REGISTERED COMPANY NUfvIBER', 01274280 IEngland and Wales) REGISTERED CHARITY NUMBER,. 272007 REPORTOFTHE TRUSTEES AND UNAUDITED FINANCIALSTATEMENT5 FOR THE YEARENDEO 31 MARCH 2025 FOR STEVE ROSS FOUNDATION FOR THE ARTS Brpght BrDwn limited Charte￿d Accountallts ExchanBE House St. Cr05s Lane Newport 151e of Wight P030 5BZ STEVE R05S FOUNDATION FOR THE ARTS CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 Reportof the Try5tees Inde￿ndent EKamlner's Report Statement of Flnandal ActMtle$ Balance $￿et 9 to 10 Cash Fk*W Statement li Notes to the Cash Flow Statsrnent 12 Notes to the Flnanclal Ststements 13 to 24 Detalled Statement of financlal Acllvltles 25 to 26 STEVE ROSS FOUNDATION FOR THE ARTS REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are 3150 directors of the charity for the purposes of the Companies Act 2LX)6, P￿sent their report with the financial statements of the charlty for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charfties.. statement of Recommended Practice applicable to charities p￿parIng their accounts in accoTdèn￿ with the Finandal Reporting Stsndard applicable In the UK and Republic of Ireland IFRS 1021 (effective l January 20191. 08JEcfivESAND ACTIVITIES Objerts and policies To foster and promotÈ the improvement, devebpment and maintenance of artlstlc knowledge and understandin61 and appTeciation of the arts amon8 the Inhabitants of Great Britain and in particular arnong the irihabitants of the 151e of WiBht and the surroundin8 1(Kality by providing facilities lor the education of the public in the fields of ar¢ craft, music and drama. Publlc beneflt All the a￿l￿tIeS of the Charty focus C￿ delNerln8 communlty benefit and a￿ in aeeordan¢e with the objects of the Charity. The Trustees have complied with their duty to have due regard to the Charlty Comm55sion's public benelSt guidance when exercising any powers or dutles to whlch the guldance is ￿leVant. ACHIEVEMENTSAND PERFOIIMANCE Chalrs Report It is my pleasure to present the Chair's report for Quay Arts for the year ending 31 March 2025. Quay Arts is the island's leading visual anij live arts venue delivering a wIde-rang￿n8 public programme. h05ting signifscant exhibttions, and deepening engagement with sehools. fèmilies, and community 8Toups. The mix of national tourin8 shows and loca programrnin8 help sustain a range of visitors.. islanders, their lamllles and visStinB audlences. During the year we were awarded the IW Chamber of Commerce Creative Impact Award lor OUT contribution to the Island'5 flourishing creatnie sector. We are grateful to the Arts Counul forthe ong(Nng support w& receiv& as an NPO (National Portfollo Organisatlonl. I will summarlse the yea15 hi8h1￿￿hts, financial pos5tlon, 8overnance, risks. and the prioritles going forward Exhlbltlons & pro¥rammln8 The year saw a busy 1251 exhibitions programme with a range of high-proihle shows and partnerships with island organisation5. We were partKularfy pleased to partner Isle of Wight Open StudTros in July and August showcasing 55 1o¢al artists strengthening the ￿ntre.$ role a5 a hub for Island art15ts. while The Art under the Beij Sale of local artwork5 held later in the year enabled local PEople to acquire origlnal artwork at affordable prices. We ran over 3(K) cla55es and workshup5 enabling 151anders to develop and practice their skills. New courses included an intr(xSuction to papermaking using seaweed and a variety of natural fibres. Page I STEVE ROSS FOUNDATION FOR THE ARTS REPORT OF THETRVSTEE5 FOR YHE YEARÈNOED 31 PAARCH 2Q25 We held a wide range of exhibitions Krus5 thE year coverin8 & lange ot differert aud￿nceS and had over 20,￿0 G￿lerY wisltors. Steve Baxter's solo exhibition attracted 3,500 visitors. A great footfall for the Island. Wp. hosted 3n iDsplilnE refiection of 20 yeais of LG8T history ort the island Showing how thing5 have changed. Other successful exhibitions were Laur3 H3thaw3Ws West Gallery Drip 5m3tter Smeèr,, liry Kori The Lovers Nest ènd Nick Martin's displa¥ of work by tutors who have t3U8ht on the Quay Arts IlaEship portfolio course. A joint exhibition with Quarr Abbey and Re'.Box Ryde'yia Vhta. exthored art1511c responses to Q￿rI Abbey and the Sèndown H3t Rpgatta d￿%￿a¥C￿ Art hats and costumes from the 2024 project. The Anthony fvllnghellè Thtatre and caf6 $pacÈs hosied contÈrts, sC￿enin$$. talks and community Wherlngs, supportlnÉ a mL*ed-use cuhural