EXETER PHOENIX LTD.
ANNUAL REPORT AND
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Exeter Phoenlx Ltd.
Year End 31 March 2024
Contents
P8ge
Company Informatlon
Dlrectors, report
Independent auditor8. raport
12
Consolld8tsd group ststemgnt of financial activitl8S
Balance sheets
17
Notes to the tinanclal $tst6m¢nts
18

Exeter Phoenix Ltd.
Year End 31 March 2024
Company Informatlon
Charity Name
Exeter Phoenix Ltd.
Charlty Reglstratlon Number
290011
Company Registration rnrnbgr
01844169
Re8iStered office
Bradninch Place
Gandy Street, Exeter
EX4 3LS
Dlrectors
B Adams (appointed 19 July 2023)
S Barbato (resigr)ed 06 September 2023)
S Bebbington
R Cobb (appointed19 July 2023)
A Dean
S Khuri
P Macpherson
H Noye
S Smith (appointed 07 June 2023)
L Wright (resigned 29 May 2024)
S8¢rotary
P Cunningham
Sonlor M8n8gement Team
P Cunningham
J Hawkins
A Peel-cusson
M Coulsori
M Burrows
H Lawrence
Secretary
Digital Manager
Visitor Serviees Man8ger
Finance Manager
Galleries Manager
Fundraising Manager
Bankers
B8nk ol Scotland
17 Dix's Field. Exeter. EXI IUZ
Audltors
Haines Watts (Western) Limited
3 Southernhay West, Exeter, EXI IJG
Sollcltor8
Stephens & Scown
Southernhay West, Exeter, EXI IRS

Exeter Phoenix Ltd.
Year End 31 March 2024
Dlrectors Report
Company Number 01844169
Stsucture. Gov8rn8nce and M8na8ement
Govemlng Structure
The organisation is a charitable company limited by guarantee. incorporated on 29 August 1984 and
registered as a charity on the 6 September1984. Thecompanywas established under a Memorandum
ol Association which established the objects and powers of the charitable company and is governed
under its Articles of Association. In the event of the company being wound up each member is required
to contribute an amount not exceeding £10.
Dlre¢tor8 holdln8 office In the year
For directors holding office in the year see Company Information on page l.
R¢¢Nltmgnt and Appointment ot Board Member8
The directors of the company are also Charity trustees for the purposes of charity law and under the
company's Articles are known as the Board of Directors. Each director serves a three year period and
can be co-opted for a further three years. The Articles stipulate that the Board should contain
minimum ol six directors, one of which will be nominated by Exeter City Council. During this year the
nominee was Mr O Pearson. Board members are reqLJested to provide a list of their skills and in the
event of particular skills being lost due to retirements individuals are approached to offei themselves
for election to the 8oard either through advertisement or by recommendation.
Dlreetors. Inductlon and Tralnlng
New directors are informally interviewed by a sub-committee of the Board fully familiarised with the
oper8tion and activities ol the company and supplied with a pack of documents which includes..
The Board Profile - which sets out the obligations of Board members,.
Audited Accounts - for the latest year plus current management accounts,. and
Minutes of recent B08rd meetings.
Or8anisational Structure
The company has a Board ol Management with a maximum of eight members which meets six times
8 year and is responsible for strategic direction, policy and financial robustness of the charity.
Members have a variety of professional backgrounds relevant to the work of the charity. Also in
attendance 8t the meetings are the Company Secretary, who is also the executive director but has no
voting rights, a staff representative and the company's accountant. The day-to-day responsibility for
the provision of events. activities and services is delegated to the executive director who. with the
help ol the senior management team- who form an Executive - manages and delivers the output. The
Board has two sub-committees. one for finance matters and one for fundraisingldevelopment.
Sub8idlary undertakin88
Exeter Arts Trading Services Limited (EATS) (comp8ny number 06280657) is a wholly owned
subsidi?ry. EATS operates the café and bar and all commercial trading operations carried on at the
premises. It donates all of its profits to the company.

Exeter Phoenlx Ltd.
Year End 31 March 2024
Relatsd Partles
The company has a nominated representative from Exeter City Council on its Board. The company
le8ses its building from the City Council. The Council is also the largest single grant provider to the
organisation and a service level agreement exists between the company and them.
Pay policy for 88nlor staff
Exeter Phoenix is committed to ensuring that we pay our staff fairly and in a way which ensures we
att13Ct 8nd retain the right skills to have the greatest impact in delivering our charitable objectives.
There is a FinancelSt8ffing Sub-committee of the Board- composed of the Chair and one other Board
member - which recommends the pay lor all stall and also considers annual cost of living increases.
The Director and Finance ME*nager attend these meetings but no members of the Executive are
members of the committee. All decisions have to be ratified by the full Board.
Rlsk Management
The directors ale continuing to carry out a detailed assessment ol the risks laced by the company,
both financi81 and non-financial. As part ol this process, the directors are implementing a risk
mana8ement strategy comprising of..
An annual review of the risks which the charity may face..
The estBblishment of systems and procedures to mitigate those risks.. and
The implementation of procedures designed to minimise any potential impact on the charity
should any of those risks materialise.
Obj•ctlve and A¢tivitle$
The objects of the company are..
To promote, maintain, improve, encourage and provide public education in the arts of dramA music,
singing, dance. painting, sculpture, literature. cinematography and handicrafts.
The provision of facilities in the interest ol social welfare for the recreation ar)d leisure time occupation
of the public with particular regard to Exeter and its surrounding districts with the object ol improving
the conditions of life of the persons for whom the f8¢ilities are primarily intended.
The company carries out the objects through the promotion of arts events and exhibitions. the
provision ot film and video resource4 the provision ol community arts services. and arts development
work.
Vlslon and Misslon
The vision of the organisation is..
Creative spaces that irispire, support and enable connections between artists and audiences.
We will deliver the vision by..
Maintaining a regional creative hub where artists, audiences and cultural partners meet. create
and thrive.
Commissioning, hosting and developing exciting new work from the best emerging artists.
Embracing diversity, accessibility and artistic rigour in everything we do.

