 that the flnandal statements comply with the Charrtles Act 2011 as amended by the Charitias Act 2C122. the Charity (Accounts and R•ports) Rg9ulation5 and thg provislons of the trust deod. They are spOnsIbl& for safeguarding the assets of th8 cknarlty an(J hance for taking r8asonablè stèps ftsr the prevention and detection of fraud and other irregularit*s. P898 15
Ind8p9ndent Examiner'6 Report to Ihe Tru5t••s of Prlsm Arts CIO I report on the accounts of the chanty lor thè y8ar èndèE131 March 2025. whth are set out on pag•$ 17 to 28. Your attention is to drawn to the fact that th8 Charty has pTep8red thè financial statements in accordance with Accounting and Raporting by Chanties preparing thsir accounts in a¢cordanc• wth the Financial Rèporting Standard apVi¢able in tht UK and Republic of Irel8nd IFRS 1021 in preferen to thè Accounting and Reporting by Charit$.. Statement ol Rewrnm8nd6d Practi issued on 1 April 2005 which 18 rèfarred to in the extant regulabons but h8s si¢Ke been withdrawn. Wè understand th8t this ttas tr£en done in order for the accoutts to provKle a tru8 and lair vW in accordance with the Generally Aepted Accounting Practi effective for rèp0"n9 peri¢)Ys beginning on or after 1 January 2019. RpeCtIV9 Mponsibilitifrs of tru•te08 •nd examiner The Chartys truste9$ arg r8sponsible lor the preparation of the a¢count* Thè trustses consider that an •udit is not ièquired for thi$ year nder section 144121 of the Charitiès Act 2011 lthe 2011 Act) and that an independent examin8bon is needed. The ¢haTity's gross income exceeded £250,000 and l 8m qualified to undertake the examination ty being qual¢fied member of Tha Instituto of Chartsr8d Accountants in England and W81•s. It b my responsibilityto.. examine the 8¢¢0unts under section 145 otthe 2011 ACL follow the pradrèS191d down in the Gener¥1 Ditsetions givon by th? Charity Commission under section 145151 Ibl of the 2011 Act.. and 5tat• whether parts'¢u18r matters have eeme to my attenoon. Basis of Independent ¢xamlnerf• rnport My examination was carried out in ofmTdane8 w(th tho General Dirgthons &¥vèn by tho Charity Commission. An exarnination indude$ a rev ol the accounting record5 kept by the ch8Tty 3 cornparison of the aceounts presenlgd with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees Conrning any such rnattèrs. The procedur$$ undertaken do not provide all the $vidance that w0d be required in an audrt and consequènily no (Pinion is given ¥¥ to whether the accounts pres¢nt 8 'tr and fair wev/ 8nd 1h8 report is lirnited to thoss matters sgt out in the statement belrm. Ind•p•ndwtexamin•V# Ststement In connection wth my examinats'on. no matter has come to my atsntion.. 111 whith gwes me reasonable ¢au5e to believe that in any m?tsrial respect the requ1Ments.. tr) keep aecountsng records in accordan with sectign 130 of the Charities A¢t 2011 as amendgd by th& Chanties Act 2022,. and to wepar8 accounts which 8ccord with th8 accountire rerds. CL)mply with the acctsunting requiTernents of the Aet have Th)t been met, Qr 121 to whith, in my ¢Jpinion. 3tt&nttn should be drawn in vrder lo enable a proper understanding of the gunt5 to b& reached. FSFTEEN Rosehill Mont9omery Way Rosehill Estate CARLISLE CA12RW Joanne Thomlin$on FCA Dodd & Co Limited Chartered Aecountants 15 August 2025 Pago16