proErainme Ihar complemenrs ￿llerY activily. Theatre performances included Hofse Bo% Theatre's Yersion of A m￿sUmmer r4i8ht's DrÈarn. joe Car5tair5 by stone Crabs Theatre, the Isle of Wight story fest￿al and touring shDWS Suth as Sherltttk HolmÉs,' Ihe lèst Acr, Far From the Madding Crowd and Were you anyone before D¥dsArmy. The year also s•w us commence 5creenin6s of Nat￿￿81 Theatre Live on Sundayafternoon5fvrwhithwe 4rE 5te8dily buildifiB a ¥eWar aUd￿nCe. Mu51c events It)cluded Hu8h WrlEhf'$ 12 piece band performin8 Bob DyTrdn, the Isleof Wi8ht jazz weekend and Ashley HutchlnES. The Mlke HoW￿V Trust Fund, administRied by Quay Arts. S￿e awards during the year to emerging young èrt&ts and performe￿, which enabled thern to lawch a Yarw ol proJect5. The Kashmir stsge lstrpported by 100 volvnteersl at the legendary Isle of WIEht f¢sttyal was once agaln a Ilrm favOur￿e and the Qu8Y 15 grateful to v￿k¥ Spencer for her haid woik that Makes this event Such a success. This year we a150 launched Kashmir Fringe at the Quayto conskleraEAE 5￿ceS> We also contwue to de¥￿0P ourdlgltal ewagementon FacÈbook and I*￿agram. Youni People Quay ans 2nd year of NPO Ivnded In-reach and outre•ch proEr•mme continued io develop and Inspire yovn8 people's interest in rhe Art& We undertook a wide fange of actwities in partnership wlth 9 schoo15workin8 d05ely wf(h vs. We have sent artlsts into sthools for ialks and creaiiwe seSSIODS. In addition, we ran wDrk5+K>p5 foi Kid5 art and Y￿￿th Ari 65 wdl a5 'Little C￿ty. sessions and Mark ThompsonsSpecia¢ulèr Stience5how. In conjun(tlon wlth 8rave I￿alld, we hosted an exhitsltDn dedicaled to youn8 artK%ts aged 14 10 25. We partnered wlth thÈ Isle of Wlght Councll to curate Ihe PEACH IP3rtnership lor Education, Atta1￿MeThI and Chlldreft's Heahhl brlnglng tcgethei artwork by 19 Jcal Schools. Arr(5t T1￿￿WIl50￿ curBtL¥J Bn eXhIb￿tIon ol photO81?phy a5 part Df 3n Art5V40rkfundedYuuth ju5tlce Seivlce inltiati¥p. We have a150 developed ouryovng Quay pro8ramrne that provide5 fvee or Iow-E05t creative se55Ion5 for ch￿Id[￿n alld young peop and expanded this to include thp. 18-30 agp. gr0￿p. 190 chlk1ren took placp. In arts 3crlvitie.s. in£ludin8 18 In our Summer Theatre School and in additlon tdlege students wEre able to 5tuty Ilfe drawin& We ian su¢eessful workshops at the Ventnor Frinke, and we hosted the very popular"Play, Inieraffj Explore Exper￿nCe by Leap Lhen Look that atrracied 5.0(X) ¥Wtor5. and the NailDnal 'lnto Fllm. Festlval whlch rea¢h$d 237 thiltlren, wme Showin￿ aimed at Ghlldren with sensory needs. Pa8e 2 5TFIE ROSS FOUNDATION FOR THE ARTS REPORTOF THE TIIU5TEES FOR THE YEAR ENDED 31 MARCH 2015 Community Pro8rammes We host a r3n8e of community organlsations Includin8 High fide Poets, Jazz lam Group, Folk club, Wlght Ukulele and Community Rep3*r Café. COmmun￿ty events included Heroes Con raising money for Barnardo's a two day Music for Ukraine rnini fe5ttval, Bands Saves Bears a day of music to ra￿e money for the Wild heart tsea￿ and Foodbank MusSc Madnes5. Some of our community pro8rammes provide support to vulnerable creative groups on a weemy basis giving them 5UPPOrt to grow and develop includSn8 an art group for people Ipiing with mentsl health difficulties and the Uptune orchestra for people with physical or learning difficulties. In addition to these we h05ted ten weddings during the year. Financial performance Thè charity had a nèt operat￿fig expenditure Ilossl for the year of £29,665. This was due to a drop in investment income of £35,271 following the end ol the council lease lor jubilee Stores. The Quay refurbished the property and has subsequently to year end rented the secon. Unrestricted and restrirted funds carried forv4ard at the end of the year èmounted to £1,965,092, and £3,196 respectively12024.. £1.995,207 and £2,746). nvesiment policy and objectives The charitable company ha5 the power to invest in such assets as they see fit. The charitable company's policy is to maintaih sufficient rese￿e5 in the fomi of instant access bank accounts. Thi5 enables the ttU5teès to respond to unexpetted demands on working capital without the need to recourse to an overdraft, and to take advantage of unexpected opportunities. The trustees were provided with the jubilee Stores property by the Isle of Wight Coufity Council, which was unoccupied dufingthis financlal veèr and marketed for occupa)Ky. Reserve5 poIIcy It 15 