THE SUB ROOMS TMISV•*OOMS ¢0 U STROUD SU RIPTtON ROOMS ST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31. MARCH 2024 Regi5teTed Cbarlty Nwnb¢r: J180350 SHINER MITCHELL FISHER & CO. LThIITED A¢¢ountants and Registered Audito Smith House George Street Nailsworth Stroud Glos GL6 OAG STROUD SUBSCIPTION ROOMS TRUST FINANCIAL STATEMENTS E YEAR ENDED ST CONTENTS Ito7 Report of the Trnstees RetK)rt of the lttdependent Examiner Stst¢ment of Financial Activitie8 Balance Sheet Staternent of Cash tknvs 121014 Notes to the Financial Siat¢m¢nts The followin% pages do Dot form part of the Statutory Aeeounts 15 Detailed Tn¢ome aTrJ Expendi￿re Account STROUD SUBSCRipfJoN ROOMS TRUST TRUSTEES, AP4NUAL REPORT ST FOR THE YEAR ENDED 31 MARCH 2024 The Trnsteeé present their report with the unaudited financial statements of the ¢harity for the year ended 31 Mar¢h 2024. REFERENCE AND ADLiIifiisTRATIVE INFORMATION The purpcpse of the ¢harity 1$ to manage the Subscription Rooms as a culturnl and eduGatrond reSOu￿t. for the benefit of the people of S¢roud, and its visitors. The main activiues are tbose of a vellue for social activity, including live ￿forn￿l¢e$. The following Tntstees setved dwing the ye￿. A.P. Cowan D. Pamham-cope J. ThoTncwill S. ViTJGCllt A.L. Wood J. Best M. Peters D. Pot R. Maule Resigned July 2023 The day to day administratiotj of the Charity wa5 undertakell by Miss A R¢Dtholds COOL who is ov¢Tseen by Mr H.R. Phillimore who is Artistic Director, appointed by the Trustees, and holds responsibility for rcpresentalion of The Sub Rooms to the trnst The maiti ag¢nts for the ch￿lty are: Bankers: Natw¢st Bank plc Bank Buildings George Street Stroud GL5 3DT Indetthdent Examiner. Shitter Mitchell Fisher & Co. Smith House George Street Naijsworth GL6 OAG STATEMENT OF TRUSTEES RESP0Tr4SIBILITIES The ￿￿'teeS are reswTrnsible for preparing the Truste¢s Rep()rt aod the accounts in accordance with appIl￿ble land and un]￿d Kingdom Aceountillbi Standards (United Kingdom Generally Accepied Accounring Policies). The law applicable to charities in England and Wales r¢quir¢s the trustees to prepare glccounts for each financial year which give a tyue and fair view of th¢ stat¢ of affairs of the charity and of the income and expenditure of the ¢harity Cor that year. In preparing these ac¢ount¥ the ts￿5.1¢￿$ alt required to ￿elect suitable ￿cOunting poli¢ie8 and then apply them nsistently; observe the methods atsd prin¢ipa]s' in the Chariti¢s SORP; make judgements and estimates that are reasonable and prudent. Stale whethei applicable a¢counting standards hav¢ b￿1 followeiL subJ￿t to any material d¢partur¢$ disclosed and explained in the aecounts.; and prepaTe the accoLmts' on th¢ going ¢op¢¢rn b&%is unl¢ss il is iDappropriate to prtsume that the charity will eontinue in operdtion. Th¢ T￿Ste¢S are responsible for kttptt￿ sufficient aecounting records that di￿10$¢ with reasonabl¢ a￿UraCY at any time the fllwicial position of the charity and enable thefft to ¢nsur¢ that the a¢¢gunls Comply with th¢ Charities A¢¢ 2011 and the provisions of the trt￿'t deed. They ai¢ also responsibl¢ for safeguarding the &ssets of the charity al￿ hence for raking reasonable steps for the prevention and detection of fiaud and other irregularities. STROUD SUBSCIUPTION ROOMS TRUST TRUSTEES, ANF4UAL REPORT CONTINUED FOR THE YEAR ENDED 31" MARCH 2024 STRUCTURE GOVERNANCE AND MANAGEMENT Governlng Dwllm¢nt Th¢ Clwity. which is a Cbar2table Incorporated OrganisatioD with regfftstered charity Dumber. l 180350, is gov¢m¢d by its Constitution. Reerulthiettt and AppolDtmeDt of Trust¢es The charity tru5te¢s for the purposes of charity law are known a5 members of the Management Ci>mmitttt. Under these require]nentb one third of the Thst¢e$ are elected each year to serye for a period of five years after which they n]ust stand &)Wll and offer th¢mselv¢s for re-election at the next Annual Getteral Meetitig. As a needs•led cbarity. the TDJStees are selccted to bring a wide range of skills and experience of benefit to the charity. Trustees Induction and Traittin8 All trustees atr made familiarwith the work of the Ctwity Alld the requirements of the Charities Act. New trusteGs take part in an induction process that introdu¢es them w the pujwse of the Charity and the workings of the venue. It covets: Th¢ Obligatio￿ of trustees The main documents which set out the operational framework for the charity The operation and management of the Subscription Rooms Resourcing and the current flnancial position as set out tn the ￿test published a¢¢oullts Future plans and objeciives Risk Management The Trnstees. along with the venue, events and operations man&gers. review majorrisks io which the charity is exposed. ThThere appropriate, sy.