Contains Art CIO Annual Report and Financial Statements Year ending 31 03 2025 Charity Number: 1193931
Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2025
Table of Contents
CONTAINS ART CIO ..........................................................................................................................................3 REFERENCE AND ADMINISTRATIVE DETAILS ....................................................................................................3 TRUSTEES .........................................................................................................................................................3 CHAIR’S INTRODUCTION ..................................................................................................................................4 CHARITABLE PURPOSES ...................................................................................................................................6 VISION STATEMENT AND OUTCOMES ..............................................................................................................6 PUBLIC BENEFIT ...............................................................................................................................................8 ACTIVITIES IN 2023-24 .....................................................................................................................................8 FINANCIAL REVIEW AND PRICING .................................................................................................................. 15 FUTURE PLANS ............................................................................................................................................... 15 STRUCTURE, GOVERNANCE AND MANAGEMENT .......................................................................................... 16 FINANCIAL STATEMENTS ............................................................................................................................... 18
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Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2025
Contains Art CIO
The trustees present their report and the accounts of the charity for the year ended 31 March 2025.
Reference and administrative details
Registered charity name Contains Art CIO Charity number 1193931 Registered office Harbour Studios, Harbour Road, Watchet, TA23 0AQ Trustees
The trustees who served the charity during the period were as follows:
J Griffith Prendergrast (Chair) (appointed 03 August 2020) A Davey (appointed 03 August 2020) M Little (appointed 03 August 2020) E McGrath (appointed 24 June 2022)
Accountant Rowlands Webster Austin House, 43 Poole Road, Westbourne, Bournemouth, BH4 9DN
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Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2025
Chair’s Introduction
This is our fourth Annual Report of Contains Art since its conversion from a CIC to a CIO in 2021 alongside our fourth set of financial statements as a charity. It has been another busy, fun-filled, creative year welcoming audiences to our galleries at East Quay. Significantly, it has also been a year in which we have made real progress with our education offer, working closely with teachers from eight local schools to explore how to embed creative confidence, relationships and skills and focusing on wellbeing and connection between our artist and educational community.
We have continued to engage new audiences and build strong partnerships for delivery across our events, exhibition and events programmes. We have put on five major exhibitions during the period which this report covers. In the spring of 2024, we hosted a solo exhibition by queer digital artist Jakes Elwes, exhibited alongside our first major open exhibition celebrating the theme of identity with works by more than 80 artists. In September 2024, we opened a solo exhibition, Wild Apples, by ceramicist Serena Korda, exploring aging and the female body. And in January 2025, we again host two shows concurrently both exploring what it means to collect art: Recollections by Jeremy Cooper, and Ship of Fools / the Dockers’ Museum in collaboration with M HKA, the Museum of Contemporary Art Antwerp. These exhibitions continue our efforts to bring the highest quality art to the quayside and to reflect on the central themes that drive our programming, which we have reframed now peripherality, alternative futures and joy & wonder, and which increasingly influence our events programme alongside exhibitions.
Alongside our gallery exhibition programme, we continue to curate, commission and undertake a wide variety of art, culture and educational activities with the community of West Somerset. Key highlights in the events programme included a fashion show collaboration with artist collective Hatch exploring future folklores; our first drag show on the quayside, coinciding with Jakes Elwes’ exhibition and drawing huge audience; and our third, now well-established light night combining projection mapping with lantern parades and fire performance.
A series of lively, experimental residencies and exhibitions were also hosted in our Studio 10 Project Space, from exhibitions of schools’ work by both middle and sixth form students to opportunities for emergent and underrepresented artists, to residencies for Somerset artists and opportunities for tenants to explore outside the studio.
Significant educational work saw the launch of a new three-year creative education programme, funded by the Freelands Foundation, in which we are developing closer relationships of trust and care with teachers from eight local schools, and supporting educators to work with local artists for shared learning and development. We also ran two successful ‘live’ projects with students from Bridgwater and Taunton College design students, introducing them to creative industries careers and exploring digital design.