Exetgr Phoenix Ltd.
Year End 31 March 2024
Suppoiting and nurturing the creative community and providing opportunities and platforms
to develop its skills and talents.
Constantly innovating and seeking ways to develop the quality and scope of a sustainable
balance ot cultural activity.
Achlevaments and Perf0m￿nCe
Delivering over 2,000 events and welcoming around 300,000 people through our doors
Our busiest ever year for cinema audiences. with 15,245 viewing the best of local. national and
international film.
Staging 145 live music events. spanning a wide range of genres to deliver the most diverse
programme in the region.
Presenting 95 live theatre and dance performances, championing work at the forefront of
contemporary practice.
£13,900 awarded to Ioc81 8rtists to support the development of new work through our
commissions, exhibition fees and Scratch Night opportunities.
Providing Access Support for artists to navigate funding applications. we have supported local
creatives to secure £IOOk of funding to realise their projects and idees.
Our volunteer stewards have given 2,700 hours of their time to support performances,
screenings events and festlV81s.
Over 150 organisations, artists and local businesses supported through providing a platform
and space for exhibitions, meetings and activities including 55 fellow charities and community
groups.
D8llverlng ag8ln$t our strat
We aro Incluslve and relevant
Over the year we have Continued to provide high quality creative experiences that are accessible to
everyone. We are proud to platform a diverse range of voices and perspectives across our programme.
to embrace a range of initiatives to ensure that these opportunities can be enjoyed by all. and to offer
a welcoming and inclusive space for the wider community.
Highlights over the year included:
A celebration of the juxtaposition of Exeter Pride and a UK-hosted Eurovisiory alongside our
local Ukraini8n community, at our Rainbow Fayre, which delivered a full day of welcoming,
inclusive and celebratory activities, performances and screenings.
Hosting important community events in partnership with local groups, including providing a
venue for Eid al-Fitr celebrations with Hikmat CIC, hosting Exeters popular Like Minds
Conference, delivering Lunar New Year with the Exeter Hong Kongers. being a key venue for the
British Science Festival, and supporting the local Kurdish community to celebrate Newroz.
Delivering a year-long supported internship opportunity in partnership with InFocus College.
providing fresh new insight for our organisation and personal and professional development
lor the young person.
Delivering 50 hours of free animation, tilmmaking and video game content workshops lor young
people thanks to the Million Hours Fund.

Exeter Phoenix Ltd.
Year End 31 March 2024
Pl8tlorming diverse and underrepresented views of the world, including through James
Paddock's powerful -Lile Could be Done So Much Better" exhibition, which centred and
explored experiences of voice hearing and led to a whole host of opportunities for our Freefall+
youth group including having members lead their owr) gallery tour. publishing written
responses to the work, and creating their own artworks inspired by the exhibition.
Bringing world class theatre for all ages to outdoor public spaces in Exeter, including our
popular annual Shakespeare in the Park performances, and our family show Out of the Deep
Blue which saw a spectacular13-foot-tall puppet, operated by 5 world-class puppeteers and
contemporary dancers, striding through the city centre.
The creatlvSty we ombrace Is ambltiou4 varied and entert8inlng
We have deliveied hundreds of performances, workshops and exhibitions 8cross the ye8r.
representing a range ol artlorms and featuring artists from all over the world alongside national,
regional and local t81ent. Audiences h8ve been able to enjoy a wide range of high-quality cultural
experiences, established artists have benefited from a platform for their work and employment as
performers and Course leaders, and emerging artists have received support, guidance and
opportunities for emerging artists seeking to develop their skills. profile, network and practice.
Top quality culture lor local audiences..
Over the year we welcomed over 27,000 people to our free contemporary art galleries, which
platformed leading ond emerging artists frorn across the UK including a collaborative exhibition
by Dan Howard Birt and sharing work from previoijs commission winner Natasha Ma¢Voy. Our
galleries attracted feedback such as ~I'm so glad there is art like this out there," One of the
best exhibitions I've been tolN and "We are so very lucky to have this in Exeter"
Our music programme has brought artists from all over the world to the far South WesL
representing a broad range of genres including Nina Nastasia, Kosheen, Matthew Halsall,
Stornoway. BC Camplight, Walter TrouL Mystery Jets. Martyn Jasepl Dreadzone, The Bug Club,
Eric Bibb, Grfjce Petrie and Nouvelle Vague.
This yearfs live performance programme has been packed with award winnin8 comedians and theatre
companies including Emergency Chorus, Paul Foot. HAII Moon Theatre, Josie Long, James Rowland Rob
Auton, The Paper Cinema and Sophie Duker.
Nurturing local talent
By allocoting additional core staff hours to support artist development, we have grown our
Creative Hub network to reach an online audience of 1,700 and releasing regula¥ publications
featuring sector news, sharing opportunities with organisations across the region and
showcasing South West artists and makers.
New and emerging talent has been supported to gain performance experience and grow their
prolile, including our partnership with BBC Introducing which saw people queuing round the
block to enjoy the best new music from Tory, Pattem Pusher, Saff Juno and Lian8 Lawrence at
February's South West Showcase.
We have stocked the work of 120 South West cieatives in our city centre shop, Maker Mart,
offering a valuable income stream for artists and makers as well as a platform to share their
work and raise their profile.

Exeter Phoenix Ltd.
Year End 31 March 2024
We are beyond the l￿IldIng
Exeter Phoenix have continued to pursue opportunities and partnerships beyond our own four walls,
introducirig audiences to different venues and developing a wide range of new partnerships. Over the
course of this year we delivered multiple events and activities at different premises in and around the
city. including bringing folk music to local church and screening seminal film, The Red Shoes, within the
majestic surroundings of Exeter Cathedral. The latter was delivered in partnership with the BFI as part
of the national Powell and Pressburger season and also featured a fresh and youthful interpretation of
the film through an energetic live dance performance from Chhaya Youth.
We have also developed new relationships with a range of artists and community groups through our
new heritage project, which focusses on digitising and sharing 8n archive of family films dating from
the 1930s-1960s. Groups such as Mothers who Make and communities from Villages in Action and
Diverse Devon Together have been able to experience these unique historic films and create their own
responses with the guidance and support of specially commissioned artists.
Over the year we have also continued to support and work in close partnership with Positive Light
Projects. supporting the provision ol Bccessible and engaging creative opportunities for people from
all backgrounds and providing space for loeal artists to develop their work and profile.
Environmental Sustainabillty
This was 8nother busy year for our Green Phoenix Project which saw our work to build a more
sustainable future for arts and culture enjoy national recognition when our independent cinema, Studio
74, won the Green Screen Sustainability Awards at the Big Screen Awards in London. in recognition ol
our longstanding commitment to reducing our environment81 impact.
Over the course of the year our 94 solar panels generated 22,273 kwh of sustainable green electricity,
and we have continued to work on our sustainability strategy. This year saw the completion of the first
wave of our secondary glazing project to reduce our use ol fossil fLJels by improving the thermal
efficiency of ou¥ historic building, the installation of more specialist LED lights in our auditoriu￿ and
the commencement of works lor our rainwater harvesting and living wall project.
We have also taken our sustainability focus beyond the building, engoging with a range of partners to
expand our learning and share our experiences. This has included engaging with Sustainability Arts
Gathering Exeter, a peer group championing and supporting more sustainable practices in the sector,
as well as joining as founding members of the new UK Green Film Network, a small advisoiy group of
cinemas and programmers who have and are making conscious changes. The network creates space
lor learning and questioning.
Flnancial Sustainability
The compony is partly dependant on the continuing support of its funding partners IArts Council
England and Exete¥ City Council) to enable it to continue operating and to meet its liabilities as they
fall due. Annual funding from the Arts Council is in place at least until March 2026. As a result the City
Council are committed to providing support over the same period.
The company is also reliant on an overdraft that is renewed on an annual basis 8nd we have no reason
to believe that the bank would not renew this et 8 level that meets the needs of the charity.