%tem% or pro¢edure8 have been established to mttigate the risks. the Charity face5. OrganisationRI Stru¢ture The ttustees meet ￿gUlarlY and are responsible for the stralegic direction and wlicy of the charity wgether with the review of the Various projects currently being undertaken. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFrr OvervieTrF of The Sub Rooms, Alms and Objectlves Th¢ Sub Rooms has been an entertainment and ¢on]munity v¢nue SillGe its establishmenl in 1833. Originally created by public subscription. the iconic Grade 11 listed building is intertwined with the lives of th¢ town's inhabitanL$. havin¥ been ai the centre of Stroud life. both physically and methphorically, for almost 2(H) years. Ownersh?p of the Sub Rooms wa5 pass¢d from the Stroud Districi Council to Stroud Town Council in April 2019 (after local residenis campaigned vo¢if¢rously to prevent the building being sold into privat¢ ownctship) and the Stroud Subscription Rooms Trust (in¢orporafrd ill 2018) took over the subsequent relaun¢h alld lllanagement of the Sub Rooms. Working as a CJLarAthble InC0￿rated Orgallisation and SUPWTrned by Stroud TOMD Coun¢il, the Trubt h&s relaunched the Sub%ription Rooms as a community venu¢ * the centre of the vibrant local arts and ¢ulhJrdl scene, delivering a diverse programm¢ of music. danLe, theatre, visual arts, spoken word, exhibitions and workshops, olongside a vibrant bar oafé. It also acts as a hub and resource for Stroud'5 IiuIfLerou5 festivals. We wish to be as accessible as possibl¢ to all oui audiences and communities and work with our local voluntsry qector partners to ensure ihat ¢v¢ryone has the best Possible chance to enjoy their experien￿ here. We support young people in our communities, thos¢ with disabilities, as well as those looking to develop careers in the creats.ve industri&4, thFOU8h S¢1￿01 Yitsits, WO￿ experience, placemellts. internship5 wnd volunteering (yportunities. STROUD SUBSCIUPTION ROOMS TRUST TRUSTEES, ANNUAL REPORT CONTtNUED FOR THE YEAR ENDED 31- MARCH 21124 OWECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT CONTINUED... The Board of the Trust currently has 7 rnefftbers with combined experience across the arts and ¢ultural sector4 venue development a￿1 management, large-syale music events. the legal sector, volun*erin8 and commut]ity engagemenl projects. li delega*s the management of the building to Artisti¢ Drrector (H.R. PhillimoTe), who is supported by a managem¢nt team comprisin8 of 6 members of contracted staff. Casual and freelance staff provide box office, technical, ￿ndraising, desi￿ Cateringlbar, front of house and duty maoagernent servi¢es and a team of voIun¢eer4 SUPPOrt these role8 as well as providing Tnaintenan¢e suppoo marf£eting and artistic iDPUt. Volunteers aTe tr&ined and managed by th¢ Volunteer Co-ordinator and management ieam. Artlsti¢ Programffje As The Sub Rooms enlered the new fll2ancial year. we knewwe had a strong progranllne plat)ned ond were ex¢itcd to leave the pandemic and cost of living crisis in the past. Across th¢ year we lak¢ pride in pro8fdmmitig events that appeal to a vari¢ty of age delltographics and Crosses genres so there is something for everyone. But w do like to blip in somethtng extraordinary every now and theJ], these are what we like to thillk of our'le8end' slots. They usually come in a bit late so miss ￿illg in the brochure and sell out in a flash. This year we werc lucky enough to have founding member of Velvet Underground, Jokn Cale, entertain u5 with a carttr highlights showcase. W¢ wel¢on]ed Kim Wilde and her Wilde Winter Acoustic show to watm our hearts and raise our voices. And fu￿[ly, Rufus Wainright. legendary G]L4MMY nominated singer songwri￿, wowed audiene¢s with his renditionb of Hall¢Jujah and Angus Dei in his solo show on piano and guitsr. Thi8 year has seen a ￿cord breaking 31 sold out shows from a vast of artists who all brought something difyerent to the stage. The Unthanks brought their Winter show. deltghting the audicwe with their subtle blend of genreknblurrin8 Creativity. The Uknjlele Or¢he8tra of Grea¢ Brithin showc&8ed their thoughtful perspective on the conventions of popular music to Stroud. We welcomed star of the sta#e and screen Damiatt Lewis with his band to entertain audiertces with their jazz-rock-blues 8ound. And if you wantrd the ultimate knees-up you can't forget the Peatl)og Fairie5 or Doreen Dor¢en- selling our in r￿ord timel W¢ really do pride OUTs¢lves on progTammin8 sornethtng for everyone at The Subs. Building on our reputation of bringillg the party to Stroud we welcomed Godfathers of Drnm and Bass Fabio and Grooverid¢r, kicking off the year with a bank holiday weekend to r¢member. BBC R&lio legend Scott Mills grneed the deck.