mailes Goldie C￿jaR TERED ACCOUNT ANTS COMPANY REGISTRATION NUM8ER..9106231 CHARITY REGISTRATION NUMBER.. 1162199 Absolutely Cultured Limited (A company limited by guarantee) Annual Report and Financial Ststements 31 March 2025 stY022139>1 ICAEW CHARTERED ALLUUN IAN I Absolutely Cultured Limited Contents Reference and Administrative Details Trustees, Report 2to25 Independent Examiner's Report 26 Consolidated Statement of Financial Activities 27 Consolidated Balance Sheet 28 Balan￿ Sheet 29 Notes to the Financial Statements 30to43 Absolutely Cultured Limited Reference and Administrative Detsils Trustees B.P. Norman R. Lewis K Genever Q Smith Daniel P. Whrte Q. Mahmood R. Pritchard Charity Registration Number 1162199 Company Registration Number 091(￿231 Reglstered Offlce Humber Street Gallery 64 Humber Street Hull HU1 1TU Independent Examiner Srnailes Goldie Chartered Accountants Regenfs Court Hull HU2 8BA Sollcltoys Rollils 58 High Street Hull HU1 1QE Bankers National Westminster Bank plc Hull Branch 34 King Edward Street Hull HU13SS Page 1 Absolutely Cultured Limited Trustses. Report REPORT OF THE TRUSTEES The Trustees are pleased lo present their annual report logether with the consolidated financial statements of the charity and ils subsidiary for the year ending 31 March 2025 which are also prepared lo meet the requirements for a direclorfs report and accounts for Companies Act purposes. The financial statements comply wth the Charities Acl 2011, the Companies Act 2006, the Memorandum and A￿'deS of Association, and Accounting and Repo￿.ng by Charities.. Statement of Recommended Practi￿ ISORPI applicatle to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. CHARITABLE OBJ The Board oversaw an update to the Charity's Artides of Association, and as a result of Trustees, agreement after the November 2024 Board meeting, the geographical scope of the Charity's activities has been broadened. The charity's objects ('Objecls') are now SpecIfi￿lIY limited to the following.. 111 To advance the education of the general public in the arts and the artistic and cultural heritage of the City of Hull and the Humber Region including the East Riding of Yorkshire. North East Lincolnshire and North Lintx)Inshire and in parb"cular the arts of performance, music, drama, poetry reading. sculpture. painb"ng. handicrafts and all other assoaated arts." 12} To advance the arts in particular the arts of performance, music, drama, poetry reading, sculpture, painting, handicrafts and all other associated arts, by encouraging public participation in the said arts and by the presentation of concert, performances, exhibitions and festivals provided that the promotion of such festivals and events is undertaken solely for the Public Benefit., 13} To promote the arts and heritage for the benefit of the public wtthin the City of Hull in particular bul not exelusively by supporting and representing the arts and heritage sector through promotion representation and developmen( 14} To further such other charitable purFX)ses beneficial lo the community consistent with objects 111121 and13} above as the Trustees shall in their absolute discretion determine. Our Purpose Absolutel Cultured exists to create o en for eve one. rtun and s a￿ for arnazin creative ex eriences to Operating from our venue in Humber Street, in Hull's Cty￿ntre, as well as in places and spaces across the city and in Hull's communities, we combine Arts Programming, Community Engagement & Learning, and Arbst Development lo deliver a programme of acts.vity that is a￿SsIble, engaging, and fun and aims lo increase opportunities for all to engage with arts and culture. Whilst our core focus is contemporary visual art, we work across arttorms and sectors to deliver projects that matter and provide creative opp)rtunities for Hull's people as well as those from fvrther afield visiting the city. Working through a partnership and consultation-based approach. we are drtven by Place Shaping and Social ImpacL Our vision and purpose continues to reflecl our fvture plans to focus on Contemporary Visual Art, our city-cenlre venue, community engagement and developmenl for artists. Strategic Aims 202412025 To deliver our purFKJse in line wrth our charitable objects over the course of 2024125, we adopted five strategic aims". Page 2 Absolutely Cultured Limited Trustses. Report Aim 1.. In conversation with artists and communilies. we programme world*lass visual arL which creates opportunities and enables change. Our aim is lo work with artists, partner organisalions, schools and community groups to create a programme that empowers them to create Ihe change they want. Our inspiring, ambitious and accessible programme asks important questions while buikjing Confiden￿ and creativity in artists, audiences and communities Aim 2: Develop a well-recognised brand which is loved by the people we want to engage. It will tell our evolving story and demonstrate our value and impact. With our reinvigorated vision and mission, we have arnbitious plans to realise the benefits a thriving contemporary visual arts sector can bring to Hull and its cornmunities. We believe our renewed focus combined with a track record in quality.. relatable visual art programming, leaming and engagement, can deliver real impact for local people and for Hull. How we engage with our communities (who the work is for) and with partners, stakeholders and funders {who can enable the work lo happen), will have a critically important rde in our Slb￿SS. Aim 3: Improve our agility and responsiveness with appropriate governance. skills. tools. resources and practices. The challenges fa￿d by the sector and Hull means arts organisations need to innovate, collaborate and demonstrate their value more than ever before, in order lo thrive. Being responsive and dynamic has never been more importanL As we evdved from City of Cuhure. we have actively and continually adjusted our business model in response lo the needs of Hull and its communib.es and lo the changing external environment As we embark on a new business plan and wth a reduced staffing team, we need to ensure we are equipped to deliver to the highest standards, to measure and demonstrate our performance and that our processes and g0veMan￿ practices allow us to be agile and responsive to opportunities and risks. Aim 4: Be a financialty resilient organisation wilh annual programme and associated costs fully funded. Be a financially resilient organisalion with a sustainable income and cost model. Our focus now becomes consolidated around our fvture rde in the city. The organisalion has continually responded to this changing situation, scaling back and adapting our business model over the years going from a planned £3.3m annual turnover to a much more modest £500K. Aim 5: Be an environmentslty aware and responsive oryanisation. with a programme. building and behaviours that supports positive change. OLJr venue is environmentally sustainable. We have established which environmental monitoring tools will work best for us and implemented and embedded these to support evaluation and change. Staff are aware of environmentsl responsibility, not be wasteful and to Consider our practice. We are also a member of Hull's 'Oh Yes Net Zero, emissions campaign. STRATEGIC REPORT Board of Trustees The Board of Trustees is responsible for the strategic direction of the charity. The Trustees delegate authority for all day-t&day management of the company affairs to the Leadership Team. Both Board and the Executs've Leaders are committed to maintaining constructive dialogue with other key stakeholders, engaging regulady. Page 3 Absolutely Cultured Limited Trustses. Report The Trustee's primary responsibility is to promote the long-term success of the company ensuring il delivers against its charitable objects and delivers the best public benefit FK)ssible. The TrLJStees, along with the Executive Leadership Team. annualty review the budget: income generation strategies and programme plan. monitoring the implementab.on and performance of these throughout the year. There are considerab.ons to external factors such as the economic and polib.cal conditions in relation to the arts in geneol, competition for grants from trusts and foundations and the global pandemic impacting on our audience's abilty to access activity. They take the reputation of the company seriously, which is not limited to operabng and financial perfomiance, and have committed to diversity and inclusivity across Absolutely Cultured's workforce. own Board membership and the artists we engage with. Within recruitment practices, we ath'vety promote inclusivity through offering applicants the opportunity to apFAy via recorded apFlication. lo propose altemats've working arrangements such as job share. Aim 1. In conversation with artists and communities. we programme world*lass visual arL which creates opportunities and enables change. A key aim laim 11 over the duration of this period was to deliver a pioneering, bold, visual arts focused programme across three strands of Arts Programming, Community Engagement & Leaming, and Artist DevelopmenL Exhibitions and related programming: The year-round exhibition programme attracted 20,668 visitors to our gallery spaces across 10 exhibitions. This does represent a reduction from the totsl figure of 23-24 which was 25,723. However, visitors to the venue overall were 49,498 which is consislenl with 51,415 in 23-24. An average of 2SO/o of visitors were new to the gallery compared to a target of 150A. 480/0 of audiences rated their experien￿ as excellent and 43% as good. meaning 91% rated their experien￿ as good or above. A public programme of events accompanied each exhibition. These events. designed to enhance audience engagement with the themes of our exhibits'on programme, came in the form of Artist Talks, Thursday Lates, response commissions. workshops and panel discussions. Below is an outline of the programme- 'Byland's Super Saga, by Jack Pell ran between 03.05244)7.0724 in Space 1 Byland's Super Saga was the first instrtubonal scrfo show by Hull bom artist Jack Pell. The exhibition drew upon the magic of everyday life across history and is bom out of Pell's personal experience growing up in Hull as a w0￿1ng-C1ass person and all the vibrant complexities that come with that. Th exhibition launched to strong pUt￿lC interest welcoming 280 visitors in its first week and attracting a total of 1,744 visitors overall. Posib'vdy, of the visitors who provided feedback, 1000/0 rated their experience as g¢xJd or eX￿llenL The artist reported that exhibiting at HSG had been a pivotal moment in his professional development.. "I believe that within six months I ve developed my practi￿ to an exlenl that ¥vould usually take n7e years. The experience has been invaluable and has pushed me into a more professional way of working. Having this exhibition to show other curators and funders also increases my chances of securing more projects like this." This feedback strongly affirms the importance of our work in supporting and nurturing artists at an eady stage of their career who have a connection to Hull. Page 4 Absolutely Cultured Limited Trustses. Report OPEN HOUSE- Paola Estrella Imay 16110 attendees. Thursday Lates- Simon Mary Vincent (June 131. Simon Mary Vincent was commissioned to compose a new piece of music and sound art that responded to Jack Pell's Byland's Super Saga. The performance was attended by 25 people. In Conversation.. Jack Pell and Rich & Lou Duffy-Howard (June 271 There were some natural synergies be￿een the work of these three artists - Rich & Lou Duty Howard delivered a proje¢l called Open Bridges in 2017. when all 13 of the bridges over the River Hull were raised. swung or dosed simultaneously to allow a flotilla of vessels to make their way to the Humber to a backing of an esperyally24 INTER CHANGE cohort launched their collaboratively curated and produced exhibition. Though the Leaves Are Many. also opening on 25 October 2024. This exhibition marked the culminab.on of the year-long development programme and attracted over 650 visitors in its first week. Among those who completed feedback forms. 