Exeter Phoenix Ltd.
Year End 31 March 2024
The accounts do not include any adjustments which would result il continued support is not available.
Such adjustments would reduce the value of the assets of Exeter Phoenix Ltd. to their realisable value
and to provide tor liabilities not presently included in the finan¢i81 statements.
Flnanelal Revlew
The Group'ts operating deficit for the year, amounts to £11,489 (2023 - £39,149). After allowing for
depreciation charge of £122,615 (2023 - £120,209) the r)et outgoing resources for the year amounted
to £134104 (2023 - £159,358) and are dealt with as shown in the Consolidated Statement of Financial
Activities on page 20. Exeter Phoenix Ltd meets the day to dBy running costs from generated income
and grants from its funding partners.
The gener81 support fund, which is an unrestricted fund, has a deficit of £227,126 (2023 - £160,380) at
31 March 2024. The directors are trying to obtain additional income streams and reviewing all of the
company's expenditure with a view to recovering the position in due course.
Reserves Pollcy
The directors have forecast the level of unrestricted reserves needed to sustain the charity's operations
over a period when its anticipated income generated from activities may be temporarily curtailed. The
directors consider the most appropriate level of freè reserves which should be retained is in the region
01 £85,000 which would represent approximately 3 months of fixed overheads. At the year end, the
charity had not built up reserves to this level, but the directors continue to regularly review the
budgeting and lin8nci81 performance of the organisation with a view to achieving this target in due
courso.
Prin¢lpal funding sour¢•s
Grants received
our two mein funders are Exeter City Council and Arts Council England. With the
former we have a three year funding agreement to provide a targeted programme ol activity,. with the
latter wo have an agreed programme plan.
Income from trading 8Ctwities - income from our room rentals, tenants and ticket agency sales helps
to underwrite the cost of our charitable work.
Events and exhibitions- the ticket income and sales commission both underpin our budgets and helps
support artists.
Film and Video Resource- income earned from hires and rentals enables us to support artists Courses.
classes and related activities
income from these helps us to offer concessionary rates.
Statement on fundralslng actlvltles
In carrying out its fundraising activities the charity has not behaved unreasonably towards vulneiable
people or 8ny other members of the public.
Dlsabled per80ns
The charity operates an Equal Opportunities Policy for its stall. users and audiences, which includes
the following provisions governing the employment ol disabled persons:

Exeter Phoenix Ltd.
Year End 31 March 2024
Adherence to the Disability Discrimination Act1995
Adoption ot a Code of Good Practice on the employment ol disabled persons, including
recruitment, selectiory training and promotion. This includes. Reasonable adjustments will be
taken where a disabled person is put in 8 detrimental positior) and such reasonable
adjustments remov8 the detriment.,
Plan for Futuro Periods
The charity intends to continue the activities outlined above ir) the forthcoming years Subject to
satisfactory funding arrangements.
Publi¢ bengflt
The directors confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to
have due regard to the Charity Commission's goneral guidance on public benefit.
We have referred to the Charity Commission's general guidance on public benefit when reviewing our
aims and objectives and in planning our future activities. In particular, the directo¥s consider how
planned activities will contribute to the aims and objectives they have set.
Flnancl81 In8truments
Prlce rT8k eredlt rl$l and eash flow rlsk
The companys principle Financial instruments comprise bank balances, trade creditors and trade
debtors. The main purpose ol these instruments is to raise funds for the company's operations and to
finance these operations,
Due to the nature ol the financial instruments used by the company there is no exposure to price risk.
Trade debtors are managed in respect of Credit and cash flow risk through policies regarding the credit
offered to customers and the regular monitoring of amounts outstanding. Trade creditors liquidity risk
i¥ managed by ensuring suff icient funds are available to meet amounts due.
Responsibilities of the Board of Directors
The directors (who are also trustees of Exeter Phoenix Ltd for the purposes of company law) are
responsible for preparing the Annual Report and the financial statements in accordance with
applicable law end United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give
a true and fair vi8w of the state of affairs of the charitable company and of the incoming resources
and application ol resources, including the income and expenditure, of the charitable company for
that period. In preparing those financial statements, the trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charity SORP,.
make judgements and estimates that are reasonable and prudent,. and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in busi¥)ess.

Exeter Phoenix Ltd.
Year End 31 March 2024
The directors are responsible for keeping proper accounting records which disclose with reasonoble
accuracy at any time the financial position ol the charitable company and to enable them to ensure
that the financial statements comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the charitable company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
In so far as the trustees are aware..
there is no relevant audit information of which the charitable companys auditors are unaware,.
and
the trustees have taken all steps that they ought to have taken to make themselves aware of
any relevant audit information and to estsblish that the auditors are aware of that information.
Audltors
A resolution to re-appoint Haines Watts (Western) Limited as the compantys auditors will be put to
the forthcoming Annual General Meeting.
On behalf of
Board
H Noye
Date.....