% in June. Daye P¢arc¢ brought his Trance AntheJDS to th¢ ballri>om fora sold-out show in Nov¢mbcr and Phais and Small took our Shindig paty for Stroud into the wee hours. of the morning playing cle&sic dance tunes. Febnwy saw the return of The Orb for 2nothu sold oui show and Judge Jul£s brought his Ibi2a Anthems show. Stroud certainly knows how to have a good timer Along with all of this we have the ever popular Bra&4 Bands and h1ghty-skil1￿ tribute acts and artists across all gentrs of music. Other bands of note in¢lude The Blockheads, Hothou$¢ FloweTb and PP Arnold. Reggae royalty Aswad spread their Summer vibes to Stroud with a sneaky prfrparty on th¢ fore¢ourt too. Tunde (voice of the Lighthouse Family), Kid Creole and Kosheen atl carne and entertained us in the Baljroorn Its well as so many other amazing artists grncing our stage through the year. But it's llol all about the big names. Wc held th¢ second year of The soul￿ of Strwd offering a chance for local arttsts and bands to play on the biggest stage ID Stroud supported by our star-quality sound and lighting resources. We hope there was a furure star amongst them and we look forward to welcoming them back for sUPPOrt slots, and maybe even (￿e day qelling out a show of their own. We alsts opened the flwr to local musi¢iaJ]s and music enthusiasts foT our free. monthly jam *essions hosted by our unrivalled tech team. These sessions allow people of varying ability to join in a vaTtety of music styled and their confidence and skill& Oltr annual beer fesr played host to a¢ts from near and far, all helping to support The Sub Rooms at this Fundraiser. In the se£ond year of this event the Weather GoiL8 were noi kind, sending u¥ totyential rain for the Saturday. But we dithj't lei that dampen our 8Pirits and we brought the show itiside and the show went on without a hitch. We were able to make this event free to the publfft¢ througb the kind sponsorship of beerbaff¢l8 by amazing local business¢& STROUD SUBSCRIPTION ROOMS TRUST TRUSTEES, ANT4UAL REPORT CONTINUED FOR THE YEAR ENDED 31ST MARCH 21124 OWEcfivES AND ACTIVITIES FOR THE PUBLIC BENEFIT CONTINUED... Always up for a laugh we were privileged to welcome Ed ByTn¢ with his sold-oui Tragedy Plus Time show, Mark Watwn'5 StAlld-up show Search had the audience chuckling into their beers. and G￿ff Norcott brought his Basi¢ Bloke thow to The Sths. National treasure Reverend Richard Coles caTne to regale stories of his life and Rob Newmall brought his humorous insights into modem living. The Scummy Mummi&5 rett￿ed with another sold- out show to get us into th¢ Fegtive spirit. And for something a litile bit different there The Thinking Drinker's Pub Quiz getting our brains working whilst also providing US witb a few tipples and some funny 8keich¢s, ond the Women Who gave no F**ks who retold stories of powerful women froAn JJis¢ory and legends with a ¢omedi¢ spoken-word twist. Throughout th¢ year the kids programme also got incredible reyiews wtth both edu¢aiional ￿ brilliantly fill)ny shows from Horrible Histories.. Bamiy Britain, whilst Danyah Mill¢r brought Michael mO￿Urg0's l Believe in Unicorns to lif¢ with an intera¢tive thow and book swap, and Mark Thompson enthralled the bal]ro(mi wilh his Spe¢la¢ular Sci¢nce show full of explosions atld jaw-dropping mornents for our young audience. Olaf Falafel's Super Stupid STrK)w brougbt silline&8 to the Ballrotrm and Pop Divas had the audience up daocing in the isles. Buildin&y on the success of previous Pantos PJD Productions brought us 8 re-vamped version of Snow White, spoiler alert- Prince Pleasing did not get the girl in this rni)dern4iay tWi8t on the tale. The Sub Rooms panto ha8 become an itt4)onant part of Chrisknas and New Year tradition% for families across Stroud and we pride ourselves in ￿￿killg this show accessible to all with schools days and a relaxed perforniance, w¢ also donated tickets to lo¢al charities and community group5 who suP￿rt families in need. "All ofthefamuies IlodEeS thal were given lickets suid thtJ¢ wiÉhou¢ ihe complEmentory Éickets ihey woyld noi hove been able ¢0 afford io go- Ihey were so graÉefyl. Seeing ihe children and Hums come back ￿ refyge