We remain hugely grateful to Arts Council England and other organisations whose financial support enables us to achieve so much, in particular, the Golsoncott Foundation, and the Freelands Foundation.
Beyond these organisations, my ongoing gratitude to everyone who has and continues to support our journey: the brilliant staff at Contains Art and East Quay; the many talented artists and creative practitioners who
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contribute so much; and, of course our audiences and community in West Somerset on behalf of whom we work.
Jessica Prendergrast Chair Contains Art CIO
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Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2025
Report of the trustees for the year ending 31 March 2025
The trustees are pleased to present their fourth annual report and financial statements as a charity, having converted from a Community Interest Company on 26 March 2021. Contains Art CIC had operated successfully as a CIC since 2012 but a review of finance and governance in 2019 concluded that the future of the future of the organisation and is impact would be better served by conversion to become a charity. This report and financial statements relate to the year ending 31 March 2025, its fourth full year of operation in its new structure and form.
The financial statements comply with the 2008 regulations and the Statement of Recommended Practice – Accounting and Reporting by Charities (SORP 2005).
Charitable Purposes
The charitable purposes of Contains Art CIO are as follows:
To advance the:
a) arts, culture and heritage for the public benefit through activities of artistic or educational merit including, but not limited to the promotion of contemporary visual arts and other forms of art and culture, in particular but not exclusively by maintaining one or more art galleries for exhibition to the public; and b) education of the public in the arts, culture and heritage for the public benefit by providing exhibitions, displays, projects, performances, publications, courses, seminars, workshops and events relating to contemporary visual arts and other forms of art and culture, including through community and schools outreach and engagement.
Vision statement and outcomes
Contains art aims to provide a place where artists and audiences, together, can question and explore the world and the future. Contains Art’s purpose is to raise ideas, open minds, invite discussion and encourage a social, economic, and environmental conversation through culture, as well as bringing simple joy, beauty, wonder and fun into people’s lives in a place of low social mobility. Reflecting this, its programming has a core focus on work that is accessible but still amazing. It aims to create a place of imagination and hope where reality can be suspended, and visits rewarded through meaningful interaction and ambitious artforms. It brings an inventive way of exploring art and empowering artists that unites audiences locally and universally. We expect to become known for immersive, experiential, participatory, activist, community-inclusive and socially conscious exhibitions and experiences that confound expectations of what visiting an art gallery is like in a place like ours.
Our central focus is on culture, which for us means nurturing imagination and inspiration and inviting curiosity; building connections between people while reframing our kinship with the planet; and acting with purpose to address pressing concerns around social mobility and economic and environmental transformation, centering listening, sharing and learning, while championing compassion.
We believe in the power of community, the power of creativity and the power of enterprise. It is through culture, experienced collectively, that we come together with joy and hope. It is about the things we see and
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experience, the music we make and hear, the way that we dance and play, the fun we have together. But it is also about the reason to make this happen and why it matters.
East Quay holds the firm belief that who you are, what you have, and where you live should not limit or constrain your access to the highest-quality artistic and creative experiences. It signals bravely how community-led renewal can empower people and help them to develop agency to fulfil their potential. Here in West Somerset, we have the lowest social mobility in the country. This has huge ramifications for our children’s futures. Art has a role to play in changing this - enriching experiences, drawing out creativity and helping people to flourish.
It also demonstrates that questions of cultural, social and environmental justice cannot be separated from economic life and that culture can help to rebuild a forgotten local economy and redefine our relationship with the planet. We need art now more than ever to help us understand and navigate the future. In these turbulent times, everyone must be able to play a role in conceptualising their futures; a responsibility that East Quay will embrace.
Within each of three core areas of impact, we have identified core outcomes which reflect the change we wish to help bring about. These have been updated in the last year to better reflect our areas of interest and engagement. Those in italics have been adjusted.