Exeter Phoenix Ltd.
Year End 31 March 2024
Indgpgndont Auditors. Report to the Members of Exetar Phoenlx Ltd
We have audited the financial statements of Exeter Phoenix Ltd (the 'parent charitable company, and
its subsidiaries (the 'group'), for the year ended 31 March 2024 which comprise the Consolidated
Group Statement of Financial Activities, the Group and the parent charitable company Balance Sheet
and the related notes. The financial reporting framework that has been applied in the preparation is
applicable law and United Kingdom Generally 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..
give a true and fair view of the state of the group's and parent charitable company's affairs as at 31
March 2024 and of the group's incomin8 resources and application of resources, including Its income
and expenditure, for the year then ended and ol its profit for the year then ended..
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Ba$1$ for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUK) {ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the auditors.
responsibilities lor the audit of the financial statements section of our report. We 8re independent of
the group and parent charitable company in a¢¢ordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standaid. and we
have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sullicient and appropriate to provide 8 basis lor our opinion.
Con¢lu$lon$ rolatlng to going Concern
In auditing the financial statements, we have concluded that the directors, use of the going concern
basis of accounting in the preparation of the financial statements is appropriato.
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 group or parent
charitable company's ability to continue as a going concern for a period of at least twelve months from
when the fin8ncial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with iespe¢t to 80ing concern are
described in the relevant sections ol this report.
10

Exeter Phoenlx Ltd.
Year End 31 March 2024
Other information
The other information comprises the information included in the director's annual report, other than
the financial statements and our auditors report thereon. The directors are reyponsible for the other
information. 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 iesponsibility 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
audit or otherwise appears to be materially misstated. If we identily 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. It, based on the work we have performed, we
conclude that there is a material misstatement of this other inlorrnation, we are required to report that
fact.
We have nothing to report in this regard.
Oplnlon on othar matt8r8 pr88cribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit-
the information given in the report of the directors for the financl81 year for which the financial
statements are prepared is consistent with the financial statements,. 8nd
the report of the directors has been prep8red in accordance with applicable legal requirements.
Matter8 on whldi we are rerylred to report by exception
In the light of the knowledge and understanding ol the group and parent charitable company and its
environment obtained in the course of the audit, we have not identified material misstatements in the
report of the directors.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept by the parent charitable company, or returns
adequate lor our audit have not been received from branches not visited by us,. or
the parent charitable company's financial statements are Tlot in agreement with the accounting
records and returns.. or
certain disclosures of directors, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our aiJdit-, or
the directors were not entitled to prepare the financial statements in accordance with the small
companies regime and take advantage of the small companies. exemption from the requirement to
prepare 8 Strategic Report or in preparing the Report of the Directors.
11

Exeter Phoenlx Ltd.
Year End 31 March 2024
Responsibilities of directors
As explained more lully in the statement of directors, responsibilities the directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view.
end for such internal control as the directors determine necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the linancial statements, the directors are responsible for assessing the group and parent
charitable company's ability to continue 8s a going concerry disclosing, as applicable, matters related
to goin8 concern and using the going concern basis of accounting unless the directors either intend
to liquidate the group or parent charitable company or to cease operation4 or have no realistic
alternative but to do so.
Auditors, responsibilit185 for the audit of the flnanclal statement8
Our objectives are to obt8in reasonable assurance about whether the financial statements as a whole are
free from material misststement, whether due to fraud or error. and to issue an wditorfs report that includes
our opinion. Reasonable assurance is a high level ol assurance, but is rK>t a guarantee that an audit conducted
in accordance with ISAS (UK) will always detect a material misstatement when it exist& Misstatements can
arise from fraud or errorand are considered material il, individually oi in the aggregate, they could reasonably
be expected to influence the e¢onomic decisions of users tsken on the basis ol these financial statements.
Irregularities, including fraud, are instances of non-cornpliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including Iraud. The exter)t to which our procedures are capable of detecting
irregularities. including fraud is detailed below..
In identifying and assessing risks ol material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regul8tions, our procedures included the following..
We obt8ined an understanding of the legal and regulatory frameworks applicable to the group and
parent charitable company and the sector in which it operates. We dete¥mined that the following
laws and regulations were most significant.. The Companies Act 2006, UK GAAP. UK corporate tax
law. Charity Commission regulations GDPR Occupational Health and Safety regulations and Food
Safety Standards.
We obtained an understanding of how the group and parent charitable company are complying
with those legal and regulatory frameworks and made enquiries to the management of known or
suspected instances of fraud and non-compliance with laws and regulations. We corroborated our
enquiries through our review of board minutes. other relevant meeting minutes and review of
correspondence with regulatory bodies.
We assessed the susceptibility of the group and parent charitable company's financial statements
to material misstatement, including how fraud might occur. Audit procedures performed by the
audit team included..
-Identifying and assessing the controls management hBS in place to prevent and detect traud,.
Understanding how those charged with governance considered and addressed the potential
for override of controls or other inappropriate influence over the financial reporting process,.
12

Exeter Phoenix Ltd.
Year End 31 March 2024
Challenging assumptions and judgments made by management in its signilic8nt accountin8
estimates and judgments. in particular depreciatioN accruals and prepayments,.
Identifying and testing journal entries. in particulgr journal entries posted with unusual
account combir)ations,' and
Assessing the extent of compliance with the relevant laws and regulations.
There are inherent limitations in the audit procedures described above and the further removed non-
compliance with laws and regulations are from the events and transactions reflected in the tinancial
statements. the less likely we would become aware ol it. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve del￿berate concealment by, tor example. forgery or intentional misrepresentation& or
through collusions.
A further description of our responsibilities for the audit of the financi81 statements is located on the
Financial Reporting Council's website at www.Irc.org.uklauditorsresponsibilities. This description forms
part ol our Report of the Auditors.
U8e of our report
This report is made solely to the charitable companys members, as a body, in 8ccord&nce with
Chapter 3 of Part16 01 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 a report
of the auditors and lor no other purpose. To the fullest extent permitted by18w, we do not accept or
assume responsibility to anyone other than the charitable company and the charitable company s
membels as a body, lor our audit worl for this reporL or for the opinions we have formed.
Jade Quaintance BA FCA
Senlor Ststutory Audltor
for and on behalf of..
Haines Watts (Western) Limited. Statutory Auditor
Exeter
EXI IJG
Date..
5 DÈcÈmbÈr 2024