gloKungandnon slop ialknngfollowEng iheperfonnance soy$ Beeomtng in¢rw8ingly recogtjised as the central hub for Stroud's manytown-wide festivals such as Stroud Arts Festival, Stroud Book Festival and Stroud F¢stival of Food and Drink. we were happy io ll￿de￿in th¢5¢ with our resources such &s ticketin8, u)ordinatioD and adrninistration. Each of thes¢ f¢slivals brings another layer of culture to Stroud and we are proud to be the flagstone of these events providin¥ state of the afi sound aod lighting in our beautiful Grade Il lisied building. We al%0 host Stroud Film So¢i¢ty's programme of world and artistic films and have begun a programme of Exhibition on Sureen and Natio[￿1 Theatre Live screenings. bringing national. award- rynning perforniall¢es and exhibitions to local audiences at au affordable price. This has also ajlowtd us to extend ourprogramrne to include afternoon shows. However. we believe that succ￿5 should not simply b¢ Jn¢asured in monetary lern￿. Thi5 was the first year in whieh we measured OUT s￿la1 tmpaci dara too. With this we were able to TecoTd the following: £2.2 million contnbuted to the local economy 49 jobs supported 910 volunteerhouTS donated io events 63 volunteers provided with skills and trainin8 120 of work experienceJinternships provAded to students 2,287 school age children attended an event 134 fre¢ tickets io Carers 110 requests for athlitional &ssistance (inc. wheelchair users) 250 fr¢¢ tickets. donated to Com￿unitY partt]ers 1,872 creatjvelartists1t￿hAIcia￿s supported in their work Ensuring the Sub Rooms Can be used and enjoyed by everyone 1.% vital and has dIT￿ted OUT ongoing strategy. As a r¢suli, this year we launched our'subs in the Community, programme. which fwusses on making our ¢v¢tstg and activiiies a¢cessible or free through wmmunity and food hubs, local voluniary partner4 sCh￿IS and wll¢¥es, reaching t]K)se who might struggle io engage with us otherwise. This has included our new. grant-fund¢d 'Tidcets for All, initiative, which rnakes tickets available a¢ross our progran)me at £5 each. As one ofthe hub Goordirnators obseryed.. "Imeet.$0 Manypeople ai ihefoodhub. who kave lived in Siroudall ¢heir live5. bu¢jtisi do nolfetlpart ofihe vibrancy and cullural r￿hnesS ofihe ttswn we liiye irt- and rEally kelps in overcomijyg barriers to aCCaSSlrtg the arts ond in helpimg ihemfeel included" STROUD SUBSCRIPTION ROOMS TRUST TRUSTEES, ANNUAL REPORT CONTif4uKD ST FOR THE YEAR ENDED 31 MARCH 2024 OAIECTIVES AND ACTivrriFS FOR THE PUBLIC BKNKFIT CONTINUED... In December we laurKhul ¢w Little Art Exhibition, inviting local artists to submit their work for a salon 8tyle exhibitio￿ and showcase th¢ wealth of talent we have here in Stroud and the surrounding area. We had 140 subjnissions and the show was a wonderful e¢lecti¢ celebrdtion of creativity. All art-work was up for silent auetion and ov¢r half was 501d. Thi5 income was split with the artist and The Sub Roorns and will become an annual event due to 115 overwhelming sucress. Our in-housc chef ha5 excelled with the provision of world-food pop up restsurat)ts and pTrshow dinner8, filling the building with aromas ftr)m around the globe. These nxghts are sold out on a regular b&sis ivith customers enjoying a taste of Korea. Malaysia, Hungary, Gree¢e, India and beyond. In the jast year there have been an incredible 33 sold out servi¢e8. All cooked from scrAtch in our tiny kitchen and filled with a whole lot of love. The weekly Paella nights are a staple pre-fdm treat on a Tuesday night, and the preryshow dinners not only welcome our visitors in for a relaxing meal before the show but often feed the bands a￿d perforniers too. Working as a Charithble IncorpoTated Organisation and supported by Stroud Town Council, the Trust has relaunched the sub￿ripTIon Rooms as a ¢ommuniry venue at the centre of the viTr>rgnt local arts and culttwal scen4 delivering a diverse programme of musi¢. datt¢¢, theaire, visual arts, spoken word, ex￿'bitio]IS and W0￿$hOp5, alongside a vibrdnt bar and Café. It al80 acts as a hub and resource for Stroud's numero￿8 festivals. We wish to as acce%8ible ￿ p05sibl¢ to ail OUT audien¢es and communities and work with ollr local voluntAry sector parttiers to C￿SUre that everyone has the best possible ¢h8nce to enjoy their experience here. We support youllg people in our communitie& including those v/ith disabilities, as well as those looking to develop careers in the creative illdustyies. t1￿)ugh s¢hool visits. work experieJK< placements, intemships and volwitr¢ring OPP0Ttt￿itIe$. We are grateful for ail the gratts received in 2023-24.. Gloucestershire Community Foundation.. £3.900 towards our Tickets for All initiative ond collllnunity pat1ner tickets for the panlomime. Laura Kinsella Foundation.. £5.