Through our imagination strand, we intend that:
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Joyfulness: People will feel joy, hope and happiness;
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Enrichment: Everyday lives will be richer;
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Potential: Artistic endeavour will flourish; and
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Agency: People feel confident engaging with the arts.
Through our connection strand, we intend that:
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Belonging: Community belonging will increase;
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Compassion: People will feel caring and cared for;
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Plurality: People will be part of a multiplicity of stories;
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Stewardship: People embrace a climate positive approach.
Through our purpose strand, we intend that:
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Alternatives: People are supported to imagine new futures.
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Solidarity: We will play our role in the emergent movement for an alternative future.
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Demonstration: People will experience a kinder way of doing economics; and
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Curiosity: A listening, learning and sharing culture will be the norm.
These outcomes shape our plans and activities which are set out in our evolving logic framework which guides our direction and gives us a basis for evaluation and learning.
We are currently in the process of reframing our outcomes and evaluation approach to be more about shared, ongoing learning and curiosity rather than back-reporting against reductive targets (often set by others). This exploration will see adjustments to the above framework in the coming months.
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Public Benefit
In shaping our outcomes and planning our activities for the year and into the future, the trustees have considered the Charity Commission’s guidance on public benefit, including on fee charging, considering the need for widening of access to the arts in a place of low incomes and low social mobility. For this reason, we have concluded to provide free access to our galleries and exhibitions at East Quay, Watchet. A limited number of events run by the charity are ticketed, but with free or subsidised tickets available where appropriate, for example for artists wishing to attend. Community activities and workshops are in the main provided free of charge, with a small donation accepted where appropriate.
Activities in 2024-25
In pursuit of our outcomes, during the year to which this report relates, we focused our attention in three major areas of activity:
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exhibitions and installations;
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events and experiences; and
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educational programming.
Across all areas, our attention is on relevance, quality and community; encouraging everyone to visit, participate and create, with access, inclusiveness and affordability central criteria. In particular, we are exploring how to make sure all our spaces are inclusive and neuro-affirming and that everyone feels welcome.
In the main galleries, our artistic programme commissions and exhibits original, participatory and experiential art from top-flight artists through 3 gallery themes—peripherality, joy and wonder, and alternative futures selected for local and universal relevance. Through curation, we aim to dissolve barriers between artist and audience, choosing artists who work with the community in some way. The exhibitions hosted during the year to March 2025 in the galleries at East Quay, supported by funding from Arts Council England, continue to demonstrate this approach.
In 2024-2025, five major exhibitions were staged in the galleries at East Quay across three exhibition slots.
Running from 25 May to 02 September 2024, we hosted two exhibitions concurrently.
Jake Elwes' The Zizi Show transformed Gallery 2 into an immersive cabaret space, inspired by London's Royal Vauxhall Tavern. The exhibition featured a video installation utilising
deepfake technology to create AI-generated drag performances, challenging perceptions of identity and the role of AI in society. This innovative approach provided a high-quality,
immersive experience that addressed contemporary cultural issues. East Quay worked closely with Jake to develop a new iteration of the exhibition, particularly to our gallery
space. Previous iterations were displayed at the V&A and Zabludowicz Collection. As at May 2025, The San Francisco Museum of Modern Art in California, U.S.A has now acquired the work.
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The exhibition highlighted AI's inherent biases, particularly concerning gender and conformity, and raised awareness of LGBTQ+ issues and the drag artform. The overwhelmingly positive reception to the exhibition, as well as the accompanying drag event, emphasised the importance of hosting events that champion LGBTQ+ culture and
representation in West Somerset, proving that there is demand and space to discuss these issues and communicate our venue as a place of acceptance and joy.
Gallery installation, The Zizi Show, Jake Elwes, 2024, photo by Jesse Wild
Running at the same time, we hosted our inaugural open exhibition, on the related theme of identity, showcasing a diverse range of artworks from local and national artists, exploring the theme of identity. Conceived in part to address the demand for more local artists to exhibit in our larger exhibition spaces, East Quay invited an independent jury comprising Amahra Spence, Alice Workman, and Simon Morrissey, who selected the artworks, ensuring a broad representation of mediums and perspectives. The exhibition encouraged participation from a wide array of artists, fostering inclusivity and diversity.