Exeter Phognix Ltd.
Year End 31 March 2024
Consolidated Ststsment of Financial Activities
(Includlng In¢ome and Expendlture A¢¢ount)
2024
Tot81
Funds
2023
Tot81
Fijnds
Note8 Unrestricted
Funds
R6strlctad
Funds
Income..
Donations and legocies
Income Irom ch8ritable acbwtps..
Grants receivable
Events Bnd exhibitions
Film 8nd vid80 r8sour¢o
Courses, clas88s and related incomg
15,718
15,718
12.217
193,084
459,503
23B66
74,197
144,795
337.879
459,503
38,416
74,197
335,150
298.347
43.824
69,817
15.050
Incdme from other tr8ding￿ll￿tI&￿.
Commercial trading operations
Oth8r income
1,418.972
1.416,972
1,267,911
105,923
105,923
84,522
Total income
2,288,763
159,845
2,448,608
IIIL788
Expondituro..
Costs ol Eenerating funds
Costof raising fvnds..
Commercial trading operations
Expenditure on charitableactivities
Events and exhibitions
Film and video resource
Coursbs, classè$ and r818ted income
Governance costs
11,340,975)
11.340,9751
II210,8761
1850,1371
197,875)
152,6201
16,8871
12,348,494)
199,7591
{105,3331
129,1281
1949,8961
1203208)
18l7461
16,8871
IZ582,7121
1681,2261
(282,4951
184,3201
112,2291
11271,1481
Total 8xpandltur6
1234,2181
Net exp9nditure lorthe ye8r
Total funds brought forward
Tr8nslers ol funds
159,7311
1160,3801
17,0151
1227,1261
174,3731
1134,104}
1159858)
570,219
571,238
410,858
7,015
Totsl lund$ carried lorward
503.880
276.754
410,858
The statement ol financial activities includes all Bains and IossE5 recognised in th8 y88r.
All incoming resources and resources oxpended derivg from contlnuing activities.
14

Exeter Phoenix Ltd.
Year End 31 March 2024
Company Number 01844169
Consolidated Balance Sheat
Note
GTOUP
2024
Group
2023
Charity
2024
CharSty
2023
FIXED ASSETS
Intagible fixed 88setS
Tangible asset8
Investments
15
15
16,17
584.220
25,500
640,706
25,500
447,761
26,500
537,409
26,51X>
Total fixed assets
609,720
666,206
474261
563,909
CURRENT ASSETS
Stwk
Debtors
Cash at hand and In bank
20.440
79,618
87.804
24,827
66909
120,547
18
64,417
S6￿58
100.972
Total eurrènt $￿et$
187,862
212,283
126,288
157,930
CURRENT LIABILITIES
Creditors.. amounts falling due within oneyear
Net current IlabllStS•s
19
I￿)9,161)
132l2991
288A21
14459631
1233,6801
432526
1365,7831
1239.4951
13419891
1185,0391
Total assèts lèss curr8nt liabilit188
234,766
378070
Cr8ditors'. amounts falling due after more
th￿ on8 ye8r
Net 88Set8
20
121,6671
410.858
111fi67)
221099
121,6671
357,203
276.754
R6presented by.
Unrestricted l￿dS
Restricted funds
21, 22
21, 22
1227,1261
503,880
1160.3801
57l238
410,858
1280,7781
503177
12140321
571,235
Total Chsrlty funds
276,754
221099
357,203
The financial statements have been prepared in accordance with the provisions applicable to
companies subject to the small companies regime.
The financial statements on pages I to 31 were approved and authorised for issue by the directors on
Z7.....1..L.. Z*....
ned on their behalf by:
HNO
Director
15

Exeter Phoenix Lld,
Year End 31 Mareh 2024
Notes to the financial statements
1. Accounting Policies
Ststutory information
Exeter Phoenix Ltd is a private company. limited by guarantee, registered in England and Wales. The
company's registered number and registered office address can be found on the Company
Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
The company is partly dependant on the continuing support of its funding partners (Arts Council
England and Exeter City Council) to enable it to continue operating and to meet its liabilities as they
fall due. Annual funding from the Arts Council is in place at least until March 2026. As a result the City
Council are committed to providing support over the same period.
In response to the Covid-19 pandemic the company successfully met its financial commitments by
raising new income from a mix of grants 8nd other government funding schemes and was able to exit
the pandemic in a relatively strong financial position.
Like many other organisations and businesses the company has had to weather the challenge posed
by both wage and other inflation and the cost of living crisis but is confident that the measures that it
has put in place to eounteraet this will be sufficient going forward.
Post year-end the company has been able to continue trading successfully and to build on its success,
with turnover levels 15% up on the year before and 30% above p¥e-pandemic levels.
The company is also reliant on an overdraft that is renewed on an annual basis and we have no reason
to believe that the bank would not renew this at a level that meets the needs of the charity.
The accounts do not include any adjustments which would result if continued support is not available.
Such adjustments would reduce the value of the assets of Exeter Phoenix Ltd. to their realisable value
and to provide for liabilities not presently included in the financial statements.
A¢¢ountlng conv6ntlon
The financial statements have been prepared under the historical cost convention. with the exception
of investments which are included at market value.
The financial statements have been prepared in accordance with 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 issued
in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic ol
Ireland (FRS 1021. the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted
Accounting Practice.
16

Exeter Phoenix Ltd.
Year End 31 March 2024
Group Flnancl81 Statements
These financial statements consolidate the results ot the charity and its wholly owned subsidiary
Exeter Arts Trading Services Limited IEATS) on 8 line-by-line basis. A separate Statement of Financial
Activities and Income and Expenditure Account are not presented for the ¢h8rity itself following the
exemption afforded by section 408 of the Companies Act 2006.
Fund Accountin8
General support funds are unrestricted funds which a¥e available foi use at the discretion of the board
of directors in the furtherance of the general objectives of the charity which have not been designated
lor other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the charity for the particular purposes.
In¢omlng Re¥our¢g$
All incoming resources are included in the Statement of Financial Activities when the charity is legally
entitled to the incorne and the amount can be qualified with reasonable accuracy.
No amounts are included in the financial statements for services donated by volunteers.
Income from trading activities includes income earned from fundraising events and trading activities
to raise funds for the charity. Income is received in exchange for supplying goods and services in order
to raise funds and is recognised when entitlernent has occurred.
Grants
Income from donations and grants are recognised at fair value when the charity has entitlement after
any performance conditions have been met it is probable thot the income will be received ar)d the
amount can be measured reliably. If entitlement is not meL then these amounts are deferred.
Government grants are recognised on a cash basis.
Re80urc88 Expended
AIS expenditure is accounted for on an accruals basis. Liabilities are recognised as resources expended
as soon as there is a legal or constructive obligation committing the charity to the expenditure.
Overhead and other support costs not directly attribLJtable to particular charitable activities are
apportioned over the relevant activities pro rata to the value of the directly attributable costs ol each
category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its
activities and services for its beneficiaries. It includes both costs that Can b& allocated directly
to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and
Statutory requirements of the charity and include the audit lees end costs linked to the
strategic management of the charity.
Investments
Investments in subsidiaries are held at cost.
Investments in artwork is held at valuation.
17