(K)O tow4rd8 website developmenL Stroud District Coun¢il.. £500 towards Tickets for All. Stoud Town Council.. £17,680 towards Fundraiser 8md Volwlteer C4)ordinaior. We have completed repairs to the portico and improved acc￿$1b]lity with suppon from Summerfield and Barnwood Trusts. Some of the allocation for Tickets for All will roll over into next year allowing us to ￿ntinue lo support low or no-income families to acce￿ the arts. This will be extended with the geDerous support of our tickel purchasers who are contributing io a new Pay it Fonvard fimd. We have filso received a [￿$t tranche of an ArtS' Council England grant, which will help us open more doors to live music through our work with sCh￿IS aThl colleges, the supp)rt of emerginglgrassroots arti$ts, our sub$idised ticket offer, OUTopen ac¢e&s events and the coniinued diversification of our programme, especially with a view to reaching our yQUDger audiences. The schools work has a]so ￿en suppl¢mented by a grant from Renishaw. Ourcornmunity 5￿w¢d their 8upp)rt with Public donauons of £20,629 and £3,0Sl w&s taised from the Little Art Exhibiiion due to the generows bids frorn the public where profits were split between thc artists. and the Sub Rooms with many ortists ¢hoo%ing to donale their wot* to the Exhibition or splii the profits.. Alongside this we received £2,720 of sponsorship from local businesses and £3,427 in Corporat¢ Membership. allowing bu5in¢58¢S to offer their employees acc￿ to tickd offets whikn also being able to tak¢ advantsge of Toom hire dis¢ounts aDd OUT Strong adv¢rti￿]n8 mediums. General M¢mbcrship income incredsed from £7.577 to £10,671, membas receive tieket deals and priority b(x)king (an in¢reaging attrdclion, given the nunTrber of sell-out Sl￿Ws). Top tier members, Patrons and Champions, a]so rewivc rooTU hire discounts and invi￿S to special events. We launched monthly memberships so that costs w be spr¢ad across the year allowing more people to take advantsg¢ of tsil our membetship options. Self-Earned Income Since our launch in 2019 we have 4cen a huge increase in our income from ticket sale& bar, café, room hire, donations and private events. We have got to a point now where we hope io know whai events are going to work and how to Staff cvents for optimum service. We are WOTking Imrd to diva3ify our income streams and ereate a 5tsble business model ￿ allow us to end each year on a surplus and be able to re-invest any contiDgency into our re5crves or improving The Sub Rooms. STROUD SUBSCRIvrior4 ROOMS TRUST TRUSTEES. ANNUAL REPORT COI¥'I'INUED FOR THE YEAR ENDED 31ST MARCH 2024 OWECTIVES AND ACTIVITIES FOR THE PiJBLIC BENEFIT CONTINUED... Bar $4le$: Compared kn a pre covid annual income of £55J17 our income ha5 al￿0$1 quadrnpled to £219,994. A major factor of this is the amounl of sold-oui shows we are puttin8 on, alongside growin8 ability to spot what events ale ￿Ore likely to be sU￿¢Ssful along with the rtrdevelopment of the bar space and improving accc8s from the Ballroom. We have also inVeS￿d in itnprovements to our cellar and a smart dispejw wtcm that reduee8 waste and improves efficiency. C*fé and catering sales: Improvements to our café offering have allowed us io increase our income 4580/0 to £130,893. We have added poTrup restaurdnt nigbts, pre-show dinners and catering for Private partie￿ pnd weddings to ourrepertoire. Titket sales and BooklDg fees: With record bretiking numbers of sold out $hows this year our income ha% again increased by over 7500/• since launch of the trugt to £465,288. We diversified our programme to make sure we do not over-Sa￿rate the rnaTket and eJw¢ ¢USWJners are rethjrning w ￿tUre shows. We hope to palx the half a million pounds in ticker sales next R4)om Htre: Providing quality and affordable room hire allows us to support businesses and Community groups, prograttme a eclectic mix of events. We promote dallce, coinedy and writing classes as well as exhibitions and workshops. We are also a popular choice for our voluntary ￿ctOr and community parners to hold their workshops and meetings. We continue to welcome weekly partners such as Barclays Bank and Prosped Trdining, ensuring that our convenient and acces%ible location can be used for the benefit of the wider public, Jnd h¢lp ID bringing much needed services to our comrnutiity. VINANCIAL REVIEW The charity is