PHOENIX LI ANMJAL REPCMIT AND FOR THE YE￿1 ENDED 31 MARCH 2(Y25 Exeler Phoenix Ltd. Year End 31 March 2025 Page Company infonnatN)n Dkectors. report Ind8p￿thnt audliors, rep)rt Con8011datsd 8roup statement of finwKial aclivltles 13 Bvknnce 8heots 14 Exeter Phoenix Ltd. Year End 31 Ma￿h 2025 Company Informatl Charlty Name Exeter Phoenix Ltd. Charity Re818tratlon knb8r 290011 Company Rwstration numb8r 01844169 Re81gtered offlce Bradninch Place Gandy Stree( Exeter EX4 3LS Dire¢tor8 B Adams S Bebbington R Cobb A Deon S Khuri P Macpherson H Noye S Smith R Foale (apF)ointed 07 Febnjary 2025) Y Williams (appointed 07 February 2025) Secretsry P Cunningham Senior m￿ageMent Tewn P Cunningham J Hawkins A Peel-cusson M Coulson M Burrows H Lawrence Secretary Digital Manager Visitor Services Manager Finance Manager GalEeries Manager Fundraising Manager Bankers Bank of Scotland T7 Dix's ¥ield, Exeter, EXI IUZ Auiltor8 Gravita Audit Western Limited Southernhay Gardens. Exeter. EXI 1Tr Solicltor8 Stephens & Scown Southernhoy WesL Exeter, EXI 1RS Exeter Phoenix Ltd. Year End 31 March 2025 Dlrectors Report Company Number OIB44169 The charity constitutes a public benefit entity As defined by FRS 102. The financial staternents 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 of Ireland (FRS102), the Charities Act 20M, the Companies Act 2CK)6 and UK Generally Accepted Accounting Practice Structur4 Governanc• and Managwlw G0ven￿Tr8 StrUC￿re The organisation is a ch8ritable company limited by guarantee, incorporated on 29 August1984 and registered as a charity on the 6 Septwnber198Lk The company was estab5ished under a Memorandum of Association which esteblished the objects and powers of the charitable company and is governed under its Articles ol Association. In the event of the company being wound up each member is required to contribute an amount not exceeding £10. Directors holdln8 office In the For directors holding office in the year see Company Infomation on page l. Rgerultment arKI Appolntmert of Board m￿nber$ The directors of the corllpany are also charity trust￿$ for the purposes of charity law and undèr the company's Articles are known as the Board of Director& Each dir8ctor serves a three year period and can be ctropted for a further three years. The Articles stipulate that the Board should contsin a minimum of six director4 one of which will be nominated by Exeter City Council. During this year the nominee was Mr B Foales. Board members are requested to provide a list of their skills end in the event of perticular skills being lost due to retirem8nts individuals are approached to offer themselves for election to the Board either through advertisement or by recommendation. Diractor¥ Indjctlon and Trolwq New directors are informally interviewed by a sub-committee of the Board fully familiarised with the operation and activities of 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,. arKI Minutes of recent Board meetings. Or8anisatlonal Structyre The company has 8 Board of Management with a maximum of eight members which meets six times year arid is responsible for strateg￿C directior( policy and financial robustness of the charity. Members have 8 variety of Profess￿n81 backgr(KAnds relevant to the work of the charity. Also in attendance at the meetings are the ComFxny Secretary. who is also the executive director bilt has no voting rights, a staff representative and the companvs accountant. The day-to-day rèsponsibility for the provision of events, activities and services is delegated to the executive director who, with the help of th8 senior rnenagement team- who form an Executive- manages and delivers the output. The Board has sub-committee4 one for finance matters and one for fundraisingldeveloprrent. Exeter Phoenlx Ltd. Year End 31 March 2025 b81dlary Underte￿n88 Exeter Arts Trading Services Limited (EATS) (company number 06280657) is a wholly owned subsidiary. EATS operates the calé and bar and all comrnerckgl trading op8rations carried on at the premises. It donates all of its profits to the company. Related Partle3 The company hes a Th)minated representative from Exeter City Council on its Board. The compeny leases its building from the City Council. The Council is also the largest single gr8nt provider to the organisation and a service level agreement exists between the company and them. Pay policy lor senior Staff Exeter Phoenlx is committed to ensurlng that we pay our staff fairiy and in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives. There is a Fin8nce/Stelfing Sub-committeeof the Board- composed of the Chair and one other Board member- which recommerKls the pay for all staff and aLso considers annual cost of living increases. The Director and linance Manager attend these meetings but no members of the Executive are members of the committee. All decisions have to be ratified by the full Board. R18k The directors are continuing to carry out a detailed assessment of the risks f8ced by the company. both financial and non-financial. As p8rt of this process the directors are implementing a risk management 8trategy comprising ofr. An annual review of the