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2024-03-31-accounts

Registered number.. 01329092 Charity numbèr.. 274803 NORWICH ARTS CENTRE LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l CONTENTS Page Reference and administrative details of the company. its Trustees and advisers Trusts¢$' roport Independent audltors. report on the flnanclal Statements 8-11 statement of flnancial activities 12 Balance $h••t Stat•m•nt of cash flows 14 Notes to tho financlal statements 15.31

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees R Drury L Farranl M Figura (resigned 31 OCto￿r 20241 S Forster K Radley G Tucker M Uzor K J Went Ires*3ne(131 October 20241 Company rogS$t•red numbor 01329092 Charlty reglstered numbor 274803 Roglstered offl 51 Sl Benedict's Streel Norwch NR2 4PG Ind•p•nd•nt audltorn Larking Gowen LLP Chartered Accoun¢8nls 1st Floor, ProsF4cl House Rouen Road Norwch NR1 1RE Bankers Barclays Bank plc Small btjsiness banking Leicester LE87 2BR Page 1

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report tr)gether vAth the audited financial statements of the company for 1 April 2023 to 31 March 2024. The Annual report serves ihe purposes of both a Trustees. report and a directors. report under company law. The Trustees confirni that the Annual report and financial statements of the charitsble company comply wrth the current statutory requirements. the requirements of the charitable companls goveming document and the provisions of the Slalement of Recommended Pracb"ce ISORPI applicable lo ¢harib'es preparing their 8cwunts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021 leffedive 1 January 20191. Since the company qualtfie5 as small urKler section 382 of the Companies Act 2006, the Strategic report requirod of metlium and larg8 companies under the Companies Act 2006 IStr8legic Report and Directors, Report) Regulaty'ons 2013 has been omitted. Oblectlves and actlvltles 4. Pollcl•8 and obl8Ctlve$ The charitable objects are to promole, maintsin, improve and advarbce the arts, espxcially th098 activities whlch seek lo makg the arts relevant lo the community wlh paiffjcular reference lo the county of Norfolk and the city of Notwich and the provision of facilities in the inlerest of srKial edu¢alion with the obje¢l of improving the conditions of life of those persons for whom such facilities are primarily intended. Norwch Arts Centre employs the Director. Paseo Q Kevlin, together a numbèr of full and part lime stsff nvolved In education, promotion, catering arKJ a(Jministr8tion. The subsidiary, NAC Cafe Bar Limited. was dormant the year so made neither profil nor loss. b. Report fr¢m the Chalr for the year end￿ 31 March 2024 'Thls Is one of the best arts contres In the country. Benjamin Zephaniah Nonfirich Arts Centre has Ir8ded successfully in the financial year 202314. There have of course been challenges as difficull trading dimates continue trwjt the charity has met these challenges and has achieved a modest unrestricted fund surplus of just over £17,000 Ifollowing a small deficit last yearl lo help trading in the coming year. Costs of pretty much eVe￿hIng have conts'nued to rise and this ha5 affected our oulgoings, raising the amoun15 we pay for all serwce5 from ulilib.es and power lo artist fees. l am vgry pleased to Say that despite these cost increases we have continued to pay all casual staff tho rgal living wage. This has increased by 10°k. which of course necessrtates increases to permanent staff renumeration so our wages bill conlinues to increase bul the continued commitmenl of our workforce shows the prudence of this. The financial result h8$ been 8chieve(I by strong economic discipline combined wilh bold and ambitious programming. While smaller venues are continuing to suffer under the prevailing economic climate it is gratifying and a great testimony to the management team and siaff lo see Norwich Arts Cenire in relatively strong heallh. Margins do of course continue to be tight and there is no room for complacency but this is very encouraging. We continued our strong. adventurous and varie(18rtislic programme which has been well received by patrons old and ngw and demonstrates that Iherg is an appetitg for events be￿)nd the mainstream. Page 2