580A rated the exhibrtion as 'Excellent' and 420A as 'Good'. As with l Am Sorry. 100 % of respondents agreed that the exhibition offered an important addition lo the cultural life of the local are￿entral to the aims of the INTER_CHANGE programme. However, only 28 sets of data were collected, indicating the ongoing need lo gather feedback from a broader section of the audien￿. Richie Culver & Industrial Coast - An Evening of Eknironic Sounds {October 31 x250 visitors. Industrial Coast is an independent label & event promoter based in Middlesbrough that, in its live events, showcases some of the best intemab.onal tethno and noise music. Unthinkable Film Fesb'val - wotkshops for filmmakers and mentoring sessions (October &51 x40 participants. Jade Blocxj Residency Outcome.. Celebration Event {October 17) x20 'I'm Sorry, Poetry.. Spoken Word: Zine and Print Workshops (October and November) with Vicky Foster and Layla Jabbari. Weekly session5 for x6 weeks. Poet and writer Vicky Foster and illustrator and printmaker Layla Jabbari led x3 workshops each wth young people from The Warren. These were dropin sessions and, over the course of the six wotkshops: 120 young people participated. Vicky led poety workshops which saw young people create ple￿S of work based around the theme5 of the exhibition and the nature of apologies. In three following workshops, and using the poetry that had been created, Layla Jabbari delivered print-making workshops to create work that would be used lo illuslrale a subsequent zine, and one of the workshops was a zine making session. Work from these workshops was curated by Vicky, Layla and the young people themselves, for inclusion in a zine. Sean Azzopardi.. 'I'm Sory - Relum To Senderf x3 drorAn print acb.vity sessions al Humber Street Gallery in October and November. Illustrator and printmaker Sean Azzopardi was commissioned lo create a participatory response to 'l'm Sory,. Participants were Invited to write an apology on a form, post rt in a letterbox anonymousty and, in return, receive an envelope containing a letterpress print of anolher apology. In three sessions involving x30 participants, Sean also demonstrated letterpress techniques. The Retum To Sender acb.vity remained in situ for the durabon of the exhibition and a zine was created with the collated contenL Page 7 Absolutely Cultured Limited Trustses. Report Thursday Lates." I'm Sorry Annabel Mccourt In Conversation with Michelle Dee and Michelle Dee performance (November 141. Artist Michelle Dee was commissioned to develop and deliver a new event commission for our Thursday Lates strand, and to chair an In Conversation event with artist Annabel Mccourt on the same evening. The commission was a performative essaylpiece of wrib.ng inspired by the exhibition. and the performance of that piece of writing, which was trfed Who's Sorry Now? This event attracted x15 visitors. Thursday Lates.. Mark Slater & the University of Hull - Hidden Sound (part of the Hull Jazz Festival programme, November 211 Taking pla￿ against the backdrop of Annabel Mccourt's I'm Sorry, this event a combination of experimental sound art, music and projections, attracted an audience of x40. I'm Sorry zine and spoken word showcase (January 161. A celebratTon of another zine that was Created after Vicky and La￿8.$ workshops. This induded perfornian￿$ and readings by x12 of the young people Ihemsdves- the rnajority of whom were perfoming in public for the first time, in front of an invited audience of family and friends. Q4.. Climate Public Response. In Therapy byith North Sea. by Solmaz Fathang ran belween 14.02.25 and 18.05.25 in Space 1 Q4 saw us launch In Therapy with North Sea by Solmaz Farhang. Visitors to the exhibition were 3140. Solmaz was selected through an open call seeking bold, visionary proposals for a new visual art commission exFAoring the challenges of living and working on the Yorkshire coastline, at the interfa bel￿een land and sea. The exhibition demonstrates Humber Street Gallery's commitment to addressing universal themes through the lens of local concems. It explores coastal erosion along the Holderness coast, climate change, and the interNvined themes of community strength, loss, and hope in the face of environmental uncertainty.100°h of respondents have fed back that the exhibition exceeded their expectab.ons and rated their overall experience as excellent INTER_CHANGE: Supported studlos took place in spa￿ 2 be￿een 10.03.25 and 04.05.25. SCREENING ROOMS #1". We gather and dream of new cOngr￿allonS lJanLJary 91. Our Screening Rooms was made posSi￿e as a result of additional funding from BFI'S Pitch Pol Fund. Screening Rooms was hosted al Humbei Street Gallery in Hull. between J8nuary 202S March 2025, exhibiting a programrne of artist•made films from the Global M8jority and curated in ongoing conversation with The New Black Film Collecb've. Screening Rooms was devised as a significant addition to the cultural offer in Hull for filrn screenings that were relevant to Global Majority audien￿S and to address the gap that exists in the access to viewing artist-made films, especially those made by artists from the Global Majority- x30 audience members attended. OPEN HOUSE.. Ryan Bouhbee (January 151 x10 participants. INTER CHANGE Workshop - Harry Newrnan CharrI￿aking (January 191 x13 participants attended. SCREENING ROOMS #2". Dahomey + shortfilm (February 20} x10 audience members. OPEN HOUSE: The Herd (February 261 x10 Exhibition Tour. In Therapy with North Sea (March 51. Led by Humber Street Gallery staff. OPEN HOUSE.. Roy Claire Potter (March 61 x5 participants. SCREENING ROOMS #3.. Wayfinder + short film {March 201 x15 audien￿ members attended. OPEN HOUSE. Charlotte Dawson {March 27) x10 parbcipants. Page 8 Absolutely Cultured Limited Trustses. Report Community Engagemenl & Learning: We continued to deliver a year-round programme of art, ￿arnIng and engagement in our satellite creative centre Gipsyville, based at Gipsyville Library. The pr￿ramme aims to increase cultural engagement, Confiden￿ and connections with city-cenlre and Hull's cultural offer, with the lon*term goal of making the centre self-suslaining. Conversations have taken place with residents, Hull CVS and Library staff regarding fomiing a conslituled group, most likely a CIC. We delivered x49 coffee and chat sessions: 11 creative wotkshops. x24 cultural lunches (with guest speakers) x6 visits to cultural events. induding at Humber Street Gallery. and a Christmas Celebration, re8ching 1,371 residents. Arbst Rosie Ireson x6 Saturday art workshops for families at Gipsyville Library. To coincide with his exhibition at Humber St￿l Gallery, artist Jack Pell delivered a workshop at Gipsyville Library in June attended by x14 residents. Residents have now moved lo running their own art and craft workshops in the library on Saturdays, a 'knit and natterf group has formed and takes place weekly on Mondays, and the centre has benefitted from Hull City Council's Wam Spaces initiative, which allows them to offer hot food to residents on Fridays. x107 residents took pla￿ in the Christmas Celebration event at the end of November. Partnership with Artlink - Setting Off and perfomiance of Mammy Wata. We partnered with Artlink to work with communities and deliver a programme of Creative workshops coordinated by Siddi Majubah. The Warren's SHOUT group of LGBTQIA+ young people worked with ceramicist Jen Holtridge of Quite Contrary Pottery lo produce ￿raM1¢ sculptures inspired by emotional support Welcome House. which gives a welcome lo asylLJm seekers, saw a group work with artists. Richard Lees. Maria Lofthouse. Jane Stow and Wendy Bennett to create a textile 'seascape hanging and rnodel boat to represent the journeys people have taken. The group also worked with printer Fraser Briggs to screen print shirts for their football teams and celebrate their shared love of sporL Hull Afro Caribbean Men's Group worked with David Okwesia to produce a radiolpodcast play and music around the African Mammy Wala stories reflects'ng on the hazards of the joumeys many have taken to come lo Hull. This group performed the play in Space 2 al Humber Street Gallery on in May. Open Doors, which gives advice and support to aS￿uM seekers, saw groups working with artist Glynis Neslen and others on drawing, paints'ng and photography. The group, which often included children, has prodU￿d touching and powerful images of people and places left behind, along with expressions of hope and strength for the fvlure. All of this work was exhibited at Humber Street Gallery over x5 days in May. Arty Bods. x10 Aty Bods sessions look place in Q1. Aty Bods is a programme of art workshops for young people aged &11 and. where possible, content is based around current exhibitions: and workshops take place within our exhibition spaces. In April and May these sessions took place on Saturday momings and in June switched to Sundays in response to parenucarer feedback Mid-week school sumrner holiday sessions We￿ planned for Q2, to follow the end of the Sunday workshop5 in this quarter. again in response to parenucarer feedback. In Q2 xg Arty Bods 'Sumrner Camp, sessions took place mId￿eek during the school summer holidays, led by artist Lucy Brooke. Gig Buddies. Gig Buddies Hull and East Yorkshire match people with learning disabilities with gig buddies lo go to live music and events together and also re￿iVed funding to develop a band comprising musicians with leaming disabilities and community musicians. We hosted x10 rehearsals for this band, which has &10 members, in 2024-25. Tales & Scales Productions - In Q2 We provided a home for a Disability Pride Month event by this open mic F)oety and performance night that celebrates disabled. neurodivergent and queer artists curated by arb.st Emity Oetegenn. attended by x18 audien￿ members as well as x12 performers. Page 9 Absolutely Cultured Limited Trustses. Report Creative Brief Arts Award students visited Humber Street Gallery on x4 'go see, visits, with x30 students from S￿￿kwell Primary School and x30 students from Mersey Primary School in Q3. The students were all working towards their Explore Arts Award and were able to meet HSG staff members who also did a Q&A session with student5. Live Like Legends comrnunity outreach projecL We supported a group of Live Like Legends street artists and graffiti artists in their application for an Arts Council England Project Grant and also provided itFkind support in the application with marketing, monitoring and evaluation and some venue supporL The gallery space was also the venue for several workshops funded by the LLL leam's own Project Grant fvnding, which saw work and activity al other siles, induding pu￿1¢ spaces and venues Brew, Ground and Hull Central Library. Schools. Colleges and Universities. In order to establish what young people need we have hosted 3 different school visits. with a total of 65 ￿h0o1 staff and students attending tours and talks. We have also attended careers open days at Wilberforce College, a Freshers Fair at Hull College and participated on an expert panel discussion about careers in the arts. Skills exchange sessions happened beiween University of Hull students and networking events hosted at the gallery. Artist in residence.. Jade Blood completed their artist residency working with a diverse group of sixth