Prfsm Art$ CIO Statsrnenl of Flnancial Activities for tho Year End 31 March 2025 Unr•8trieted Restrlctsd Total Funds Totsl Fund¥ Furbd$ Funds 2025 2024 In¢omt and endowm•nts from: Donations and 189aCièS Investmér Charftable activrtiè¥ Totsl in¢om¥ 77.959 4,766 135.633 218.358 81,503 159.482 4.766 135.633 299.861 147.864 3,420 111.887 263,171 81,503 Expendlture 4)n." Charftable actlvttles Total oxponditure 247.174 247.174 81.503 81,503 328,677 328.877 258.201 258,201 Net {oulgolngytno)mkng resour¢8$ before transfers 128,8161 128.8161 4.970 Transforn Gross transfer5 been fijnds Net rnovements in fund$ (28,8161 128,8161 4.970 Reeonelll•tlon of funds Totsl fvnd$ brouom foThv8rd Total fund5 carried foThY&rd 219.773 190.957 219,773 190.957 214.803 219,773 The ncles on pages 19 Its 28 forni an integral part of Ihese ffinan0 statemMt& Page 17
Prism Arts CIO Balan¢• 8heel as at 31 March 2025 2025 2024 Not• Flx•d ass•ts Tangit48 8ssets 11 11.896 11.336 Curv•nt ass•ts Debtors Cash at bank and in hand 12 18.715 168,702 187.417 12.158 213,173 225.331 cr0. Amount# falllThJ dug wlthin one 13 18,3561 116,8941 Net ¢urrent assets 179.061 208,437 190.957 219.773 Th• funds ofth• ¢h•Tity. Ro8trl¢t¢d funds Unrestrlctsd funds Unrestricted incc¥ne funds 190,957 219,773 Total eh¥ltyfvnd8 The financlal statemèrrts have been prepared in aOrdanCe wtth the Financ4al Reporting Standard 8ppllcablo in the UK and RopLsblic of Irdand IFRS 1021. 190,957 219.773 Approved by the Board on 15 Augu812025 and sign8d on Its behaw by: V Wald8n. cwhalr Trustee S M¢Gr¥lh. cChaIr Trustee The on pages 19 to 28 fomi 8n intsgrdl part ol these fjnandBI statemwts. Page 18
Prlsm Arts CIO Notos to the Flnanclal Statements for lh• Year Endod 31 March 2025 Accounllng lICIeS Stat•ment of compllan The a¢)UnIS lfinandal statements) have baèn pr8p8re(l under the historfcal cost coen110n wth ltsms reeognisgd al cost or transaction value unless othaM$è stated in the relevant note{sl to these accounts. Thg finan¢181 statements have been prepar8d in accordance with the second edition of thè Ch8riti¢$ Ststsmont of Recommendod Practich Issued in OctobBr 2019, the Financlal ReportiThJ Standard appllcable in Ihg Unile(l Klngdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 as amended by th• CharftiesA¢i 2022. Thg aUnts Ifinanaal $talem8nt31 have beon prepart lo a 'true and fairf view and have departed from the Charitiès (Accounts and Reports} Regulations 2008 only to the exlenl requlred lo provlde a Irue and falr vievl. This dgparture has Involved following Accounlng and Reporting by Charities preparing their accounts in aecordance with Ihe Flnancial R8POrting Stsndarfj appllcable in the UK and Republic of Ireland IFRS 102) rathor than Ihe Accounting and Reporbng by Charftlès..Statèrnent of Recommended Practice offeCtO from 1 Aprfl 2005 wlwd) h8$ slnce been withdrawn. Ba$ls of pr•p•ratk Th¢ Charity rneets th8 definiti'on of a public beneffit enlty under FRS 102. Assets and liabilities are Initially racognlsed at historical cost or transacbon valu8 unle$$ otherntse stsled in the relevant aco)unting pollcy notes. Golng cone•m These financlal slatemonts have teen prepared on a gTr)Ing concam b881$. Fund ac¢aunting poli¢y Unr8strfetèd income funds are genoral fund5 that arg available for use at the tnJstees' dls¢rotion in furth¥rxnce ofthe objechves ofthe charlty. Designated