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Oblèctlvès and a¢tlvltl•$ {contlnu•dl A significant source of extra income were the events that took Norwich Arts Centre outside its own building and into other venues. As well as making signrficant contributions to income, these events at Epic and The Halls also served lo introduce new audiences lo the Art5 Centre. bringing our other events lo the attention of people who may not otherwise h8ve been aware ol them. This area is being expanded into 202415. For part of the year we also continued to Provide bar facilities to The Halls lin partnership wth Norwich Cty Council) which made further contributions to our bottom line. This was ended when The Halls closed for an extensive renovation project. As I write in November 2024 we are bidding lo renew our partnership with the Cty Council when the building reopens in 2025. Further artistic partngrships have begn establishgd with OutThereArts in Great Yamioulh lo programme rock gigs in the town, and wth the internationally renowned Electronic Sound Magaane to create the Synth East electronic music convention and festival which is intended to b8 an annual event. Another significant partnership is that with National Centre for Wrib"ng. Young Norfolk Arts Trust, The Forum Trust, University of East Anglia and Norwich University ol the Arts. This has enabled the erealion of The Young Nonfifich Crgalive Awards, celebrating original work Irom youn9 creatives aged I￿25 in Nomch. Winners in the various categorigs each receivod a cash awar¢J. A Comrnunily Hot Slot grant was used to create the Tilted Women Reading Group, weekly pay what you can events which have proved very popular. As pioneer5 in Norwich of the pay what you can model it is gratifying lo see this being taken up by other venues in the city. Our weddings offer continugd to provwje valuable additional income aThJ this ha$ bgcomg a valued resource lo many in our communities. Throughout the year we continued to support artists. both financially and in kind. For the 2023 Edinburgh Festival. Norwch Arts Cenlre SUPFK)rted four hugely well received shows. KlangHavs'. InHaus and Darkroom by The Neutrinos and Sal Pittman. Luke Wright's Silver Jubilee and Lucy and Friends by Lucy M¢Comiick. All recgived rgmarkable national attention. 4 aThJ 5 star rewgws aThJ signrficant intemational industry attention as well as strong ticket sales. Arb'slically NAC continued to Programme ever more diverse and varied even15. The music progamme is one of the most adventurou5 in the country bvhile also maintaining 8 strong blend of better known, established and up and Coming acts while new inilialives have further exp8n¢Je¢J the diversity of the shows on offer and intr￿u¢ed now audignces. Thanks to the capital project we have a building thal offers unrivalled accessibility for performers and audiences alike. It is also one of the most sustainable in the country in terms of energy use and carbon footprint reduction while proV￿1ng technical stsndaids that are the envy of many of not only oui peels but many larger facilits.es 100. Page 3

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Oblèctlv•$ and actlvltl•$ {¢ontlnu•dl As always we maintain a strong commitment to what we see as our most valLtable asset, our committed, enlhusiaslic, knowledgeable and loyal workforce. Under the leadership of Director Pasco Q Kevlin and his senior management team (Bradley Gla5spole and Ja￿e Slewardl. the stsffing structure has remained stsble and able lo grow and 8d8pl lo ¢hange18nd expansion) smoothly and seamlessly. Whiltr we a¢cepl we Cannot P8y salaries to a level we WOLJld ideally like to, as a caring employer we are committed to pay the real living wage as a minimum to casual siaff and increase salaries as much as we prudenuy can. I strongly believe that by doing all we can to create a safe and welcoming environment for staff with fair pay and conditions we have fostered a degree of commitment that ha5 reap8(I rewards for both the organi5alion and the employees. I should also like to thank my fellow Iruslees for their continl￿1 commitment. support, foresight, wisdom and efforts throughout the year. The enviable reputslion that has been generated by NAC over the years continue5 to be significantly strengthened as we approach our 45th year. 11 continues to be a Pleasu￿ lo greet both returning and new audigncgs who continue lo be oveTh¥helmingly enlhusiaslic, suppor1ive and appreciative. At the year's end, I feel thal NAC is in good shape to face the fulure and the challeroes it offers with an efficient monitoring process in place lo alert the management and board lo any potential issues. Of course, 202415 will undoubtably produce further operational and financial challenges bul we are In a stronger position lo lace them than ever. Stephen A Forster, Chalr 4. Fundral$lng a¢tlvltl•$ and Incom• g•n•rallon NoNich Arts Centre does not vndertake conventional charrtable fundraising activities. il tJoe8 not have any thlrd- paty fundraisers acting on its behalf and has not weived any complaints al)oul its fvndr8ising activity over the last year. Flnancial review a. Golng concorn After making appropriate enquiries, the Tnjstees have a ￿asOnable expectation that the company has adgquate resources to continue in operats'onal existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial siatemenis. Further details regarding the adopts'on of the going concern basis can be found in the accounling policies. Page 4