form students at Wilberforce College, culminating in an exhibition in Q3. Lens Lab coMMen￿d an artist in residence project at Wekome House working wth asylum seekers and refugees, with a view to documenting activities centred around Welcome House, including football team Acorn FC and a recenuy fomed Photoclub", Iwo activib'es that provide support and friendship for those seeking refuge here in the UK, whilst navigating the complexities of the refugee and asylum pro￿sS. The work, which will indude a number of portraits of asylum seekers and refugees, alongside their personal stories, will be exhibited al Humber Street Gallery in 2025-26. Throughout this joumey, participants have been taught skn'lls in photography and gone on a series of photowalks. Woth created on these walks will be curated (by Lens Lab's Benedict Phillips) for inclusion in the exhibition, alongside portraits and other images taken by Lens Lab's Jonathan Tumer, alongside participants, own stories and experiences of lrfe as refugees and asylum seekers. In Q4, eonvers8tions commenced with artist Anna Farley regarding being artist4n-residence with the Friends of Alderman Kneeshaw Park, Bilton Grange in 202&26. Artlst Developmenl: INTER_CHANGE, is an artist professional devek)pment inib'ative which evofved from 2 previous programmes Hull Independent Producerfs Initiative (originating in 20161 and Fruit Factory NeNvorf( la programme for visual artists which originated in 20181. This year, in its fifth year as Inter Change, a core cohort of 5 creative practitioners al the early stages of their career participated. The cohort benefited from support induding mentoring, peer to peer sessions and exchange visits with other creatives and organisalions in the North of England. The programme culminated with an exhibition in Autumn 2024125. We also delivered 13 Masterdasses, open to the public on the professional skills needed to pursue a career in the arts. During this year, we reffected the past 5 years of INTER_CHANGE delivery and made the decision to change what our primary arb'st-SUPPOrt offer looks like. In pla￿ of INTER_CHANGE, Fruit Factory Guild is a support network for artists, curators, cultural practitioners and creative thinkers who support each other and are supported by Humber Street Gallery. Page 10 Absolutely Cultured Limited Trustses. Report Members come from all stages of their careers and work across many disciplines. They are uni(ed by a common interest in learning, development. and community- Fruit Factory Guild members benefft from a year-round offer of acts.vty responsively programmed by Humber Street Gallery. Members have a￿$$ to peer-t¢wer support, cril cirdes, workshops, talks, performances, visits, and other opportunities. What membership benefits look like-. Free access lo our OPEN House series of workshops Free access lo selected talks, events and screenings Members G￿see trips outside of Hull One-t(￿One advisory session with visiting aTb"sts and curators, as well as HSG staff Opportunity to apply for the inaugural members exhibition in 2026 Regular mail-ouls listing current and upcoming opwrtunits.es Member's profile on our website 100/0 off purchases in our Caf&Bar and shop Aim 2. Develop a well-recognised brand which is loved by the peoplg we want to engage. It will tell our evolving story and demonstrate our value and impact. A key aim laim 21 was to grow and diversify audiences and customers we attract and engage, making the most of our brand to grow our reputabon. A robust audience development and markeb.ng plan was implemented. There was a clear correlation be￿een the type of programming in the venue and audience visits which cannot be explained by seasonal trends alone. Exhibitions like 'Bootleg Shreg and Friend5. seeing 4 times the number of attendees targeted and 'You. me and HU3. seeing almost 8 kn.mes the targeted number of visits. Exhibition planning is informed by audience feedback. Plans to review the Brand were put on hold during this period due to the organisational review and new business model development. Plans were also subject to a polents.al venue change. A decision was made to remain in Humber Street Gallery. Alm 3: Improve our agility and responsiveness wlth appropriate govemance, skllls, tools, resources and practlces. Be a team and organisatson with fit for purpose govemance, skills, knowledge, tools, resources and practices. The main piece of work under this aim wa5 to develop a new business model which is reflective of the organisation's new priorities as a conternporary visual art organisation based in a CIty￿entre venue and at a financial level that is reflective of the realisb"c income OPFX)rtunity- This work was completed and approved by the board in Quarter 4 of theprevious financial year. with changes to staffing completed by June 2024. A t¥)ard sub-group was also implemented in this period to investigate alternative options with a view lo reducing our fixed costs in relatK)n to operations and identifying an aletemative venue arragement that meets our needs going forward. The outcome of this sub-group was to remain in the current premises. Page 11 Absolutely Cultured Limited Trustses. Report Following the outcome from the NPO deasion and in response to the challenging funding landscape, Absolutely Cultured has been reshaping and re4nvigorab.ng ils purpose, developing a lower cost business m(xlel. and reviewing our venue needs. Whilst challenging. this is also a great opportunity to focus its activities on the visual arts and deepen ils work communib"es. The work will continue to contribute to the cultural ecdogy of Hull through strengthening the role that contemporary visual art ean have for Hull's communities and arbsts as well as the economic benefrts a centrally located, high quality CVA offer can bring. A new Chair was appointed and we are actively recruiting new trustees to the board to strengthen the skill sets.our NPO funding agreement by ACE has been extended for one year and there have been significant staffing changes within the organisab"on. We are currenty recruib.ng for a new finance manager and CEO. Aim 4£e a financialty resilient organisation with annual programme and associated costs fully funded. A key aim for this reporhng peric#J was to be a financially resilient organisation wrth a sustainable income and cost model. Income - Fundraising During this reporting period we significanlly stepped up our fijndraising activity, submitting applications lo most major arts fvnders as well as a broad range of trusts and foundations. We prodU￿d strong, well-aligned proposals that reflected ftjnder priorities, bul competition across the sector was unpr￿dented. Many funders reported success rates of below 5 per cent, and several received applications valued at hundreds of times the funding available. Feedback also suggested that our reserves position may have made us a lower priority for support, with some funders choosing to target organisations in more immediate financial difficulty- whi￿ our resetves have provided short-lerm stability, they are not a lon*term solution, and securing extemal investment remains essential for sustaining and growing our wotk The fundraising strat￿Y developed in the previous year began to be implemented during this reporting period. It provides a dear framework for inwme generation in a challenging ftjnding environment and aligns with our broader business model devek)pment. Income will take time to build, and reserves wll continue to be used strategically to support this transition. If the strategy is successfully delivered. we expect to be operating at an annual budget level of £400K to £500K by March 2027. This was Absolutely Cullured's second year as an Arts Council England National Portfolio Organisalion INPOI. Our application to extend NPO fvnding to March 2027 was SUC￿$$fUl, securing continued support for the delivery of a Cty￿ntre contemporary visual arts offer. The financial landscape remains difficult and fast-changing. Our business model continues lo evolve in response, and Trustees have agreed to invest reserves strategically to match-fund programme development and support income generation. Hull City Council conb'nued to sponsor Absolutely Culbjred during this period, contributing to the delivery of the activities and outcomes agreed with Arts Council England. Page 12 Absolutely Cultured Limited Trustses. Report Income- Commercial The café was brought in-house in the previous year, and throughout this reporb.ng period we have invested significant time and attention into understanding how il can operate more suc￿sSfUllY and contribute lo the long-temi financial sustainability of the organisation. While eadier work indicated that the café alone cannot sustain the charity al scale, rt is clear that it plays an important role in attracting people into the building. As a Iow-barrier entry point, the café helps make a contemporary visual arts venue feel more welcoming and a￿SSible. supporb.ng audien￿ development and strengthening the overall visitor expenence. It is also recognised that Humber Street has several thriving hospitality businesses, and that Absolutely Cultured musl continue lo develop ils own offer in line with this wider context. There is strong potential to better align the café wilh our artistic identity, improve the customer experience, and maximise the advantage of our IcM2lion to draw in new audien￿$. Alongside this, we are continuing lo explore additional commercial opportunities and to consider how we make the most of our biggest asset". our venue. This indudes reviewing hire potential, testing new income-generaling acb'vity. and identifying ways for the bu1￿1ng to support a more diverse and resilient income base. As the hospitality sector continues to face challenges. it remains essential that we broaden our commercial thinking and develop OPFK)rtunities that are not solety reliant on a traditional fo(xl and beveoge offer. Cost A key part of the financial resilien￿ aim was lo devebp a lower cost model for the organisalion which allows us to deliver our prionlies but in a more focused and costefficienl way. The annual budget is expected lo be a deficit of around £162 for Financial Year 2025126 compared to £238 In 2024125. 