a noi-for-profit organi5ats.on and reli¢8 upon its Artisti¢ programme to facililate its core ¢osts. It relies on fuThJraising and donation5 for at]y additional activitie%. The trusiees do noi hAve any concerns Tegarding the fthancial position of the Charity. Reserves Policy Trnstees of The Stroud Subscription Rooms Trust have benchmatlced the yeserves level al two tnonths of unrestricted core costs, with the aim of building to 3-6 months of reserves moving fonvard. This will atsure that the Sub Rooms is able to function for iwo months of unexpected closure without income. This covcts tore 5tsffing, building co%ts such &8 utilities and maintenance, administrative ¢osts such a5 insurance. ac¢ouniing. technical Contracts and subscriptions. Thi5 level will be reviewed aunually. The ¢stirnated monthly core rnwiing costs are £25.050. The Current requir¢d r¢s¢rv¢& figure is therefore £50.101. This figuTe i$ calculated using the most recent cashflows and budget and r¢alistically reflects the day-to-day running of The Sub Rooms. At 3113124 our reserves are £25,757. Aft¢r the impaets of the global pandemic and cost of living crisi& levels had been depl¢t¢d to le&% than £2(K)O at the end of March 2023. We are continually strivin¥ to reijttlate our reserves are pleased that w¢ now have a mtsntb's re8erve& and hope w at I¢￿t double 1¢ in the Dexl year to have the minimum requird amount of r¢￿rveS. Any surplug at the end of each year will a150 b¢ added to this fund. We are closely monitoring ow day-to-day spending on core cosis. We are also stren¥thening gur rnaiketing offer to ensure that we get the most out of ail our 8hows. We are putting on more privat¢ events where our risk is low and, and increasing our room hire offer. All these things will enable us to continue to add to our rescrv¢s and then re-invest into The Sub Rooms. As is the nature of an arts venue, our cashflow fluctuates throughout the year and it is eXp￿ted that Several ll￿nths of the year w¢ will deplete reserves whilst other months we will inflate them. The Trustees will look at the level of re$erve5 quart¢rly along with the annual budget to monitor reserves levels. The R￿ry¢S Policy will be amended ev￿ year lo reflect the necessary amounts and monitor any ¢han8es in the core costs. If we are unable to generale the required arnount through Self-earned income. we are wmmitted to attaining the relevant shortfall through fvndraising and grant applications. Our reserves policy does not cover any of the artistic programme wsts. We hold restricted funds for advance sales of ti¢kets to future events. This figure fluctuates but is approximately £IOO,(X)O in our holding ac ensure that the f￿ancial stalements comply with the Financial Reporting Stattddtds. The Management Committee is also ￿pOnSIble for safeguarding the assets of the charily and hence for t8kÈng Tvdsonable steps for th¢ prevention and ddection of fraud and other irregulorlties. M¢tDbers of the MaDMgeJnent Commlttee M¢]nb¢r5 of the management commiitee who are trus'tees for the purpose of chaTity law, who ¥erved during th¢ y¢ar a[￿ up to the date of this report are set out oll page l. In accordance with charity law, as the clwity, trustees, w¢ certify that.. So far as we are aware, there is no relevant inforniation of wbich the Lharity's examiner5 are UDawar¢' and As th¢ Trystees of the Charity we have taken all the steps that we ought to have tsken in onkr to make ourselves aware of any ielevant infornialion and to estsblish that the chatity's examiners are aware of that information. Signed ort behalf of the Managemen¢ Committee tw 121, A. P. Cowart Chair Date INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF STROUD SUBSCRIPTION ROOMS TRUST ST FOR THE YEAR ENDED 31 MARCH 2024 Respeetlye responslbllities of trus¢eu and examiner The charity's ￿￿st¢es are r￿ponsible for the prq>aration of the a¢¢ounrs. The charity's tnLstee$ con%ideT that art audit IS Dot re4wired for this year under section 144(2) of the Charities Aci 2011 (the 2011 Charitiss A￿), 2nd that an independent examination is needed. The charity's gross income exceeded £250,000 and l am qualified to undertake the examinaiion being a qualified member of the ACCA. Jt is my responsibility to- • exatnine the accounts Ujmler section 145 of the 2011 Charities ACL • to follow the procedures laid down in the geD¢fdl Directions given by the Charity Coounission under sectioll 145(5)(bl ofthe 2011 Charities A¢t, and • to State whether panicular matws hav¢ ¢om¢ to my attention. Basls of llldepelldellt examlDer's statement