risks which the charity may face- The establishment of systems and procedures to mitigate those risks: and The implementation of procedures desigr)ed to minimise any potentl81 imp8et on the charity shoukl any of those risks materi81ise. ot4ectlve and Actlvfttes The objerts of the cornpany are: To promote, maintairy improve, encourage and provkd8 public education in the arts of drama, music, singing, dance, painting sculpture, literatur4 cinematography and handicrafts. The provision of facilities in the interest of social welfare for the recreation and leisure tlme occupation of the publie with particular regard to Exeter and its Su￿oUnd1n8 districts with the object of improving the conditions of life of the persons for whom the facilities are primarily intended. The cornp8ny carries out the objects through the promotion of arts events and exhibitions, the provision of film and video resoLJrce& the provision of community arts service& and arts development work. Vlslon a￿1 M1881¢)n The vision ol the organisation i& Creative spaces that inspire, support and enable connections betrieen artists and audiences. Exeter Phoenix Ltd. Year End 31 March 2025 We will deliver the vision by: M8intaining 8 regional creatwe hub where artists audiences and cultural partners meet create and thrive. Comrnissionin& hosting and developing exctting new work frorn the best emerging artists. Embracing diversity, accessibility and artistic rigour in everythin8 we do. Supporting and nurturing the creattve community arKI providing opportunities 8nd pl8tfomis to develop its skills and ta￿nt& Constantly innovating and seeking ways to develop the quality and scope of a sustainable balance of cultural activity. A¢hlwements and Performance Delivering over 3,000 events and welcoming around 350,(K)O people through our doors. Staging 320 live music, theatre, dance. comedy, poetry and spoken word events to deliver the most diverse programme in the region. Over Th,000 tickets sold. Cinema audiences of14.500 enjoying over 900 film screenings. A growing menu of support available to Ioc81 artists, from commissions to support the development ot new worl free learning developTh￿rnt and networking opportunities, and 8 range ol accessikAe perlormance slots thrwgh Scratch Nights and New Band Showcases. Over 150 organisation& artists and local businesses supported through providing a platform and space for exhibition& meetings and activities including fellow charities and community groLJPS. Dellvering 88ain8t strate8y We are Induslve ?￿d rel8vant We have continued to pl8ttonn a diversq representative and inclusive creative programme, with a range of initiatives to ensure that our ev8nts and S￿eS are accessible and welcoming. Highlights over the year included: New internships deliyered in p8thership with the University of Exeter, enabling students from 8 range of backgrounds and live experiences to gain paid experience in the creative industries. Svccegsfully launching our new Go Together Club. supporting peoFAe experiencing isotation to attend screenings and events in partnership with local Community Builders. Establishment of three public Consu￿atIon 8roup& tocussing on youth, EDI and sustainability, to ensure that strategy and planning reflect the needs of our diverse audiences and communities. The crea￿vity wo wnbrace18 ambli1uring out of her w0￿- 'Really love this. Wital to have exhibitions of this calibre in Exeter. Thank you" "The Phoenix is on8 rf my favourite venues_ I know how ￿CkY we are to have a venue that is willing to support gra8s roots music and art&- Wg arg beyond the bulldn8 Moro than a single building, our networks and activities spread across the city and beyond. Highlights thi8 ye8r have included.. Being a key partner in the creation of the new Scr*n Devon organisatiory coordin8ting and championing the region for the film making industry internationally. An award winning year that saw us shortlisted in three categories at the first Twelve Awards, and taking home the Sustainability Award shortlisted in the Arts and Creative and Event categories at the Exeter Living Awards. and achieving Highly Commended for Sustainability and winning the Chatnber Member Award at the Exeter Chamber of Commerce's Impact Awards. Exeter Phoenix Ltd. Year End 31 March 2025 An exciting new heritage project in Torquay, capturing oral histories and shining a light on the town's lost cinema landscape. Our future is 8u8ts1nat￿e and secwe Environmental sustainability continues to be a key knor in decision making and strategy, in line with our aim to achieve carkx)n neutrality. This has been another year of great progress, with highlights including. Completlon of our LED auditorium project en8bling us to offer a fully low-energy rig and improve the quality of our technical offer for artists and audiences. Unveiling our new living wall the public-facing side of our minwater harvesting system, and celebrating this with our first ever Green PhoenD( Festival. platForming creative work and communities that champion sust8inebilty. noncial Su8tainbirty The company is partly dependant on the continuing support of its funding partners (Arts Council England and Exeter City Council) to en8ble it to continue operating and to meet its liabilities as they fall due. Annual funding from the Arts Courtil is in place at least until March 2026. As a result the City Council are committed to providing support over the same period. The comp8ny is also rell￿t 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 8 level that m￿ts the neads of the charity. The accounts do not include any adjustrnents which would result if continued support is not availabbe. Such adjustments would reduce the value of the assets of Exeter Phoenix Ltd to their realiséble value and to provide for liabilities not presentty included in the financial statements. Ftnanclal Review The Group's operating surplus for the year. amounts to £77.155 (2024_ £11.489). After 811owing for 8 depreciation ch8rge of £70,530 (2024_ Q47,729) the net incoming resources for the year amounted to £6,805 (2024- £134.104 net outgoing) and are dealt with as shown in the Consolidated Statement of Financial Activities. Exeter Phoenix Ltd meets the day to day running costs from generated income and byants from its funding partner& The general support fund which is an unrestricted fund, has a deflcit of £210.830 (2024_ £227,126) at 31 March 2025. The directors are trying to obtain additional income streams and reviewing all of the company's axpendttijre with a view to recovering the position in due course. Reserrfes Poky The directors have forecast the18vel of unrestricted rese￿8$ needed to sustain the charity's operations over a period when its anticipated income generated from activities may be temporarily eLJrtailed. The directors consider the most appropriate level of Iree reserves which should be retained is in the region of £85.000 which would represent approximatdy 3 months of fixed overheads. At the ye8r end, the ch8rity had not built up reseNes to this leveL but the directors continue to regularly review the budgeting and financi81 performance of organisation with 8 wew to achieving this target in due course. Exelor Phoenix Ltd. Year End 31 March 2025 Prfncipal funding Sourc88 Grants received our two main funders are Exeter City Council and Arts Council England. With the former we have a three year funding agreement to provide 8 targeted programrne of activity: with the latter we have an agreed programme pkqn. Income from trading activities income from our room rentrdls, tenants, trading outlets and ticket agency sales helps to unL*rwrite the cost ot our oharitsble wo Events and exhibitions- the ticket income and sales commiSs￿n both underpinourbudgets and helps support artists. lilm and Video Resource- income eamedfrom hires and rentals enables us to support artists Courses, c18sse8 and related activities - income from these helps us to offrer concessiorory rates. StateM￿t ¢)n furKlralslng activiiig In c8rrying out its fundraising activities the charity has not behaved unreasonably tOW8rds vulnerable people or any other members of the publi DIS￿￿￿ per8¢ we do r*)t 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 krK)wledge obtained in the audit or otherwise appears to be materially inconsistent with the tinancial statements or our knowledge obtained in the course of the audit or othetwise appeals to be m8terially misstated. If wa identify such material inconsistencies oi apparertL materEI misstatements, vwe are required to determine whether this gives rise to a material misstatement in the f inancial statements themselves. If, besed on the work we have performed we conclLHJe that there is a material misstatement of this other infomiation. we are required to report that fact We have nothing to report in this regard. In our opiniorL based on the WO￿ undertaken in the course of the audit tho information 8iven in the report of the directors for the financial year for which the financial 8tgtements are prepared is consistent with the financial statements; and the report of the directors has been prepared in accordance with applicable legal requirements. Matter8 on wNch wo are r￿￿red to reW by except In the light of the knowledge and underst8nding of the group and parent charitable company and its environment obtained in the course of the 8udiL we have not identified material misstatements in the report of the directors. We hove wthing to report in respect ot the folbwin8 matters where the Companies Act 2006 requires U8 to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branchès not visited by us- or the parent charitable companls fInar￿la1 statements 8re not 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 infomatior) and explanations we require for our audit,, or the directors were not entitled to prepare the financial statements in accordance with the small companies regTme end take advantage of the small companies exemption from the requirement to prepare a Strategic Repoit or in preparing the Report of the Directors. 