funds ar& unrestrlctèd lunds $èt aside at the dlscf8fjon of tho tmstg95 for specffjc purpx)se8. Futther datails of trath fvnd are di5cfv)sed in note 16. Incom• and •ndowmonts Donations and lega¢i&s induding donations, legacles and grants that prtivida trjre funding or are of general natu are recognlsed whèrè thèrè 13 ènlillemenl. probability of re¢•ipt and the amount can be measured with suffkifynt rsllablllty. Income from Govemment and other grants. whelh&r'capltal' grants or 'rèvenue' grants, is recognlsed whan th8 Charity has ?nliUemenl to th8 funds. any perfomianeè conditions attached to the grants have been met. It Is probable that In¢omewill be received and tha amount¢an te rneasured reliably and is not del8rr8d. Investment income is Tecognls8d on 8 rec•1Vab basis. Income received to frjnd projects is r8¢ognlsed as the projèct tak8s plae8. Projad funding received in advance of a prol8ct tAking place is deferred in the accounts. Th8 trust•s consider that although this may not b8 strictly in ling with tha SORP, this departure is necessary in orderto onsyro that the a¢¢ounl$ show true and fair view ofthe charity's affairs. Details ofdeferr8d income is provided in note 13 oftho acwunts. Pag• 19
Prism Arts CIO Notès to the Flnanclal Ststemonts for tho Y•ar Ended 31 March 2025 Expendltur• Liabilitias arè rèeognised as soon as Ih8r8 1$ a leg81 or ¢(StrUcte obllgaiion committing tho Charity to the expendlturè. Al exp8nditure is aoUnted for on an 8¢¢ruals basis and has been classified under hèadlngs that aggragato all ¢x)s15 related to the category. Charitable 8xp8ndilure cnmprises thos¢ ¢osls ITrod by the charity in th8 d8llvery of its ¥tIeS and servlces for its beneficiaries. It Indudes both wst8 that can be dl¢)cated dlrectly to su¢h a¢tsvtrs and IIKse costs of an Indirect nature necossary to support thèm. Supwt costs Support Costs Include cantral function8 and have been allctated to a¢tlvlty cost categorie8 on a basis ¢on3istsnl with th8 use of r8sources, for example, allocatlrq propgrty $ts by floor areas, or per caplts, staff costs by tlme spent and other costs by their usage. Flxed assets Indmdual fixed assets costlng £700 or rnore are initially reg)r(1gd at $t. Dgpr4clatlon DepreGialkJn Is provOd6d on tangible fixed assets so as to writo off the Eost or valuatKJn, less any eslSmat•é r8sldLFal valu¥, 0r Iheir expected useful OnOmlrfe 8$ follow8.' Fixture& ffllings and equlpmont 15% rtrduclng balance basls Cash and cash Equlvahnts Cash and cash equivalents comprtse cash on hond and ¢all deposits. and other short-temi hyhly liquld investments that am r•8drly ¢onvertible to a ktM¥n amount of cash and are subject to an InsignrfSc8nt rK8k of change Sn value. Penslons Th9 ch¥ity op8rate8 a ¢Jefln8d contrlbuuon penston s¢h&me. Contrfbutions are char9ed in the stat8matt of financial adivili83 as they bocoma payable in acctydan¢o wlh the rules of Ihe schgmg, Pago 20