the policy of the trustee5 to mBiFitain and inciea5e funds to provide free reserves e4uwalent tD at least three months expenditure. The charity has now achieved thi5 level ol reserves. Rlsk management The trustees have identified potential rlsks ro whlch the tharftable company is exposed, whith include wear and tear on the buildln& replacement of capital equiwnent and commercial pressure from changing economic climatè. These risks are fully eons5dered In the business plan drawn up by the trustees. which outlines the steps taken to mitigate and control the key risk5 identified. STRucfuRE. GOVERNANCEAND MANAGEMENT Go￿rnIng document Strurtured a5 a non-profit making companyi the Steve Ross Foundation for the Arts Is an inijependent organisation constituted under the Memorandum and Articles dated 9 July 1976 lamended by spetial resolutlon Pè5sed 17 September 1976, 14 March 1977, 25 August 2021 and 2 December 20211 and based at Quay Arts Centre in Newport I￿e ofwight. Rerrvltment and appolntment of newtrus*es New trustees are nominated by the existsng board of tiustees and are elected by the membership on the ba￿5 that they have the necessary skills tg wntribute to the further development of the chaDtable company. Page 4 STEVE ROSS FoUNDAT￿N FOR THE ARTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRucfuRI GOVERNANCE AND MANAGEMENT Organrsatlon and management The charitable c(JTnpanW5 activities include providing artisb'c workshops for thÈ general publlc, studios for creative practitloners and a broad artistic programme cf events including theatie, live music and comedy, and Èxhibitions fÉawring the work of International, national and local artists. The charltèble company is controlled and dire¢tÈd by the commthee of the truste￿ which meets a minimum of six times year. The charr(able company OW￿ 100% of the issued share capital of the Qtsay Arts Trading Company Limited. This operates café, craft Shop and EDnlerencing faalitie5 and any profits chargeable to corporation tax aré donated to the charitable company. New trustpes are nomlnated by the exlsting board of trustees and are elected by the rnernber5hip on the basis that they have the necessary skills to contThbuté to the further development of the charitsble company. REFERENCE ANDADMINISTRATIVE DEYAIiS Rellstered Company numbei 01274280 IEnEland and Wales) Re8lstered Charlty number 272007 Rèwstefed office Quay Arts Centre 15 Sea Street NewpDrt Isle of Wight P030 58D Trustees L BlaC￿ell A Dutton J Howells Iresi8ned 3V0712024 N Martln (appointed 25102120251 KMAPurton V A Spencer R ThDmp50n (appointed 26111120241 C Warleigh-Lack lappointsd 26111120241 Page 5 STEVE ROSS FOUNDATION FOR THE ART5 REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examlner Bright Brown knrnited Chartered Accountsnts ExchangE House 5t. Cross Lène Newport 151e of Wi8ht P030 5BZ 11 /tL} IIYLS Approved by order of the board of trustees on............................................. and signed on its behalf by.. A Dutton-Trustee Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STEVE ROSS FOUNDATION FOR THEARTS Independentexaminèr's report to the tTUSteès of StrvÈ Ross Foundation For ThÈAnS {'the Companv'l I report tothe chartty trustees on my examinatlon of the accounts of the Company for the year endèd 31 Mar¢h 2025. ResponsllAlltios and basis of report As the tharity's tru5tee5 of the Company lènd also its directors for the purposes of company lawl you ar& Ke5ponsiblÈ for the preparation of the accounts in accordance with the fequirements of the Companie5 Act 20J61'the 2006 Act'l. Having satisfied myself that the 8ttounts of the Company a￿ not required to be audited under Part 16 of the 2(X)6 Act and are eligible for independent examination, I report in respect of my èxarninatlon of y04Jr charltys accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act). In carrying out my examination I have followed the Direction5given by the Charity Commi55ion under Section 145151 Ibl of the 2011 Act. ndependent èxamlner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a lisied body. I can confirm that l am qualtfied to undertake the eyamlnatSon because l èm a member of the Institute of ChartÈred Accountants In Englan and Wale5. which is one of the listed bodies. I have completed my examln3tion. I conlimi that no matter5 have come to my attèntion in connectlon with the eyamination 8ivin8 me cause to believE'. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 ACL. or the a£counts do not accord with those records,. or the ac£ounts do not cornply with the accounting requirErnents of Section 396 of the 2(X16 Act other than anv requirement that the accounts 8lve a true and fair view which is not a matter considered ￿ part C*f an Independent e¥aminatSon,' or the accounts have not been p￿pared In accordan￿ with the method5 and principles of the Staternent of Recommended Practice for accounting and reporting by charStles lapplicable to charities preparing their account5 In accordance with the Financial Reporting Standard applicable ￿n the LIK ènd Republlc of Ireland IFRS 10211, I have no cOn￿rnS and have come across no other matter5 in connectlon w5th the ex3min3tion to which attention should be drawn in this report in or(Jerto enable a proper understanding ol the accounts to be reached. J Palmer The Institute of Chartered Accountants in ETh￿and and Wales Bright Brown knmited Chartered Accountants Newport Isle ol Wight Date-........... Page 7 STEVE ROSS FOUNDATION FOA THE ARTS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENOED 31 MARCH 2025 2025 Total funds 2024 Total lunds Unrestr¢cted funds Restricted funds Note5 INCOME AND EN(IOWMENTS FROM Donations and leKacies 227,487 4,828 232.315 225,256 Charltable artl7Atles Development ofArts 136,196 136,196 135,353 Other tradin8 actlvltles Invesllnent income 97.943 39,326 97,943 39,326 101,484 74.597 Total 500.952 4,828 505,780 536,690 EXPENDITURE ON Charltable artlyitles Development ofArts 531,067 4,378 535,445 530,983 NET INCOME/IEXPENDITiIREI 130,1151 450 129,6651 5,707 RECONCILIATION OF FUND5 Total funds brought forward 1,995,207 2,746 1,997.953 1,992.246 TOTAL FVNOS CARRIED FORWARD 1,965.092 3.196 1,968,288 1.997.953 The notes form part of these finanaal statements Page 8 STEVE R055 FOUNDATION FOR THE ARTS BALANCE SHEET 31 MARCH 2025 2025 Total funds 2024 Totsl lunds Unrestrirted funds Restricted funds Notes FfxED ASSETS Intsngible assets Tangible assets Investments Investmellts Investment property 12 13 3,620 857,974 3,620 857,974 884,626 14 15 945.0 945,000 945,000 1,806.596 I,8[￿,596 1,829,628 CURRENT A55ETS Debtors Cash at bank and in hand 16 65,890 173,956 43,11)4 212,233 3,196 177,152 239.846 3.196 243.¢)42 255,337 CREDITORS Amounts falllng due within oneyear 17 161,3501 161,3501 167,0121 NEfcuRRENT ASSETS 17É,496 3,196 181,692 188,325 YOTALASSET5 LESS CURRENT LIABILITIES 1,985,092 3,196 1,988,288 2,017,953 CREOITORS Amounts falling due after more than one year 120,cuJI 120,0001 120.0001 NET ASSEf5 1,965.092 3,196 1.968,288 1,997.953 FUNDS Unrestricted funds Re5tritted lund5 20 1.965,092 3,196 1,995,207 2.746 TOTAL FUNDS 1,968,288 1,997,953 The charltsble compary is entitlèd to èxernption from audit under Sertlon 477 of the Companies Act 2￿)6 for the year ended 31 March 2025. The member5 have not required the company to obtain an audlt of its financial ststements for the year ended 31 March 2025 in accordan￿ with Section 476 ofthe Companles Ad 2006. The notes form part of these flnancial statements Page 9 contlnued... STEVE ROSS FOUNDATION FOR THE ARTS BALANCE SHEEf. contlnued 31 MARCH 2025 The trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting retords that compty wlth Sections 386 and 387 of the Comp3nies Act 2(M)6 and preparin8 f￿nanCIal ststements which give a true and falr vlew of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the reqvirements of Sections 394 and 395 alld which othenKlse comply with the rèquirements of the Companies Art 21KJ6 relating to financial statements, so far a5 applicable to the charitable company. These financial statements have bèèn prepared in xcordance with the provisions applicable to tharltable companie5 subjectto the Small companies reglme. The finanaal statements were approved by the Board of Trustees and authorised for I￿Ue on and were signed on its behalf by. I q Doo 2(>15 A Outton- Trustee The notes form part of these financial statements Page 10 STEVE ROSS FOUNDATION FOR THE ARTS CISH FLOW STATEMENT FOR THE YEAR ENDED 31 ￿RCH 2025 2025 2024 Notes Cash flowsfrom Operat1￿ actlvltles Cash generated from operations 126,3281 117,2331 Net cash used in operatin8 activities 126.3281 117.2331 Cash flowsfrom Investlng actmtles Purchase of intangible fixed assets Purchas& of tangible fixed assets Interest ieceived 13,6201 17,7271 2,594 11,8501 