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Ro$orvo$ p¢ll¢y The notes lo the financial stslements sTrw)w the assets arvj liabilities attributable to the varw)us funds by type. At the 31 March 2024 total funds amounted to £483,46612023". £556,416). The Charity has unrestricted reserves of £89,788 12023.. £72,201) and restricted reseThes of £393,678 12023.. £484,215). The free resetves of the charity al 31 March 2024 Ibeing the unrestricted current assets less unrestricted current liabilities) amount to £62,551 12023.. £39,480). Thts Iruslees, ongoing policy is lo maintain a sufficienl level of reserves so as lo 8n8ble th& Arts Centre to meet ils commitments as they fall due. Reserves should also enable the company to ride out fluctuations in results and unexpected evenis, and to lake opw)rtunities that may arise. In addition sufficient resetves need to be maintained to meet any potential redundancy payments thal may be needed for employees should the Centre be forced lo close. The free reserves target is £SOk . £70k which is in line wth Ihe NPO forecast for the next two year5. The Iruslees are comfortable with the year end level of free reserve5. however. they consider that reserves need lo rise in the medium term 8ntl they have sel a tsrgel of £85k lo be achieved by March 2028. c. Flnanclal revlew Total income for the year ended 31 March 2024 was £1,179.226 compared lo £973,878 for the previous year. Expenditure was £1,252,176 12023.. £1,121,673). This has decreasfjd the lotsl fvnds held by the Charity lo £483,466 at 31 March 2024, compared to £556,416 al 31 March 2023. Stru¢tur•, governan¢• and management Constitutlon Norwch Arts Centre Limited 1$ rggislered a$ a ¢haritabl8 wnpany limitfjd by guarant99 and was $gt up by a Memorandum ol Association on 19 May 1977. The company is Consliluted under a Memorandum ol Association dated 19 May 1977 and is a registered charity number 274803. b. Methods of recrultment and appolntment of Trustees The managgmgnt of the ￿MpanY is the responsibility of the Twstees. Potential Trusto0s are gxpodod to bring specific skills andlor experience to the company and a Board skills audit is conducted annually lo identify gaps. Potenlial trustees are identified to fill ihose gaps after seeking recommendations from partners and others. The members of the Company apFK)inl the CcKJncil of Management. Each member services for three years after whi¢h they retire. Retiring members may stand for re-eleth"on. c. Policies adopted for the induction and training of Trustees The charity trustees will make available trj each new charity trustee. on or before his or her first aprK)intment'. lal a copy of the current version of the Artides of Association., Ibl a copy of the latest Trustees, Annual ReFK)rt and statement of acwun15.' and 1¢18re made aware of the guidance available al Charity Commission inGluding CC3 The essential Iruslee,. Page 5

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structurè. gov•rnanc• and managomènt Icontlnu¢d) d. Pay policy for key management personnel Salaries for all NAC employees are decided by a wages sub Committee Consisting of the Chair, Treasurer and one other board member. Advised by the Director. General Manager and Finance Manager. Factors considered by the sub committee include trading posibon and reserves, current inflationlcost of living and market forces in our industry. e. Rl$k manag•mont The Trustees have assessed the major risks lo whith the company is exposed, in particular those related to thè operations and finances of the company, and are $81isfied that s￿1￿m$ and procedures are in p18ce lo milig8le exposure lo the major risks. Key risks are identified in our business plan as= Low9r than forecast ticket incomg is managed wilh weeklylmonlhly and quarterfy moniloring. increasing efficiency and adjusting staffing levels as appropriate. Grant income from Arts Council England and other regular funding bodles falling below expected levels. managed by ongoing research into other sources of funding, investigations into diversifying into new markets and close monitoring of income expectations. Currenuy ACE income is decided on a 3 year b851$ via thèir National Portfolio Organisation programme. Insufficient reserves al end of financial year, managed quarterly accounts forecasts, monitoring acluals againsl budget forecast. Re-lorc8sts'ng where necessary and adjusting expenditure as a result, Increaslng efficiency and adjusii'ng staffing levels as appropriate. Resignalionlloss for other re850n ol Directorlkey peT50nnel managed by ongoing strength of Staff slruclurè and ensuring that a dgPLJtising and succession plan is in place. 8oard is sufficiently 'floot of foot, to act quickly on recruitment. National emergency managed by swift aclion by Senior Management Team and Board to ￿a¢1 lo ch8nglng circumstances and follow government advice. Maximising use of govemment assistance and adjusting trading plans as required by govemmenl and bL￿etary forecasts and business plan as 8pproprialè. Plan$ for futur• p•rlod$ Norwch Arts Centre continues lo receive the Nation81 Portfolio Organisation investment from Arts Council England which is se¢ur&d until al least 2026. Our experienced Core team remains in place, Ihtr building is in gx¢ellent ¢ondition, relationships arts'sts and the creative community are strong. our audiences continug to trust us and we all have the passion to continue to do what we love. Finance will continue lo be the ￿ntral focus for every small cultural organisation in the country, but we have experienced personnel and lesled systems in Pla￿ lo allow us to move forward with a level of confidence. Al the lime of 8c¢ounts approv81, we a￿ in 8 lender process with Norw¢h City Council to run another venue in the cty. We will continLJe in all areas of our artistic talent developmenl trj regularty support new work to be created, produced, toured, and enjoyed by audiences. Our programme of events wll continue lo be amongst the m051 exctbng in our region. always Irwng to ensure on 8 month by month there is sornething that is affotdable for everyone in the community we serve. Page 6