2024125 carries some additional committed costs due to our current venue as well as transition costs such as branding and planned ￿pital work. Changes have been made to the slafFing structure and further cost savings are ￿anned from the operab.onal budget (rent and building costs). Aim S: Be an environmentalty aware and responsive organisation, with a programme, building and behaviours that supports positive change. Contribute to Hull's target to net zero by 2030. Reduce our own impact on the environment, whilst using our programming, relationships and assets to increase awareness. This year. we reaffirmed our commitment to 5UPPOrting the ctys ambition to achieve net zero by 2030 and lo reducing our own environmental impact While202412025 was primarily a year of groundwork, we took important steps lo embed sustainability into our operations and future planning. We have begun reviewing our energy use, explored opportunities to redu￿ waste, and engaged with local partners lo identify collaborative approaches to raising environmental awareness. Looking ahead, we will develop a formal sustainability policy and use our programming and assets lo inspire positive change within our Community. Our focus remains on tuming these foundations into measurable action in the coming year. In Q4, we presented In Therapy with North Sea by Solmaz Farhang, an exhibition devekjped through our open dimate ￿11-out in partnership with the Untversity of Hull's Energy and Environment Institute. The brief invited artists lo propose work responding tr) the urgent theme of coastal erosion. prompting creative reflections on our shifting eoasline and the envitonmentsl forces shaping IL Page 13 Absolutely Cultured Limited Trustses. Report Looking Ahead A New Buslness Model The new vision and purpose going into 202512026 is below. Vision: A wodd-dass visual arts venue recognised ft)r its excellen￿, which inspire5 change and creates opportunity with. by and for artists and Hull's communikn"es. Mission- Empowering artists and Hull's communits.es lo develop creatively, to enable change and to access opportunity through contemporary visual arL Operating from our venue in Humber Street, in Hull's City Centre, we deliver a high-quality visual arts programme involving renowned exhibitions, community engagement and talent development. Absolutely Cultured IACI with its increased focus on CVA. has an exating and flexible offer that fits well with the cultural mix in Hull. It Can achieve in tsme a successful and sustainable mixed economy model. However, it should be stressed that the sustsinability of AC is by no means certain and will ￿lY on us remaining adaptsble and responsive to opportunities that arise. Public funding for arts and Cultu￿ is under threat and the value of art in places like Hull is being questioned as budgets are under pressure and priorities heightened. Our focus remains on continuing lo deliver real value, within the financial and resourang constraints we face. In addition to grant funding, cross sector partnerships that can stimulate innovative ways of responding to local challenges and opportunits'es, bringing in funding that otherwise wouldn't be accessed, is key to devek)ping this opportunity. We will work conslruclively with partners at local, regional, national, and intemab'onal levels. We will focus on our commitments to supwrt the delivery of the ACE Lets Create Strategy, embodying the Investment Principles, delivering against Hull's soon lo be revised Cultural Strategy, as well as delivering against the aims and outcomes set out in strategies of those funders who we align well with. 2025126 Activity Plans Exhibitions.. Continue to programme be￿n 34 core commissions. Artist Residency in a school or community setting. Creative interventions by 2 artists exhibiting to take pla￿ in a community setting to both provide opportunities for the artists and community members to explore the content of the exhibitions in a new way. Vveekty coffee and chat sessions in Gips￿l11e or another community setting aiming to develop cultural engagement and confidence within those communities. 10 Masterdasses on professional practice. Inter Change artist development programme with culminating showcase of new commissions planned for 2512615 participanlsl. Pilot a mid-career development programme12 participanlsl. Year-round pr()gramme of leaming. engagement and skills for all ages wtth partners al the forefront of innovative praetits 15 workshops, 10 earty years sessions, 10 older ehildren's 5essionsl. Open space dynamic programming {potenlial partnerships with University of Hull, Unthinkable film festival, Richie Cufverl. Page 14 Absolutely Cultured Limited Trustses. Report Current External Landscape The environment in which we operate is ￿n￿rtain and whilst, as a relatively young organisation, we have had some unique challenges in our history, we are far from unique in being impacted by this. A strength our own history presents is that we are an adaptable organisalion that has shown it can navigate change and be resilient For cultural organisabons to thrive: being lapped into the needs and priorities of place is essential for continuation and gro￿. PutAic funding for the arts is shrinking, trusts and foundation funding is more competitive than ever before. Whilst funding and politscal uncertainty will undoubtedly impact the cultural sector, the role of arts and creative organisalions in cities and places and in how the country presents itself lo the worfd has never been more important. At a local level, levelling up funding is being earmarked for skills and capacity development lo drive e￿noMiC growth. 8 organisatr'ons in Hull successfully became NPO'S for the period 2023-26. 4 of which are new to the portfolio bul had previously r￿1Ved ACE funding through other funding streams. Absolutety Cultured Ltd being one of the new organisations to join this round. Two other organisations in the city are no longer part of the portfolio. Overall funding into Hull via the NPO funding stream increased by over £1m compared lo the last round. These changes enable opportunities for collaboration and partnership working across the various artfomis and locations of the organisalions in the city. There is clear opportunity for a more collaborative approach across sectors and across creative sectors particularly. Following the outcome of the NPO decisions, AC initiated conversations with several other Hull-based artslculture organisalions and has strengthened opportunity for collaboration with Artlink and Back lo Ours in particular. The local authority has developed a new Cultural Strategy by working with the Hull and East Riding Cultural Compact (now called HEY Creativel and Local Economic Partnership. There is a growing interest in developing deeper cultural partnerships with North Lincolnshire organisations with investment such as the Cultural Development Fund boosting activity especially around Grimsby and Scunlhorpe. STR CTURE OVERNANCE AND MANAGEMENT Absolutely Cultured Ltd is a cornpany limited by guarantee whose business is governed by a Board of Trustees. The company gained charTtable status on 15 June 2015. The Board of Trustees comprises individuals who together are responsible for the govemance of the charity- The company was originally formed to deliver Hull's year a5 the UK City of Culture in 2017 and, in September 2017, il was announced that the organisation which was set up to deliver 365 days of transformative culture, Was to continue, with a much reduced and redefined remit which will form part of the city's legacy. To reflect this change, the company changed its name from Hull UK City of Culture 2017 Limited to Absolutely Cultured Limited, on 24 May 2018. The Board currenuy consists of seven Trustees and is chaired by Qaisar Mahmood. The full list of Trustees is set out in the reference details below. The FFGP committee has three trustees on it. The full Board of Trustees met eight times in the period on the dates as listed. Four Main Board meetings and three extraordinary meetings and a meeting to receive a presentation on the Business Plan. This is higher than typical and is rellective of the organisation change process which look place during this period.. Page 15 Absolutely Cultured Limited Trustses. Report Board Meeting Dates from 1 April 2024- 31 March 2025 16 May 2024 . 28 August 2024 . 26 September 2024 (Extraordinary) 07 October 2024 (Trustee Only) 18 October 2024 (Trustee Only) . 28 November 2024 . 05 February 2025 (Board Away Dayl 06 March 2025 All full Board meetings take place in person, however. to allow accessibility for all Trustees, those who cannot attend in person are atrAe to join remotety with the chair ensuring they are able to fully participate in the meeting as if there in person. The Trustees act on advice and infomiation from the Executive Leadership which is responsible for the day-to4ay management of the charity- Recruitment, Appointment and Training of Trustees The charty continue5 to refresh the Board and this year saw the recruitment of 3 new Trustees. Six Trustees stepped down during this period. K Harker. L Clarkson. J Wnn-Hague, P While. M Lorch and D Sinclair. L Pitcher (Chair) annoUn￿d that he would be sleppingdown by June 2024. We sincerely thank all for their contributions during their b.me on the board. The seven newty appointed Iruslees bring a range of experience and perspectives lo the organisalion. In particular, they strengthen art sector and creative programming skills and kno￿edge including community ¢￿prOduCtion, public relations and educabon sector. There is increased understanding of fundraising on the board, though income generab.on more broadty is an area we will look lo enhance further going forward. The new Chair Qaisar Mahmi)od joined the board in June and enhances the boards expertise on diversity, indusion and community engagement and has got in depth governance and charity experience. The Board appointed Ben Norman as senior independent director in November 2019. Board Diversity OLJr commitment to diversity is based on the belief that everyone shoLJld have access to high quality creative opwrtunities and that different experiences and perspecb.ves bring not just richness and relevance but are often what makes art produced in the UK exceptional. The Board is committed to shifting the power of who designs and makes decisions about cultural provision. Based in Hull: which is the 4th most deprived local authority in England. and where a high proportion of the population has low arts engagement, our goal is to increase representation across the board and leadership of people with lived exF)erience of exclusion, in particular experien￿ of socioéconomic deprivation and the barriers this creates. Page 16 Absolutely Cultured Limited Trustses. Report Portfolio Responsibilities The seven Trustees of Absdulely Cuftured bring specialisms and experience from all areas of business and the arts which they use to support the company's acb.vty and in line with a smaller scale company. There is a Fundraising, Finance, Governan￿ and People {FFGPI suwroup which consists ofthreeTruslees and is Chaired by Richard Lewis. Their remit is lo provide a forum for the Executive Leadership team to discuss matters of strategic and Signifi￿nt importance to the charity before presentation to the main Board. The committee monitr)rs progress against the fundraising strategy, reviews the annual budget, receives the audrt report. appoints financial service providers. oversees financial control. and reviews HR poliryes and pay. This committee has been repurposed to strengthen oversight of our Income generab.on acb"vib"es and repla￿5 the ft)rmer Finan￿ and General Purposes Committee IF&GPI. Related parties and Cowoperation with other oryanisations The Tnjstees are not remunerated and r￿1ve no other benefit from their work with the charity. Any connection be￿een a Trustee or senior manager of the chanty with business partners, sponsors or suppliers is disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related paty. Trustees to have held office during the year and up to the date of this report: Main board meetings attended Finance committee meetings attended Appointed Resigned B.P. Norman 1710712018 5of5 3of4 R. Lewis 1310812019 14101r2021 1of5 4of4 Dr K. Harker 0610312025 4of5 Oof1 NIA L. Pitcher (Chairl L. Clarkson 0810712021 2810612024 1 of1 2310212023 2910712024 Oof1 3of4 NIA K. Wynne-Hague Smrth 1410912023 2710212025 NIA 2311112023 4of5 NIA K. Genever 2311112023 5of5 NIA P. White 07103r2023 30111r2025 4of5 NIA A. Daniel 0710312023 3of5 NIA M. Lorch 2311112023 2710312025 2of5 NIA Q. Mahmood (Chair} D. Sinclair 2810612024 3of4 2of3 2810612024 0810112025 Oof3 NIA R. Prilchard 2710212025 1 of 1 NIA Group Structure The group consists of Absdutely Cultured Ltd and Absolutety Cultured (Enterprises) Ltd which is a wholly owned subsidiary of the charity and a separately registered company. Absolutely Cultured (Enterprises) Ltd carries out nowharitable trading activities to raise funds for the work of the charity and was incorporated on 14 August 2015. Page 17 Absolutely Cultured Limited Trustses. Report Separate consolidated financial statement5 incorporakn.ng the result5 of the charity and the subsidiary have been