Exetgr Phoenix Ltd.
Year End 31 March 2024
Flx6d A88et8
Fixed assets are included at cost less depreciation.
Depreciation is provided on all tangible fixed assets at rates calcu18ted to write off the cost less
estimated residual value, of each asset evenly over its expected useful life, as follows..
Computer equipment
4 years
Fixtures, fittings and equipment
3 to 10 years
Motor vehicle
4years
Gallery café equipment
2 years
Redevelopment costs
remaining period of the lease
Amortisation of Intangible assets is straight line over the usglul life of the asset, which is 4 years.
Stock
Stock is included at the lowe¥ of cost or net realisable value.
Leasln8 and hlre purch88e commitment8
Rentals paid under operating leases are charged to income on 8 Straight-line basis over the lease term.
Assets held under hire purchase contract are capitalised in the balance sheet and are depreciated
over their useful lives. The capital element of future obligations under the hire purchase contracts are
included as liabilities in the balance sheet.
The interest elements of the rental obligations are charged in the Consolidated Statement of Financial
Activities over the periods ol the hire purchase contracts.
Financi81 Instwm&nts
Financial instruments are c189sified and accounted for. according to the substance of the contractual
arrangement, as financial asset5, financial liabilities and equity instruments. An equity instrument is
ar)y contrect that evidences a residual interest in the assets of the company after deducting all of its
Incomg and Expenditure Account
The Consolidated Group Statement of Financial Activities on page17 is considered to be equivalent to
an Income and Expenditure Account and comply with the reporting requirements and consequently
no separate income and expenditure statement has been prepared.
2. Income
Income represents amounts derived from the provision of goods and services which fall within the
companys ordinary activities.
The income and net resources are attributable to continuing activities.
3. Legal status of the Charity
The charity is a private company limited by guarantee and h8s no share capital. The liability of each
member in the event ol winding up is £10.
18

Exeter Phoenix Ltd.
Year End 31 March 2024
4. Financial Activitles of the Charlty
2024
2023
Gross Incoming Resources
Total Expenditure on charitaNe activities
Governance costs
1,107,633
11,234,850)
(6,887)
1134,104)
843,875
(1,048,041)
112,229)
216,395
Net incomingl(outgoingl resources
Total Funds at bllwd
Tot81 Funds at cllwd
{134,104>
357,203
1216,395>
573,598
223,099
357,203
Represented by..
Unre8tricted Funds
Restricted Funds
1280,7781
503,877
(214,032)
571,235
223,099
357,203
Total net assets
223,099
357,203
5. Incoming re8ouree$ gonerated furKIs
The wholly owned trading subsidiary Exeter Arts Tr8ding Services Limited (EATS). which is
incorporated in England and Wales. donates all of its profits to the charity. EATS operates the café and
bar, and all commercial trading operations c8rried on at the premises of the charity. The charity owns
the entire share capital of EATS of 1,000 ordinary shales of £1 each.
A summary of the trading results of EATS is shown below..
Results of subsidiary
2024
2023
Turnover
Cost ol sales and administration costs
Interest receivable
1.416,972
(1.416,972)
1,267,911
11,210.876)
Net loss
57,035
Th8 assets and118bllltès ol EATS were..
Fixed Assets
Current assets
Current liabilities
136A60
62,273
1144,077)
54,656
103,297
117,631
1166,272)
54,656
Total nat assèts
Aggregate share capital 8nd res&rves
54,656
54,656
19

Exeter Phoenix Ltd.
Year End 31 March 2024
6. Other Income
2024
2023
Theatre lettings and conferences
Box ollice income
Sundry
Membership
Property rental and maintenaneè rècharge
44.177
33,725
29.686
26,321
358
615
27,542
3,262
25,920
105,923
84,522
7. Co$t¥ of Charltablo A¢thiltles
Support
Direct Staff Other Dirert
2024
2023
Event and exhibitions
471,203
22,709
73,803
157,584
101,051
321,109
79,448
7,943
949,896
203,208
81,746
681,226
282495
84,320
Film and video ￿sOurce
C(xJrses, classes arKI related expenses
567,715
258,635
408,500
1,234,850
1,048,041
8. SLEPPQrt Co$t$
Included in the cost of charitable activities are the following support costs..
2024
2023
Administration and m8rketlng salaries
Training and other Stall c05tS
Rent
Service charge
Prernises mairitenance
Marketing costs
Piinting, postage and stationery
Tel8phone
Box office costs
General in5uiance
Hospitality
Subscriptions
Sundries
Equipment hire and maintenance
Prof885ional lee5
Bank charges and interest
Hire puichase interest
B8d debts
Deprecigtion
290.782
3,883
36,543
25.783
Z457
29,609
4.750
1.033
9,301
21.005
284,103
6,734
37,944
27,050
2,980
26,842
4.763
1,002
6,824
16,520
332
3,130
1837
7.376
3,063
2,282
3,234
3,556
10,032
336
1,478
526
792
122.615
(3,752)
120,209
567,715
550.239

Exeter Phoenlx Ltd.
Year End 31 March 2024
9. Governance C08ts
2024
2023
Auditors lees
Other
6,887
10,612
1,617
6,887
12,229
During the year the auditor Charged audit fees of £6,88712023'. 10.612) and other fees of £Nil (2023:
£1,617).
10. Staff Costs
2024
2023
Wages and salariès
Soci21 Security costs
Pension costs
498.227
27,286
13,964
488,838
26,820
13,467
539,476
529,125
During the year key management porsonnel ieceived remuneration and benefits totalling £165.361
(2023: £164,946).
No employee received emoluments exceeding £60,000.
The average staff employed by the Group were 75 (2023: 67>.
71. Dlre¢tor8 Remuneratlon
The directors of the company did not receive any payments from the company is respect ol their role
as a director.
During the year ended 31 March 2024 expenses of £Nil (2023.. £Nil) were reimbursed to directors.
Related p8rty transactions involving the directors are set out in note 26.
12 Net incomin81(out80ing) resources is stated afterchar8lng
2024
2023
Depreciation ol assets
147,729
139,029
21