The exhibition aimed to create a democratic submission process open to all artists, offering an opportunity to exhibit in Gallery 1. It provided developmental support through prizes and engaged the public by allowing them to select an "Audience Favourite Award," with over 1,500 votes cast. This approach increased opportunities for underrepresented artists and enhanced visitor engagement. The exhibition featured over 80 artworks and attracted visitors through the wide networks of participating artists and
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community participation. It was a positive exercise in coordinating a large-scale, open submission exhibition, as well as
administering a jury process. The exhibition team managed the process well, and everything went smoothly. There are plans to have another, smaller Open exhibition in 2027 (to be confirmed), as the exhibition attracted a large audience and involved a broad range of artists of all ages and levels of experience.
Gallery installation, Open about Identity, 2024, photo by Jesse Wild
Following these two exhibitions, between 21 Sep 2024 and 5 Jan 2025, we hosted a solo exhibition by ceramist Serena Korda. It featured newly commissioned ceramic sculptures exploring themes of womanhood, ageing, and the local tradition of Wassail. In addition to new, commissioned work, the exhibition featured existing pieces, including The Transmitters, which explored the concept of tarantism and the Italian dance, the Tarantella.
Over the course of two years, the exhibition team worked closely with Serena to realise the work, which was produced in Somerset by Serena during a series of visits. The Contains Art team played a large role in facilitating the creation of the work and assisting Serena where
possible, for which Serena was very grateful. The sculptures were modelled on local women who were involved as models and sources of inspiration, promoting community involvement and ownership, and resulting in positive personal outcomes for those involved.
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The exhibition also raised awareness of Somerset Wassail traditions among local and national audiences and challenged stereotypes of older women. A public talk featuring well-known writer and Guardian journalist Hettie Judah in conversation with Serena Korda helped facilitate further discussion around the subject matter.
The works were partly made at Bridgwater and Somerset College, and, where possible, locally sourced materials were prioritised, including tree logs from a local sawmill used as plinths for sculptures, which became an integral part of the work, now inseparable from the ceramics themselves. The exhibition attracted new audiences of artists and non-artists through Serena Korda's reputation and accessible subject matter, which has, in turn, garnered artist connections and meetings with potential new artists as a result of the show. The exhibition was a real success with audiences, particularly resonating with women, who not only appreciated the artistry and talent exhibited by Serena but also the subject matter focused upon, which is largely underrepresented.
Gallery installation, Wild Apples, Serena Korda, 2024, photo by Jesse Wild
Finally, in early 2025, running from 25 January 2025 to 05 May 2025, we exhibited two exhibitions that explored the idea of collecting as a democratic act: Recollection, featuring selected works from the personal collection of writer and art historian Jeremy Cooper, and
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Allan Sekula’s Ship of Fools / The Dockers’ Museum, on loan from M HKA in Antwerp, Belgium.
Recollection explored the democratic nature of art collecting, emphasising that collecting artwork is accessible to everyone, not just the wealthy. Cooper’s collection, acquired primarily through personal relationships rather than financial means, showcased a diverse array of artworks by renowned artists, including Tracey Emin, Gavin Turk, Sarah Lucas, and Rachel Whiteread. The exhibition highlighted the emotional and relational aspects of collecting, challenging traditional notions by featuring accessible mediums, such as artists’ postcards. A significant aspect of the exhibition was its commitment to sustainability; East Quay commissioned a bespoke, recyclable display unit designed by PEARCE+, reflecting the use of cardboard framing throughout Cooper’s collection by artist Helen Knight. These display cases have since been distributed for reuse in other projects or fully recycled.