My exalllillation was carried out in a¢cordan¢¢ with generdl Directions siven by the Charity Comrni&sion. An indq)endeDi &xamination includes a revi¢w of the accountins records kept by the Charity and a comparison of the accounts presented with those records. It also inclu(ks considerdtion of any unusual Items or di￿10&Ur¢S in the accounts, and seeking explanations from the tru%te&s concerning any such matters. The procedures undertaken not proviik all the eYidetKe that would be required in an audil and cort8equently no opinion is given as to whcthcr the accounts present a 'true and fair, view and the report is lirnited to those matters set out in the next siatemenl. Independent ¢x4mitter's atatement In connection with rny cxamitiation, no maUeThas come to my attention: l. which gives me Teasonable cause to believe that in any material r¢sp¢¢t th¢ requirements.. • To keep accounting records itt 8¢¢ordance with section 130 of the 2011 Act" and • To prepare accounLS which accord with the aceounting ￿cords and comply with the a¢¢ountilh8 requirements of the 2011 Act" have not been met or 2. 10 which. it] my opinion. attention should be drdwn in order to enable a properw￿¢T8f&￿dI￿g of the accounts to be reached. SHINER MITCHELL FISHER & CO. LTD Indep￿dent Examiner l(p 141d2 Date Smith House Gwrge Street Nailswortb Stroud L6 OAG STROUD SUBSCIUPTION ROOMS TRUST STATEMENT OF FIIYANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 21124 Total Funds 2023 Total Funds Note UDrestrieted Funds Restrlcted Funds INCOME RESOURCES Grants Received Charitable activities 25,271 968 710 25,271 968 710 50.108 871681 Total Income 993 EXPENDITURE Cbaritsble Activities Totsl Expenditure 969 902 inc(thing resources before transfers 24.097 24,097 (40,592) GTOSS transfers betwe¢n funds Net Incfjme 24,097 24.097 {40,592) Net Movement in Funds 24,097 24,097 (40,592) Total fiJnds brought fonvaTd Total funds ¢arried fonvard 10. STROUD SUBSCRIPTION ROOMS TRUST BALANCE SHKET AS AT 31ST MARCH 2024 Note 21124 2023 FL￿D ASSETS Leasehold Improvements 7,744 CURRENT ASSETS Sto¢k8 Debtors Ca%h At bank alld in hand 10,695 31,035 9,248 69.196 159 792 238236 400,492 CREDITORS: Amount$ falling due within one y¢aT 222 166 NET CURRENT ASSETS Long tum liabiliti¢s (8,442) (14,410) NET ASSETS 25,757 RESERVES General Funds TOTAL FUNDS The fllwi¢ial statements w¢r¢ approved by the board of Trustees and signed on its b¢ha]f by.. 1gJi ?$ A. P. Cowan Chair Date STROUD SUBSCRipfiop4 ROOMS TRUST STATEMENT OF CASH FLOW AS AT 31ST ARCH 21124 Note 2024 2023 C•sb Operatlng Aetivltles io 214 18 CAsb flows frojn tnvestment aolivities: Pur¢h&%e of Fixed Assets (9,680) Cash t]ows from fmancing activities.. Repayment of bornwing (5,968) 15,822) Cash uued Increase (d¢¢rca5c) in and ¢ash equivalents iti th yeaT 198.970 60,030 Cash and cash equivalents at the begitming of the year 159,792 219.822 Tot￿ eash and cagh equivaleDts at tbe end of the year 12. STROUD SUBSCRIPT10Tr4 ROOMS TRUST NOTES TO THE FIIYANCIAL STATEMENTS YE NDED ACCOUNTING POLICIES The principal #ccounting ￿lICIeS are summarised below. The awounting policies have been applied consistently throughout the year. Basis of aect)U￿ting The fmancial ststemenis have been PTepared in acc(￿8￿¢¢ with Aceounting and Reporting by Clwities: Ststement of Re¢oJnmended Practice applicable to chtirities preparing their accounts in accordance with the Ftnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effe¢tive l January 2015)- (Charities SORP (FRS 102)), the Fitmncial Repcprting SL￿dard applicable in the UK and Republic of Ireland (FRS 102). Fvnd UnTe$tricted fimds are available for use at the discretion of the trust¢¢s in fiwth¢ran¢e of the geneTrl objectives of the charity. Designated fLmds are unTestricted fund8 ¢annaTk¢d by the MaDagement Conjmittee for pat1icular purposes. Restricted funds are subjected to r¢stri¢ti0Tr8 on their expenditure imposed by the donor or through th¢ ternis of an appeal. Incom¢ All income is included in the ytatement of financial activities when the charity is entitled to th¢ incorne and the amount can be quantifi¢d with reasonable accuracy. The following specific policies ar¢ applied to particular cat¢gories of incorne. Voluntary incom¢ is received by way of grants, donations and gifis and is included in full in tbe Statement of Financial Activilies when receivable. Grants, where entitlement is not conditional on the ddivery of a specific perforn)ance by the charity, are recognised when the charily becomes unconditiODally entitled to the grant. The value of donated