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statom•nt of TW$1￿$. rospon$lbllltl•$ The Trustees (who are also the directors of the company for the purposes of company lawl are responsible for preparing the Trusle8s' report 8nd the financial stslements in a¢cordan¢e with 8pplicable law and Uniltrd lQngdom Accounting Stsndards IUni18d Kingdom Generally Awpted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financhql . Under company law, the Trustees musl not approve the fin8nci815t8lements unless they 8re sab"sfied th81 they give 8 true and fair view of the stale of affairs of the company and of its incoming resoufces and application ol resources, including ils income and expenditure. for that period. In preparing these financial statements, ihe Tnjstees are required to.. select suitable accounting policies and then apply them consi$lenUy'. observe the methods and principles of the Charities SORP IFRS 1021., make judgmen15 and accounting eslimales th818re re8son8ble and prudent.. statè whgth&r applicable UK Accounling Standards IFRS 1021 have been lollowed. subject lo any material departures disclosed and explained in the financial statements.. prepare the financial slalemenls on the going concem basis unless il is inappropriate to presume that the ompany will continue in business. The Trusl8e$ are responsible lor keeping adequate 8cctyJnling records that are sufficient to show and explain the comp8nls transactions and disclose wlh re8sonable 8ccuracy 8t any lime the financial posilion of the company and enablg them lo ensure Ihal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the asseis of the wmpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of Informatlon to audltorn Each ol the persons who are Trustees at the time when this TnJstees' report is approved has confirmed that.. so far as that Trustee is aware. there is no relevant audil inlomiation of which ihe charitys auditors are unaware, and that Trustee has tsken all the steps that oughl to have been taken a$ a Trusteg in order to be aware of any relevant audit information and to establish that Ihe chariws auditors are aware of that information. Audltors The auditors, Larking Gowen LLP, have indicated their willingness to continue in office. The designated Trustee5 11 propose a motion reappointsng the auditors at a meeting of the Trustees. Approvtrd by order of the members of the boar(l of Trustees 8fKI signed on their beh8lf by.. Stephen A Forster Chair Date.. 08 Dec 2024 Page 7

NORWICH ARTS CENTRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH ARTS CENTRE LIMITED

Opinion

We have audited the financial statements of Norwich Arts Centre Limited (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH ARTS CENTRE LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

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NORWICH ARTS CENTRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH ARTS CENTRE LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Due to the field in which the charitable company operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; employment law; GDPR, compliance with the UK Companies Act and Charity law.

The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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NORWICH ARTS CENTRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH ARTS CENTRE LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Other matters

The financial statements of Norwich Arts Centre Limited for the year ended 31 March 2023 were not audited and, as such, the corresponding amounts in these financial statements have not been audited.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Giles Kerkham FCA DChA (Senior statutory auditor) for and on behalf of Larking Gowen LLP Chartered Accountants Statutory Auditors 1st Floor, Prospect House Rouen Road Norwich NR1 1RE

Date: 12 December 2024

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NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME ANO EXPEND￿uRE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrnstrlctsd funds 2024 R•strlct•d funds 2024 Total funds 2024 Total fvnds 2023 Note In¢omo from: Donations and legacies.. Grants Other donations and legacies Charitablg activits'es Other trading actiwts'es Investments 226.158 24.742 500.880 416.889 57 10.500 236,658 24,742 500,880 416,889 57 232, 750 22,477 433,423 285,228 Tolal Ineom• 1,168.726 10,500 1.179,226 973,878 Expondlture on: Raising funds Charitable aclivitses 318,276 832.863 318,276 933,900 256,352 865,321 101.037 Total exp•ndltur• 1,151.139 101,037 1,252,176 1, 121,673 Not movement In funds 17.587 190,5371 172,9501 (147, 795) Reconclllatlon ¢f fund$', Total funds brought forward Nel movement in funds 72,201 17.587 484.215 190,5371 556,416 172,9501 704,211 (147, 795) Total funds ¢arrl•d f¢Trward 89.788 393,678 483,466 556,416 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 15 to 31 form part ol these financial stalements. Page 12

NORWICH ARTS CENTRE LIMITED IA company limitèd by guarantèè) REGISTERED NUMBER.. 01329092 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets Investments 12 420,913 516,934 13 420,91S 518,936 Currènt assets Stocks Debtors Cash al bank and in hand 9,213 30,250 209,556 18, 770 24,664 130,909 14 249,019 174,343 Creditors.. amounts falling due within one year 15 {186,4681 (134,863) Not current a880ts 62,551 39,480 Total assets less ¢urrent Ilabllltl•$ 483,466 558,416 Total not ass•ts 483,466 556,416 Charlty funds Reslricltrd funds Unrestridgd funds 16 16 393,678 89,788 484,215 72,201 Total funds 483,466 556,416 The Trustees acknovledge their responsibilities for (y)mplying the requirements of the Act with respect lo accounting records and Preparation of financial stslements. The financial statements have been prepared in aCc￿[danCe vAih the provisions applicable to entities subject to the small companies regime. The financial slalemenls were approved ar￿ aulhorised for issue by the Trustees and signed on their behalf by.. 5tev6 •ter S Forster Chair D81e-. 08 Dec 2024 The notes on pages 15 to 31 fomi part of these financial statements. Page 13