prepared. The Executlve Leadershlp structure at 31.03.25 Marianne Lewsley-slier Creatsve Director During this reporting period, the company was led on a day-l04ay basis by an Executive Leadership Team. The team shared Executive Leadership responsibil￿eS whilst also leading on areas of specialism. Janine Crombie IDevelopment Ditectorl. Joanne Norman (Finan￿ & Operations Director) and Marianne Lewsley-stier (Creative Director). During this period. the Executive Leadership Team worked with the Board of Trustees to undertake a period of organisational change. Alternative business models We￿ exFAored that would ensure the longer-term sustainability of the org8nisation, in response lo the challenging economic dimate. The Board of Trustees accepted the Executive Team's recommendation lo move to a redU￿d staffing structure. Part of this recommendation was to move to a single leadership model following a consultation prO￿sS further to an Extraordinary Board meeting in February 2024. Janine Crombie and Joanne Nomian announced they would not express an interest and would be stepping away from their role& After a recruitment pro￿sS, Marianne Lewsley-stier was appointed as the sole leader of the organisation with the change being implemented in April 2024. Pay and remuneration of the Executive Leadership personnel is initialty set by the Board of Trustees with refe￿nce to the company pay scales, market conditions and sector salaries. In line with our Pay Policy. where the Trustees agree an organisation wide pay award, all staff are eligible to re￿1ve this, with further individual pay rises assessed against perfom)anee management criteria. Employees There is an understanding of the Importan￿ of the company's employees to the longer4emi SU￿$5 of the Charity. In line with the previous year, the Trustees took a strategic view of pay and reward in this reporting period, acknowledging that economic factors were continuing lo be very challenging and considered various options to support its employees. Taking into consideration the charity's financial position, a decision was made lo award all staff a quarterly cash payment above the annual organisation pay award to support them with the rapidly rising inflation. We continue to offer flexible working to our non-venue team, allowing staff members to work a mix of in the Offi￿ and home working in response to stsff requests. Staff report this flexibility ensures a good work life balance is maintained and improves their productivity. The company regularly communirales with its empk)yees through team meetings. team wide &mails and one to ones. Trustees are invited to team meetings to foster open relationships with employees. An annual employee survey is undertaken to all¢)w for honest feedback about their experience working al Absolutely Cultured. These surveys are shared and reviewed by the Board and Executive Leadership team. Staff engagement is high with most employees completing the latest survey. Staff training is important to support both the conb.nual skills development of our team to deliver our programme of activities and to give them the skills to further develop their careers extemally (Aim 31. We develop training plans through staff appraisals and implement a training plan each year. Page 18 Absolutely Cultured Limited Trustses. Report Our Buildings and Operations We operate from premises in Humber Street, Hull where we present our visual art exhibition programme, supporting programme and commercial activities induding a café and bar and small shop. Vve have robust health and safety measures in pla￿ ensuring staff and customers have a safe environment lo work and visit maintenan￿ is regularty undertaken to ensure equipment is running effectively and have systems in pla￿ to ensure operaty.ons run smoothly. All activity undertakes a robust risk assessment wth controls and risk measures pul in place to ensure public and stsff safety. Funding Partners As a chanlable company, ftjnding partners are signthcant stakeholders. Relationships with these Partners are held at all levels across both the company and the funding partnerfs organisalion. Regular meetings are held with the main fvnders to ensure they are fvlly conversant with the planned programme of creative events, impact on granl fvnding and impacl on the community at large. The companys major stakeholder is Arts Council England, and, as part of our NPO funding agreement with them, they are invited as an observer to the company Board meetings On￿ a year and to be involved in processes around organisational development and change. Funding from trusts and foundations, whilst competitive. wll be an important source of income for u5. We continue lo aim lo secure funding partnerships with the larger trusts and foundations who align strongly with our purpose. In addition, we wll aim to secure funding from a wide range of small-medium sked funders in order to deliver our aims. The National Lottery Heritage Fund INLHFI has supported a number of AC projects. We plan to continue lo seek support frorn NLHF where projects are identified as having strong alignment. Hull City Council IHCCI are an important partner for AC, from a fvnding as well as sedor development and delivery perspective. We will continue to work together to deliver our agreement with them, to deliver cultural acb.vity which responds to the needs of Hull in the best way possible and supports the delivery of the Cuttural Strategy la new strategy is currently in development). Public and Communty at Large The Company objectives are charita￿e by their very nature. being that Absolutety cUltu￿d Limited is established as a Charitable Company. All activity is directed towards being of public benefit and most of the activity is free to access or pay what you can for all. Local Context: Hull has seen a significant economic dedine since the 1970s due to the loss, contraction and reconliguralion of the city's industrial and maritime functions resulting in high levels of unemployment and deprivation. The city is the fourth most deprived local authority in the country according to the 2019 English Index of Multiple Deprivats"on and 45% of Hull neighbourhoods are in the 109/0 most deprived in England. Health inequalib.es are dramab"calty evident even be￿een neighbouring communibes with life expectsncy over 10 years less in some parts of Hull than other wards within the city boundary. Page 19 Absolutely Cultured Limited Trustses. Report Significant public and private sector investment has gone into the city in re￿nt years, lo improve resilience lo climate change. to improve Hull's connectivty. induding our highways capacity and digital capabilib"es: into our univer5ty. our sch(x)Is. the city centre public realm. our leisure and culture. Despite typically low engagement in the arts by Hull residents. 95% said they participated in at least one cultural activity during Hull's city of culture 2017 tenure and whilst maintaining this level of engagement in the years since with a much-redueed sector capacity and funding landscape, evidence across the sector is that the appebte for CLbltUfal engagement is still there. Trustees recognise the posib.ve health and wellbeing beneffts of engaging with arts and ¢ultLJre, the important role creative engagement plays in children's edu￿tIonal attainment and life prospects and the role of a healthy cultural offer on the economic prospects of a place. As part of the reshaping of the organisation, AC wll explore how contemporary visual art projects in particular can unleash the potential of the people of Hull and help tr) respond to some of these challenges. Suppliers The Trustees appreciate the Importan￿ of Absclutety Cultured suppliers in delivering the long-lerm plans of the company. We work with many local independent ereab've practitioners and are invested in supporting them lo conts'nue to work in the sector. Many rely on tsmety payment of invoices to live. The company pays its suppliers via tsVI￿ monthly payments to ensure all invoices are paid within a maximum of 30 days from when they are received. Environmgntal Sustsinability Trustees understand the rde of arts and culture in making use of all its assets lo increase awareness and advocate for change on environmental issues as well as delivering on our own moral and social responsibility as an organisation to ensure our output doesn't have a negative impact on the environment. Hull with its proximity to water is particularty vulnerable to climate change yet the Humber region has the highest eart)on emissions in the country. AC aims to be environmentally conscious in all rts strategic and operational outputs. The Tnjstees realise that this is an area where we need lo invest and improve within the constraints of our funding environment We are a member of the Gallery Climate coalib.on an intemational comrnunity of arts organisalions working to reduce our sectorf5 environmental impacts. Through our membership we are able to access Best Practice tools and work collectively towards zero waste and a reduction in the sectors C02 emissions. Lauren Wilson is our internal Green Champion and is currently working with the wider team to draw up a plan on how we can rnake simple but effective adjustments lo our venue, exhibitions and artist agreements to redu￿ our impact on the environment. We continue to Use and submit data lo Julie's Bicyde to measure our energy usage, this will aid the Trustees in setting realistic KPI'S to be agreed and implemented over the medium and long term and will form part of the regular reF)Orting lo the Board. We also have changed our electricity supplier in Juty and have moved to a fijlty green supplier called Opus. We are a partner In Hull's Oh Yes Nel Zero campaign where we have pledged lo contribute to the Hull and Humber region leading the way on becoming net zero. We have a vegan and vegetarian offer in our café venue and have signed vp to a sustainable palm oil pledge. We buy local where possible and moved lo a papedess finan￿ system. We reuse and recycle materials for exhibitions. We actively programme work made by artists who tackle environmental Ihemes and have a history of cwrealing and Commissioning work which raises awareness about the relevance and importance of climate action for Hull in particular. Page 20 Absolutely Cultured Limited Trustses. Report We have had a Display Energy Certification Review undertaken to benchmark our current environmental impact and have been assessed at a B 1351 which is a got￿ standard. Improvement5 suggested would have relatively small impact to improve this but high cost to the charity. The Trustees have further ambits.ons lo redu￿ the company's cart)on foolprint by reducing ils use of energy and mains water, reducing waste going to landfill, and to Imp￿Ment environmentally sustainable activities such as ensuring we power down when the bu1￿1ng is not occupied, increasing our buy local adivity lo redu￿ transport imparts. creating a green roof to reduce heating costs and moving to a brown water collection system to redu￿ mains water usage. Going Concern As Trustees, we are required to review and comment whether the ch8rity is a going concern and to the effect have looked al the organisation's cash flow, budgets to March 2027 and level of unrestricted reserves. We have taken advantage of the grants that were made available lo us by the national and local governments and taken some tough decisions regarding use of charitable funds. With a prudent approach, we consider the extent of the charity reserves, without any additional income from grants or trading acb"vib"es. to be sufficient to cover all operating costs of the charity until at least March 2027 and therefore we consider that the financial statements be prepared on the