seryices and facilities Provided by volunteers h&s noi bcen included in these accounts. Investment income is included when rtteivable. IncoJnin8 resources from charitable trading activity are accounted for whcn eamed. tncoming resources from grdnt%, where related to perforniance and specific deliverables, are a￿￿nI¢d for as the chan.ry eams the right to consideration by iL% Wtormance. Expenditure Expendittwe 18 Tecogni4ed on an ace￿al b&sis as a liability ts incurred. Costs of generating fvn(Ls are those costs incurred in attrd¢iing voluntsry income, and those incurred in trading activities that raise funds. Charitable expenditure comprises those cosis incurred by the Charity in the delivery of its actRviti&8 and setviccs for its beneficiaries. It irteludes both costs that can be allocated dir￿tlY to such activlties alld tho.%¢ costs of an indirect nature necessary iCTr SUPWrt them. Govemance costs include those costs associaied with meeting the constitutional aTKI gtstutory reqvirernents of the Charity and include the Audit fees and c08ts linked to the Strdtegic management of the charity. All costs are allocated between the expendinwe categories of the SOFA on a ba￿1$ designed to reflect the UAe of the resource. Costs relating to a particular activity are allocated directly. othets are apportioned on 8n apprnpriate basls e8. Staff costs per time spent and oth¢r ¢o$ts per th¢ir usage. Tax*tlon The Charity is a registered charity and is not liabl¢ (or any income, capital gains or cojporntion laxes on its current activiues. 13. STROUD SUBSCRIPTJON ROOMS TRUST NOTES TO THE FINANCIAL STAT FOR THE EAR ENDED 3IS¥ MAR MENTS 2. EMPLOYEE INFORMATION 21124 2023 Wages and 5alaTi& Pensions Socia] ¢OSLq 229,146 219,332 2.849 228 59 No tsnployee rtteived ¢moluTDWLts of mort than £[￿).￿0. The av¢rag¢ wthly numF*r of ￿P10yeeS during the year w¢r¢cREc￿1ated on the avcrdgc monthly head count. Av¢roge numberof sthff anploy¢J in theye4r 50 48 Key m#nA%e)nent persomnel The totsl employ￿ bwcfits of kry lll8nag¢m￿I per8onnel (Artistic Dir¢ctor Fir)an¢e Mana8er) 52.723 48,656 3. TANGIBLE FIXED ASSETS Leasehold Improvement5 Cost OT valuation At 151 April 2023 Additions At 31$1 March 2024 9,680 DepreciAtio At I. April 2023 Charge for the year At 31° March 2024 1936 Net b￿k value At 31" March 2024 At 31" March 2023 The net book value at 31SI March 2024 repres¢nts tangible fLKed &ss¢ts used for.. Direct charitable pur￿￿¢ 4. DEBTORS Amounts falliDg due withlD one year: 2024 2023 Trade Debtors Prepayments and A¢¢rued Income VAT Recoverdble 9,120 21,915 7,310 61,886 14. STROUD SUBSCRtPTION ROOMS TRUST NOTES TO THE FINANCIAL STATEMENTS R THE YEAR ENDED 31 MARCH 2024 5. CREDITORS Amounts fauing d￿¢ withln oDe year: 21124 2023 5,000 90.59 31.024 8.400 5.000 78.908 24.578 Trade Creditors (hher taxes and social security Other Creditors Accnjals And Deferred Income 222 166 6. CREDITORS AmDU]its falling due over one year: 2024 2023 Bank Loan 442 7. ALYALYSIS OF FUNDS 21124 Tot FuTrd$ 2023 Total Funds General Funds Restrlcted Funds (a) Movement In At IIL April 2023 Net incomingl(outgoing) resources At 31# March 2024 1,660 42.252 24 25 (b) Representadon of fund balin¢es Fixed Assets Cash and bank ba]Ances cu￿ent assets. Curreni liabilities Long tem) liabilities 7,744 358,762 41.730 (374,037) 7,744 358.762 41,730 (374,037) 159,792 78,444 (222,166) At 3151 March 2024 8. RECONCILIATION OF NET MOVEMEIYT IIY FUNDS TO NET CASH FLOW FROM OPERATLYG ACTIVITIES 2024 2023 Net surplus (d¢ficit) for the year 24,097 (40,592) Deprec?ation (Increase)Idecrease in Slod( {Inctease)Ide¢rease in Debtors Jn¢re&%el(decrease) in Creditors 1.936 (1,447) 38,161 151,871 401 (14,172) 155 Net c*sh in operatlng activities 2146J8 54,208} 15. STROUD SUBSCRlfflON ROOMS TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE TrIAR ENDED 31- MARCH 2(124 2024 2023 Grants Re¢eived Donations Received Charitable activities 25,271 23,476 945 234 50,108 17,004 854 677 993,981 921.789 L¢&s overheads.. Chuitable activities Employee costs Staff trydining Light & Heat Pre]nises bleaning PreTnises insurance Premises ￿pair Bank charges and money handling fees BaTth interest Equipment repairs and mainieAMnce Postsges and couriers Computer costs Stationary and printin¥ Subscriptions Sundry expens¢s Accountancy and bookkeeping Dep￿lation 754,894 63,898 2,074 41,015 10,148 3,150 18,922 46.295 423 7,333 431 16,21)0 676 771,204 63,186 2,012 35.968 8,974 2,897 19,050 39,369 567 3,038 506 9,850 452 1,182 27,43 1,383 144 1,034 969 84 96 P4ET SURPLUSI(DEFICIT) FOR YEAR 24,O97 (40,592)