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from oporatlng actlYltl•s Nel cash used in operatsng activities 86.418 (63,449) Cash flows from Invèstlng actlvltlos Purchase of tangible fixed assets {7.7711 (9,396) Not cash us•d In Inv•stlng a¢tlvltl•s {7,7711 {9,3961 Chango In cash and cash equlvalents In the year Cash and cash equivalents al the beginning ol the year 78,647 {72,8451 203, 754 130,909 Cash and cash •qulval•nts at th• •nd of the y•ar 209,556 130,909 The notes on paggs 15 10 31 form part of these financial stslfrments Page 14

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The company is a ¢ompany limited by guarantee, incorporated in England and Wales. The registered office is 51 Sl Benedict's Street, Norwch. Norfolk. NR2 4PG. The reglstered company number is 01329092. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per rnernber of the company. Accountlng polici•s 2.1 Bisls of prepar*tlon of flnanclal stattments The financial statements have been prepared in accordance wth the Charities SORP IFRS 1021- Accounting and Repx)rting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Norwich Arts Centre Limited meets the definiti￿ of a publ￿ ￿nefIt entity under FRS 102. Assets and liabilities are initially recognisod at historical cost or tranwhon valug unle$$ otherwise stated in the relevant accounting policy. 2.2 Company statu¥ The company is a company limited by guarantee. the members of Ihe company are th8 Trustees named on page 1. In the event of the company being wound up. the liability in respect of the guarantee is limited to £1 per member of the company. 2.3 Golng concem The Trustees have conside￿0 the Charivs p)sition and forecasts al the time of signing th8 financial statements. The Charity continues to receive the NPO grant amounting to £185k per annum which is in place until at least March 2026 and Ihe Trustees are confident ihat Ihe Charity is well positioned to weather challenges and to continue io deliver its servi￿. Based on this, the Trustees have conclutle(I that they are confident that the Charity will have adequate resources to ￿ntinue in operational existence for Ihe fO￿Seeable future, bging at least twelve months from the date of signing these financial statements, and they therefore continue to adopl the going concem basis of accounting in preparing these financial statements. Page 15

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng p¢ll¢l•s {¢ontlnu•d} 2.4 Income All income is recognised once the company has entiuement lo the income. il is probable that the income will be r￿e1Ved and the amount of inwne receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specrfic purposes but not expended during the period is shown in the relevant fund5 on the Balance sheet. Where income is receive(l in 8dv8nce ol entiuemenl of r8ceipl, ils rewgnilion is deferred and included in cre(lilors as deferred income. Where entidement occurs before incomg is re¢eived, the income is a¢cnJed. Donated services or faciliti'es are recognised when th8 company has control over the item, any conditions associated with the donated item have been met. the receipt of economic benefit from the use ol the comp8ny of the item is probable and th81 economic b8nefil can be me8sured reliably. In accordanc8 wth the Charities SORP IFRS 1021, the genefal volvnleer time ol Ihe Friends is not recognised and refer lo Ihe Tnjslees, report for more inlomialion about their contribution. On receipt, donated professional serwces and faciliknes are recognised on the basis ol the value of the gift lo the company which is the amounl il would have been willing to pay lo obtain services or facilitie5 01 equivalent economic benefit on Ihe open market.. a corresponding amount is thèn reccKJnlsed In expendllure in the PerIc￿ of receipt. 2.5 Expendlture Expenditure is recognised on an accruals basis once there 15 a legal or constructive obligation to transfer eeonomic benefit lo a third party. il is probable that a transfer of economic benefits will be required in settlement and the am¢xJnl of the obligation can be measured reliably. Expenditure is classified by actiwty. The costs of each aCt￿lty are made up of the total of direct costs and shared costs, including SUp￿rt costs involved in undertaking each activity. Direct costs attributable to a single acb'vity are allocated direcuy lo thal acb'vity. Shared cosls which coniribute to more than one activity and support costs which are r￿1 attributable lo a single activity are apportioned between those activities on a basis consislenl with the use ol resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs ol disseminaling inforniation in SUPPDrt of ihe charitable activilies. Support costs are those costs incurred direcuy in support of expendilure on ihe objecis of the company and include project management carried out al Headquarters. Govemance costs are those incurred in connection with adminislr8lion of the company and compliance wlh corb51ilulional and stslutory requirements. Charitable activities and Govemance costs are costs incurred on the companls educational operations, including suppx)rt costs and cosls relaling to ihe govemance of Ihe company apportioned to charitable activits'es. 2.6 Interest receivable Interest on funds held on deposit is induded when receivable and the amount can be measLJred reliably by the cornpany, this is nom)ally UFM)n notification of the interest paid or payable by the institution wth whom the funds are deposited. Page 16