Prism Arts CIO Not•$ to the Flnanclal Statements for Ihg Ygar Endgd 31 March 2025 Donatlons and legacl• Unre$trl¢ted R•strlet•d Total Funds Total Funds Funds Funds 2025 2024 Donatlon$ and legaclos Appèals and donations 1,415 1,415 Grnnts Arts Councll England NW Cumbria Community Foundation The National Lottery Communlty FuThJ Garfièld Weston Masonic Charitable Fo(mdalon Cunknri8 Frsemasons 51,544 51,544 1.531 39,360 25.000 51.544 2.000 35.432 25.000 2.000 2.000 902 9.879 14.996 1,531 39.360 25,000 Ics Backstsge Trust UK Government Shared Pn)gpty Fund vlè Cumberfand Council Year 1 UK Govsmment Shared Prospen'ty Fund vlo cUm8nd Council Year 2 UK Govemrnent Shared Pmsporfty Fund via Cumberland Coundl Yoar 3 15,550 15.550 25,082 81.503 25,062 76,544 158,047 143,753 77.959 81.503 159,462 147,864 Of tho donations and legados income in 2024 £85.557 ralated to unrestricted funds and £62.307 related to restrfcted lunds. Inv•stm•nts Unr•strict•d Restrictsd Total Funds Total Fund• Funds FuThls 2025 2024 Inlerftsl on cash d8POsIIs 4.766 4,766 3,420 JI of thè investment incom• in 2024 related to UnstrIcted funds. Pa 21
Prlsm Arts CIO Notès to the Flnan¢ial 8tatsmeThts for tho Year Ended 31 March 202S ¢onllnu8d Charltabl¢ a¢tiviti•¥ Unr•strlct•d R•strlet•d Total Funds Total Fund$ Funds Fund8 2025 2024 Charltabl• actlvlti•s Commi5510llS Sludlo ProgMmm& 46,498 89.1 135,633 46.498 89,135 135.633 47,526 84.361 111,887 AJI of the ino)me from charf¢abla actIlIeS in 2024 related to unrestricted funds. Page 22
Prism Arts CIO Notss to the Financial Stat•m•nts for the Yèar Endod 31 March 2025 c¢ntinu8d 5 Expndlture Charitable actlvltles Studlo Programme Prlsm Art8 Ct)mmts•ion Total 2025 Tt)tsl 2024 Dlr•ct costs Artist f905 Artist materfals Arlisl and partiapant travel Equipment Wag8s and salaries Stsff NIC IEmployersl Publklty costs Sundry expens88 Travel and subsistenc• Legal and profeB3ional f88S 26,098 1.858 524 4.818 3,164 32.864 6.796 1,349 1.828 22,n8 3.973 832 1,774 225 600 792 546 583 40.594 14,305 69.481 124.380 70.886 3,911 1,848 13 2.151 2.647 121 1.139 13 662 47 5,616 705 8.369 2.857 1.800 1,800 1,200 107,968 53,601 45,612 81.945 181,158 Support Costs Employment costs Rènt and ulllities Insurance Telgphone and intèrnèt Offictr exp8ns8S Trade sub5criplion5 Sundry èxpÈnses Cost of truste8 me6ting$ Accountancy f•9¥ Payroll Indèpandènt examlnels f80 Bank ch8rg95 O•pmcialionof plant and mathinery 91,481 27,210 1.711 91.481 27.210 1,711 8.406 93,755 25,762 1.475 5.103 15,900 8.406 9,175 1.958 77 9,252 1,958 1,276 810 691 221 S9 971 159 159 134 2.854 907 2,660 935 907 650 650 650 1.900 1.713 147.162 221 136 147,519 150,233 200,763 45,833 82.081 328,677 258.201 Of the exp8nditure in 2024 £212,890 ralatsd to unr8¥tricted funds and £45,311 rolatsd to restricted funds. P8ge 23
Prism Arts CIO Notes to tho Flnaneial Statéments for tho Year Ended 31 March 2025 conllnuad Governanc• costs 2026 2024 Cost of trust88 maaling$ Accountancy f99 Independent •xarnin?rf¥ fee Paymll costs 159 2,854 650 134 2.680 650 935 4.379 4,570 Trn¥t•' rvmuneratSon and •xp•n J tTUSte8s r&caNsd rgmuneration or expenses durlThJ r. Net loutgolngyln¢omlng r••ou¥¢e• Nel l0utgog)cOrnlg resources 15 Staled aftgr Charging: 2025 2024 Depreaatlon of +•d assots 1,900 1.713 Emplo)w•' r•mun•ratlon The monthly avornge number of persons linduding sanior mxn8gÈment} employed by th8 charity during thg year was a$ fc4bws: 2025 No. 2024 No. Chafitable activrfies 12 10 Thè aggregats payroll costs of these person8 wer6 as follows: 2025 2024 Wxg8s and $alarKes SocAal s&uJrity Other pension sts 204.356 7.826 5,636 217.818 151,754 4,632 2.800 159,186 No èmFloy•• rpc8ive(l emolurnents ofmore than £60.000 durin9 th• yoar. Page 24