Exeter Phoenix Ltd.
Year End 31 March 2024
13. T8x8tlon
Exeter Phoenix Ltd. is an exempt charity 8nd is eligible lor the exemptions from taxatioN available to
charities on their charitable activities. No charge to corporation tax therefore arises.
N. Comparatives for the con801idat8d Statement of flnanclal actlvltles
2023
Total
Funds
Unre8tricted
Fund8
Restrict•d
Funds
Income..
Donations and legacies
Incom6 from ch8rit8ble 8¢tiwitl8S.'
Gr8nts receiv8ble
Ev6nt5 and Exhibition¥
Film and video resource
Courses, cl&sses and related Income
12,217
12,217
270,206
290,354
14,350
45.174
64,944
7,993
29,474
24,643
335,150
298,347
43,824
69A17
Income from othertradingactiwitie&'
Commercial trading operatings
Oth&r income
1,267,911
84,522
l267,911
84,522
Total income
1.984,734
127,054
2111,788
Expenditure..
Costs ol generating funds
Cost of r8isingfunds.'
Commercial trading operations
5xpenditure on chgritable activities.
Events snd Exhibitions
Film and video resource
Courses, classes and related income
Governance costs
11,210.876>
11,210,876)
1571,011)
(224,1891
(46,796)
(12,2291
(2,068,101)
1107,215)
158,306)
{37,524)
(681,226)
1282,495)
184,320)
112,229)
(2271.146)
Tot81 axpondltura
(203,0451
Net incomel lexpenditurel for the year
Tot81 funds brought forward
Tr8nsler ol funds
(83,367)
177,009)
175,9911
647,228
(159.358)
570,219
Total funds carried lorw8rd
1160,380)
571,237
410,859
22

Exeter Phoenix Ltd.
Year End 31 March 2024
IS. Flxed A8$et$- Charlty
Redevelopment
Costs
Leasehold
Imwovements
Fixtur8s, Fittings
& Equipment
Compvter
Total
Cost
At l April 2023
Additions
Disposals
At 31 March 2024
2,696,728
7,033
624,196
15,402
61,065
17,565
3,389,022
31967
2696,728
7,033
639.598
78,630
3.421,989
Dèpreciation
At l April 2023
Charge lor the year
Eliminated (fispDsal
At 31 March 2024
1184,760
107,579
&509
313
599,517
9,775
60,827
4,948
1851,613
122615
2291339
6,822
609,292
65,775
2.974,228
Net 8ook Value
At 31 March 2024
At 31 March 2023
404,389
511,968
30,306
24,679
12.855
238
447,761
537.409
524
The company operates from a short leasehold building. The Company entered into 8 25-year lease
from l April 2004 with four yearly rent81 reviews. Exeter City Council has purchased various fixed
assets which the company uses without Charge.

Exeter Phoenix Ltd.
Year End 31 March 2024
Flxed As88ts- Group
R&development
Co8t$
Leasehold
Imwovement8
Fixtures. Fitting8
& Equipmènt
Computer
Totsl
Cost
At l April 2023
Addition5
tksw)sals
At 31 March 2024
26%,728
86,571
44,170
837,609
29,510
61,065
17,565
3.681,973
91.245
2696,728
130,741
867,119
78,630
3,773,218
Oèpre¢iation
At l April 2023
Chgige lor the year
Eliminat8d on disposal
At 31 March 2024
1184,762
107,579
26,844
12684
768,836
21518
60,827
4,948
3,041,269
147,729
2291341
39528
791,354
65,715
3.188.998
N8t Book Value
At 31 Mèreh 2024
At 31 March 2023
404,387
511,966
91,213
59,727
75,765
68,773
12,855
238
584,220
640,705
24

Exeter Phoenix Ltd.
Year End 31 March 2024
Intangible Fixed Assets- Group and Charity
Web85te
Totsl
Cost
At l April 2023
Additions
Disposals
At 31 Merch 2024
12,000
120(K)
12,000
iio(K)
Depr8¢lation
At l April 2023
Charge lor the year
Elirninated on Olsposal
At 31 March 2024
iiooo
12000
12,0
12000
Net Book Value
At 31 March 2024
At 31 March 2023
16. Flxed Asset Investments
Works ol Art
Unlisted
investments
in subsidiAry
Total
V8lu&
At l April 2023
Disposals
At 31 March 2024
25,500
iooo
26,500
25,500
iooo
26,500
The historical cost of works of art as at the 31 March 2024 is £36,901 (2023.. £36,901).
17. Un118ted Invastmonts
The trading subsidiary, Exeter Arts Trading Seivices Limited (EATS), is wholly owned by the company
registered in England and Wales. Its registered office 1$ Bradninch Place, Gandy Street, Exeter, Devory
EX4 3LS.
The subsidiary has been valued in the accounts at the original cost of the shares. Fin3n¢ial figures for
EATS are shown in note 5. The subsidiary has been included in these consolidated accounts.
The investment is primarily for charitable activities.
2$

Exeter Phoenix Ltd.
Year End 31 March 2024
18. Debtors
Group
Charity
2024
2023
2024
2023
Trade deblors
Other debtors
Prep8yment$ 8nd ac¢rued inc¢)me
35,137
34,388
10,093
35,247
27,228
4A34
26,649
37,150
618
25,909
27,228
3,821
56,958
79,618
66,909
64,417
19. Creditor¥: Amount¥ follin8 du6 within ono year
Group
Charlty
2024
2023
2024
2023
Trad8 creditors
Othèr taxes and social security costs
Other creditors
Accruals and deferred income
Bank overdraft and loans
Obligations under hire purchase contracts
Amounts owed to group undertakings
VAT
78,472
16,218
319,686
40,001
10,000
7,773
90,000
20,569
279.628
i¥oo
10,000
30,600
9,Tr9
297.092
9,900
10,000
7,773
699
40,992
268,456
12,300
10,000
37,011
33,466
509,161
445.963
365.783
34Z969
20. Crodltors: Amount$ t8Ulng du& after more than one year
Group
Charity
2024
2023
2024
2023
Obligations under hire purcha$8 contracts
BaT)k Lo8ns over l ye8r
11,667
21,667
Il667
21,667
21,667
Il667
21,667
Il667
26