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng p¢ll¢l•s {¢ontlnu•d} 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are ¢apitalised and re¢LyJnised when future economic benefits are probable and the Cost ￿ value of the asset Can be mea$ured reliably. Tangible fixed assets are initially Tecognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciabon and any accumulated impairment 1055es. All costs incurred to bnng 8 tsngible fwed 8ssel into ils intended working conditson should b& included in the measurement of cosL A review for impaiment of a fixed asset is carried out rf evenis or changes in circumstances indicate that the Car￿n￿ value of any fixed asset may not be recoverable. Shortfalls be￿en the carrying value of fixed assets and their recoverable amounts are recogni5ed a5 impaimients. Impairment 1055es are recognised in the Stslement of financial 8cb"vits"e8 irKorpK)raling income 8nd expenditure account. Dgprgciation is chargfjd so a$ to all￿18 the cost of langible fixod assets 19$$ their rgsidual value over their estimated useful lives. Depreciation is provided on thè following bases.. Freehold propety Long-term leasehold propety Freehold land General equipment 50 yeafs straight line Over the life of thg rgmaininglgase pgric*J Nol depreciated 4-7 years straighl line 2.8 Inve8tmtnts Inv8Stmants in subsidiarigs are vall￿￿ at cost1gs$ provisicffl for impaimont. 2.9 Stocks Stocks are valued at the lower of ¢os18nd net realisable value after making due allowance for obsolete and slow-moving slocks. Cost indudes all dired Costs and an appropriate proportion ol fixed and variable overheads. 2.10 Debtors Trade and other debtors are Tec(NJnise(l at the settlement am¢xJnl after any trade discount offered. Prepayments are valued al the amount p￿paid nel of any trade discounts due. 2.11 Cash at bank and In hand Cash al bank and in hand indLvJes cash and short-terrn highly liquid investments wf(h a short maturity of three months or less from the dale of wuls￿"¢￿ or opening of the ¢JeFwiI or simi18r 8ccount. Page 17

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng p¢ll¢l•s {¢ontlnu•d} 2.12 Liabilities and provisions Liabililigs are recognised when there is an obligation al the Balance sheet date as 8 result of a past event, it is probable that a transler of economic ￿nefIt wll be required in setuement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the company anticipatss il will pay lo settle the debt or the amount il has receive(18s advanced PayTnents for the goods or services it mu51 provide. Provisions are measured al the besl estimale of Ihe amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pr&tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial aclivilie5 as a finance cost. 2.13 Flnanclal In8trum•nts The wmpany only has financial 3$$gts and financial IBbilitigs of a kind that qualify as ba$1¢ financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value wth the exception of bank loans which are subsequently measured al amortised cost using the effective intere51 method. 2.14 Operatlng leases Rentals paid under operatir¥J 18ases are charged to the Statement of financial actiV￿.eS on a straight line basis over the lease term. 2.15 P6n$lons Tha company op8rat8s a definad conlribution ponsion schema and the ponsion Chargg ropresents the amounts payable by the company lo ihe lund in respect of the year. 2.16 Fund accountlng General funds are unreStr￿le(l funds vthich are 8V8i18IAe for use at the discretion of the Trustees In furtherance of the general objectives of the company and which have not been designated for other purposes. Reslricled funds are funds which are lo be used in accordance wlh specific reslriclions imposed by donors or which have been raised by the cownpany f¢y particular purposes. The costs of raising and administering such funds are Charged against the specific fund. The aim and use of each r8stricled fund is set out in the notes to the financial statements. Investment income, gains and105ses are allocated to the appropriate fund. Page 18

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrnstrlct8d R8strlct8d funds funds 2024 2024 Total funds 2024 Total funds 2023 Arts Council England- National Portlolio Organisation Donations Local authority grants Arts Council England- Other PRS Foundation grant 185,421 24,742 40.737 185.421 24,742 40,737 185,421 22,477 44.437 2,892 10,5Tr) 10,SOO Totsl 2024 250,9 10,5fy) 261,400 255,227 Total 2023 252,335 2,892 255,227 Income from ¢hadtabl• a¢tlvltles UnrnstrSct•d fund5 2024 Total fund5 2024 Total fvnds 2023 Box office income Premises hire Other income 463,898 29,182 463,898 29,182 7.800 388, 704 20,425 24,294 Total 2024 500,880 500,880 433,423 Total 2023 433,423 433,423 Page 19