10 Exeter Phoenix Ltd. Year End 31 March 2025 Responslblliti08 of drectors As explained more fully in the statement of director8, responsibilitie& the directors ar8 responsible for the preparation of the financial statements and for ￿Ing satisfied that they give a true and fair view. 8nd for such internal control as the directors detemiine necessary to enable the preparation of financial statement5 that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group and parent charitable company's ability to continue as a going concerry disclosin& as applicable, matters related to going concern and using the going concem basis of accounting unless the directors either intend to liquidate the group or parent charitable company or to cease operations or have no realistic altemative but to do so. Auditor6. re8pon8ibilitle8 for the audtof the fin￿la1 8tatem Our objectives we to obtain re8￿n8￿￿e aLl￿rt th&th8r the financrdl statements as a whok are fr68 from mterkgl M￿tateMent whether (kne to ¢y error, 8fKI to issue an ￿dItorf8 reFX)rt that includes ouropinion ReasonatAe assura￿e is a high levd Of8￿r￿￿% Ixrt ￿ mt a guar8ntee that an audit conducted in accordance ISAS (UK) will thays tht￿t a Thterid rni&8tatery￿nt wkpn it exists. Misststements can erise from fraud or ermr And a￿ considered mate￿1 rf, irrfNK￿aty or in the aggregat4 theycould reasongb be eX￿￿¢ted to InflUe￿e thè eCor￿mi¢ thisions of users tsk￿ on the b8sis of tWfinanckql statement& IrreEul8ritie& including fraud are ir)stances of non-compliance with laws and regulations. We design procedures in line with our responsibilitie& outlined abov< to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capab18 of detecting irregularitie4 including fraud is detailed below. In identfying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws gnd rogul8tion& our procedures irtluded the followin{. We obtained an understanding of the leg81 and regulatory frameworks applicable to the group and parent charitable company 8nd the sector in wh￿h it operates. We deterrniried that the following laws and regulations were most significant. The Companies Act 21X)6, UK GAAP, UK co￿Orate tax 18w, Charity Commisston re8ulation4 GDPR Occupational Health and Safety regulations and Food Safety Standards. We obtained an understandir)g of how the group and parent charitable company are complying with th08e legal and regu18tory frameworks and made enquiries to the management of known or suspected instances of fraud end non*ompliance with laws and regulations. We corroborated our enquiries through our review of board mirMJtes. other relevant meeting mirnjtes and review of correSponder￿e with regulatory bodies. We assessed the susceptibility of the group and parent charitable companys financial statements to material misstatemenl including how fraud might occur. Audit procedur8s performed by the audit team included.. -Identifying and a￿eSsIng the controls management has in place to prevent end detect fraud,. Understanding how those charged with goVerna￿e considered 8nd addressed the potential for override of controls or other inappropriate influence over the financial reporting process; Exeter Phoenix Ltd. Year End 31 March 2025 Challenging assumptions and judgments made by management in its significant 8ccounting estimates and judgments. in partiwlar depreciatlory 8ccru81s and prepayments and allocation of 5UPPOrt costs.. Identifying and testing journal entrie4 in particular journal entries posted with unusual account combinations.. and Assessin8 the extent of complience with the relevant laws and regulatior There are inherent limitatior)s in the audit procedures described above and the furth&r removed r)on- compliance with laws and regulations are from the events and transactions reflected in the fin8ncial statements, the less likely we would become aware of IL Also. the risk of not detecting a material misstatement due to frpAJd is higher than the risk of not detecting one resulting from error, as fraud rnay involve deliberate conce81ment by. for exwnple. forgery or intentional misrepresentations or through collusions. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councifs website atwww.frc.org.uklauditorsresponsibiliti8s.This description forms P8rt of our Report of the Auditors. U8e of our report This report is made solely to the tharitable companvs members as 8 body, in accordance with Chapter 3 of Part16 of the Companies Act 2006. Our audit wot* has been undertsken so th8t w8 might state to the charitable companqs members those matters we are required to state to them in 8 report of the auditors and for no other pu￿ose. To the fullest extent penmitted by law, we do not accept or assume responsibility to anyorE other than the charitable company and the cheritable companys members as a body, for our audit work for this reporL or for the opinions we have formed. Jadè Quaintance BA FCA Senlor Statutory Audtor for and on behalf of: Gravita Western Audit Limited Keble House. Southernhay Gardens Exeter EXI INT Date.. ISI1112oZS 12 Exeter Phoonix Lld. Ygar End 31 March 2025 Consolidated strt￿n8rt ol Financlal A¢tr¥itsos (￿UdIng In￿m8 Expwxlitin Acc(MJ)t) 2025 Total Funds 2024 Total Fuftd8 Note8 lthr&S￿etad Restricted In￿M￿. Donations ￿lag8￿@S hcome from ch8fit6bloo¢hwties' Grants receivaEAg Events and ex1¥biti￿ Film and vid80 resource Courses, classes and rdated i￿gMe 