Gallery installation, Recollection, 2025, photo by Joe Horton
Allan Sekula’s Ship of Fools / The Dockers’ Museum highlighted the adverse effects of global capitalism and the working conditions of dockworkers and labourers. The exhibition included photographs and objects that shed light on the lives and struggles of maritime workers, emphasising the often-overlooked contributions of dockworkers and labourers (more detail in the section below). The exhibition's themes resonated with Watchet's maritime heritage, drawing parallels between global labour issues and the town's history as a coastal port. Similarly to
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Recollection in Gallery 1, the exhibition installation was designed with sustainability in mind; all materials were recycled and reused, and interpretation materials were produced using recyclable materials.
Alongside the main gallery exhibitions, our work in 2024-2025 included a series of installations, commissions and exhibitions by local artists; underrepresented artists; and young people – all shown in ‘Studio 10’, our multi-use, project space. It enabled responsive, more immediate programming that builds connection with communities. For example, in
during the year we awarded a residency to Somerset artist Lucy large, and a collaborative exhibition opportunity to artists Vanessa Clegg, Andy Davey and Mike Bradshaw. Other opportunities includes emergent artist exhibitions for Joe Preston and Arushee Suri as well as a series of education-programme related projects with students aged 11 through 18.
Our annual immersive residency in B&B Pod 5 at EQ for emergent/underrepresented community-engaged artists was this year awarded to Carolos Penalver; a series of animation commissions to ‘animate’ EQ by creating more space for nature and the unexpected; and a whole host of events from artist talks to Christmas choir sing-a-longs. A highlight in early 2025 was the hosting of our Edge Symposium, which welcomed close to 100 artists to explore issues of peripherality in the arts, spanning creative practice, artistic identity and practice to create change. Feedback was overwhelmingly positive, from the venue to the speakers to the subject matter. A second symposium is planned for early 2026, as part of an emergent programme over several years.
Panel 2, Practice at the Periphery, Edge Symposium, 2025, photo by Jesse Roth
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In particular, a free outdoor event, "Drag on the Quay," was held in June 2024, featuring local and national drag performers and attracted over 400 attendees, marking East Quay's largest one-off event audience. This event fostered dialogue on LGBTQ+ topics and established East Quay as a safe and inclusive space in West Somerset. The event was so successful that it has been scheduled again for 2025. East Quay has invited ‘Me the Drag Queen’ to return to curate the event and lineup of performances.
Drag on the Quay, June 2024, photo by Onion Collective
As explored above, we have this year invested significantly in our education programme, supported by the Freelands Foundation. The three-year programme sees a focus on relationships and wellbeing as the foundations of creative skills and confidence. Teachers from ten local schools have been working with artists from East Quay and West Somerset to develop their friendships and creativity. After one year, teachers involved in the Freelands project are already reporting greater confidence, stronger relationships, and a reduction in stress.
We continue to work closely with Onion Collective CIC as our landlord and partners in the delivery of East Quay, especially in terms of educational access and delivery - together, welcoming hundreds of schoolchildren
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and other young groups to the galleries, creating and facilitating free workshops and activities for families (every day of the holidays) and co-curating an exciting, fun and accessible events programme featuring everything from projection mapping to artist talks and live music. In the year to which this report relates months, more than 165 workshops and events were held for the general public.
Financial Review and Pricing
The year leading up to 31st March 2025 again saw much of our activity (including all five exhibitions staged in this time) supported by NPO funding from Arts Council England, accompanied by financial match from the Golsoncott Foundation and in-kind match from Onion Collective CIC. Freelands Foundation has added to support for educational delivery.
In reflection of our public benefit commitment in a relatively low-income area, we continue to provide free access to our galleries and exhibitions at East Quay, Watchet.
Furthermore, the vast majority of workshops, school visits and family activities are provided free of charge to the community, with donations invited from those who chose to make them. Limited fees are charged for a small number of creative workshops and courses, which serve to cross-subsidise wider open-access provision; but even these are priced as low as feasible to maximise inclusion.