Exeler Phoenlx Ltd.
Year End 31 March 2024
21. Movement In funds
Group
Total funds
at l Aprll 2023
Incomlng
Te30urce8
Resourcas
expen8ed
Tiansf•r$
Total funds
at 31 March 2024
Unrestrlcted lunds
Genèral funds
{160,3801
2,288,763
12248.4941
(7,0151
1227,1261
Re8tricted fund8
Capital rédèvelopmènt
Other
539,649
31.589
19,719
140.066
1107,8921
1126.3261
(1582,7121
7,015
458.551
45,329
Total fund8
410B58
2448,608
276.754
Charity
Tot81 fund8
at l April 2023
I￿OmIng
r•sovrcès
Resources
8xpènsèd
rr8nsfer8
Totel hjnds
t 31 March 2024
Unre8trlct8d lund8
General funds
1214,0321
947,788
(1,007.5191
17,0151
1280.7781
Re8tricted funds
Capital redevek)pment
Other
539,647
3l588
19,779
140,066
1107,8921
1126.3261
11,241,737)
7,015
458,549
45,328
Tot81 fund$
357,203
I,K>7,633
223,099
Comparatlv88 for movements In funds
Group
Tot81 funds
at l April 2022
Incomlng
r8sourcos
R¢stsur¢e$
•xpansed
TT8nsfer8
Total funds
at 31 Mar¢h 2023
Unrestricted lund8
Ganeral funds
177,W9)
L984,734
12,068,101)
(160,3761
Rostrictad funds
Capit81 redevelopment
Othèr
647,228
1107.579)
195,466)
12,271,146)
539,649
31,588
127,054
TotAI funds
570.219
2,111,788
410,858
27

Exeter Phoenix Lld.
Year End 31 Mareh 2024
22. Movement In fund8 - contlnued
Comparatives for movements in fiJnd8
Charity
Total funds
at l April 2022
Incoming
resources
Resource$
expensed
Tran8ler8
Total funds
at 31 Mar¢h 2023
Unrastrict8d funds
General funds
173,6281
716,821
1857,2251
1214.0321
Restricted f4Jnds
Capitsl redevek)pment
Other
647,226
(107,5791
195,4661
11,060,270)
539.647
31,588
127,054
Total funds
573,598
843,875
357,203
The restricted funds are primarily represented by a capital redevelopment project funded by the
lottery for the redevelopment of the building. The purpose of the fund was to pay for the building of
the auditorium, Digital centre, bar area and other general refurbishments. As a condition ol the fund,
the comp8ny is restricted in its use of the building to its charitable purposes for at leest another seven
years.
The general funds reserve represents the free funds of the charitable corrp8ny which are not
restricted for particular use.
23. Analy818 of group net 88set8 betW88n fund8
Tangible
Int8ngibl8
fixed a8$ets fixed 888ets
Investment
assets
Net current
Long t&rm
Total
Unrestricted funds
Gener81 lund$
166,858
(382,317)
(11,667)
(227,126)
Re$trl¢ted fund8
Capital redevelopment
Other
417,362
25,500
442,862
61,018
61,018
1321,299)
Total net assets
584,220
25,500
{11,6671
276,754
28

Exeter Phoenix Ltd.
Year End 31 March 2024
24 Analysls of charlty not assets between fund8
Tangible
Flxed assets
Intangiblo
tixed assets
Invo$tm&nt
assèts
Net current
assetslliabilitias
Long term
Total
Unra8tricted funds
General funds
30.399
1300.5121
Ill6671
(281,780)
R8Stricted funds
Capital redevelopment
Other
417,362
26,500
15,689
45,328
459,551
45,328
Tot81 net 0888ts
447.761
26,500
239,495)
(Il6671
223,099
25. Operating Leases
Non-cancellable operating leases for the group are as follows=
2023
2023
Less than l year
2-S year
Over 5 year
60A76
81500
55,000
197,976
85,984
32,976
118,960
The annual amount due in respect of rent on Bradninch Place for 2023124 is £53,008. Exeter City
Council has agreed to pay a grant of £53.008 in that year. The lease expires on 31 March 2024. These
costs are grant aided in full by Exeter City Council.
The company has two lease liabilities of £32,976 per annum until 31 March 2025 and £27,500 until 21
March 2030. The company's subsidi8ry is operating from the premises and are paying the annual
liabilities on behalf ol the company.
26. Related party tran$a¢tions
The company leases its building trom the City Council. The rent and service chaige charged durin8 the
year totalled £62,470 (2023.. £62,470). The Council is also a grant provider to the organisation granting
£75,000 (2023.. £92,000) and a service level agreement exists between the Council and the Company
totalling £53,008 (2023.. £53.008).
A Senior Manager of Exeter Phoenix has 8 b81ance due from the company of £9.355 (2023.. £9.355).
29

Exeter Phoenix Ltd.
Year End 31 March 2024
Mana8ement Proflt and L088 Account (Charlty only)
2024
2023
Donations
Grants
Performance
Hire of PA and technical
Gallery
Marketing
Media centre
Studio hire
Education and access
Theatre letting and conferences
Box office
Sundry
Membership
Property rental and maintenance
Bar franchise donation
15.718
337.879
381.308
33,752
44,423
20
35,420
65,955
11,238
44,177
33,725
(1,161)
3,262
25,920
75,997
12217
335,150
235,273
24,815
37,665
170
44.248
60,940
8,877
29,686
26,321
358
615
27,540
1.107,633
843,875
Dlrect Costs
Gallery
Perlormance
Art salaries
Medi8 centre
Media centre salaries
Education and access
44,287
291,872
157,584
64,398
101,051
7,943
47.000
137,802
155,276
60.692
89,746
7,287
(667,135)
440,498
(497,803)
346,072
Gross Prollt
Administration and marketing salaries
Trainin& tr8velling and other stall
costs
Rent
Service charge
Premises maintenance
Marketing
Printing, postage and stationery
Telephone
290,782
284,103
3,883
36,543
2S.783
2,457
29,609
4,750
1,033
6,734
37,944
27,050
2980
26,842
4,763
1,002
Total carried forwards
394,840
391,418
30

Exeter Phoenix Lld.
Year End 31 Ma￿h 2024
Managemant Profit and Loss Account (Charlty only)- continued
Total brought forwards
394,840
391,418
Box office
General insurance
Subscriptions
Hospitality
Sundries
Equipment hire and maintenance
Professional fees
Benk charges and interest
Bad debts
Hire purchase interest
Audit and accountancy costs
9,301
21,005
3,234
6,824
16.520
3,130
332
2,837
7,376
3,063
2,282
13,752)
3,556
10,032
336
1.478
792
526
6.887
10,612
(451,987)
(11,489)
(440,642)
194,570)
Operatlng L088
Depreciation
Other
Net Loss
(122615)
(120,209)
(1,617)
(216,396)
(134,104)
31