20,083 20.083 15,78 128K)37 368,223 s31￿5 33,723 ,183 337,879 459,503 38,416 74,197 532435 33,723 .183 Income from othertrao7ngacTrviti C(¥nrn9rci81 trading opersiw)n$ Othar ir*ome 1540N9 IS40￿49 l41&972 121326 122328 105,923 Totsl Incom Z585,585 128m7 1713,622 2448fj08 Expendittwe.. Costs ol ge￿ratIng lund5 Costof Commercial trading op¥8tirAK5 EXpend￿rn on ch8rirth4Gtivit Events and exhbi itkns Film and wd&o re￿￿r¢0 Cours81 ¢18ss&s and related income GovemarKe costs (1447277) 11447,3771 (I340,9751 ll,12 (875J51} (1629501 174321} 18.r&)I 125692891 {64gK)I (59,4321 13,1861 1940,2611 12213821 188XY)7) 18,790) {27(K.8171 1949,8961 12032081 181,7461 16,887) I1581￿2) Totsl oxpendilure 1137528) Net eX￿ditUre lor the year TotalluNls 1X￿￿t IoN8rd Transfers ol fuTrds 162 19.491) 501880 805 1134.1041 1227,126) 276,754 410,858 Total fvnds cBrried loNard (IK}￿0} 494,389 283559 278,754 The statementof li￿rtial a¢tiviti83 wKhJdes al g8ins aml kws recognised in the yoer. All incOm￿g resources and r8sowce$ expended derNe from eojitintring 8ctAiities 13 Exeter Phoenix Ltd. Year End 31 March 2025 Compary Nunbw 01844169 Consolld8t8d Bkn Sheet Group 2025 Grwp 2024 Charlty 2025 2024 NXED ASSFts Inta8ible flxed assets Tangibk 8sset8 Investments 20 19 454.138 447,761 24500 255lX) 25500 Totsl fixed assèts 6C&497 809720 480,638 14,261 (￿RftENT ASSErs Stock D8btors Cash at hard arKI in bank 20A40 7968 87￿1￿ 7&073 133.521 38.529 59,'29 64A17 61871 Totsl ¢urnTht 881Éts 187.862 97,e58 126,288 CURRENT UABILIMES Credfcixs,. Am¢unts laling(kne withln one y88r Net (xjrrènt IlabNrdes 24 {557.475) {349381 1509,161) 132',2991 28&421 I348￿￿) 1250,7321 229,906 1365.783) 1239,4951 234.766 Total assets lesg curr8ht liabl￿tIo& Cr￿lt￿% 8nwtsfaUirE due ats miye th8n one yeav N&t 88sets (IL6671 276,754 IIL6671 223,099 283559 229,906 Representsd ty. Unrestricted funds Restricted furKIs 2(27 27 (2101301 (227.126) 50&880 12644831 494289 1280.7781 503871 Total Charity fvnds 283,559 27&754 229,9C6 223,099 The linanclal statements have been prepared in accordance with the provisions 8ppllcable to companies subject to the sm811 companies regwne. The financi I statements on pages I to 31 were approved and authorised for issue by the directors on . signed on their behalf by. No Drector 14 Exeler Phoenlx Ltd. Year End 31 March 2025 2025 2024 Not88 Cash flows from operaling activities Cash generatwj fr(wn owral.:or Net ￿sh u￿1 in 0￿rating acfNilies 127,935 127,935 60,729 60,729 Cashflovrs from investing aclivilies Pu,rhas& of tsngible lixed as 1*1 cash flov￿ usgd in investing ath'vili 67,305 {67,3051 91,24 191,245) Cash flows fr￿ financing activiknes R8payment of hire purchase Hirè Fxjrchase r￿1¥? Capital repayment of loans Net cath flDW5 used in finanrjng a(￿VIJ.eS 14,910) 7,773 10,0001 12,227) 10,OC 114,910) ChaNJe In cash and cash eqUr￿lIents In the ￿porting perlod 45,720 132,7431 Cash and cash equivalents at the iwinning of the reporting period 87,8C4 120,547 Cash and cash equivalents at the end of the reporting poriod 133,524 87,804 15 Exeler Phoenix Ltd. Year End 31 March 2025 Notes to the Consolidated Ca8h Flow statern￿t l. Recon¢lK8tlon of not gypen(rrture to N8t C*8h fk>w from opwatirq actlvlt 2025 2024 Notes Net exp8nditwe forts reFQrting period Adjustments for. Depreciation ch8rges Decreasel(increase) in st￿k Decreasel(increasel in debtors (Decrease)lincre￿e in crditors 6,805 (134,1041 70,528 (7,5031 6,5 5I660 147,729 4,387 (12709) 55A28 Net cash {used in)Iprovid8d by opexations 127935 60,729 l An•Sy81s of chan8e¥ In nat ftmds At 1.424 C8sh flow At 31.3.25 Net cash Cash at bank 87,804 45,720 133.524 87￿04 45,720 133,524 16 Exotsr Phoenlx Ltd. Year End 31 PAar¢h 2025 Note8 to the fin￿le13t&t8M Ac￿UntIng Pollcl&s sts￿t(ry Infomiatlon Exeter Phoenix Ltd is a private company, limited by guarantee, registered in England and W6le& The company's registered number and re&￿Stered office address can be found on the Company Information page. The charity constitutes a public benefit entity as defined by FRS 102. Tho financial statements have been prep2red in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting St8ndard applicable in the UK and Republic of Ireland is8ued in October 2019, the Financial Reporting Standard applicable in the Untted Kingdom and Republic of Ireland (FRS 102), the Charities Aet 2011, the Companies Act 2006 and UK Generalty Accepted Accounting Practice. The presentation currency of the financial statements is the Pound Sterfing {£). Going corwn The company is Part￿ dependant on the continuing SUPFX)rt of its funding p8rtners (Arts Council ErTgland and Exeter City Council) to enable it to continue operating and to meet its liabilities as they fall due. Annual funding fr(rtn the Arts cou￿￿1 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 par)demic the compary successfully met its financial commitments by raising new incorne from a mix of grants and other 8ovemment funding schemes and was able to exit the pandemic in a relative￿ strong financial position. Like many Other organis&tions 8nd businesses the company hes had to weather the challenge posed by both wage and other inflation and the