going concern basis of accounting. Flnanclal Perforn)ance The Trustees agreed the strategic ￿an and budget al the start of this reporting period wf(h an agreement to undetwrite a deficit up to £344.142 from our unreslricled reserves reflecting the strategic decision lo ulilise unrestncted reserves lo support ongoing projects as match funding, evolve towards a revised business model that is reflective of the likely k)wer funding opportunity and to strategically utilise reserves in support of our objects and to provide for our beneficiaries reducing the reserves lo a level more appropriate for a smaller charity. Total income for the year, induding donalions in kind and investment income was £389,484. This was applied towards the planning and delivery of the year across all activity areas. In total this expenditure amounted to £627,210. The above resulted in an eX￿sS of expenditure over income for the year of £237,726. When dedurted from the accurnulated surplus from prior periods. there remain5 unrestricted funds of £688,065. Like many arts organisalions, we are reliant on grant fvjnding as a significant fvjnding Sour￿ and continue to face the challenge of a￿ssing such fvnding from the main funders. Longer-term, the organisalion musl diversify Ils income SoU￿S to reduce relian￿ on grant funding which continues to be compelilive. Following the pandemic, many Irusls and foundats.ons are experiencing increased demand at a lime of increased overall need and have adjusted their criteria for fvnding with a greater emphasis on impact ftir Communities and supporting areas of high deprivab"on. We have currendy secured £200,000 ACE NPO funding per annum over four years (April 2023-March 20281. This is due lo a re￿ntlY announced one-year extension by ACE, lo the agreed Ihree-year period. Absolutely Cultured made a Su￿ssful applicth.on for this exension. In addibon. we have secured £35.000 in sponsorship from Hull City Council. Page 21 Absolutely Cultured Limited Trustses. Report The Board have agreed strategic use of the unrestn.cted reserves this year to meet the current commitments, to develop a programme of activib.es that can become financially sustainable through funding partnerships and to invest in income generab"on. We have developed a fvjndraising strategy which takes into consideratson Ihe economic climate and changes to the grant funding landscape. It also responds lo the changes to Ac's business model and refocusing of purpose. Success of the fvjndraising strategy is dependent on programme plans being aligned with the aims of identified FKJlenlial funding partners. Commercial income potential is being explored further as we aim to increase income through new commercial opportunib"es. The fvnding landscape continues lo be very challenging. We are responding lo this with continuous review and development of the programme of activity to ensure our work is of the highest standard and has the greatest putAic benefit possible. Further cost reduction will be considered if necessary. Principal Risks and Uncertainties The principal risk lo the organisation is its financial sustainabilty. the funding landscape is ext￿ mely challenging. and many of the aKernative earned income streams that arts organisalions are reliant on are also under strain. The pressure on budgets through the recent rapidly rising inflation has added to this uncertainty. In response. the organisation has reduced core and staffing costs lo a level refieclive of the challenges faced and these will remain under review with plans for further adjustments where needed. The Management of Rlsk The Trustees recognise their duty to identify and review risks to which the Charity is exposed and to ensure appropriate controls are in place to give assurance against error and fraud. The company has well managed appropriate management and governan￿ procedures with a systematic programme of review in place. Each put4ic facing acb.vity undertaken by the company requires an event plan lo be undertaken whereby all risks induding health & safety and safeguarding are assessed and appropriate plans pul in pla￿. A comprehensive risk register is maintained and updated to reflect live risks, with risks owned and managed by the relevant person. Risks and their mitigating actions are monitored and reviewed by the Executive Leadership and quartedy al the Finance & General Purpose meeting with main risks reported lo the full Board meeting of Trustees quarterly. A copy of the fvll risk register is also shared with the companls key fvjnders. Dialogue with our main fvnding partners is ongoing in relation lo risk. Policies on Reserves The charity's policy was updated to reflect current best practice and statutory guidance and approved at the full Board meeting on 16 May 2024. In a year of economic uncertainty and stretched PLJblic finances, we have maintained a PTudent reserves policy to safeguard the charty's stability- Our reserves provide resilience, enabling us to navigate challenging conditions while continuing to serve our community- We monitor reserves carefully to balan￿ financial security with investment in eharilable activities. We remain focused on long temi sustainability, even in difficult times, while posib'oning the organisation to respond to future opportunities. The policy looks at.. - How the NPO outcome at a lower level than planned for impacts the planned programme over the next three years. Page 22 The trusteed agreed to underwrite a dunding deficit of up to £344,142 in the financial year to March 2025. This deficit included £140,000 of transition costs as the charity restructures the staffing team and potentially relcoated to new premises to reduce and address ongoing operating costs. Actual d ~~ef~~ icit achieved in the year was £237,726. This represents the trustees' commitment to match fund applications for funding from the charity's reserves. Absolutely Cultured Limited Trustses. Report Public Benefit The Trustees are of the opinion that the nature of the Charty's aCkn"v￿.es and the geographi￿1 area over which it operates are such that it fulfils the public benefit criteria as specified by the Charity Commission. Further, the Trustees confirm that they have complied the duty in Paragraph 17151 the Charities Act 2011 with regard to following guidan{￿ published by the Charity Commission in connection with public benefits. REFERENCE AND AOMINISTRATIVE DETAILS Charity Name:Absolutely Culbjred Limrted Charity Reg No:1162199 Company Reg No:09106231 Registered Office:64-65 Humber Street, Hull. HU1 1TU Contact Details: Tel. 01482 304454 Email.. info absolutel cultured.co.uk Website: ww.absolutel cultured.co.uk Bankers: National Westminster Bank plc, 34 King Edward Street Hull, HU1 3SS Auditors: Smalles Goldie, Regent's CourL Princess Street. Hull HU2 8BA Solicltoys: Rollils, Citsdel House, 58 High Street, Hull, HU1 1QE Statement as to Disclosure of Information to Auditors So far as the Trustees lin their capacity as directors of the charitable company) are aware, there is no relevant audit information las defined by Section 418 of the Companies Act 20061 of which the eharilable company s auditors are unaware and each Trustee has taken all the steps that he or she ought lo have taken as a Trustee in order to make himlheTself aware of any audrt infomation and to establish that the charitable company s auditots are aware of that infomation. Statement of trustees. responsibilities The trustees (who are also the directors of AbscAulely CuKured Limited for the purposes of company lawl are responsible for preparing the trustees. rep)rt and the ffinancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), induding FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees lo prepare financial statements for each financial year. Under company law the trustees must not approve the financial staternent5 unless they are satisfied that they give a true and fair view of the state of affairs of the paient charitable company and the group and of the incoming resources and applicab.on of resources. induding its income and expenditure. of the charitable group for that period. In preparing these financial statements, the trustees are required to". select suitable accounting policies and apFAy them consistenijy., observe the methods and principles in the Chanties SORP., Page 24 Absolutely Cultured Limited Trustses. Report make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disdosed and eX￿ained in the financial statements", and prepare the financial stslements on the going con￿rn basis unless il is inappropriate lo presume that the parent charitst4e company will conty.nue in business. The trustees are responsible for keeping proper accounting records that Can disclose with reasonable accuracy at any time the financial posrtion of the parent charitable company and the group and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent charitable company and the group and henee for taking reasonable steps for the prevention and detection of fraud and other itregularities. The Iruslees are reSponsi￿e for the maintenance and integrity of the corporate and financial information induded on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in olherjurisdiclions. 29 Jan 2026 The annual report was approved by the trustees of the charity on behalf by.. and signed on its Q. Mahmood Trustee Page 25 Absolutely Cultured Limited Independent Examiner's Report to the trustees of Absolutely Cultured Limited {'the Group,) report to the charity trustees on my exarnin8tion of the consolidated accounts of the Group comprising the Absolutely Cultured Limited and its subsidiary undertakings ft)r the year ended 31 March 2025. Responsibilities and basis of report As the Iruslees of the Group land also ils directors for the purposes of company lawl you are responsible for the preparation of the consolidated accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'i. Having satisfied myself that the accounts of Ixith Absolutety Culbjred Limited and the Group are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I reF)Ort in respect of my examination of your consolidated accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Comrnission under section 14515}Ib) of the 2011 ACL Independent examiner's statement Since the Group's gross income ex￿eded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examinats"on. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe.. 1. accounting records were not kept in respect of Absolutely Cultured Limited as required by section 386 of the 20(￿ Act.. or 2. the accounts do not accord wth those records," or 3. the accounts do not comply with the accounting requirements of section 396 of the 20C6 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 examinab"on', or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance wth the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concems and have come across no other matters in connection with the examinab.on to which attention should be drawn in this reFK)rt in order to enable a proper understanding of the accounts lo be reached. S.T. Bramall Bso, FCA Smalles Goldie Chartered Accountants the Institute of Chartered Accountsnts in England and Wa Regent's Court Hull HU2 8BA 29 Jan 2026 Date.. Page 26 Absolutely Cultured Limited Consolidated Ststement of Financial Activities for the Year Ended 31 March 2025 {Including Consolidated Income and Expenditure Account and Ststement of Totsl Recognised Gains and Losses) Unrestricted funds Reslricted funds Total 2025 Total 2024 Nole Income and Endowments from: Donations and legacies Other trading activities Investment income Other income 2,652 124.315 22.827 38,290 201.400 204,052 124,315 22.827 38,290 291,020 133,060 16.229 48,027 Total income 188.084 201,400 389,484 488,336 Expendlture on: Raising Furjds Raising funds 130,315) {30,315) 132,9461 Charftable aetlvltles Partnerships & Developments Marketing and Communications Programme and Delivery Total expenditure {85.270) {45.158) {130,4281 1102,4481 {19.3791 290,846 {10.263) 145,979 129.6421 436,825 179.2481 570,541 425,810 201.400 627,210 785,183 Net expenditure 1237,726) 1237,7261 1296,847 Net movement in funds 1237.726) {237,7261 1296,8471 Reeoneiliation of funds Total funds brought forward Total funds carried forward 18 925,791 925,791 1,222,638 688.