2,185 Met cash (used inllprovided by investing activities 18.7531 335 Change In cash and lash equlvalents In the feporting period Cash and cash equlvalents atthe be8innln8 of the reportlnK perfod 135,0811 116,8981 212,233 229.131 Cash and cash equlvalents at the end of the reportlng perlod 177.152 212.233 The notes form part ol these financial statements Page 11 STEVE ROSS FOUNDATION FOR THE ARTS NOTES TOTHE CASH FLOW STATEME FOR THE YEAR ENDED 31 MARCH 2025 RECONCIUAYKIN OF NET IEXPENDITUREIJINCOME TO NET CASH FLOW FROM OPERATING ACtivrriES 2025 2024 Net {expendltureifmcome fi)rthe reportN)g perlod las per the 5tstement of Financial Actlvltles) Adj445tments for.. Depreciation charges L055 on disposal of fixed assets Interest received IlncreaselldecTease in debtor5 Decrease in C￿dItorS 129,6651 5,707 34.379 34,000 134 12,1851 9,018 163,9071 12,5941 122.7861 15,6621 Net cash used kn opeT*lon5 126.3281 117,2331 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net Cash Cash at bank and in hand 212,233 135,0811 177,152 212,233 135,0811 177.152 Debt Debts falling due after l year 120,0001 120,0001 120,0001 120,0001 Totsl 192,233 135,0811 157,IS2 The note5 form part ofthese finan¢ial statements Page 12 STEVE ROSS FOUNOATION FOR THE ARTS NOTES TO THE FINANCIAL5TATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 AccouKfiNG POUCIES Basls of preparlng the financlal statemÈnts The finanaal staterTTrents of the charitable company, which is a public benefit Èntity under FRS 102, have been prepared in 8ccordance with the Charities SORP IFR5 1021 'AccountSng and Rep￿tIng by Charities.. Statement Of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Report*n8 Stsndard èpplicable In the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reportin8 Standard 102 'The Financial Reportlng standard applicable in the UK and Republic of Ireland, and the Companies Ad 2￿6. The financlal statements have been prepared under the hlstorical Cost convention, with the exception of investments which are included at marketvalue. The charitsble company ￿ reglstered in England and Wales and is limited by guarantee. Income Volunta income Donations and grants are recognlsed when recleved, except where there are perforrnance related terms an conditions that must be met before the charity is uncondltionally entitled to the money. Where this 15 the ￿e, the income is fecognised once these conditions have been met. Covenanted donations are recoglli5ed wh2n the donatior> is covenanted to be made and the amount of the donation can be measured reliablv. fr tharltsble aCt￿rtIeS Box office, exhibitions sales and eduEational prograrnme income Is recognised when the event takes place. 5ubscrlption income Is recognised over the period of the subscription. me from fundrais1 and othertradin les Management charges and adrninistration fees 3re recognised over the period that the service is prnvided. FundTai5ing ￿ncoMe Is reco8nlsed when the event takes place, and èny fundralsing sales are recognised at the point of sale. Investm{￿0 Incom Interest receivable is rec¢)gnised over the period it is accruEd and rents receivable are reco8nised over the perlod that the property is IEt. Expenditu Uabilities are recognised a5 expenditure as soon a5 there is a legal or construrtive obli8ation tommitting thè charity to that expenditure. it is probable ttsat a transfer of economic benefjts will be required in settlement and the amount of the obli8ètion can be measured reliab￿. Expenditure is accounted for on an accruals b35is and has beèn classified under headin£s that aggregate all cost related to the tate80ry. Where costs cannot be directly attributed to particulèr headlngs they have been allocated to activities on 8 basis consistent with the use of resources. Tanglble r￿ed a55ets Depreciation is provided at the following annual rate5 in orderto write off eath asset over its estimated ustful life. Freehold property offi￿ eguipment Overfify year5 Straight line over5 years. Straight line over 10 years and Straight line over 3 years Page 13 cont5nued... STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIALSTATEMENTS. £ontin￿d FOR THE YEAR ENDED 31 WRCH 2025 ACCOUNnNG POLICIES- contlnued Investment propertv Investment properties arE held at fairvalue and gain5 or losse5 are ￿¢0£niSed in the income statement. Taxatlon The charity 15 exempt from tofporation tax on its charitsble aCt￿ltIes. Fund