cost OF livrng crisis but is confident that the measures that it has put in place to counteract this will be sufficier)t going fo￿ard. Post year-end the company has been able to continue trading successfully and to build on its successes. The company is also reliant cn an overdraft that is renewed on an annual basis and we have no re8SDn to believe that the bank would not renew this at a ￿Ve1 that meets the needs of the charity. The accounts do not include any adjusbnents which would result ff contiwed support Is not available. Such adjustrients would reduce the value of the assets of Exeter Phoenix Ltd. to their Tealisable value 8nd to provide for liabilities not presenty included in the financial statements. The financial stotements have been prepared under the historical cost conventiory with the exception of investments which are included at market value. 17 Exeter Phoenix Lld. Year End 31 March 202S The financial statements have been prepared in accordance with Accounting &nd 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 of Ireland (FRS 102), the Charities Act 2011. the Companies Act 2006 and UK General￿ Accepted Accounting Practice. Group Fknonclal Ststemonts These financial statements consolithte the results of the charity and tts vAiolly owned gubsidiary Exeter Aits Trading Serwces Limited (EATS) on a lintrby-line basi& A separate Statement of Financial Activities and Income and Expenditure Account are not presented for the charity itself following the exemption afforded by section 408 of the Companies Act 2(K)6. Fund Accounth General support funds are unrestricted funds which are available for use at the discretion of the board of directors in the furtherance ol th8 general objectives of the charity which have not been designated for other purpose8. Restricted funds are funds which are to be used in ￿CordanCe with specific restrictions imposed by donors or which have been raised by the charity for the particular purpose& Incomlng Rewce8 All incoming resources are included in the Statement of Financi81 Activities when the charity is legally entitled to the income and the amount can be quaIrf￿d with reasonable accumcy. No amounts are irKluded in the financial statements for seNices donated by volunteers. Incom8 from trading actwities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is receNed in exchange for supplying8oods and services in order to raise funds and is reco8nised when entttlement has occU￿e(L (>ants Income from donatK)ns and grants are recognised atf8ir value when the charity has entitlement after any wrformance conditions have been meL it is probable that the income will be received and the amount can be measured reliab￿. If entidement is not meL then these amounts are delerred Government grants are recognised on a cash b8SiS. Re8ources Expond All expenditure is accounted foron an accruals basis. Liabilities are recognised as resources expended as soon as there is a legal or constNctive obligation comrnitting the Charity to the expenditure. Overhead and other support costs not directly attributable to particul8r charitoble activities are apportioned over the relevant activities pro rata to the value of the directly attributable costs of each category. Charitable expenditure comprises those costs InC￿red by the charity in the delivery of its activities and services for its beneficiariés. It includes both costs that cen be allocated directly to such ￿tIvItIeS and those costs of an indirect nature necessary to support them. 18 Exeter Phoentx Ltd. YEar End 31 March 2025 Governance costs include those costs associated with meeting the constitutiongl and statutory requirements of the charity and include the audit fees and cost9 linked to tha str8tegic management of the charity. Inve8bnents Investments in subsidiaries are held at cost Investments in artwo￿ is held at valuatiorL Fixed A888ts Fixed assets are included at cost less depreciatDn. Depreciation Is provided on all tangible fixed assets at rates calculated to write ofl the cos¢ less estimated residual valuq of each asset 9vènly over its expected useful life. as foliows: Computer equipment 4 years Fixtures, fittings and equipment 3 to 10 years Motor vehicle 4 years Gallery café 8quipment 2 years Redevelopment costs remaining period of lease Amortisation of Intangible assets is straight lire over the useful life of the asseL which is 4 years. Stock Stock is included at the lower of cost or net realisable value. L8881ng and hlre Wr¢h￿ c))mmrlments Rentals paid under operating leases are charged to income on a straight-line basis over the le8se temi. Assets held under hire purchase contract are capitalised in the balance sheet and are deprecieted over their useful lives. The capital element of future obligations under the hire purchese contracts ère included as liabilities in the ba18nce sheet The interest elements of the rental obli￿tionS are charged in the Consolidated Statement of Financi&l Activities over the periods of the hire purchase contracts. Fln8n¢ial instruments Financial instruments are c￿SSifIed and accounted for. according to the substance of the contracttjal arrangemenL as financial asset& financial liabilities and equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its Pen8lon Contrlbudons The company operates a defined contribution plan for the ￿nefit of its employees. Contributions are expènsed as they become payable. 