(￿5 688,065 925,791 All of the group's ath'vities derive from continuing operations during the above periods. The comparative Statement of Financial Activities for 2024 is shown in note 11. The notes on pages 30 to 43 fom) an integral part of these financial statements. Page 27 Absolutely Cultured Limited (Registration number: 091062311 Consolidated Balance Sheet as at 31 March 2025 Unrestricted Restricted fund fund 2025 2024 Nole Flxed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 12 7,204 7,204 7,237 14 15 5,801 30.428 746.670 5,801 30,428 749,145 4,175 59,662 932,177 2,475 782,899 2,475 785,374 996,014 Creditors: Amounts falling due within one year 16 102,038 2,475 104,513 77,460 Net current assets 680,861 680,861 918,554 Net assets 688,065 688,065 925,791 Funds Restricted funds Designated Funds General Funds 454,592 233.473 454,592 233.473 599,319 326,472 Total funds 18 688.065 688,065 925,791 The charitable company is entitled to exemption from audrt under Secb'on 477 of the Companies Act 2006 for the year ended 31 st March 2025. The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for. la} ensuring that the company keeps accounbng records which comply with Sections 386 and 387 of the Companies Act 2006 and Ib} preparing financial ststemenls which give a true and fair view of the stsle of affairs of the company as at the end of each financial year and of its profit or loss for each 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 stalemenls, so far as applicable lo the company. The financial statements have been prepared in accordan￿ the provisions applicable to companies subject to the small companies regime. The financial statements on pages 27 to 43 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by". 29 Jan 2026 Q. Mahmood Trustee The notes on pages 30 to 43 fom) an integral part of these financial statements. Page 28 Absolutely Cultured Limited (Registration number: 09106231) Balance Sheet as at 31 March 2025 Unrestricted Restricted fund fund 2025 2024 Nole Fixed assets Tangible assets Investments 12 5,253 5,253 2,403 5,254 5,254 2,404 Current assets Debtors Cash at bank and in hand 15 76,275 700,056 76,275 702,531 150,￿3 833,361 2,475 776,331 2,475 778,806 983,424 Creditors: Amounts falling due within one year 93,866 2,475 ,341 64,872 Net current assets 682.465 682,465 918,552 Net assets 687,719 687,719 920,956 Funds ofthe charity: Restricted funds Designated Funds General Funds 454,592 233,127 454,592 233,127 599,319 321,637 Total funds 18 687,719 687,719 920,956 The charitable company is enlided lo exemption from audil under Section 477 of the Companies Act 2006 for the year ended 31 st March 2025. The trustees have not required the charitable company to obtain an audit of ils financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006. The diredors acknowledge their responsibilities for.. lal ensuring that the company keeps ac(x)untin9 records which cornply with Sections 386 and 387 of the Companies Act 2006 and Ib} preparing financial statements which give a true and fair view of the stale of affairs of the company as at the end of each ffinancial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which olhetwise comply with the requirements of the Companies Acl 2006 relating to financial stalemenls, so far as applicable lo the company. The financial statements have been prepared in accordance the provisions applicable to companies subject to the small companies regime. The financial statements on pages 27 to 43 were approved by the trustees, and authorised for issue 0￿9'jali 2026.... and signed on their behalf by.. Q. Mahmood Trustee The notes on pages 30 to 43 fom) an integral part of these financial statements. Page 29 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 1 Accounting policies Summary of significant accounting policies and key accountiTrg estimates The principal accounting F)olicies applied in the preparation of these financial statements are set out below. These policies have been consistenlly applied to all the years presented, unless otherwise ststed. Statement of compliance The financial statements, which is a putlic benefit entity under FRS 102, have been prepared in accordance with the Charib'es SORP IFRS 1021 'Accounting and Reporting by Charities". Statement of Recommended Practr.￿ applicatle to chanlies preparing their accounts in accordance with the Financial Reporting Standard applicatAe in the UK and Republic of Ireland {FRS 1021 leffective 1 January 2019}', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. Basis of preparation The financial statements have been prepared under the histori￿1 cost convention. Basis of consolidation The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March 2025. No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 20CE. The charity made a loss after tax for the financial year of £233,237 12024 - Ioss of £352,744>. A subsidiary is an entity controlled by the chanty- Control is achieved where the charity ha5 the power to govem the financial and operating poliaes of an entity so as to obtain benefits from ils activities. The results of subsidiaries acquired or disposed of during the year are induded in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combinats'on is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the dale of exchange, plus costs directly attribula￿e to the business combinats'on. Identifiable assets acquired and liabilities and conlingenl liabilities assumed in a business combination are measured initially al their fair values at the acquisition dale. Any excess of the cosl of the business combination over the acquirerfs interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as gcx)dwill. Page 30 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 Interwcompany transactions. balances and unrealised gains on transactions be￿een the charity and its subsidiarie5, which are related parb"es, are eliminated in fijll. Inlra%roup losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. Accounting policies of subsidiaries have ￿en changed where fte￿ss2ry to ensure consistency with the policies adopted by the group. NorFcontrolling interests in the net assets of consolidated subsidiaries are identified separatety from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-conlrolling shareholde¢s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-C￿ntrOllIng interests even rf this resutts in the non-conlrolling interests having a deficrt balan￿. Going toncern The financial statements have been prepared on a going concem basis. The current economic conditions present difficulties to all organisalions in the arts sector in terms of raising fvjnds from either govemment-fvjnded bodies or private enterprise. In response to such conditions the charity has prepared budgets and cashflow forecasts lo 31 January 27and these show it has adequate resources to pay its debts as they fall due. Further ongoing assessment is made by the trustees on a monthly basis. It is the Charity's intention to use its unrestn.cted reserves to fund its charitable objects and on this basis the Board considers that the group has a reasonable expectation of being able lo continue in operational existence lo at least the period of the budgets and cashflow forecasts of 31 January 27., with informal assessments ongoing on a monthly basis, and that there are no material uncertainties that have not been considered or stress tested that lead to significant doubt about the group's ability to continue as a going concern. Therefore: the Board have continued to adopt the going concern basis of accounting in preparing these financial ststements. Significant judgements and key sources of estimation uncertainty In the application of the charity's accounting policies. the trustees are required lo make judgements, eslimales and assumpts'ons about the Carrying amount of assets and liabilib'es that are not readily apparent from other sources. The estimates and associated assumpb'ons are based on historical experience and other factors that are considered to be relevant Actual results may differ from these eslimales. The estimates and undedying 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. No significant judgements or key estimates were made on preparing Ihese financial statements. Income and endowments All income is recognised once the charity has enliljement lo the income, rt is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 31 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 Donations and legaciTes Donations represent grant and sponsorship monies receivable by the group where the donor does not receive any significant benefits other than the knowledge that the charitable company must apply the monies to further its charitable objectives. Donations in kind are donate professional servitEs and donated facilities to the charitable comp2ny. They are recognised on the basis of the value of the gift to the charitable company which is the amount the charitable company would have b￿￿ willing to pay to obtain services or facilities of equivalent economic benefft on the open markeL a corresFX)nding amount in then recognised in expenditure in the period of receipt However, the lack of a market comparative price for the eontribulion made by volunteers means that it is not possible to measure their value reliably. Accordingly, the contribution of general volunteers is not induded in the charitable companys accounts. Grants receivable Income from government and other grants, whether capital or revenue, is recognised when the charity or ils subsidiary has entitlement lo Ihe funds, any performance conditions attached to the grants have been met, il is probable that the income will be re￿iVed and the amount can be measured reliably and is not deferred. Where performance conditions are attached to the grant and are yel to be met, the income is recognised as a liability and induded on the balance sheet as deferred income to be released. Grft aid The charitable company is in receipt of di5tn"bukn"ons from its subsidiary undertaknng under the Gift Aid scheme. Other trading activities Income from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred lo the buyer. the amounl of income can be measured reliably, il is probable that the economic benefits associated wilh the transaclion will flow lo the charity or ils subsidiaries and the costs incurred or lo be incjjrred in res[￿Cl of the transaction ¢2n be measured reliably. This is usually at the point of sale. Investment ITncome Interest on funds held on deposit Is induded when receivable and the amount can be measured reliably by the group". this is normalty upon notification of the interest paid or payable by the bank. Expendlture All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be dIreC￿Y attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs alltKated on the basis of time spent. and depreciation charges allocated on the porb.on of the asseys use. Other supw)rt cost5 are allocated based on the spread of staff costs. Page 32 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 Allocation of costs Costs directly associated with the planning, prornob.on and delivery of the programme of cultural events are classified as direct