accountlng Unrestricted funds cèn be used in accordance with the charitable oblectwes at the discretlon of the trustees. Restricted funds can only be used for particular restritted purposes within the objects of the charity. Restrictions arise when specified bythe donor or when funds are raised for particular regtdcted purposes. Further explanation of the nature and purpose of eath fund Is included in the notes to the liftancsal statements. Htre purcha￿ and leaslng commltments Renta15 paid under operating leases are charged to the Statement of financial Activit1è5 on a strai8ht line basls o¥erthe period of the lease. knvÈstments In group undertaklngs Investments in group undertakings are shown at cost less irnpairment as a market value Is not Feadily available for unlisted shares. t)ONATIONSANO LEGACIE5 2025 2024 DDnations Grants 77.487 154,828 70,0( 155,250 232,315 225,256 Grants received, included in thé above. are as follows- 2025 2024 151é ol Wight Countll Daisie Rich Trust Flood retovery grant Art5 Council NPO Funding Other grants 2,828 2,5LYJ 150,0(NJ 7SO 150.(M)O 154,828 155,250 Page 14 contlnued... STEVE Ro￿ FOUNDATION FOR THE ARTS NOTE5TO THE FINANCIAL STATEMENTS- contlnued FOR TIIE YEAR ENDED 31 MARCH 2025 OTHER TRADING ACTIVITIES 2025 2024 Management charge from tradlng subsldlary Administration fee5 Fundraising 60,120 5,813 32,010 60,120 5,500 35.864 97,942 101,484 INVESTMENT INCOME 2025 2024 Rents received Dllapidatlon contdbut5on Interest re¢ÈNed 36,T32 17,412 55,WO 2,185 2,594 39.326 74,597 INCOME FROM CHARITABLÉ AcfiviTIES 2025 2024 ACtiV￿ty Development ofArts Development of Arts Development of Arts Box ollice mernbe￿ substrlptions Income Educational programme income 51,665 5.798 10,193 45,016 8,501 Development ofArts 68,540 76,188 136,196 135,353 Page 15 ontinued... STEVE R05S FOUNDATION FOR THE ARTS NOTES TOTHE FINANCIALSTATEMENTS- contlnued FOR THE VEAR ENDED 31 MARCH 2025 CHARITABLE ACTIV￿lEs COSTS Support costs15ee notè 71 Direct Costs Totals Development of Arts 531,410 4,035 535,445 SUPPORTCOSTS Governan¢e costs Development of Arts 4,035 NET INCOMEIIEXPENDITUREI Net incomellexpenditurel is ststed after chargingllcreditingl.. 2025 2024 Depreciatlon- owned assets Other operating ￿aSeS Defl(iton ¢Jlsposal of fixed assets 34.379 3,839 34,CK)) 3,976 134 TRU5TEES' REMUNERATION AND BENEFITS There We￿ no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustee5' expenses There were no trustees, expenses pald for the year ended 31 March 2025 nor for the year ended 31 March 2024. Martln was apontèd as a Trustee on 25 February 2025. He 15 a150 an artlStltutor, and was paid £700 for teaching1Sfe dr3wing classes between his apP￿ntMent ￿ a trustee and the year end. Page 16 contrnued... STEVE ROSS FOUNDATION FOR THE ARTS NOTES TOTHE FINANCIALSTATEMENTS- rontinued FOR THE YEAR ENDED 31 W4RCH 2025 io. STAFF C05T5 2025 2024 Wage5 and 5alarbes 276,540 218,350 276.540 218,350 The average monthly number (rf ernployee5 during the year was as follows.. 2025 io 2024 io Full time equivalent No employeès received emolLiments In excess of £60.000. Key management ￿rsOnnel remuneratlon The Centre Mana8er is considered to be key managemenl pe¥50nnel and the salary paid for this post durSn8 the year was £41,599. ii. COMPARAYJVES FOR THE STATEMENTOF FINANCIALAcnviTIES Unre5tritted funds Restr5eted fund5 Total funds INCOME ANO ENDOWMENTS FROM Donatlons and legacies 222,506 2.750 2￿,256 CharIta￿e athvltle5 Development of Art5 135,353 135,353 Other trading activities Investment income 101,484 74,597 101.484 74,597 Total 533,940 2,750 536,690 EXPENDITURE ON Charitable artlvitles DevelopmÈnt ofArts 527,902 3,081 530.983 NET INCOMEIIEXPENDITUREI 6,038 13311 5,707 RECONCILIATION OF FUNDS Total lund5 broughtftsrward 1,989,169 3,077 1,992,246 Pa8e 17 contlnued.. STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIALSTATEMENTS- continuÈd FOR THE YEAR ENDED 31 MARCH 2025 ii. COMPAIIATIVES FOR THE STATEMENT OF FINANCJALACTIVITIES- contlnued Unrestrirted funds Restricted funds Total fund5 TOTAL FUNDS CARRIED FORWARD 1,995,207 2,746 1,997.953 12, INTANGIBLE FIXED ASSETS Website COST Addltlons 3.620 NET 800KVALUE At 31 March 2025 3,620 At 31 Mèrch 2024 13. TANGIBLE FIXEDASSETS Freehold property 0￿[Ce eqLfipment Totals COST At l April 2024 Additlons L615,275 254,552 7,727 1,869,827 7,727 At 21 Mèrch 2025 1,615,275 262,279 1.877,554 OEPRECIATION At l April 