Prism Arts CIO Not•8 to the Flnanclal Statsmènts for the Yèar Endod 31 March 2025 conlinu#d 10 Taxatlon Th9 rogislered tharlty Is èxompt from tsxalion on incom8 and gains. 11 Tanglblo flxod aM•ts Flxtur•s. ffttlngs and equlpm•nt Cost As at 1 April 2024 Addltlons As at 31 March 2025 20,306 2.462 22.768 Dopr•clatl¢n As 8t 1 Aprl 2024 Charge for the year As at 31 Marth 2025 8,972 1.900 10,872 N•1 book valu• As al 31 March 2025 A$ 8131 March 2024 11.896 11,334 12 Débtors 2025 2024 Trad8 d8btors 18.715 12.158 13 Crodilors: Amounts fallirwJ due wllhln on• year 2025 2024 Accruals and deferred irwmè 8.356 16,894 14 P•rnion *eh•me Defin•d contrlbvtlon p•n$lon 8¢h•mo The charity op&ralfrs a ¢Jefined ¢onlributron pension schèmo. Th8 p&n8ion cost charge for the perlod represents cDntn"butions payabltt by the charity to th8 sch8me and amounted to £5,63612024- £2.8001. There wer8 no outstandin9 or paid contribulions al eithei the beginning or •nd of the financial year. Page 25
Prfsm Arts CIO Notes to th• Financlal Statemonts for tho Yaar End 31 March 2025 15 R•latsd p•rties Controlllng •ntty Tha charfty IÈ wnlrolled by th8 trusts0s. 16 Analysls of funds At 1 April 2024 Incomlng resour¢•s R•sour¢ •xponded At 31 March 2025 Deslgnat•d Funds D88ignaled funds Prop¢ty fvnd 67,714 80,000 147.714 67.714 80,000 147.714 Gw)•rnl Fund$ General fijnds Tr8inlng Cornmis&1S Studio Programme 10,613 11.090 45,783 4.573 72.059 84.547 1161,4031 166,2431 11,090 62.856 35.540 43.243 47.356 86,455 218.358 130,2831 155,4881 1247,1741 R••trl¢tod Fund8 Studlo Progrhmmo Lottery C¢)mmunlty Fund 42,143 39,360 81.503 142,143) 139,360) 181,503) 219,773 299.861 1328.6771 190.957 Studio Programmo Fund.. This funding is to support thè 18unch of a naw studio prvgramme 1st110 Loft Off) and to provld& 8 pilot artists resldency and tralning programme. Lottery Community Fund." This funding Is to provlde new, sustalnable optKJrlun1es for people wKh disabillues to acea¥¥ ¥grvices through patharship wothng with disabllity speclalist organi$atbns. Deslgnated funds.. the re50rv05 pollcy on pagè 5. Page 28
Prlsm Arts CIO Notes to the Financial Ststements for th• Year Ended 31 March 2025 Prlor rIOd At 1 Aprti 2023 Incoming r•sourc•s R•sourc•s pond•d At 31 Mar¢h 2024 Tran$forn Deslgn•ted Funds Designat8d funds Property fvnd 67.714 67.714 80,000 80.0 67.714 147.714 Genernl Funds General hjnds Training Commiss*Jns stud Prograrrme 103.238 11.090 25.770 6,991 147,089 105.205 1117.9641 179,866) 10.613 11.090 45.783 4,573 72,059 51.337 61,318 217.860 {31.1901 163.7361 1212,8901 1134} 180,CQO) R•8trlctÈd Fvrtd$ Lottery Communty Fund Backstage Trust 35.432 9,879 45.311 135.4321 {9,8791 145.311 214.803 263,171 1258,2011 219,773 Page 27
Piism Art¥ CIO Notos lo the Flnancial Ststement8 for the Yoar Endod 31 March 2025 17 Net I•ts by (und Unrèstrietsd Funds R•strlct•d Fundi Totsl Funth 2025 Totsl Funds 2024 Tangibl8 assets Currènt 8ss8ts Creditors- Amounts fallng dug whhin one year Net assèts 11.896 191.564 11.896 187,417 11,336 225.331 4,147 {12.5031 190.957 {4,147} 18,3561 190,957 {16,8941 219.773 Prior p•rlod Unr•stri¢t•d Rostrlct•d Funds Funds Total Fund¥ 2024 Total Funds 2023 Tangible assets Current a$*t Creditt)rs: Amounts falling due wthin one y$ar Net assets 11.336 220,319 111.8821 219.773 11.336 225,331 116,8941 219,773 10,295 221,567 117.059} 214,803 5,012 (5,0121 Pag8 28