Reserves policy
Ideally, reserves are available to help with cashflow (especially when awaiting grant payments) and to provide a buffer for unplanned or emergency expenditure.
The charity’s Reserves Policy provides a method of calculating ideal reserves based on expected outgoings; at 31 March 2025 this was between £45,200 and £55,200. The actual unrestricted reserves at that date were £80,500 which is £25,300 greater than the policy’s suggested maximum. This has been caused by receipt of £49,800 of Museums and Galleries Exhibition Tax Relief in March 2025. This figure is contributed significantly to the size of the reserves but will mostly support expenditure in the year ending 31[st] March 2026, which will reduce reserves. This high reserves position is therefore a timing issue caused by the receipt of income late in the financial year.
The cash position at 31[st] March 2025 was £71,000, comfortably above the minimum position of £45,000 recommended in the Reserves Policy, having also been buoyed by the late receipt of Museums and Galleries Exhibition Tax Relief.
Future plans
The award of a three-year NPO grant, announced in October 2022, had allowed us to have more foresight than in previous periods about our trajectory and means we have been able to plan for the medium term with
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confidence. We are delighted that this funding has been extended by an additional year to March 2027, and most likely a fifth year to March 2028.
At the same time, we continue to fundraise both through trusts and foundations and by public donations to ensure solid match funding is available to delivery our programme. The Museums and Galleries Exhibitions Tax Relief also provides valuable unrestricted income and enables us to deliver more than we would otherwise have been able.
Three major exhibitions are planned for the period from April 2025 onwards. From May 2025, artist Alice Ladenburg showcases extraordinary Lidar scan footage of rare local landscapes under the alternative futures theme; from September, Bristol artist Jo Lathwood explores pub culture from a queer perspective; and from January 2026, artist Pinkie Maclure will create full-scale stained glass in the gallery spaces.
Structure, governance and management
Contains Art CIO is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission and governed by standard Charity Commission Memorandum and Articles of Association dated 26 March 2021. The organisation previously operated as a Community Interest Company, registered with Companies House (Company Number 08147743), and limited by Guarantee. Its submissions and annual accounts from previous periods can be found on the Companies House website.
The governing body of the charity is the Board of Trustees. The Board meets 4 times a year. The Board currently consists of 4 trustees, the most recent, Liz McGrath appointed in June 2022. Excepting the founding trustees, appointments are for a term of up to three years and a trustee may ordinarily serve a maximum of two terms. We anticipate some retirements in the coming months and are actively looking to recruit.
The Board of Trustees is responsible for the overall governance of the Charity. Trustees are recruited for their expertise and experience; our intention is that a skills audit is conducted bi-annually. The Board meets quarterly to review strategy, consider operational policy, monitor budgets, performance against grant and other requirements, and to advice as to organisational development; supporting paid staff in exploring the organisation’s direction, as well as undertaking appropriate monitoring and scrutiny roles, especially in respect of the NPO agreement with the Arts Council from April 2023.
As an NPO, the charity will be subject to requirements in terms of oversight and governance. In our case, this has meant the establishment of an Advisory & Oversight Group which reviews operations alongside the Board from the perspective of that funding. This has widened participation in the governance of the organisation without expanding the formal demands on Group members. We are currently exploring how to adjust the composition and processes of this group to forefront collective learning.
Contains Art CIO is unusual in that it currently operates without a Chief Executive to manage the day-to-day operations of the charity. This work is instead undertaken voluntarily by Jessica Prendergrast as Chair of the organisation. The charity’s work is supported by a full-time Curator who delivers the exhibition and events programmes and two further staff members – an administrative and evaluation assistant and an assistant curator. The organisation is assisted in the delivery of back-office tasks (finance and HR) and in educational delivery by the team at Onion Collective CIC (of which Jessica Prendergrast is also a Director) who provide such
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services (in-kind) under a partnership agreement. We could not hope to achieve as substantial an impact was it not for this positive relationship. Onion Collective CIC shares Contains Art’s commitment to cultural justice and the two organisations work closely and collaboratively to maximise impact. They generously support arts delivery and education programming, providing much-needed capacity, particularly to the education work which we together undertake with schools.