2024 Charge for year 741,091 28,503 244,110 5,876 985,201 34.379 At 31 Mèrch 2025 769.594 249,986 L019,580 NEf 800KVALUE At 31 March 2025 845,681 12,293 857,974 At 31 March 2024 874,184 10,442 884,626 Pa8e 18 tontinued... STEVE ROSS FOUNDATK)N FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEARENDED 31 MARCH 2025 14. FIXED ASSEY IWESTMENTS Shares in group undertakings RKETVALUE At l April 2024 and 31 March 2025 NET BOOKVALUE At 31 hnarch 2025 At 31 March 2024 Th¢￿ were no Investment assets outside the UK. The company's investments at the balarn￿ sheet date in the share capital of companie5 include the following: Quay Art5 Trading Company Llmtted Registered office.. 15 Sea Street, Newport Harbour, Newport. Isle of Wight Nature of business.. Cafe and Bar aa5s of share.. Ordinary holdin8 100 31.3.25 31.3.24 Aggre8ate capital and reseNes Profitfor th8 year 25,274 64,611 25,281 49,991 Is. INVESTMENT PROPERTY FAIR VAWE At l April 2024 and 31 March 2025 945,000 NET BOOK VALUE At 31 March 2025 945,000 At 31 March 2024 945,000 The leasehold property, Jubilee Store5, has been valued by the Tru5tee5 based on its estimatEd open marketvalue. Page 19 contlnued... STEVE ROSS FOUNDATION FOR THE AIITS NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 ￿RCH 2025 16. DEBTORS: Amoupifs FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtor5 Amounts owed by group undertaknn65 Other debtor5 Prépayments 9,308 46.910 1,957 36,494 509 4,144 9,672 65.890 43.104 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Tradè crÈdltors Sooal security and othèr tsxes VAT Other creditor5 Accrued expense5 4,774 4,3¢ 20,547 21,904 9,819 6,505 4,085 16,244 26,948 13,230 61,350 67,012 CRED￿0115., AMOUNTS FALLING DUEAFtER MORE THAN ONE YEAR 2025 2024 Other loans15ee note 191 20,(IJJ 20,￿)0 19. LOANS An analysis of the maturity of loan5 15 given bel(Iw'. 2025 2024 Amounts fallin8 due in more than five year5.. Repayable otherwise than èy instalments.. other loans more SY￿ non-inst 20.(4JO 20.000 Page 20 continued... STEVE ROSS FOUNDATION FOR THE ARTS NOTES TOTHE FINANCIAL STATEMENfs- tontinued FOR THE YEAR ENDED 31 WRCH 2025 20. MOVEMENT IN RINDS Net movement in funds Transfer5 between funds At 31.3.25 At 1.4.24 Unrestrfrted funds General fund Building Maintenance Fixed Assets and Revaltsation Reserve Ka5hrnir QA Restoratlon Fund 139,405 25,C¥)O 1,829.628 1,174 2.99) 111,3471 131,048 25,000 1.806,595 134,3801 11,1741 2,449 IL347 2,449 1,995,207 130,1151 1,965,092 Restrlcted funds Daisie Rich 2,746 450 3,1% TOTAL FUNDS 1,997,953 129,6651 1,968,288 Net movement in fund5, included in the above are as follows: Incoming resources Resource5 expended M(wement In funds Unre5trlrted lund5 General fund Fixed Assets and Revaluation ReseNe Kashmir QA Restoration Fund 498,505 1495,5151 134,3791 11,1731 2.990 134,3801 11.1741 2,449 5(M),952 1531,0611 130,1151 Restrlcted fvnds Daisie Rich HAF Programme 2,000 2,828 11,5501 12,8281 450 4,828 14,3781 450 TOTALFUNDS 505.780 1535.4451 129,6651 Page 21 continued... STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIALSTATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 20. MOVEMENT IN FUNOS- continued Compèratlvesfor movement in funds Net movement Sn funds Tr3n5fer5 between lunds At 31.3.24 At 1.4.23 Unrestrfcted funds General fund Building fvlaintenance Fixed Assets and Revaluation Reserve Kashmir Consultancyfund 94,516 25,OCX) 1,861.912 2,OQL) 5,741 40,998 3.891 139.405 25,1YJQ 1,829,628 1.174 134.1341 18261 15,7411 1,989,169 6,038 1,995.207 Restrlcted funds Daisie Rich 3,077 13311 2.746 TOTAL FUNDS 1,992,246 5,707 1,997,953 Comparative net movement In funds. SncludÈd in thÈ above are as follows.. Incomin8 resources Resourtr5 expended Movement in fund5 Unre5trfrted fund5 General fvnd Fixed Assets and Revaluation R￿eNe Kashmir 533,940 1492,9421 134,1331 18271 40.998 134.1341 18261 533,940 1527,9021 6.038 Restricted fvnds Daisie Rich Renew Newport 2.000 750 12,3311 17501 13311 2,750 13,0811 13311 TOTAL FUNDS 536,690 1530.9831 5,707 Kashmlr The charity hèld a balance of funds to supportvolunteerswith replacernentfittin85 for the festival marquee. Consultanry Fund These are funds de51gnated bythe trustees for consultancy and legal fee5 when reguifed. Page 22 continued... STEVE ROSS FOUNt>ATION FOR THE ARTS NOTESTO THE FINANCIAL STATEMENTS- condnued FOR THE YEAR ENDED 31 PMRCH 2025 20. MOVEMENT IN FLINDS- contlnuèd QA Re5tor*lon