19 Exeter Phoenlx Ltd. Year End 31 March 2025 Ir￿￿10 WKI Expendlture Ac(xxJrrt The Consolidated Group Statement of Financial Activities is considered to be equivalent to an Income and Expenditure Account and comply with reporting requirements and consequently no separate income and expenditure ststement has been prepared. 4& Incorne Income rèpresents 8mounts derived from the provision of goods and services which fall within the companws ordinary activities. The income and net resources arè attrilwtable to continuing activities. 5. Legal Status of tho Chartty The charity is 8 private company limited by guarantee and has no share capital. The liability of each member in the event of winding up is £10. & Flnanciol Actmtles of the CTrwity 2025 2024 Gross IrKoming Resources Total Expenditure on charitabb activities Governance costs 1266.245 (1250.650) {8.788) 6007 1,107,633 (l234,8501 18B871 1134,104 Net incomingl(outgoingl ￿sourceS Tol81 Funds et bllwd Totsl FLfjnds at cfvid 6,807 223,099 229,906 (134,104} 357,203 223,099 Rèprèsented by. Unrestricted Funds Restricted Funds {264A83) 494,389 1280,778) 501871 229.906 223,099 Totsl nel assets 229,906 223,099 Exeter Phoenix Ltd. Year End 31 March 2025 7. Incom8 trom cha11t￿le actlvltles 2025 2024 Events ￿ exhibit￿nS Film gnd VKl80 r&source Cour804 cIBsses gnd rdoted iw(￿e 541843 6187£ ,183 459503 23,666 74,197 Totsl 701904 557,36 Included in income from Charits￿e activities is grants totalling £328,660 (2024 £337,579) 8. Incomg from d(M*tlorn8 2025 2024 D￿atIonS 20.083 15,T18 Tot 20,083 15,a8 9. Incrynlng re8ourc•s gen￿￿￿1 fund8 The wholly owned tr8ding subsidiary Exeter Arts Tr8ding se￿ICes Limited (EATS), whlch 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 carried on at the premises of the charity. The charity owns the entire share c8pitsI of EATS of 1,000 ordinary shares of £1 each. A summary of the trading results of EATS is shown belowr. Resuks of 8ubsidiary 2025 2024 Turnover Cost of sales and a(kninigtr8tion cogts Interest receivaLIè 1.540,649 (1,540,649) 1,41Q972 (1,416,972) Nat loss The a888ts and liabilits8 of EATS wer Fixed Assets Current assets Curront liabilitiès 126.859 139,680 (211B83) 54,656 136,460 61273 (144077) 54,656 Total net assets Aggr&gats share capitsl and re6eNes 54,656 54,656 21 Exeter Phoenix Ltd. Year End 31 March 2025 10. 0th8r ￿)C<￿e 2025 2024 Theatre lettings Snd conferences Box off ice incorne Sundry Membership Propgrty rentsl and maintenance ￿￿rge 46,￿4 33,680 Z134 6,568 33,040 44,1 33,725 3262 25,920 12132 .05,923 n. C08ts of Ckwrltable AcliNiti rt Direct Ststl ott￿ Direct 2025 2024 Event gnd exhib1cl￿S Filln and video resource C(xJrse4 cknes and rdatad exp￿ 381A33 51545 8Z471 515.449 16&691 393,137 76393 5536 940,261 221382 88,IX)7 I250,650 949,896 203208 81,746 1,234,850 2W.L35 475t)66 12 Suwrt C08ts Included in the cost of ch8ritable activtties are the following support costs- Marketing costs Printing, postage and stationery Telephon Box office costs General insurance Hospitality Sub5CriPtions SundrSes Equipment hire and rnainter)ance Prof988ional fegs Bar* ¢harg8S 8nd interest Hire purchase Interèst Bad debts Depreciation 32220 4.044 1,160 9235 23.287 29.609 4,750 1.033 9,301 21.005 4,100 2317 7.167 2434 1.480 917 3,291 ,570 3.234 3,556 10.032 336 1.478 626 792 122,815 515,449 567,716 Exeler Ph{￿ni¥ Ltd. Yoar End 31 March 2025 13. Gv4emance Costs 2025 2024 Auditors fees Other 8,7 6,887 8.790 6,887 During the year the 8uditor charged audit fees of £7,350 12024- £6B87) and other f￿S of £1,050 {202&' £nil). 14 Staff Co8ts 2026 2024 Wages and salaries Social Security C08t8 Pension costs I.OOI937 54.204 23A64 980,179 49,997 23,070 1,079,605 1,053,246 During the year key management personnel received rernur￿rat1on and benefits totalllng £199,046 (2024.. £165,361). No employee received emoluments exceecfing £60,IXJO. The average staff employed by the Group were 79 (2024" 75). I& DFre¢ttys RefrKwwaiJon The directors of the comwny did not receive any payments from the company is respect of their role as a director. During the yeer ended 31 March 2025 expenses of £Nil {2024= £Nil) were reimbursed to directors. Related paty transactiorks involving the directors are set out in the related party note. 16. Net incomlngl(outgoin8) resou￿18 Statod after 2025 2024 Depreciation ol 8ss&ts 70,528 147,729 Exet¢r Phoenix Lld. Year End 31 NIarch 2025 17. Taxation Exeter Phoenix Ltd. is an exempt charity and is eligible for the exemptions trom taxation available to charities on their charitable activities. No charge to corporation tax therefore arises. l& Comparatlv88 ts the conaolidated Stat￿ ot fknan¢lal ￿11185 2024 Total Fut)ds Unr$$tricted Re5trKted Funds Ineomè: Donations and le88¢ IrKtyne from ch8Ntableactiw'ties.' GTants receivable l.vents aThJ Exhibiti￿$ Film 8nd vld60 resour Coutse4 dasses and ielated irKome Income from oth8r tradryactivitie& Commercial