To ensure clarity and transparency the two organisations operate under a partnership agreement and all financial transactions (in either direction) are scrutinised at Board level on a quarterly basis.
These arrangements are reviewed annually by the Board (with Jessica Prendergrast excusing herself from decisions due to a conflict of interest).
None of our trustees receive remuneration or other benefit from their work with the charity.
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CONTAINS ART CIO
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CONTAINS ART CIO
I report to the trustees on my examination of the financial statements of Contains Art CIO (the charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of Association of Accounting Technicians, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Rowlands Webster Limited
Austin House 43 Poole Road Bournemouth Dorset BH4 9DN England 18 September 2025
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CONTAINS ART CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income and endowments from: Donations and legacies 3 276,954 68,463 Charitable activities 4 3,656 - Investments 5 61 - Other income 6 49,752 - Total income 330,423 68,463 Expenditure on: Charitable activities 7 301,955 36,492 Total expenditure 301,955 36,492 Net income 28,468 31,971 Transfers between funds 2,784 (2,784) Net movement in funds 8 31,252 29,187 Reconciliation of funds: Fund balances at 1 April 2024 49,246 - Fund balances at 31 March 2025 80,498 29,187 |
Total Unrestricted funds 2025 2024 £ £ 345,417 267,796 3,656 2,464 61 46 49,752 23,464 398,886 293,770 338,447 281,087 338,447 281,087 60,439 12,683 - - 60,439 12,683 49,246 36,563 109,685 49,246 |
Total Unrestricted funds 2025 2024 £ £ 345,417 267,796 3,656 2,464 61 46 49,752 23,464 398,886 293,770 338,447 281,087 338,447 281,087 60,439 12,683 - - 60,439 12,683 49,246 36,563 109,685 49,246 |
|---|---|---|
| 293,770 281,087 |
||
| 281,087 | ||
| 12,683 - |
||
| 12,683 36,563 |
||
| 49,246 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
CONTAINS ART CIO
BALANCE SHEET
AS AT 31 MARCH 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed auots Tangible assets |
12 | 14 725 | 15686 | ||
| Current assets | |||||
| Stocks Debtors |
13 14 |
11 242 26,329 |
12 415 27.563 |
||
| Cash at bank and in hand | 71 ,076 | 36 672 | |||
| 108,647 | 76.650 | ||||
| Creditors: �mounts falling due within one year |
1 S | (13,687) | (43 090) | ||
| Net current assets | 94.960 | 33560 | |||
| Total assets less current liabilities | 109,685 | 49.246 | |||
| --- | --- | ||||
| The funds of the charity | |||||
| Restncted income funds UnrestnC'led f unds |
16 17 |
29,187 80,498 |
49246 | ||
| 109 685 | .!9246 | ||||
| --- | --- |
The finanaal statements were approved by the trustees on 18 September 2025
J· � JessiGa Prendergrast Trustee
CONTAINS ART CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
Contains Art CIO is a Charitable Incorporated Organisation.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
CONTAINS ART CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 25% on a reducing balance Computers 25% on a reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds 2025 2025 £ £ Donations and gifts 2,404 - Grants 274,550 68,463 276,954 68,463 |
Total Unrestricted funds 2025 2024 £ £ 2,404 5,796 343,013 262,000 345,417 267,796 |
Total Unrestricted funds 2025 2024 £ £ 2,404 5,796 343,013 262,000 345,417 267,796 |
|---|---|---|
| 267,796 |
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
4 Income from charitable activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Sale of goods | 3,656 | 2,464 | |
| 5 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable | 61 | 46 | |
| 6 | Other income | ||
| **Unrestricted ** | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| MGETR tax credit | 49,752 | 23,464 | |
| 7 | Expenditure on charitable activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Depreciation and impairment | 4,526 | 3,002 | |
| Development and delivery of artistic, cultural and educational activities | 333,921 | 278,085 | |
| 338,447 | 281,087 | ||
| Analysis by fund | |||
| Unrestricted funds | 301,955 | 281,087 | |
| Restricted funds | 36,492 | - | |
| 338,447 | 281,087 |
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 8 | Net movement in funds | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | 720 | 720 | |
| Depreciation of owned tangible fixed assets | 4,526 | 3,002 |
9 Trustees
Trustee Andy Davey received £387 during the year. The payment was not in relation to his role as a Trustee but rather as an artist, for an exhibition.