charitable expenses. Costs relating to its strategic management are classified as govemance costs. Al remaining costs are classified as SUPFX)rt costs. Support costs are allocated across income streams according to the ratio of direct costs. Raising funds These are costs incurred in attracting vofuntary income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and serVI￿S for its beneficiaries. It indudes both costs that can be allocated direcuy to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include ￿ntral fvjnclions and have been allocated to acb.vity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These indude the costs attrrbutable to the charitys compliance with constitutional and statutory requirements, induding audit. strategic management and trustees meetings and reimbursed expenses. Tanglble flxed assets Tangible fixed assets are slated at cosL Depreciab"on is provided on all tangible fixed assets, al rates calculated to write off all tangible fixed assets over their esb"mated useful Itves using the ft)Ilowing rates.. Property Alterations 33% p.a. on cosuremaining lease temi rf ￿s$ Furniture, fittings and equipment25.kn p.a. on cost Computer equipment 33% p.a. on cost Business combinations Business combinations are accounted for under the purchase method. Where necessary, adjustments are made lo the financial statements of subsidiaries to bring the accounting poli￿e5 used into line with those used by the group. All Intr￿rOUp transacb"ons. balances. income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial stslements in respect of business combinations effected prior to the date of transition. Page 33 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charilable company for UK corporation lax purposes. Accordingly, the charity is potentially exempt from taxation 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 extent that such income or gains are applied exclusively to charitable purposes. Stock Stocks are valued at the lower of cost and net realisatAe value, after making due allowance for obsolete and slow moving items. Debtors and creditors receivablelpayable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impaimient are recognised in the statement of financial act'vities allocated lo the appropriate heading. Fund structure Unreslricled income funds are general funds that are available for use at the Iruslees discretion in furtherance of the objectives of the group. Designated funds are unresth.cted funds set aside for specthc purposes al the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for parb'cular restricted purposes. Further explanation of the nature and purpose of each fvnd is induded in the notes to the financial stalemenls. Page 34 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 2 Intome from donations and legaeies Unrestricted funds General Restricted funds Total 2025 Total 2024 Donations and legacies., Donations from companies, trusts and similar prO￿edS Grants, including capital grants", Grants from other charities 2,652 2,652 2,920 201,400 201,400 288,100 2,652 201,400 204.052 291,020 2025 Unrestricted Restricted 2024 Unrestricted Restricted Total Total Arts Council England Esmee Fairburn Heritsge Lottery Fund Coastal North 200.000 200,000 200,000 66,000 200,000 72,600 6.600 15,000 500 15,000 500 1.400 1.400 201.400 201,400 6.600 281,500 288,100 3 Intome from other trading activities Total 2025 Total 2024 Trading Income., Humber Street Gallery- bar and catering Sponsorship income 84,315 40,000 93,060 40,000 124,315 133,060 4 Investment income Unreslricled funds General Total 2025 Total 2024 Interest re￿1vable and similar income.. Interest receivable on bank deFM)Srts 22,827 22,827 16,229 Page 35 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 S Expenditure on raising funds a) Costs of trading activities Total 2025 Total 2024 Note Humber Street Gallery - bar and catering 30,315 32,946 30,315 32,946 Total costs 6 Expenditure on charitable activities Support costs Dlrect costs (see note 7) 2025 2024 Partnerships and Development Marketing and Communications Programme and Delivery 45,158 10,263 151.241 85,270 19.379 285,584 130,428 29,642 436.825 102,448 79.248 570,541 206,662 390,233 59S,895 752,237 7 Analysis of governance and support costs Other IT, travel and admin Govemanee communications costs Staffing costs 2025 2024 Partnerships & Development Marketing & Communications Programme & Delivery 41,944 9.288 3.685 30,353 85,270 39,394 9,533 2.111 838 6,897 19,379 21,348 139.180 30,857 12,240 103,307 285,584 228,403 190,657 42,256 16,763 140,557 390,233 289,145 Page 36 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 Governance costs 2025 2024 Independent examiners fees Other accountancy costs Trustees remuneration and other eX￿nSeS Legal & other professional fees 8,200 17,617 490 15,949 7,520 3,303 394 8,313 42,256 19,530 8 Net in¢omingloutgoing resources Net outgoing resources for the year indude". 2025 2024 Independent Examination fees Depreciation of fixed assets 8,200 1,618 7,520 16,031 9 Trustees remuneTation and expenses During the year travel and Subsisten￿ expenses totalling £42312024". £3941 were reimbursed to trustees12024'. tsvo trustees). 10 Staff costs The aggregate payroll costs were as follows". 2025 2024 Staff eosts during the year were: Staff salaries Employerfs NICS Pension scheme contributions Temporary Staff 285,751 21,401 13,920 6.901 395,992 29,166 17,201 7.250 327,973 449,609 The monthly average number of persons (induding senior management I leadership team) employed by the group during the year expressed as full time equivalents was as follows". 2025 No 2024 No Administration Partnerships and development Programming and delivery 15 12 Page 37 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 During the year, the group made redundancy andlor temiination payments which totalled £14,324 12024- £Nill. No employee received emoluments of more than £60.000 during Ihe year. The key management of the chanty comprise the trustees and senior rnanagement team. a5 set out in the Tnjstees Report. The total employee benefits of the key management personnel of the groLJP were £94,41212024 - £146.7631. 11 Comparatives for the statement of financial activities Unrestricted funds Restricted funds Total 2024 Income and Endowments from: Donations and legacies Other trading activities Investment income Other income 9,520 133.¢%0 16,229 48,027 281,500 291,020 133,060 16,229 48,027 Total income 2¢X.836 281.500 488.336 Expenditure on: Charitable activities Raising funds Partnerships & Developments Marketing and Communications Programme and Delivery {32,9461 {69.7981 {57,9761 342,963 132,9461 1102,4481 179,2481 570,541 {32,6501 121,2721 227,578 Total expenditure 1503,6831 1281,5001 1785,183 Net expendrture 1296.8471 1296,8471 Net movement in funds {296.8471 1296,8471 Reconciliation of funds Total funds brought forward Total fvnds carried forward 1,222,638 1,222,638 18 925,791 925,791 Page 38 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 12 Tangible fixed assets Group Land and buildings Computer equipment Furniture and equipment Total Cost Al 1 April 2024 Additions Disposals 255,700 70,444 3,368 14951 43,647 1,100 369,791 4,468 495 Al 31 March 2025 255.700 73,317 44,747 373,764 Depreciation Al 1 April 2024 Charge for the year Eliminated on disposals 255.700 63,495 4,271 495 43,359 230 362,554 4,501 495 Al 31 March 2025 255,700 67,271 43,589 366,560 Net book value Al 31 March 2025 6,046 1,158 7,204 Al 31 March 2024 6.949 288 7,237 Charity Land and buildings Computer equipment Furniture and equipment Total Cost Al 1 April 2024 Additions Disposals 255.700 36,243 3,368 495 40,434 1,100 332,377 4,468 495 Al 31 March 2025 255,700 39,116 41,534 336,350 Depreclatlon Al 1 April 2024 Charge for the year Eliminated on disposals 255.700 34,128 1,388 495 40,146 230 329,974 1,618 495 Al 31 March 2025 255.700 35,021 40,376 331,097 Net book value Al 31 March 2025 4.095 1,158 5,253 Al 31 March 2024 2,115 288 2,403 Page 39 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 13 Fixed asset investments Charity Shares in group undertakings and participating interests Subsidiary undertakings Total 2025 Cost Al 1 April 2024 Al 31 March 2025 Subsidiaries Al the balance sheet date the company owned 100QA of the ordinary share capital of Absolutely Cultured (Enterprises) Limited, a registered company'.09734156 incorporated in England. The subsidiary was established on 14th August 2015 to generate comme￿Ial revenue to support the activities of the parent charity. 14 Stock Group 2025 2024 Stocks 5,801 4,175 15 Debtors Group Charity 2025 2024 2025 2024 Trade debtors Other debtors VAT recoverable Prepayments Due from group undertakings 3,118 1,092 6,691 19,527 2,287 2,216 2,000 500 12,250 19,244 42,781 55,159 $4,859 94,704 30.428 59.662 76.275 150.063 Page 40 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 16 Creditors- amounts falling due within one year Group Charity 2025 2024 2025 2024 Trade creditors Other taxation and social security Other creditors Generation Hull Producer Exchange Accruals and deferred income 46,686 17,723 44,236 15,785 8,357 30.000 2,475 13,291 2.782 7,695 356 35,613 8,357 30.000 2,475 10,556 2,782 7,695 356 27,698 16,995 11,273 104,513 77,460 96,341 64,872 17 Obligations under leases and hire Pu￿haSe ￿ntracts The totsl value of future minimum lease payments was as follows.. Group Charity 2025 2024 2025 2024 Within one year In two to five years 32,000 641 2,244 32,000 2,244 2,885 32,000 2,885 32,000 18 Funds Group Balance al 1 April 2024 Incoming resources Resources expended Balance at 31 March 2025 Unrestrfcted funds General Unrestricted fund 326,472 188.084 {281.0831 233,473 Designated Designated fvnd 599,319 1144,727 454,592 Total unrestricted funds 925,791 188.084 1425,8101 688,065 Restricted funds Restricted fund 201.400 201,400 Total funds 925,791 389,484 (627,2101 688,085 Page 41 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 Balance at 1 April 2023 Balance at 31 March 2024 Incoming resources Resources expended Transfe Unrestrlcted funds General Unrestricted fund 1,222.638 21￿,836 {503,683) {599,3191 326,472 Designated Designated fvjnd 599,319 599,319 Total unrestricted funds 1,222,638 2￿,836 (503,683) 925,791 Restricted funds Restricted fund 281.500 1281,500 Total funds 1,222,638 488,336 {785,1831 925,791 Charity Balance al 1 April 2024 Incoming resources Resources expended Balance at 31 March 2025 Unrestricted funds General Unrestricted Fund 321,637 87,728 {176,2381 233,127 Designated Designated Fund Total unrestricted funds 599.319 144,727 454.592 920.956 87,728 320,965 687,719 Restricted funds Arts Council England Coastal North 200.000 1.400 {200,0001 1.400 Total restricted funds 201,400 201,400 Total funds 920,956 289,128 (522,3651 687,719 Page 42 Absolutely Cultured Limited Notes to the Financial Ststements for the Year Ended 31 March 2025 Balance at 1 April 2023 Balance at 31 March 2024 Incoming resources Resources expended Transfe Unrestrlcted funds General Unrestricted Fund 1,213.696 78,¢￿4 {370,804) {599,3191 321,637 Designated Designated Fund 599,319 599,319 Total unrestricted funds 1,213,696 370,804 920,956 Restricted funds Arts Council England Esmee Fairbum Coastal North Heritage Lottery Fund Total restricted funds 200,000 72.600 500 15.000 1200,0001 172,6001 15001 15,000 288.100 1288. 100 Total funds 1,213,696 366,164 1658,9041 920,956 Designated Fund The trustees have designated various amounts totslling £599,319. Further details are set out in the trustees, report on page 23. 19 Related party transactions There were no rdaled paty transactions in the current or previous year. 20 Securty The company's bankers hold a debenture dated 9th February 2015 over the assets of the company. Page 43