trading operatir@s Other income 15.18 Isn8 193P84 459503 23266 74197 144,795 337,879 459,503 38A16 74197 15.050 1A16,972 105,Y23 l416,972 5,923 Total Income Z288.763 159.845 Z448,608 Expèndittjrq: Costs of g8rierating funds Costof rwsingftsnd%' Commercial trading (paratior EKp6nditure onclJarit8ble 8crfvitie& Events and Exhibf(ions Film and video rèsourc8 Courses, clas5e5 and related income Govern8￿6 costs (I340875) Ila40,975) (850.1371 (97,8751 (51620) (6A87) IZ348.494) (99,7591 (105,333) (29,126) (949,896) (2032081 1817461 16,9871 (Z581Th21 Total expendlture {234218) Nat incomel (expendtturel for the y8ar Tolal funds brought foN*d Transf￿ of funds 159.731) (160380) 17,015) 1227,1281 (74273) 5n238 1134104) 410,858 7.015 Total funds carrigdforwaTd 503,880 276,752 24 Exeter Phoenlx Ltd. Year End 31 March 2025 l& F￿ad A888ts- Cherlty RfjdevekfNMnt Costs Le886he4d Improvements Frttings Coirwter & Eq(tiF￿APnt Totsl Atl April 2024 Additlons tlispK)sals At31 March 2025 16&728 7.033 639,598 44668 78,630 278 &421,989 49,946 I6￿T28 7.033 689,266 78,908 3A71,935 Depredatlon Atl April 2024 Charge forthèyègr Eliminated on di$￿SaI At 31 March 2025 I2￿339 24847 6,822 6092¥2 13,943 65,715 2974,228 43,569 2317,186 7.033 623235 70,343 3,(M7,797 Net Bookvalu At 81 March 2025 At 31 M8r¢h 2024 379,542 404,389 66.0 30,306 8565 11855 454138 447,761 The company operates from a short leaseFK)kl building. The company entered into a 25-year lease from l April 2004 with four yeady rental review& Exeter Ctty Council has purchased various fDcèd assets which the company uses without charge. Exeter Phoenix Ltd. Year End 31 March 2025 F￿ed A88ets- Gr￿p R•developrnent HxttYe&fittirqs Computer Costs Imwov8ments & Eiwlpment Totsl Cogt Atl April 2024 Athlitions tAsFosds At 31 Mawh 2025 2696,728 130.741 867.ll9 s8￿5 78,&80 3,T73,218 67207 Z696,728 92&74 78,￿0 3.840.525 DekYac58tk)n At l Apil 2024 Charge lortheyear Eliminat￿ on dispK)S At 31 March 2025 Z292341 24847 39,528 1&425 791,354 27.69) 65.775 4568 3,188,998 70,530 2317,188 819,044 7Q343 3,259,528 Net Book Value At 31 M8rch 2025 At 31 March 2024 379.mo 4Q4,387 86220 91213 1￿670 75,765 8,567 11855 580,997 584,220 Exetsr Phoenlx Ltd. Year End 31 March 2025 20. In￿gIble 8889ts (*oup and CThTV8ny W8bsit• Total C08t At l Aw'l 2024 Additions tispisaLq At 31 March 2025 IIOCM) lio( 12,0(K) I￿00 Dewaciation Atl April 2024 Charye for the year EliTrinated on disposal At 31 March 2025 IZDOD Izooo iiooo Net Book V81ue At 31 March 2025 At 31 March 2024 21. F￿ed A88et In￿stmants Works of Art Unlisted investments in subsidiary Total Value At l April 2024 tjtsposals At 31 M8rch 2025 25.SlX) iooo 26500 25.500 IDoo 26,500 The historical cost of works of art as at the 31 March 2025 is £36,￿7 (2024= £3&YJI). 22. Ur118ted hvo¥tments The trading subsidiary, Exeter Arts Trading Services Lirnf(ed (EATS). is wholw owned by the company registered in England and Wales. Its registered office is Bradninch Place. Gandy Stree[ Exeter, Devo EX4 3LS. The subsidiary has been valued in the accounts at the original cost of the shares. ¥inancial figures for EATS are shown in note 7. The s(Jbsidiary has b*n included in these consolidated accounts. The investment is primarily for charitable ￿tiVitIes. Exeter Phoenlx Lid. Year End 31 March 2025 23. Debtors Gr￿JP Chwity 2025 2024 2025 2024 Trade debtors Othèr debtors Prepayments and accru￿1 51491 1187 18b95 34137 34388 10Tr3 34,043 3.￿1 495 26fi49 37,150 618 73,073 Tr618 38,529 64A17 24 Credlrors Affthwnts falkw witlth ong yo Gr¢Jp arity 2025 2024 2Q25 2024 Trath) ¢roditors Other taxes ar￿ social sècurfty costs Other creditors Accruals 8nd deferred irKome Bank overdraft and kans obligat￿nS undar hir& FyJrol85e COntr￿ts Amounts owed tOgr￿jP undertÈkin8S VAT 86,894 T7.595 362013 37089 r.667 Z8 74472 16218 319686 40DOI lo.￿0 7.773 25,674 11,157 285,Lll &820 ll.667 2863 1798 30,600 9,79 297,092 9,900 10,000 7,773 699 41566 37,011 560.487 501161 348,390 365,783 25. Credltor& Amtyjnts falling duo after rThxe oney Gr Charfty 2025 2024 2025 2024 Oblig8tions under hire pu￿h￿se contr8¢ts B8nk Loans over l year IL667 TL667 Il667 Il667 IL667 Il667 Ex¢ler Phoenix Ltd. Year End 31 Mar¢h 2025 26. Movement in funds Group Totst funds ni 8t1 A￿11 2024 r950urce8 Resowcas Trnn8fws Totsl funds 8t 31 M&rch 2025 Unre8trictsd fund8 General ￿ndS (227.126) Z585585 (15692891 1210,830) Restricted funds Capitel r6dav8lopmènt Other ,549 452 35A65 9Z5T2 (29.1021 (108A261 (ZTh,841 464912 29A77 Total lund8 276,754 Zn&622 283.559 Totsl luThJs 8t l Apnl 2024 Incomlng ResryJrce8 Transfer8 Totsl funds at 81 March 2025 Unre8trtct8d lunds General funds 1280,718) iU8208 Ilm9B) 1264483) Restrict￿ funds Capttal reL￿v￿oI￿ent Other 458.549 45831 {2&1021 (K)8,4261 IL259A411 464.￿2 29,477 72 Totsl fund8 223.099 1266245 229,906 Comparatlv88 lor movem•)ts in fuThJs (¥oup Totsl furKIs at l April 2028 Irthming Tian8fer8 Totsl fijnds At 31 Mw¢h 2024 Unrestricted Génaral funds 1160.380) z2￿763 (Z34&4941 (7.0151 1227,1261 Re¥trtctsd fund¥ Capitsl redevelopment Other 539,649 3l589 19.779 {107A92) 1126A261 12582.7121 7,015 458.551 45229 Total fund8 410,858 1448,S08 276,754 Exeter Ph