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading activities Unrestricted fund5 2024 Total fund5 2024 Total fvnds 2023 Cafe Bar sales Corporate SFK)nsorship Other fundraising income The Halls Bar sales 299,931 299,931 3,500 10,040 103,418 233,862 13.500 8, 795 29,071 10,040 103,418 Totsl 2024 416,889 416,889 285,228 Total 2023 285,228 285,228 The Company op8rale(i the Halls Bar from January 2023 to December 2024. Inv8Stm•nt Incom• Unrostrlcted funds 2024 Total funds 2024 Total fvnds 2023 Bank interest 57 57 Page 20

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds Fundraising trading expenses Unr•strlctsd funds 2024 Total funds 2024 Total funds 2023 Cafe Bar purchases The Halls Bar purchases Staff costs 120,878 61,001 136,397 120,878 61,001 136,397 92,507 18,595 145,250 Total 2024 318,276 318,276 256,352 Total 2023 256,352 256,352 Analysls of •xp•ndlturn by aetlvltl•$ Activltles undertsken dlrèctly 2024 Support ¢o$ts 2024 Total funds 2024 Total fvnds 2023 Charitable acliwties 527.156 406.744 933,900 865,321 Total 2023 484.111 381,210 865,321 Page 21

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysi5 of expenditure by activities (continued) Analys1$ of dlr•¢t ¢osts Total fund5 2024 Total fvnds 2023 Dlrect costs 2024 Staff costs Technical costs Equipment & materials Security Training Travel & subslslence P9rformer lees & expenses Performer Rights Society Bank charges Online ticket sales exwnses 182,549 14.799 4,632 22,705 1,903 10,122 248,￿9 9,736 15,615 16,186 182,549 14,799 4,632 22,705 1,903 10,122 248,909 9,736 15,615 16,1B6 155, 188 11.088 12,546 17,638 965 8,388 246,413 5,540 12, T87 13,558 Total 2024 527,156 527,156 484,111 To1812023 484.111 484,111 Page 22

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysi5 of expenditure by activities (continued) Analys1$ of support ¢o$ts Support cost5 2024 Total fund5 2024 Total fvnds 2023 Staff costs Cleaning Rgnl and r81es 128,667 11.922 24,841 128,667 11,922 24,841 114,221 11.2T2 25,069 b ill Insurances 12,674 32,202 26,067 16,820 6,727 15,S12 118,057 13,255 12,674 32,202 26,067 16,820 6,727 15,512 118,057 13,2SS 10, 731 29, 149 26,092 3, 720 10,875 12,922 124,571 12,588 Heat, light and water Office costs and admin Legal and professional Advertising Other building charges Irrecoverable VAT Depreciation Total 2024 406.744 406,744 381,210 Tol812023 381.270 381,270 Audltors. remuneration 2024 2023 Fee payable to the companls auditor lor the audtt of the companys annual accounts 13.800 Fees payable to the companys independenl examiner for the independent examination of the companys annual accounts Al non-audil servi￿5 1101 induded 8iK)ve 3,300 1,670 Page 23

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension scheme$ 411,343 30,863 5,407 384,259 28,554 3,846 447,613 414.659 The average number of persons employed by the cLJmpany during the year was as fdlows.. 2024 No. 2023 No. Employees 28 27 No employee received remuneration amounting lo more ihan £60,(KKI in either year. Key management personnel include5 the Trustees. the Director. the General Manager and the Financè Manager. The total amount of employee benefits received by key managemènt personnel for their 8ervlces was £150,98612023'. £132,069}. 11. Trustees, rnrnuneratlon and Oxpenses During the year, no Trustees receive(1 any remLJneralifth or other ￿nefitS f2023- £NIL). During the year ended 31 Mar¢h 2024. expenses totalling £NIL were reimbursod or paid diredy to 1 Trustee (2023- £78 to 1 Trusleel. Page 24

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed assets Long-tern) leasehold property Freehold property Freehold General land equipment Total Cost At 1 April 2023 Additions 381.034 254.384 7.033 978,550 7,771 1,621.001 7.771 At 31 March 2024 381,034 254,384 7,033 986,321 1,628,772 Dopro¢latlon At 1 April 2023 Charge for the year 294,997 3.187 213,379 5,021 595,691 95,584 1,104,067 103,792 Al 31 March 2024 298,184 218,400 691,275 1,207,859 N•t book value At 31 March 2024 82,850 35,984 7,033 295,046 420,913 At 31 March 2023 86,037 41,005 7,033 382,859 516,934 Page 25