No other remuneration or benefits were received by the Trustees (or any persons connected with them) during the year.
10 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2025 | 2024 | |
| Number | Number | |
| 3 | 3 | |
| There were no employees whose annual remuneration was more than £60,000. |
Remuneration of key management personnel
Key management received no remuneration.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 12 Tangible fixed assets Plant and equipment Computers £ £ Cost At 1 April 2024 46,594 9,464 Additions 1,878 1,687 At 31 March 2025 48,472 11,151 Depreciation and impairment At 1 April 2024 36,211 4,161 Depreciation charged in the year 2,890 1,636 At 31 March 2025 39,101 5,797 Carrying amount At 31 March 2025 9,371 5,354 At 31 March 2024 10,383 5,303 13 Stocks 2025 £ Finished goods and goods for resale 11,242 14 Debtors 2025 Amounts falling due within one year: £ Trade debtors 588 Corporation tax recoverable 23,430 Prepayments and accrued income 2,311 26,329 15 Creditors: amounts falling due within one year 2025 £ Other taxation and social security 2,531 Trade creditors 4,776 Other creditors 5,000 Accruals and deferred income 1,380 13,687 |
Total £ 56,058 3,565 |
|---|---|
| 59,623 | |
| 40,372 4,526 |
|
| 44,898 | |
| 14,725 | |
| 15,686 | |
| 2024 £ 12,415 |
|
| 2024 £ - 23,430 4,133 |
|
| 27,563 | |
| 2024 £ 5,695 6,459 19,550 11,386 |
|
| 43,090 |
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 | April | Incoming | Resources | Transfers | At | 31 | March | |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | resources | expended | 2025 | ||||||
| £ | £ | £ | £ | £ | |||||
| Freelands Foundation | - | 68,463 | (36,492) | (2,784) | 29,187 |
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 1 April | Incoming | Resources | Transfers | At 31 March | |
|---|---|---|---|---|---|---|
| 2024 | resources | expended | 2025 | |||
| £ | £ | £ | £ | £ | ||
| General funds | 49,246 | 330,423 | (301,955) | 2,784 | 80,498 | |
| Previous year: | At | 1 April | Incoming | Resources | Transfers | At 31 March |
| 2023 | resources | expended | 2024 | |||
| £ | £ | £ | £ | £ | ||
| General funds | 36,563 | 293,770 | (281,087) | - | 49,246 | |
| Analysis of net assets between | funds | |||||
| Unrestricted | Restricted | Total | ||||
| funds | funds | |||||
| 2025 | 2025 | 2025 | ||||
| £ | £ | £ | ||||
| At 31 March 2025: | ||||||
| Tangible assets | 14,725 | - | 14,725 | |||
| Current assets/(liabilities) | 65,773 | 29,187 | 94,960 | |||
| 80,498 | 29,187 | 109,685 |
18 Analysis of net assets between funds
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 18 | Analysis of net assets between funds | (Continued) | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| 2024 | 2024 | 2024 | ||
| £ | £ | £ | ||
| At 31 March 2024: | ||||
| Tangible assets | 15,686 | - | 15,686 | |
| Current assets/(liabilities) | 33,560 | - | 33,560 | |
| 49,246 | - | 49,246 |
19 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).