Fund These are funds de￿gnated by the trustees forthe QuayArts Centre building restoration works. Dalsie Rl¢h Trusi This funding supports family drop in Pfojett5 both around the Island and on site. Renew Newport This project has been developed and partnered with other cultural organisations, Heritage England. IOW Councll, and town counci15 to establish a cultural presence and provide ¢ultural Dpportunities in Newport. HAF Programme HAF Funding is lor the delivery ol a Hrilld8y Activity Food progr8mme providlng free healthy meals and enriching activitiesio chlldren from low-income families during the school holidays. Transfers between funds During the year, the lollowir*g transfers were made between funds: UNRESTRICWED FUNDS Flxed A55et and RevalvatSon Re5eThe A transfer was made in the year from the general fund to the fixéd 355et fund to take account of thé addition5 purchased durlng the year. The trustees consider it necess3ry to disclose all unrestricted non-cuirent assets separately from ctsrrÈnt assets in order to show a more transparent vlew of the charity and It's free and avèilable reserves. RESTRlCtED FUNDS During the year, fund transfers have been prOCe￿e￿ In order to ￿ttIfy restrlcted funds In deflcit. as well as accounting for other transfers that are deerned necessary io give a more accurate position ?tthe year end. 21. RELATED PARTY D15CLOSURES During the year, Quay Arts Trading Comparly Limlted IQATCI, a Whol￿ owned UK sutr)sidi8ry ol the charlty sharÈd facilities with the tharity indudlng admini8trativÈ staff. premrses and card proce55in8 facilities. Management char8e5 of £60.12012024.. £60.1201 were charged to QATC in the year. OATC donated profits of £64.618, 12024: £48,632) to the charlty. As at 31 Marth 2025 QATC owed £46,910to the charity. Page 23 continued... STEVE ROSS FOLINOATION FOR THE ARTS NOTES TO THE FINANCIALSTATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 22. FUNDS HELDAS AGENT During the year the charity held and admillistered lunds from the Mike Howley Trust as agents. The charity made £27,71012024'. 19,IJ)01 of grants payments to individuals on behalf of the Trust. £5,50012024.. £5,500) was paid in fees to the chartty for admlnistering the funds and awards on behalf of the Trust The Charity held unspent funds of E4,795 as at 31 March 2025, a5 well as holding the Trust cash and investments, totalling £136,638 as at 31 March 2025. Pa8e 24 STEVE R055 FOUNDATION FOR THE ARTS DETAILED STAVEME￿r OF FINANcfALAcfiwTIE5 FOR THEYEAR ENDE031 MARCH 2025 2U25 2024 INCOME AND ENDOWMENTS Donations and lègaciès Donations Grants 77.487 154,828 70,CQ6 155,250 232,315 225,256 OthertTadin8 attivltles Management charge from tradlngsubsldlary Administration fees Fundraisiwg 60,120 5,813 32,010 60.120 5,500 35,864 97,943 101,484 Investment Income Rents rÈtÈivÈd Dilapidation conlrlbution Interest ￿￿[￿ed 36,732 17,412 55,0()) 2.185 2,594 39,326 74.597 Charkable actfvltles Box offi Member5 5ubscripti¢)n5 Income Edueatlonal pro8ramme Income 51,665 5,798 IlJ,193 68,540 45,016 5,648 8,501 76,188 136,196 135,353 Total Incom1￿ resources 505,780 536.690 EXPENDITURE Charitable actlvhles Salarie5 and fees Equipment hire Educational costs Exhibition costs Catried fon￿ard 276,540 3,839 59.011 1,885 341,275 218.350 3,976 64.025 485 286,836 This page does not form part of the statutory financial statements Page 25 STEVE ROSS FOUIIDATION FOR THE ART5 DETAILED STATEMENT OF FINANaAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Charitable actlvltSes Brought forward Theatre cost5 Marketin8 and advert15ing Staff train￿n8 and welfare LighL heat and water Insurance Repairs and maintenance Telephone and broadband Business rates Office costs Cleaning and waste disposa Licenses Computér maintenance and 50ftware licences lospitality Bank and card thar6es Bad debts Sundry costs Depreciation of tangible ffixed assets 341.275 35,408 6,2 761 41,184 24,628 15,424 4,746 1,297 524 4,351 4,21 10,804 1,2( 3,372 286.836 38,115 5,758 718 S4,719 20,915 49,804 5,250 1.087 3,231 4,545 8,605 9,(￿7 1,634 2,958 500 522 33,999 1,632 34,379 531,410 528,263 Support costs Finance Loss on sale of tan8ible fixed assets 134 Governance costs Accountsncy fees Le8al and prolesslonal fees 2.835 1,2 2,586 4,035 2,586 Total resources expended 535.445 530,983 Net {eX￿nd1turè>Il￿C0ffle 129,6651 5,707 This page doe5 nottorm part of the statutoryfinancial ststements Pa8e 26