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Fixed asset investments Shares In group undertaking Cost At 1 April 2023 Al 31 March 2024 Prlnclpal 8ub8ldlarl•s The following was a SUbs￿lary undertaking of the company. Namo Company numbor Prln¢lpal actlvlty Class of Holdlng shares NAC Cafe Bar Limited 03716749 Dormant Ordinary 100% The subsidiary was dormant during the current and preceding financial year. During these periods, the 8ubsidi8ry received no income and incurred no expenditure 8nd therefore made ntrilher profit or loss. Name Not a$$•t$ NAC Cafe Bar Limited 14. Debtors 2024 2023 Due wlthln on• year Trade debtors 6,869 23.381 12,251 12,413 Prepayments and accrued income 30,250 24,664 Page 26

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Creditors.. Amounts falling due within one year 2024 2023 Trade creditors Other taxation and So￿al security Other creditors Accruals and deferred income 35,553 17,785 21,343 111,787 14,039 14,807 15,642 90,375 186,468 134,863 2024 2023 Deferred income al 1 April 2023 Resources deferred during the year Amounts released from previous periods 88,540 98,193 {88,S401 104, 779 88,540 (104, 179) Dtfèrr¢d Inc¢m• at 31 March 2024 98,193 88,540 Deferred income relates lo advance lickel sales and hire of the centre for future bookings. Page 27

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statement of funds Stat¢m•nt of fund$ - ¢urr¢nt y¢ar Balance at 31 March 2024 Balance at 1 Aprll 2023 Income Expendlture Unr8strlct8d funds General funds 72,201 1,168,726 11,151,139) 89.788 Rostrl¢tod funds Restricted funds PRSF- Music lalenl development 484,215 {90,S371 {10,$001 393.678 10,500 484,215 10,500 {101,0371 393,678 Total of funds 556,416 1,179,226 11,252,176) 483,486 Statoment of funds - prfor ￿•r 881ance al 31 March 2023 Balance 81 l Apnl 2022 Income Expenditur& Unrestrlct•d funds General funds 119.907 970,986 (1.018,686) 72,207 Restrfcted funds Reslricled funds 584.310 2,892 (102,987) 484,215 Total of fund$ 704.211 973.8T8 (7, 121,6T3) 556,416 Reslricled funds represent improvements to buiklings ar￿ facilitie5 funded by National Lottery and Arts Council grants. The Performing Rights Society FOundat￿n IPRSF) grant was received (o fund aCtivi￿S in relation to music talent development lo enable talented music creators to realise their potential. Page 28

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Analysi5 of net assets between funds Analys1$ of not a$$•t$ b¢tw¢•n funds - ¢urr•nl porlod Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors dug vAlhin one year 27,235 393,678 420,913 249.019 {186,4681 249,019 {186,4681 Total 89,788 393,678 483,466 Analysls of not ass•t$ b¢tw••n lund• - prlor ￿rfjod Unr9slrided funds 2023 Restricled funds 2023 Tol81 funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 32,719 484,215 518,934 174.343 (134,863) 174,343 (134,863) Total 72,201 484,215 556,416 Page 29

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Nel expenditure for the period las p*r Statement of Fin8nci81 Acts"v￿"0$I {72,9501 (147. 795) Adjustments for: Depreciation charges D8cr8asellincreasel in stocks Ilncreaselldecrease in debtors Increaselldecreasel in creditors 103,792 9,557 {5.5861 51,605 112,683 (10,679? 1,848 (19,506) N•t cash provld•d byllu$•d In) owratlng 4¢tlvltl•$ 86,418 (63,449? 19. Analysls of cash and cash •qulval•nts 2024 2023 Cash in hand 209,556 130,909 Total cash and cash equlvalonts 209,556 130,909 20. Analysis of Changes In net debt At 1 Apr51 2023 Cash flows At 31 March 2024 Cash at bank and in hand 130,909 78,647 209,556 21. Pension commitments The company oper8les a defined contn"bulion pension ￿herne_ The assets of the ￿herne are held sèparatèly from thosè of the company in an independendy administered fund. The pènsion ¢ost charge represents contributions payable by the company to the fund and amounted to £5,407 12023.. £3,846). Contributions toialling £1,047 12023.. £Nill were payable to the frjnd at the balance sheet date and are induded in other creditors. Page 30

NORWICH ARTS CENTRE LIMITED IA ¢ompany 11m1t￿ by guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Operating lease cornmitrnents At 31 March 2024 the company had ¢ommitments to make fvttAre minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 17.000 17,000 17,000 17,000 34,000 23, Rolatod party transa¢tlon¥ During the year. the company made sales of £50012023.. £5701 and purchases of £4.22712023'. £3,660) in relation to services prOv￿ed to and from LJ Hope ProdUC￿.0ns. of which Lucy Farranl is sole proprietor. The balance due from the company al the year end was £25012023.. £Nill. I Iransaclions were made on an OFen markel basis. The balance due lo the company from the Director amounted to £1.60212023.' £1,481). No interest is charged on the loan and the whole balance is considered repayable on demand. Since the financial year end, the amount due Irom the Director has repaid in full. Page 31